Exhibit 99.1
Investor Contact:
Dominick Ragone
Chief Financial Officer
(646) 861-7500
For Release: May 6, 2009
Icahn Enterprises L.P. Reports First Quarter Financial Results
Announces Quarterly Distribution and Earnings Call
New York, NY – Icahn Enterprises L.P. (NYSE: IEP) reported revenues of $1,766 million for the three months ended March 31, 2009, as compared to $1,130 million for the three months ended March 31, 2008. Income from continuing operations was $127 million for the three months ended March 31, 2009, compared to a loss from continuing operations of $41 million for the comparable period of 2008. There was no income from discontinued operations for the three months ended March 31, 2009, compared to $489 million for the comparable period of 2008, primarily as a result of our gain on the sale of our Nevada gaming segment.
Icahn Enterprises declared a quarterly distribution of $0.25 per unit on its depositary units, payable in the second quarter of 2009. The distribution will be paid on June 3, 2009 to depositary unitholders of record at the close of business on May 22, 2009.
Conference Call Information
Icahn Enterprises L.P. will discuss its first quarter results on a conference call and Webcast on Thursday, May 7, 2009 at 10:00 a.m. EDT. The Webcast can be viewed live on Icahn Enterprises L.P.’s website at www.icahnenterprises.com. It will also be archived and made available at www.icahnenterprises.com under the Investor Relations section. The toll-free dial-in number for the conference call in the United States is (800) 938-1410. The international number is (702) 696-4768. The access code for both is 97431974.
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Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified holding company engaged in five primary business segments: Investment Management, Automotive, Metals, Real Estate and Home Fashion. For more information, please visit the company’s website at www.icahnenterprises.com.
Caution Concerning Forward-Looking Statements
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Among these risks and uncertainties are risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment management activities, including the nature of the investments made by the private funds we manage, losses in the private funds and loss of key employees; risks related to our automotive activities, including exposure to adverse conditions in the automotive industry, and risks related to operations in foreign countries; risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies, and competition for residential and investment properties; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
In millions except per unit data
Three Months Ended | ||||||||
March 31, | ||||||||
2009 | 2008 | |||||||
(Unaudited) | ||||||||
Revenues | $ | 1,766 | $ | 1,130 | ||||
Expenses | 1,649 | 1,151 | ||||||
Income (loss) from continuing operations before income tax expense | 117 | (21 | ) | |||||
Income tax benefit (expense) | 10 | (20 | ) | |||||
Income (loss) from continuing operations | 127 | (41 | ) | |||||
Income from discontinued operations | - | 489 | ||||||
Net Income | 127 | 448 | ||||||
Less: net (income) loss attributable to non controlling interests | (126 | ) | 5 | |||||
Net income attributable to Icahn Enterprises | $ | 1 | $ | 453 | ||||
Net income (loss) attributable to Icahn Enterprises from: | ||||||||
Continuing operations | $ | 1 | $ | (36 | ) | |||
Discontinued operations | - | 489 | ||||||
$ | 1 | $ | 453 | |||||
Basic and diluted income (loss) per LP unit | ||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (0.26 | ) | |||
Income from discontinued operations | 0.00 | 7.14 | ||||||
$ | 0.01 | $ | 6.88 | |||||
Weighted average LP units outstanding | 75 | 70 |
APPENDIX II
CONDENSED CONSOLIDATED BALANCE SHEETS
The following table presents Icahn Enterprises L.P.'s consolidated summary balance sheet data
(in millions)
March 31, | December 31, | ||||||||
2009 | 2008 | ||||||||
(Unaudited) | |||||||||
ASSETS | |||||||||
Investment Management: | |||||||||
Cash and cash equivalents | $ | 2 | $ | 5 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 2,815 | 3,862 | |||||||
Securities owned, at fair value | 3,677 | 4,261 | |||||||
Other assets | 234 | 236 | |||||||
6,728 | 8,364 | ||||||||
Automotive: | |||||||||
Cash and cash equivalents | 664 | 888 | |||||||
Inventories, net | 888 | 894 | |||||||
Property, plant and equipment, net | 1,821 | 1,911 | |||||||
Goodwill and other assets | 3,490 | 3,529 | |||||||
6,863 | 7,222 | ||||||||
Metals, Real Estate and Home Fashion: | |||||||||
Cash and cash equivalents | 337 | 350 | |||||||
Other assets | 1,375 | 1,426 | |||||||
1,712 | 1,776 | ||||||||
Holding Company: | |||||||||
Cash and cash equivalents | 1,077 | 1,369 | |||||||
Other assets | 58 | 84 | |||||||
1,135 | 1,453 | ||||||||
Total Assets | $ | 16,438 | $ | 18,815 | |||||
LIABILITIES AND EQUITY | |||||||||
Investment Management: | |||||||||
Accounts payable, accrued expenses and other liabilities | $ | 950 | $ | 1,819 | |||||
Securities sold, not yet purchased, at fair value | 991 | 2,273 | |||||||
1,941 | 4,092 | ||||||||
Automotive: | |||||||||
Accounts payable, accrued expenses, and other liabilities | 1,914 | 2,068 | |||||||
Debt | 2,572 | 2,576 | |||||||
Postemployment benefit liability | 1,285 | 1,302 | |||||||
5,771 | 5,946 | ||||||||
Metals, Real Estate and Home Fashion: | |||||||||
Accounts payable, accrued expenses, and other liabilities | 139 | 156 | |||||||
Debt | 125 | 126 | |||||||
264 | 282 | ||||||||
Holding Company: | |||||||||
Accounts payable, accrued expenses, and other liabilities | 142 | 154 | |||||||
Debt | 1,869 | 1,869 | |||||||
Preferred limited partner units | 131 | 130 | |||||||
2,142 | 2,153 | ||||||||
Total Liabilities | 10,118 | 12,473 | |||||||
Equity attributable to Icahn Enterprises | 2,312 | 2,398 | |||||||
Equity attributable to non-controlling interests | 4,008 | 3,944 | |||||||
Total Liabilities and Equity | $ | 16,438 | $ | 18,815 |