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)
|
o |
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
99.1 |
Press
Release issued by Federal-Mogul Corporation dated October 22,
2008
|
ICAHN
ENTERPRISES L.P.
|
||||
(Registrant)
|
||||
By:
|
Icahn
Enterprises G.P. Inc.,
|
|||
its
General Partner
|
||||
By:
|
/s/
Dominick Ragone
|
|||
Dominick
Ragone
|
||||
Principal
Financial Officer
|
CONTACT:
|
Paula
Silver - 248-354-4530
|
Jennifer
Rass - 248-354-7502
|
Financial
Summary (in $millions)
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|||||||||
|
|
September
30
|
|
September
30
|
|
||||||||
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|||||
Net
sales
|
$
|
1,692
|
$
|
1,686
|
$
|
5,546
|
$
|
5,165
|
|||||
Gross
margin
|
279
|
279
|
941
|
910
|
|||||||||
Adjusted
gross margin 2
|
279
|
279
|
1,009
|
910
|
|||||||||
Selling,
general and administrative expenses
|
192
|
208
|
613
|
627
|
|||||||||
Pre-tax
income
|
22
|
7
|
133
|
68
|
|||||||||
Net
income
|
4
|
14
|
62
|
22
|
|||||||||
Adjusted
net income 3
|
4
|
14
|
125
|
22
|
|||||||||
Operational
EBITDA 1
|
178
|
166
|
640
|
578
|
|||||||||
Cash
flow 4
|
25
|
(114
|
)
|
141
|
(35
|
)
|
Successor
|
Predecessor
|
Successor
|
|
Predecessor
|
|||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30
|
September
30
|
||||||||||||
2008
|
2007
|
2008
|
|
2007
|
|||||||||
Net
sales
|
$
|
1,692.0
|
$
|
1,685.5
|
$
|
5,546.4
|
$
|
5,165.4
|
|||||
Cost
of products sold
|
(1,413.1
|
)
|
(1,406.0
|
)
|
(4,605.5
|
)
|
(4,255.7
|
)
|
|||||
Gross
margin
|
278.9
|
279.5
|
940.9
|
909.7
|
|||||||||
Selling,
general and administrative expenses
|
(191.7
|
)
|
(207.7
|
)
|
(612.8
|
)
|
(627.3
|
)
|
|||||
Interest
expense, net
|
(46.6
|
)
|
(49.9
|
)
|
(137.2
|
)
|
(151.8
|
)
|
|||||
Amortization
expense
|
(21.4
|
)
|
(4.7
|
)
|
(56.7
|
)
|
(14.0
|
)
|
|||||
Chapter
11 and U.K. Administration related reorganization expenses
|
(2.3
|
)
|
(15.3
|
)
|
(15.3
|
)
|
(56.5
|
)
|
|||||
Equity
earnings of unconsolidated affiliates
|
4.2
|
9.6
|
20.7
|
27.6
|
|||||||||
Restructuring
expense, net
|
(11.3
|
)
|
(9.8
|
)
|
(14.0
|
)
|
(39.4
|
)
|
|||||
Other
income, net
|
12.1
|
5.6
|
7.8
|
19.7
|
|||||||||
Income
before income taxes
|
21.9
|
7.3
|
133.4
|
68.0
|
|||||||||
Income
tax (expense) benefit, net
|
(18.3
|
)
|
6.4
|
(71.7
|
)
|
(45.8
|
)
|
||||||
Net
income
|
$
|
3.6
|
$
|
13.7
|
$
|
61.7
|
$
|
22.2
|
|||||
Income
per common share:
|
|||||||||||||
Basic
|
$
|
0.04
|
$
|
0.15
|
$
|
0.62
|
$
|
0.25
|
|||||
Diluted
|
0.04
|
0.15
|
0.62
|
0.24
|
Successor
|
|||||||
(Unaudited)
|
|||||||
ASSETS
|
September
30
|
December
31
|
|||||
2008
|
2007
|
||||||
Current
assets:
|
|||||||
Cash
