Icahn Enterprises Announces Preliminary Earnings for the Year Ended December 31, 2011
February 07 2012 - 12:00PM
Icahn Enterprises L.P. ("Icahn Enterprises") (Nasdaq:IEP),
announced today preliminary, unaudited financial and operating
results for the twelve months ended December 31, 2011 with revenue
and earnings growth over the comparable prior year period. Icahn
Enterprises estimates that revenues will be approximately $12
billion (as compared to $9.1 billion for the twelve months ended
December 31, 2010) and net income attributable to Icahn Enterprises
will be approximately $750 million for the twelve months ended
December 31, 2011, or approximately $8.33 per depositary unit
(compared to net income of $199 million, or $2.34 per depositary
unit, for the twelve months ended December 31, 2010). These
preliminary results are the result of the performance of Icahn
Enterprises' various private investment funds (the "Funds") as well
as the operating performance of its other subsidiaries. The Funds
had gross returns of approximately 34.5% for the fiscal year ended
December 31, 2011 and had assets under management of $6.5 billion
as of December 31, 2011, $3.1 billion of which represented Icahn
Enterprises' investment. In addition to its interest in the Funds,
Icahn Enterprises currently has cash and cash equivalents of
approximately $1.8 billion at the holding company level.
The financial results set forth above are preliminary, unaudited
and subject to completion, and were prepared in good faith based
upon the most current information available to management. Icahn
Enterprises' normal yearly closing and financial reporting
processes with respect to such preliminary, unaudited financial
data have not been fully completed and, in particular, the
preliminary results set forth above are subject to customary
year-end asset impairment analyses. Icahn Enterprises' independent
registered public accounting firm has not completed its audits for
the year ended December 31, 2011, and has not performed any review
procedures with respect to the unaudited preliminary financial data
provided above, nor have they expressed any opinion or any other
form of assurance on such information. As a result, these
preliminary and unaudited results may differ from the actual
results that will be reported in Icahn Enterprises' audited
consolidated financial statements as of and for the year ended
December 31, 2011. Icahn Enterprises plans to release full fourth
quarter and fiscal year 2011 financial results in the coming
weeks.
***
Icahn Enterprises L.P. (Nasdaq:IEP), a master limited
partnership, is a diversified holding company engaged in eight
primary business segments: Investment, Automotive, Railcar, Food
Packaging, Metals, Real Estate, Gaming and Home Fashion.
Caution Concerning 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 activities, including the nature of the investments made
by the private funds in which we invest, 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; risk related to our gaming operations, including
reductions in discretionary spending due to a downturn in the
local, regional or national economy, intense competition in the
gaming industry from present and emerging internet online markets
and extensive regulation; 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 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.
767 Fifth Avenue, New York, New York 10153
Telephone (212) 702-4300 Fax (212) 750-5841
NASDAQ – IEP
CONTACT: Investor Contact:
Dominick Ragone
Chief Financial Officer
(646) 861-7500
Icahn Enterprises (NASDAQ:IEP)
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