SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange
Act of 1934
Date
of Report (Date of earliest event reported): March 3, 2010
ICAHN
ENTERPRISES L.P.
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware
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1-9516
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13-3398766
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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767
Fifth Avenue, Suite 4700, New York, NY 10153
(Address
of Principal Executive Offices) (Zip Code)
(212)
702-4300
(Registrant’s
Telephone Number, Including Area Code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written communication pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02 Results of Operations and Financial
Condition.
On March
3, 2010, Icahn Enterprises L.P. issued a press release reporting its financial
results for the three months and fiscal year ended December 31, 2009. A copy of
the press release is attached hereto as Exhibit 99.1.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1 - Press Release dated
March 3, 2010.
[Remainder
of page intentionally left blank; signature page follows]
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ICAHN
ENTERPRISES L.P.
(Registrant)
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By:
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Icahn
Enterprises G.P. Inc.,
its
general partner
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By:
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/s/
Dominick Ragone
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Dominick
Ragone
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Chief
Financial
Officer
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Date: March 3, 2010
EXHIBIT
99.1
Investor
Contact:
Dominick
Ragone
Chief
Financial Officer
(646)
861-7500
For
Release: March 3, 2010
Icahn
Enterprises L.P. Reports Fourth Quarter and Full Year 2009 Financial
Results
New York, NY – Icahn
Enterprises L.P. (NYSE: IEP) reported net income attributable to Icahn
Enterprises of $234 million, or $3.05 per LP unit, for the twelve months ended
December 31, 2009, compared to net loss attributable to Icahn Enterprises of $43
million, or $0.80 loss per LP unit, for the comparable period in fiscal
2008. Icahn Enterprises declared a quarterly distribution of $0.25
per unit on its depositary units, payable in the first quarter of fiscal
2010. The distribution will be paid on March 30, 2010 to depositary
unit holders of record at the close of business on March 15,
2010.
Full
Year 2009
For the
twelve months ended December 31, 2009, revenues were $7,865 million as compared
to $5,027 million for the twelve months ended December 31, 2008. Net
income attributable to Icahn Enterprises from continuing operations was $233
million for the twelve months ended December 31, 2009 compared to a net loss of
$528 million for the comparable period in fiscal 2008, which included
restructuring expenses and impairment charges for tangible and intangible assets
aggregating $453 million, after non-controlling interests. Net income
attributable to Icahn Enterprises from discontinued operations was $1 million
for the twelve months ended December 31, 2009, compared to $485 million for the
comparable period in fiscal 2008.
Three
Months Ended December 31, 2009
For the
three months ended December 31, 2009, revenues were $1,694 million as compared
to $236 million in the three months ended December 31, 2008. Net loss
from continuing operations attributable to Icahn Enterprises was $7 million for
the three months ended December 31, 2009, compared to a loss of $467 million for
the comparable period of fiscal 2008, which included restructuring expenses and
impairment charges for tangible and intangible assets aggregating $426 million,
after non-controlling interests. There was no income from
discontinued operations for the three months ended December 31, 2009 compared to
a loss from discontinued operations of $1 million for the comparable period of
fiscal 2008.
Conference
Call Information
Icahn
Enterprises L.P. will discuss its fourth quarter results on a conference call
and Webcast on Thursday, March 4, 2010 at 10:00 a.m. EST. 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 59839386.
* *
*
Icahn
Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified
holding company engaged in seven primary business
segments: Investment Management, Automotive, Metals, Real Estate,
Home Fashion, Railcar and Food Packaging. 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; risks related
to our railcar activities, including the highly cyclical nature of the railcar
industry and restricted credit markets; and risks related to our
food packaging activities, including risks related to safety and quality of food
products; 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
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
In millions, except per unit
data
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Three Months Ended
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December 31,
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2009
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2008
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(Unaudited)
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Revenues
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$ | 1,694 | $ | 236 | ||||
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Expenses
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1,749 | 2,230 | ||||||
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Loss
from continuing operations before income
tax benefit
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(55 | ) | (1,994 | ) | ||||
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Income
tax benefit
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28 | 62 | ||||||
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Loss
from continuing operations
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(27 | ) | (1,932 | ) | ||||
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Loss
from discontinued operations
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- | (1 | ) | |||||
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Net
loss
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(27 | ) | (1,933 | ) | ||||
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Less:
net loss attributable to non-controlling interests
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20 | 1,465 | ||||||
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Net
income attributable to Icahn Enterprises
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$ | (7 | ) | $ | (468 | ) | ||
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Net
loss attributable to Icahn Enterprises from:
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Continuing
operations
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$ | (7 | ) | $ | (467 | ) | ||
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Discontinued
operations
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- | (1 | ) | |||||
| $ | (7 | ) | $ | (468 | ) | |||
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Basic
loss per LP unit
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Loss
from continuing operations
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$ | (0.09 | ) | $ | (6.49 | ) | ||
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Loss
from discontinued operations
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0.00 | (0.02 | ) | |||||
| $ | (0.09 | ) | $ | (6.51 | ) | |||
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Basic
weighted average LP units outstanding
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75 | 72 | ||||||
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Diluted
loss per LP unit
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Income
from continuing operations
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$ | (0.09 | ) | $ | (6.49 | ) | ||
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Loss
from discontinued operations
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0.00 | (0.02 | ) | |||||
| $ | (0.09 | ) | $ | (6.51 | ) | |||
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Dilutive
weighted average LP units outstanding
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79 | 72 | ||||||
APPENDIX
II
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
In millions except per unit
data
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Twelve Months Ended
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December 31,
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2009
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2008
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(Unaudited)
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Revenues
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$ | 7,865 | $ | 5,027 | ||||
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Expenses
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6,724 | 8,153 | ||||||
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Income
(loss) from continuing operations before income
tax benefit (expense)
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1,141 | (3,126 | ) | |||||
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Income
tax benefit (expense)
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53 | (47 | ) | |||||
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Income
(loss) from continuing operations
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1,194 | (3,173 | ) | |||||
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Income
from discontinued operations
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1 | 485 | ||||||
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Net
income (loss)
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1,195 | (2,688 | ) | |||||
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Less:
net (income) loss attributable to non-controlling
interests
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(961 | ) | 2,645 | |||||
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Net
income (loss) attributable to Icahn Enterprises
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$ | 234 | $ | (43 | ) | |||
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Net
income (loss) attributable to Icahn Enterprises from:
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Continuing
operations
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$ | 233 | $ | (528 | ) | |||
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Discontinued
operations
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1 | 485 | ||||||
| $ | 234 | $ | (43 | ) | ||||
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Basic
income (loss) per LP unit
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Income
(loss) from continuing operations
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$ | 3.04 | $ | (7.84 | ) | |||
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Income
from discontinued operations
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0.01 | 7.04 | ||||||
| $ | 3.05 | $ | (0.80 | ) | ||||
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Basic
weighted average LP units outstanding
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75 | 71 | ||||||
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Diluted
income (loss) per LP unit
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Income
(loss) from continuing operations
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$ | 2.96 | $ | (7.84 | ) | |||
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Income
from discontinued operations
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0.01 | 7.04 | ||||||
| $ | 2.97 | $ | (0.80 | ) | ||||
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Dilutive
weighted average LP units outstanding
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79 | 71 | ||||||