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): November 5, 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
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(Address
of Principal Executive Offices) (Zip
Code)
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(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
November 5, 2010, Icahn Enterprises L.P. issued a press release reporting its
financial results for the third quarter ended September 30, 2010. The press
release also provides information for accessing its quarterly conference call
and Webcast, which will be held on November 5, 2010. A copy of the press release
is attached hereto as Exhibit 99.1.
The information furnished pursuant to
this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities under that Section and shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as
amended.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1 - Press Release dated
November 5, 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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||||
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By:
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Icahn
Enterprises G.P. Inc.,
its
general partner
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|||
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By:
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/s/
Dominick Ragone
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|||
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Dominick
Ragone
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||||
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Chief
Financial Officer
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||||
Date: November 5, 2010
EXHIBIT
99.1
Investor
Contact:
Dominick
Ragone
Chief
Financial Officer
(646)
861-7500
For
Release: November 5, 2010
Icahn
Enterprises L.P. Reports Third Quarter Financial Results
New York, NY – Icahn
Enterprises L.P. (NYSE: IEP) reported revenues of $2,825 million for the three
months ended September 30, 2010 as compared to $2,343 million for the three
months ended September 30, 2009. Net income attributable to Icahn
Enterprises was $298 million for the three months ended September 30, 2010, or
$3.48 per LP unit, compared to net income of $116 million or $1.44 per LP unit
in the prior year period. Net income for the quarter was primarily driven by the
strong performance of our investment management segment, which had gross returns
of 13.9%.
For the
nine months ended September 30, 2010, revenues were $6,631 million as compared
to $6,742 million for the nine months ended September 30, 2009. Net
income attributable to Icahn Enterprises was $117 million for the nine months
ended September 30, 2010, or $1.39 per LP unit, compared to net income of $254
million or $3.15 per LP unit in the prior year period. Gross returns for our
Investment Management segment were 11.2% for the nine months ended September 30,
2010.
Conference
Call Information
Icahn
Enterprises L.P. will discuss its third quarter results on a conference call and
Webcast on Friday, November 5, 2010 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 19394378.
* *
*
Icahn
Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified
holding company engaged in seven primary business segments: Investment Management, Automotive,
Railcar, Food Packaging, Metals, Real Estate and Home
Fashion.
Caution
Concerning Interim Results and Forward-Looking Statements
Results
for any interim period are not necessarily indicative of results for any full
fiscal period. 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 railcar activities, including reliance upon a small
number of customers that represent a large percentage of revenues and
backlog, the health of and prospects for the overall railcar industry and the
cyclical nature of the railcar manufacturing business; risks related to our food
packaging activities, including competition from better capitalized competitors,
inability of its suppliers to timely deliver raw materials, and the failure to
effectively respond to industry changes in casings technology; 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; 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 Securities and
Exchange Commission. Past performance in our Investment Management segment is
not necessarily indicative of future performance. We undertake no obligation to
publicly update or review any forward-looking information, whether as a result
of new information, future developments or otherwise.
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CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
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In millions except per unit
data
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Three Months
Ended
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September
30,
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||||||||
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2010
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2009
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(Unaudited)
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||||||||
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Revenues
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$ | 2,825 | $ | 2,343 | ||||
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Expenses
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2,053 | 1,875 | ||||||
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Income from continuing
operations
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||||||||
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before income tax (expense)
benefit
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772 | 468 | ||||||
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Income tax (expense)
benefit
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(7 | ) | 4 | |||||
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Income from continuing
operations
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765 | 472 | ||||||
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Loss from discontinued
operations
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- | (1 | ) | |||||
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Net
income
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765 | 471 | ||||||
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Less: net income attributable to
non-controlling interests
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(467 | ) | (355 | ) | ||||
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Net income attributable to Icahn
Enterprises
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$ | 298 | $ | 116 | ||||
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Net income attributable to Icahn
Enterprises from:
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||||||||
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Continuing
operations
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$ | 298 | $ | 117 | ||||
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Discontinued
operations
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- | (1 | ) | |||||
| $ | 298 | $ | 116 | |||||
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Basic income (loss) per LP
unit:
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||||||||
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Income from continuing
operations
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$ | 3.48 | $ | 1.45 | ||||
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Income (loss) from discontinued
operations
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0.00 | (0.01 | ) | |||||
| $ | 3.48 | $ | 1.44 | |||||
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Basic weighted average LP units
outstanding
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84 | 75 | ||||||
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Diluted income (loss) per LP
unit:
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||||||||
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Income from continuing
operations
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$ | 3.35 | $ | 1.40 | ||||
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Income (loss) from discontinued
operations
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0.00 | (0.01 | ) | |||||
| $ | 3.35 | $ | 1.39 | |||||
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Diluted weighted average LP units
outstanding
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89 | 84 | ||||||
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CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
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In millions except per unit
data
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| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2010 |
2009
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(Unaudited)
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Revenues
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$ | 6,631 | $ | 6,742 | ||||