and equivalents
|
$
|
781.5
|
$
|
425.4
|
|||
Accounts
receivable, net
|
1,185.7
|
1,095.9
|
|||||
Inventories,
net
|
1,034.0
|
1,074.3
|
|||||
Prepaid
expenses and other current assets
|
318.3
|
526.4
|
|||||
Total
current assets
|
3,319.5
|
3,122.0
|
|||||
Property,
plant and equipment, net
|
2,014.9
|
2,061.8
|
|||||
Goodwill
and indefinite-lived intangible assets
|
1,500.5
|
1,852.0
|
|||||
Definite-lived
intangible assets, net
|
582.7
|
310.0
|
|||||
Other
noncurrent assets
|
496.3
|
520.5
|
|||||
$
|
7,913.9
|
$
|
7,866.3
|
||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Short-term
debt, including current portion of long-term debt
|
$
|
135.8
|
$
|
117.8
|
|||
Accounts
payable
|
641.5
|
726.6
|
|||||
Accrued
liabilities
|
465.0
|
496.0
|
|||||
Current
portion of postemployment benefit liability
|
60.8
|
61.2
|
|||||
Other
current liabilities
|
152.1
|
167.3
|
|||||
Total
current liabilities
|
1,455.2
|
1,568.9
|
|||||
Long-term
debt
|
2,771.9
|
2,517.6
|
|||||
Postemployment
benefits
|
920.0
|
936.9
|
|||||
Long-term
portion of deferred income taxes
|
339.4
|
331.4
|
|||||
Other
accrued liabilities
|
262.6
|
300.3
|
|||||
Minority
interest in consolidated subsidiaries
|
51.3
|
87.5
|
|||||
Shareholders’
equity:
|
|||||||
Common
stock
|
1.0
|
1.0
|
|||||
Additional
paid-in capital, including warrants
|
2,122.7
|
2,122.7
|
|||||
Retained
earnings
|
61.7
|
-
|
|||||
Accumulated
other comprehensive loss
|
(55.2
|
)
|
-
|
||||
Treasury
stock, at cost
|
(16.7
|
)
|
-
|
||||
Total
shareholders’ equity
|
2,113.5
|
2,123.7
|
|||||
$
|
7,913.9
|
$
|
7,866.3
|
Successor
|
Predecessor
|
||||||
Nine
Months Ended
|
|||||||
September
30
|
|||||||
2008
|
|
2007
|
|||||
(Millions
of Dollars)
|
|
(Millions
of Dollars)
|
|||||
Cash
Provided From (Used By) Operating Activities
|
|||||||
Net
income
|
$
|
61.7
|
$
|
22.2
|
|||
Adjustments
to reconcile net earnings to net cash provided from
|
|||||||
operating
activities:
|
|||||||
Depreciation
and amortization
|
265.8
|
261.4
|
|||||
Cash
received from 524(g) Trust
|
225.0
|
-
|
|||||
Change
in postemployment benefits, including pensions
|
8.5
|
(80.8
|
)
|
||||
Change
in deferred taxes
|
1.7
|
(20.5
|
)
|
||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable
|
(107.9
|
)
|
(127.6
|
)
|
|||
Inventories
|
21.9
|
(14.3
|
)
|
||||
Accounts
payable
|
(75.9
|
)
|
56.4
|
||||
Other
assets and liabilities
|
(25.5
|
)
|
41.2
|
||||
Net
Cash Provided From Operating Activities
|
375.3
|
138.0
|
|||||
Cash
Provided From (Used By) Investing Activities
|
|||||||
Expenditures
for property, plant and equipment
|
(240.2
|
)
|
(220.4
|
)
|
|||
Net
proceeds from the sale of property, plant and equipment
