UNITED
STATES
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): August 4, 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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¨
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Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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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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¨
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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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Section 2
- - Financial Information
Item
2.02 Results of Operations and Financial
Condition.
On August
4, 2010, Icahn Enterprises L.P. issued a press release reporting its financial
results for the second quarter ended June 30, 2010. The press release also
provides information for accessing its quarterly conference call and Webcast,
which will be held on August 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
August 4, 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.
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|||
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(Registrant)
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|||
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By:
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Icahn
Enterprises G.P. Inc.,
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||
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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:
August 4, 2010
EXHIBIT
99.1
Investor
Contact:
Dominick
Ragone
Chief
Financial Officer
(646)
861-7500
For
Release: August 4, 2010
Icahn
Enterprises L.P. Reports Second Quarter Financial Results
New York, NY – Icahn
Enterprises L.P. (NYSE: IEP) reported revenues of $3,806 million for the six
months ended June 30, 2010, as compared to $4,399 million for the six months
ended June 30, 2009. Net loss attributable to Icahn Enterprises was
$181 million for the six months ended June 30, 2010, or $2.16 loss per LP unit,
compared to net income of $138 million or $1.71 per LP unit.
For the
three months ended June 30, 2010, revenues were $1,891 million as compared to
$2,407 million for the three months ended June 30, 2009. Net loss
attributable to Icahn Enterprises was $116 million for the three months ended
June 30, 2010, or $1.35 loss per LP unit, compared to net income of $134 million
or $1.70 per LP unit. The net loss for the quarter was mainly
attributable to a $90 million net loss in the Investment Management
segment. However, the Investment Management funds have seen
significant improvement in performance since quarter end, with a gross return of
approximately 8% in the month of July, resulting in a gain of approximately $195
million in the Investment Management segment for the month of July.
Conference
Call Information
Icahn
Enterprises L.P. will discuss its second quarter results on a conference call
and Webcast on Thursday, August 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 89373021.
* *
*
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. 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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||||||||
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June
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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$ | 1,891 | $ | 2,407 | ||||
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Expenses
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2,094 | 1,779 | ||||||
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(Loss)
income from continuing operations before income tax (expense)
benefit
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(203 | ) | 628 | |||||
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Income
tax (expense) benefit
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(19 | ) | 9 | |||||
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(Loss)
income from continuing operations
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(222 | ) | 637 | |||||
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Income
from discontinued operations
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- | 2 | ||||||
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Net
(loss) income
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(222 | ) | 639 | |||||
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Less:
net loss (income) attributable to non-controlling
interests
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106 | (505 | ) | |||||
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Net
(loss) income attributable to Icahn Enterprises
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$ | (116 | ) | $ | 134 | |||
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Net
(loss) income attributable to Icahn Enterprises from:
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||||||||
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Continuing
operations
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$ | (116 | ) | $ | 132 | |||
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Discontinued
operations
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- | 2 | ||||||
| $ | (116 | ) | $ | 134 | ||||
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Basic
(loss) income per LP unit:
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(Loss)
income from continuing operations
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$ | (1.35 | ) | $ | 1.67 | |||
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Income
from discontinued operations
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0.00 | 0.03 | ||||||
| $ | (1.35 | ) | $ | 1.70 | ||||
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Basic
weighted average LP units outstanding
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84 | 75 | ||||||
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Diluted
(loss) income per LP unit:
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||||||||
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(Loss)
income from continuing operations
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$ | (1.35 | ) | $ | 1.56 | |||
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Income
from discontinued operations
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0.00 | $ | 0.03 | |||||
| $ | (1.35 | ) | $ | 1.59 | ||||
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Diluted
weighted average LP units outstanding
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84 | 85 | ||||||
APPENDIX
II
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
In millions except per unit
data
|
Six
Months Ended
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||||||||
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June
30
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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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$ | 3,806 | $ | 4,399 | ||||
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Expenses
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4,066 | 3,646 | ||||||
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(Loss)
income from continuing operations before income tax (expense)
benefit
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(260 | ) | 753 | |||||
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Income
tax (expense) benefit
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(12 | ) | 16 | |||||
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(Loss)
income from continuing operations
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(272 | ) | 769 | |||||
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Income
from discontinued operations
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- | 2 | ||||||
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Net
(loss) income
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(272 | ) | 771 | |||||
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Less:
net loss (income) attributable to non-controlling
interests
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91 | (633 | ) | |||||
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Net
(loss) income attributable to Icahn Enterprises
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$ | (181 | ) | $ | 138 | |||
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Net
(loss) income attributable to Icahn Enterprises from:
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Continuing
operations
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$ | (181 | ) | $ | 136 | |||
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Discontinued
operations
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- | 2 | ||||||
| $ | (181 | ) | $ | 138 | ||||
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Basic
(loss) income per LP unit:
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(Loss)
income from continuing operations
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$ | (2.16 | ) | $ | 1.68 | |||
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Income
from discontinued operations
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0.00 | 0.03 | ||||||
| $ | (2.16 | ) | $ | 1.71 | ||||
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Basic
weighted average LP units outstanding
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82 | 75 | ||||||
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Diluted
(loss) income per LP unit:
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||||||||
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(Loss)
income from continuing operations
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$ | (2.16 | ) | $ | 1.63 | |||
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Income
from discontinued operations
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0.00 | 0.03 | ||||||
| $ | (2.16 | ) | $ | 1.66 | ||||
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Diluted
weighted average LP units outstanding
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82 | 79 | ||||||
APPENDIX
III
CONSOLIDATED BALANCE
SHEETS
In millions except per unit
data
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June
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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(Unaudited)
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||||||||
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ASSETS
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||||||||
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Cash
and cash equivalents
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$ | 2,491 | $ | 2,256 | ||||
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Cash
held at consolidated affiliated partnerships and restricted
cash
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1,225 | 3,336 | ||||||
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Investments
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6,507 | 5,405 | ||||||
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Accounts
receivable, net
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1,351 | 1,139 | ||||||
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Due
from brokers
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13 | 56 | ||||||
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Inventories,
net
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1,095 | 1,091 | ||||||
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Property,
plant and equipment, net
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2,928 | 2,958 | ||||||
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Goodwill
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1,108 | 1,083 | ||||||
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Intangible
assets, net
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976 | 1,007 | ||||||
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Other
assets
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601 | 555 | ||||||
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Total
Assets
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$ | 18,295 | $ | 18,886 | ||||
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LIABILITIES
AND EQUITY
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||||||||
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Accounts
payable
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$ | 729 | $ | 628 | ||||
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Accrued
expenses and other liabilities
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2,288 | 1,993 | ||||||
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Securities
sold, not yet purchased, at fair value
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411 | 2,035 | ||||||
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Due
to brokers
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774 | 376 | ||||||
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Post-employment
benefit liability
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1,216 | 1,413 | ||||||
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Debt
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5,962 | 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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11,380 | 11,767 | ||||||
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Commitments
and contingencies
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||||||||
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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 84,892,121 and 75,912,797 at June 30,
2010 and December 31, 2009; outstanding 83,754,921 and 74,775,597 at June
30, 2010 and December 31, 2009, respectively
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3,033 | 2,828 | ||||||
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General
partner
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(255 | ) | 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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2,766 | 2,834 | ||||||
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Equity
attributable to non-controlling interests
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4,149 | 4,285 | ||||||
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Total
equity
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6,915 | 7,119 | ||||||
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Total
Liabilities and Equity
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$ | 18,295 | $ | 18,886 | ||||