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Expenses
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6,119 | 5,521 | ||||||
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Income from continuing
operations
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||||||||
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before income tax (expense)
benefit
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512 | 1,221 | ||||||
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Income tax (expense)
benefit
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(19 | ) | 20 | |||||
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Income from continuing
operations
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493 | 1,241 | ||||||
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Income from discontinued
operations
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- | 1 | ||||||
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Net
income
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493 | 1,242 | ||||||
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Less: net loss attributable to
non-controlling interests
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(376 | ) | (988 | ) | ||||
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Net income attributable to Icahn
Enterprises
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$ | 117 | $ | 254 | ||||
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Net income attributable to Icahn
Enterprises from:
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||||||||
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Continuing
operations
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$ | 117 | $ | 253 | ||||
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Discontinued
operations
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- | 1 | ||||||
| $ | 117 | $ | 254 | |||||
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Basic income per LP
unit:
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||||||||
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Income from continuing
operations
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$ | 1.39 | $ | 3.13 | ||||
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Income from discontinued
operations
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0.00 | 0.02 | ||||||
| $ | 1.39 | $ | 3.15 | |||||
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Basic weighted average LP units
outstanding
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83 | 75 | ||||||
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Diluted income per LP
unit:
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||||||||
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Income from continuing
operations
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$ | 1.39 | $ | 3.04 | ||||
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Income from discontinued
operations
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0.00 | 0.01 | ||||||
| $ | 1.39 | $ | 3.05 | |||||
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Diluted weighted average LP units
outstanding
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83 | 79 | ||||||
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CONSOLIDATED BALANCE
SHEETS
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In millions except unit
amounts
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September
30,
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December
31,
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|||||||
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2010
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2009
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|||||||
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ASSETS
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(Unaudited)
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|||||||
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Cash and cash
equivalents
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$ | 2,261 | $ | 2,256 | ||||
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Cash held at consolidated
affiliated partnerships and
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||||||||
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restricted
cash
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1,943 | 3,336 | ||||||
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Investments
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6,882 | 5,405 | ||||||
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Accounts receivable,
net
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1,384 | 1,139 | ||||||
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Due from
brokers
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35 | 56 | ||||||
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Inventories,
net
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1,175 | 1,091 | ||||||
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Property, plant and equipment,
net
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3,015 | 2,958 | ||||||
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Goodwill
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1,095 | 1,083 | ||||||
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Intangible assets,
net
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979 | 1,007 | ||||||
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Other
assets
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554 | 555 | ||||||
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Total
Assets
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$ | 19,323 | $ | 18,886 | ||||
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LIABILITIES
AND EQUITY
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||||||||
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Accounts
payable
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$ | 764 | $ | 628 | ||||
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Accrued expenses and other
liabilities
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1,922 | 1,993 | ||||||
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Securities sold, not yet
purchased, at fair value
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887 | 2,035 | ||||||
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Due to
brokers
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803 | 376 | ||||||
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Post-employment benefit
liability
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1,228 | 1,413 | ||||||
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Debt
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5,966 | 5,186 | ||||||
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Preferred limited partner
units
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- | 136 | ||||||
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Total
liabilities
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11,570 | 11,767 | ||||||
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Equity:
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||||||||
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Limited
partners:
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||||||||
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Depositary units: 92,400,000
authorized; issued
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||||||||
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85,865,619 and 75,912,797 at
September 30, 2010 and
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||||||||
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December 31, 2009; outstanding
84,728,419 and
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||||||||
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74,775,597 at September 30, 2010
and December 31,
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||||||||
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2009,
respectively
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3,443 | 2,828 | ||||||
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General
partner
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(282 | ) | 18 | |||||
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Treasury units at cost: 1,137,200
depositary units
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(12 | ) | (12 | ) | ||||
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Equity attributable to Icahn
Enterprises
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3,149 | 2,834 | ||||||
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Equity attributable to
non-controlling interests
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4,604 | 4,285 | ||||||
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Total
equity
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7,753 | 7,119 | ||||||
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Total
Liabilities and Equity
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$ | 19,323 | $ | 18,886 | ||||