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Unassociated Document
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): November 5, 2008

Icahn Enterprises L.P. 
(Exact name of registrant as specified in its charter)

Delaware
 
1-9516
 
13-3398766
(State or Other Jurisdiction of Incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification No.)
 
767 Fifth Avenue, Suite 4700, New York, NY   10153  
(Address of Principal Executive Offices)   (Zip Code)
 
Registrant’s Telephone Number, Including Area Code: (212) 702-4300
 
(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:

¨
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

On November 5, 2008, Icahn Enterprises L.P. issued a press release reporting its financial results for the third quarter. A copy of the press release is attached hereto as Exhibit 99.1.
 
Section 9 - Financial Statements and Exhibits
Item 9.01(d) Exhibits.
 
Exhibit 99.1 -  Press Release dated November 5, 2008.
 
Exhibit Index
 
Press Release dated November 5, 2008
 
[remainder of page intentionally left blank; signature page follows]

 
SIGNATURES

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.

 
ICAHN ENTERPRISES L.P.
 
(Registrant)
 
 
 
By:
Icahn Enterprises G.P. Inc.
 
 
its General Partner
 
 
 
 
 
By:
/s/  Dominick Ragone
 
 
 
 
Dominick Ragone
 
 
 
Principal Financial Officer

Date:   November 5, 2008

Unassociated Document
Investor Contact:
Dominick Ragone
Chief Financial Officer
(646) 861-7500

For Release: November 5, 2008

Icahn Enterprises L.P. Reports Third Quarter Financial Results
Announces Quarterly Distribution and Earnings Call
 
New York, NY - Icahn Enterprises L.P. (NYSE: IEP) today reported net earnings of $23.3 million, or $0.32 per LP unit, for the three months ended September 30, 2008, compared to net earnings of $23.9 million, or $0.52 per LP unit, for the comparable period of fiscal 2007. Icahn Enterprises declared a quarterly distribution of $0.25 per unit on its depositary units, payable in the fourth quarter of fiscal 2008. The distribution will be paid on December 3, 2008 to depositary unitholders of record at the close of business on November 20, 2008.
 
For the three months ended September 30, 2008, revenues were $1,795.3 million as compared to $414.5 million in the three months ended September 30, 2007. Income from continuing operations was $24.7 million for the three months ended September 30, 2008, compared to income of $6.8 million for the comparable period of fiscal 2007. Loss from discontinued operations was $1.4 million for the three months ended September 30, 2008, compared to income of $17.2 million for the comparable period in fiscal 2007.


Conference Call Information

Icahn Enterprises L.P. will discuss its third quarter results on a conference call and Webcast on Thursday, November 6, 2008 at 10:00 a.m. EST. 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 71121737.

* * *

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 substantial competition, rising operating costs and economic downturns; 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.

 
CONSOLIDATED STATEMENTS OF OPERATIONS
In 000's except per unit data
 
  
            
   
 Three Months Ended
  
   
 September 30,
  
   
 2008
  
2007
  
   
 (unaudited)
  
            
Revenues
  
$
1,795,293
  
$
414,513
  
Expenses
    
2,297,080
   
504,735
 
     
(501,787
)
  
(90,222
)
               
Income tax expense
    
(32,553
)
  
(9,952
)
Non-controlling interests in loss
    
559,062
   
106,957
 
               
Income from continuing operations
    
24,722
   
6,783
 
(Loss) income from discontinued operations
    
(1,386
)
  
17,157
 
               
Net earnings
 
$
23,336
  
$
23,940
  
               
Net (loss) earnings attributable to:
              
               
Limited partners
  
$
22,872
  
$
34,783
  
General partner
    
464
   
(10,843
)
   
$
23,336
  
$
23,940
  
Net (loss) earnings per LP unit:
              
               
Basic and diluted earnings (loss):
              
Income from continuing operations
  
$
0.34
  
$
0.27
  
(Loss) income from discontinued operations
    
(0.02
)
  
0.25
 
               
Basic and diluted earnings per LP unit
  
$
0.32
  
$
0.52
  
               
Weighted-average units
              
outstanding
    
70,490
   
66,830
 

 
APPENDIX II
CONSOLIDATED STATEMENTS OF OPERATIONS
In 000's except per unit data
 
  
            
