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): May 6, 2009
_____________________
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 May 6,
2009, Icahn Enterprises L.P. issued a press release reporting its financial
results for the first quarter ended March 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
May 6, 2009.
[remainder
of page intentionally left blank; signature page follows]
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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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: May 6, 2009
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.
* *
*
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
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Three
Months Ended
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||||||||
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March
31,
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||||||||
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2009
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2008
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(Unaudited)
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||||||||
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Revenues
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$ | 1,766 | $ | 1,130 | ||||
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Expenses
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1,649 | 1,151 | ||||||
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Income
(loss) from continuing operations before income tax
expense
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117 | (21 | ) | |||||
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Income
tax benefit (expense)
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10 | (20 | ) | |||||
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Income
(loss) from continuing operations
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127 | (41 | ) | |||||
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Income
from discontinued operations
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- | 489 | ||||||
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Net
Income
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127 | 448 | ||||||
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Less:
net (income) loss attributable to non controlling
interests
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(126 | ) | 5 | |||||
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Net
income attributable to Icahn Enterprises
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$ | 1 | $ | 453 | ||||
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Net
income (loss) attributable to Icahn Enterprises from:
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Continuing
operations
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$ | 1 | $ | (36 | ) | |||
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Discontinued
operations
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- | 489 | ||||||
| $ | 1 | $ | 453 | |||||
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Basic
and diluted income (loss) per LP unit
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||||||||
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Income
(loss) from continuing operations
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$ | 0.01 | $ | (0.26 | ) | |||
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Income
from discontinued operations
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0.00 | 7.14 | ||||||
| $ | 0.01 | $ | 6.88 | |||||
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Weighted
average LP units outstanding
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75 | 70 | ||||||
APPENDIX
II
CONDENSED CONSOLIDATED
BALANCE SHEETS
The
following table presents Icahn Enterprises L.P.'s consolidated summary balance
sheet data
(in
millions)
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March
31,
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December
31,
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||||||||
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2009
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2008
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(Unaudited)
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|||||||||
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ASSETS
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Investment
Management:
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|||||||||
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Cash
and cash equivalents
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$ | 2 | $ | 5 | |||||
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Cash
held at consolidated affiliated partnerships and restricted
cash
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2,815 | 3,862 | |||||||
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Securities
owned, at fair value
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3,677 | 4,261 | |||||||
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Other
assets
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234 | 236 | |||||||
| 6,728 | 8,364 | ||||||||
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Automotive:
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Cash
and cash equivalents
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664 | 888 | |||||||
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Inventories,
net
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888 | 894 | |||||||
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Property,
plant and equipment, net
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1,821 | 1,911 | |||||||
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Goodwill
and other assets
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3,490 | 3,529 | |||||||
| 6,863 | 7,222 | ||||||||
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Metals,
Real Estate and Home Fashion:
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Cash
and cash equivalents
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337 | 350 | |||||||
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Other
assets
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1,375 | 1,426 | |||||||
| 1,712 | 1,776 | ||||||||
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Holding
Company:
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Cash
and cash equivalents
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1,077 | 1,369 | |||||||
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Other
assets
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58 | 84 | |||||||
| 1,135 | 1,453 | ||||||||
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Total
Assets
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$ | 16,438 | $ | 18,815 | |||||
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LIABILITIES
AND EQUITY
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Investment
Management:
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Accounts
payable, accrued expenses and other liabilities
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$ | 950 | $ | 1,819 | |||||
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Securities
sold, not yet purchased, at fair value
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991 | 2,273 | |||||||
| 1,941 | 4,092 | ||||||||
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Automotive:
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Accounts
payable, accrued expenses, and other liabilities
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1,914 | 2,068 | |||||||
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Debt
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2,572 | 2,576 | |||||||
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Postemployment
benefit liability
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1,285 | 1,302 | |||||||
| 5,771 | 5,946 | ||||||||
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Metals,
Real Estate and Home Fashion:
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|||||||||
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Accounts
payable, accrued expenses, and other liabilities
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139 | 156 | |||||||
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Debt
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125 | 126 | |||||||
| 264 | 282 | ||||||||
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Holding
Company:
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|||||||||
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Accounts
payable, accrued expenses, and other liabilities
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142 | 154 | |||||||
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Debt
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1,869 | 1,869 | |||||||
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Preferred
limited partner units
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131 | 130 | |||||||
| 2,142 | 2,153 | ||||||||
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Total
Liabilities
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10,118 | 12,473 | |||||||
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Equity
attributable to Icahn Enterprises
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2,312 | 2,398 | |||||||
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Equity
attributable to non-controlling interests
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4,008 | 3,944 | |||||||
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Total
Liabilities and Equity
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$ | 16,438 | $ | 18,815 | |||||