|
10.9
|
26.1
|
|||||
Net
proceeds from sale of business
|
-
|
14.0
|
|||||
Proceeds
from sale of investment
|
-
|
13.8
|
|||||
Payments
to acquire minority interests
|
-
|
(6.8
|
)
|
||||
Payments
to acquire business
|
(4.7
|
)
|
-
|
||||
Net
Cash Used By Investing Activities
|
(234.0
|
)
|
(173.3
|
)
|
|||
Cash
Provided From (Used By) Financing Activities
|
|||||||
Proceeds
from borrowings on exit facility
|
2,082.0
|
-
|
|||||
Repayment
of Tranche A, Revolver and PIK Notes
|
(1,790.8
|
)
|
-
|
||||
Proceeds
from borrowings on DIP credit facility
|
-
|
658.8
|
|||||
Principal
payments on DIP credit facility
|
-
|
(247.0
|
)
|
||||
Repayment
of pre-petition Tranche C debt
|
-
|
(330.0
|
)
|
||||
Increase
(decrease) in short-term debt
|
(0.2
|
)
|
9.0
|
||||
Decrease
in other long-term debt
|
(31.4
|
)
|
(5.0
|
)
|
|||
Purchase
of treasury stock
|
(16.7
|
)
|
-
|
||||
Decrease
in factoring arrangements
|
(15.5
|
)
|
(55.4
|
)
|
|||
Debt
refinance fees
|
(0.6
|
)
|
(0.1
|
)
|
|||
Net
Cash Provided From (Used By) Financing Activities
|
226.8
|
30.3
|
|||||
Effect
of foreign currency exchange rate fluctuations on cash
|
(12.0
|
)
|
11.9
|
||||
Increase
in cash and equivalents
|
356.1
|
6.9
|
|||||
Cash
and equivalents at beginning of period
|
425.4
|
359.3
|
|||||
|
|||||||
Cash
and equivalents at end of period
|
$
|
781.5
|
$
|
366.2
|
Successor
|
Predecessor
|
Successor
|
Predecessor
|
||||||||||
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30
|
September
30
|
||||||||||||
2008
|
|
2007
|
2008
|
|
2007
|
||||||||
Gross
margin as reported
|
$
|
278.9
|
$
|
279.5
|
$
|
940.9
|
$
|
909.7
|
|||||
Adjustment
to exclude impact of fresh-start valuation of inventory
|
-
|
-
|
68.2
|
-
|
|||||||||
Adjusted
gross margin
|
$
|
278.9
|
$
|
279.5
|
$
|
1,009.1
|
$
|
909.7
|
|||||
Net
Income
|
$
|
3.6
|
$
|
13.7
|
$
|
61.7
|
$
|
22.2
|
|||||
Adjustment
to exclude impact of fresh-start valuation of inventory
|
-
|
-
|
68.2
|
-
|
|||||||||
Income
tax benefit of inventory adjustment
|
-
|
-
|
(4.9
|
)
|
-
|
||||||||
Adjusted
Net Income
|
$
|
3.6
|
$
|
13.7
|
$
|
125.0
|
$
|
22.2
|
|||||
Income
before income taxes
|
$
|
21.9
|
$
|
7.3
|
$
|
133.4
|
$
|
68.0
|
|||||
Depreciation
and amortization
|
94.7
|
89.4
|
265.8
|
261.4
|
|||||||||
Chapter
11 and U.K. Administration related reorganization expenses
|
2.3
|
15.3
|
15.3
|
56.5
|
|||||||||
Interest
expense, net
|
46.6
|
49.9
|
137.2
|
151.8
|
|||||||||
Restructuring
expense, net
|
11.3
|
9.8
|
14.0
|
39.4
|
|||||||||
Fresh-start
inventory adjustment
|
-
|
-
|
68.2
|
-
|
|||||||||
Other
|
0.9
|
(5.8
|
)
|
6.0
|
0.5
|
||||||||
Operational
EBITDA
|
$
|
177.7
|
$
|
165.9
|
$
|
639.9
|
$
|
577.6
|