   
 Nine Months Ended
  
   
 September 30,
  
   
 2008
  
2007
  
   
 (unaudited)
  
            
Revenues
  
$
4,790,631
  
$
2,152,024
  
Expenses
    
5,909,960
   
1,530,896
 
     
(1,119,329
)
  
621,128
 
               
Income tax expense
    
(108,602
)
  
(13,807
)
Non-controlling interests in loss (income)
    
1,157,573
   
(373,598
)
               
(Loss) income from continuing operations
    
(70,358
)
  
233,723
 
Income from discontinued operations
    
485,926
   
75,886
 
               
Net earnings
  
$
415,568
  
$
309,609
  
               
Net earnings attributable to:
              
               
Limited partners
  
$
411,255
  
$
104,429
  
General partner
    
4,313
   
205,180
 
   
$
415,568
  
$
309,609
  
Net earnings (loss) per LP unit:
              
               
Basic and diluted earnings (loss):
              
(Loss) income from continuing operations
  
$
(1.27
)
$
0.47
  
Income from discontinued operations
    
7.10
   
1.17
 
               
Basic and diluted earnings per LP unit
  
$
5.83
  
$
1.64
  
               
Weighted-average units
              
outstanding
    
70,490
   
63,533
 

 
APPENDIX III
CONSOLIDATED BALANCE SHEETS
The following table presents Icahn Enterprises L.P.'s consolidated summary balance sheet data
(in 000's)
           
 
  
September 30,
  
December 31,
  
 
  
2008
  
2007
  
 
  
(unaudited)
  
 
  
ASSETS
  
 
  
 
  
Investment Management:
          
Cash and cash equivalents
  
$
8,457
  
$
26,027
  
Cash held at consolidated affiliated partnerships and restricted cash
    
2,939,909
   
1,104,748
 
Securities owned, at fair value
    
5,930,257
   
5,920,209
 
Other assets
    
811,643
   
998,903
 
 
    
9,690,266
   
8,049,887
 
Automotive:
          
Cash and cash equivalents
    
781,547
   
-
 
Inventories, net
    
1,033,968
   
-
 
Property, plant and equipment, net
    
2,014,884
   
-
 
Goodwill and Other Assets
    
4,072,681
   
-
 
 
    
7,903,080
   
-
 
Metals, Real Estate and Home Fashion:
          
Cash and cash equivalents
    
264,747
   
328,099
 
Other Assets
    
1,566,807
   
1,129,100
 
 
    
1,831,554
   
1,457,199
 
Holding Company:
          
Cash and cash equivalents
    
1,531,474
   
1,758,706
 
Other Assets
    
416,286
   
1,167,854
 
 
    
1,947,760
   
2,926,560
 
 
          
Total Assets
  
$
21,372,660
  
$
12,433,646
  
 
          
LIABILITIES AND PARTNERS' EQUITY
          
Investment Management:
          
Accounts payable, accrued expenses and other liabilities
  
$
595,279
  
$
467,581
  
Securities sold, not yet purchased, at fair value
    
1,038,768
   
206,128
 
Due to broker
    
1,606,667
   
-
 
 
    
3,240,714
   
673,709
 
Automotive:
          
Accounts payable, accrued expenses, and other liabilities
    
1,860,541
     
Debt
    
2,907,721
     
Postemployment benefit liability
    
980,777
                 
 
    
5,749,039
   
-
 
Metals, Real Estate and Home Fashion:
          
Accounts payable, accrued expenses, and other liabilities
    
195,584
   
188,974
 
Debt
    
88,303
   
116,496
 
 
    
283,887
   
305,470
 
Holding Company:
          
Accounts payable, accrued expenses, and other liabilities
    
176,055
   
358,381
 
Debt
    
1,926,183
   
1,924,957
 
Preferred Limited Partnership units
    
128,153
   
123,538
 
 
    
2,230,391
   
2,406,876
 
Total Liabilities
    
11,504,031
   
3,386,055
 
 
          
Non-controlling interests
    
7,019,616
   
6,734,563
 
Partners' equity
    
2,849,013
   
2,313,028
 
 
          
Total Liabilities and Partners' Equity
  
$
21,372,660
  
$
12,433,646