NEW YORK, Nov. 5 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P. today reported net earnings of $23.3 million, or $0.32 per LP unit, for the three months ended September 30, 2008, compared to net earnings of $23.9 million, or $0.52 per LP unit, for the comparable period of fiscal 2007. Icahn Enterprises declared a quarterly distribution of $0.25 per unit on its depositary units, payable in the fourth quarter of fiscal 2008. The distribution will be paid on December 3, 2008 to depositary unitholders of record at the close of business on November 20, 2008.
For the three months ended September 30, 2008, revenues were $1,795.3 million as compared to $414.5 million in the three months ended September 30, 2007. Income from continuing operations was $24.7 million for the three months ended September 30, 2008, compared to income of $6.8 million for the comparable period of fiscal 2007. Loss from discontinued operations was $1.4 million for the three months ended September 30, 2008, compared to income of $17.2 million for the comparable period in fiscal 2007.
Conference Call Information
Icahn Enterprises L.P. will discuss its third quarter results on a conference call and Webcast on Thursday, November 6, 2008 at 10:00 a.m. EST. The Webcast can be viewed live on Icahn Enterprises L.P.'s website at http://www.icahnenterprises.com/. It will also be archived and made available at http://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 71121737.
Icahn Enterprises L.P. , 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 http://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 substantial competition, rising operating costs and economic downturns; 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.
APPENDIX I ---------- CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- In 000's except per unit data ------------------------------ Three Months Ended September 30, ------------- 2008 2007 ---- ---- (unaudited) Revenues $1,795,293 $414,513 Expenses 2,297,080 504,735 --------- ------- (501,787) (90,222) Income tax expense (32,553) (9,952) Non-controlling interests in loss 559,062 106,957 ------- ------- Income from continuing operations 24,722 6,783 (Loss) income from discontinued operations (1,386) 17,157 ------ ------ Net earnings $23,336 $23,940 ======= ======= Net (loss) earnings attributable to: Limited partners $22,872 $34,783 General partner 464 (10,843) --- ------- $23,336 $23,940 ======= ======= Net (loss) earnings per LP unit: Basic and diluted earnings (loss): Income from continuing operations $0.34 $0.27 (Loss) income from discontinued operations (0.02) 0.25 ----- ---- Basic and diluted earnings per LP unit $0.32 $0.52 ===== ===== Weighted-average units outstanding 70,490 66,830 ====== ====== APPENDIX II ----------- CONSOLIDATED STATEMENTS OF OPERATIONS ------------------------------------- In 000's except per unit data ------------------------------ Nine Months Ended September 30, ------------- 2008 2007 ---- ---- (unaudited) Revenues $4,790,631 $2,152,024 Expenses 5,909,960 1,530,896 --------- --------- (1,119,329) 621,128 Income tax expense (108,602) (13,807) Non-controlling interests in loss (income) 1,157,573 (373,598) --------- -------- (Loss) income from continuing operations (70,358) 233,723 Income from discontinued operations 485,926 75,886 ------- ------ Net earnings $415,568 $309,609 ======== ======== Net earnings attributable to: Limited partners $411,255 $104,429 General partner 4,313 205,180 ----- ------- $415,568 $309,609 ======== ======== Net earnings (loss) per LP unit: Basic and diluted earnings (loss): (Loss) income from continuing operations $(1.27) $0.47 Income from discontinued operations 7.10 1.17 ---- ---- Basic and diluted earnings per LP unit $5.83 $1.64 ===== ===== Weighted-average units outstanding 70,490 63,533 ====== ====== APPENDIX III ------------ CONSOLIDATED BALANCE SHEETS --------------------------- The following table presents Icahn Enterprises L.P.'s consolidated summary balance sheet data (in 000's) September 30, December 31, 2008 2007 ---- ---- (unaudited) ASSETS Investment Management: Cash and cash equivalents $8,457 $26,027 Cash held at consolidated affiliated partnerships and restricted cash 2,939,909 1,104,748 Securities owned, at fair value 5,930,257 5,920,209 Other assets 811,643 998,903 ------- ------- 9,690,266 8,049,887 --------- --------- Automotive: Cash and cash equivalents 781,547 - Inventories, net 1,033,968 - Property, plant and equipment, net 2,014,884 - Goodwill and Other Assets 4,072,681 - --------- - 7,903,080 - --------- - Metals, Real Estate and Home Fashion: Cash and cash equivalents 264,747 328,099 Other Assets 1,566,807 1,129,100 --------- --------- 1,831,554 1,457,199 --------- --------- Holding Company: Cash and cash equivalents 1,531,474 1,758,706 Other Assets 416,286 1,167,854 ------- --------- 1,947,760 2,926,560 --------- --------- Total Assets $21,372,660 $12,433,646 =========== =========== LIABILITIES AND PARTNERS' EQUITY Investment Management: Accounts payable, accrued expenses and other liabilities $595,279 $467,581 Securities sold, not yet purchased, at fair value 1,038,768 206,128 Due to broker 1,606,667 - --------- - 3,240,714 673,709 --------- ------- Automotive: Accounts payable, accrued expenses, and other liabilities 1,860,541 Debt 2,907,721 Postemployment benefit liability 980,777 ------- - 5,749,039 - --------- - Metals, Real Estate and Home Fashion: Accounts payable, accrued expenses, and other liabilities 195,584 188,974 Debt 88,303 116,496 ------ ------- 283,887 305,470 ------- ------- Holding Company: Accounts payable, accrued expenses, and other liabilities 176,055 358,381 Debt 1,926,183 1,924,957 Preferred Limited Partnership units 128,153 123,538 ------- ------- 2,230,391 2,406,876 --------- --------- Total Liabilities 11,504,031 3,386,055 ---------- --------- Non-controlling interests 7,019,616 6,734,563 --------- --------- Partners' equity 2,849,013 2,313,028 --------- --------- Total Liabilities and Partners' Equity $21,372,660 $12,433,646 =========== ===========
