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Press release from GlobeNewswire (a Nasdaq OMX company)

Icahn Enterprises L.P. Reports First Quarter Financial Results and Announces Quarterly Distribution

Monday, April 30, 2012

Icahn Enterprises L.P. Reports First Quarter Financial Results and Announces Quarterly Distribution13:08 EDT Monday, April 30, 2012NEW YORK, April 30, 2012 (GLOBE NEWSWIRE) -- 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 ICONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except per unit data)          Three Months Ended March 31,  20122011   (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 IICONSOLIDATED BALANCE SHEETS(In millions, except unit amounts)            March 31, 2012December 31, 2011ASSETS (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 612Total Assets $21,065 $25,136LIABILITIES 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 7,833Total Liabilities and Equity $21,065 $25,136CONTACT: Investor Contact: SungHwan Cho Chief Financial Officer (212) 702-4300