Icahn Enterprises L.P. Reports First Quarter Financial Results and Announces Quarterly Distribution
April 30 2012 - 4:08PM
Icahn Enterprises L.P. (Nasdaq:IEP) is reporting revenues of
approximately $2.7 billion for the first quarter of 2012 and net
income attributable to Icahn Enterprises of $49 million, or $0.49
per diluted LP unit. During the quarter, Icahn Enterprises raised
debt and equity proceeds of approximately $1.2 billion. As of
March 31, 2012, the company also had investments in its investment
funds with a total fair market value of approximately $3.2 billion
Additionally, Icahn Enterprises is announcing a quarterly
distribution of $0.35 per depositary unit, comprised of a
combination of $0.10 payable in cash and $0.25 payable in
depositary units. The distribution will be paid on May 31, 2012 to
depositary unit holders of record at the close of business on May
16, 2012.
Conference Call Information
Icahn Enterprises L.P. will discuss its first quarter results on
a conference call and Webcast on Thursday, May 3, 2012 at 10:00
EDT. The Webcast can be viewed live on Icahn Enterprises L.P.'s
website at www.icahnenterprises.com. It will 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 (866) 393-0676. The international number is
(253) 237-1149.
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.
APPENDIX
I |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In millions, except
per unit data) |
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2012 |
2011 |
|
(Unaudited) |
Revenues |
$2,684 |
$3,078 |
Expenses |
2,613 |
2,464 |
Income before income tax benefit
(expense) |
71 |
614 |
Income tax benefit (expense) |
30 |
(18) |
Net income |
101 |
596 |
Less: net income attributable to
non-controlling interests |
(52) |
(356) |
Net income attributable to Icahn
Enterprises |
$49 |
$240 |
|
|
|
Basic income per LP unit |
$0.49 |
$2.73 |
Basic weighted average LP units
outstanding |
97 |
86 |
|
|
|
Diluted income per LP unit |
$0.49 |
$2.65 |
Diluted weighted average LP units
outstanding |
97 |
91 |
APPENDIX
II |
CONSOLIDATED BALANCE
SHEETS |
(In millions, except
unit amounts) |
|
|
|
|
|
|
|
March 31, 2012 |
December 31,
2011 |
ASSETS |
(Unaudited) |
|
Cash and cash equivalents |
$3,467 |
$2,278 |
Cash held at consolidated affiliated
partnerships and restricted cash |
2,249 |
4,979 |
Investments |
5,876 |
8,938 |
Accounts receivable, net |
1,603 |
1,424 |
Due from brokers |
187 |
30 |
Inventories, net |
1,394 |
1,344 |
Property, plant and equipment, net |
3,611 |
3,505 |
Goodwill |
1,128 |
1,127 |
Intangible assets, net |
889 |
899 |
Other assets |
661 |
612 |
Total Assets |
$21,065 |
$25,136 |
LIABILITIES AND
EQUITY |
|
|
Accounts payable |
$1,015 |
$970 |
Accrued expenses and other liabilities |
1,899 |
1,873 |
Securities sold, not yet purchased, at fair
value |
975 |
4,476 |
Due to brokers |
5 |
2,171 |
Post-employment benefit liability |
1,333 |
1,340 |
Debt |
7,313 |
6,473 |
Total liabilities |
12,540 |
17,303 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Equity: |
|
|
Limited partners |
4,645 |
4,038 |
General partner |
(259) |
(271) |
Treasury units at cost:
1,137,200 depositary units at December 31, 2011 |
— |
(12) |
Equity attributable to Icahn Enterprises |
4,386 |
3,755 |
Equity attributable to non-controlling
interests |
4,139 |
4,078 |
Total Equity |
8,525 |
7,833 |
Total Liabilities and
Equity |
$21,065 |
$25,136 |
CONTACT: Investor Contact:
SungHwan Cho
Chief Financial Officer
(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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