Icahn Enterprises L.P. Reports Fourth Quarter and Record Full Year 2013 Financial Results

Icahn Enterprises L.P. Reports Fourth Quarter and Record Full Year 2013
Financial Results

  *Record 2013 Net Income Attributable to Icahn Enterprises of $1.0 billion,
    or $9.07 per LP unit (An increase of 144% vs prior year)
  *Record 2013 Adjusted EBITDA attributable to Icahn Enterprises of $1.9
    billion
  *Board Approves Increase in Quarterly Distribution to $1.50 per depository
    unit (An Increase from $5.00 to $6.00 in the Annual Distribution)

NEW YORK, March 3, 2014 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P.
(Nasdaq:IEP) is reporting full year 2013 revenues were $20.7 billion and net
income attributable to Icahn Enterprises was $1.0 billion, or $9.07 per LP
unit, an increase of 144% compared to the prior year. For the full year 2012,
revenues were $15.8 billion and net income attributable to Icahn Enterprises
was $396 million, or $3.72 per LP unit. Adjusted EBITDA attributable to Icahn
Enterprises was $1.9 billion for the full year 2013 compared to $1.5 billion
for the full year 2012. Adjusted EBIT attributable to Icahn Enterprises was
$1.4 billion for the full year 2013 compared to $1.1 billion for the full year
2012.

For the fourth quarter of 2013, revenues were $4.9 billion and net income
attributable to Icahn Enterprises was $222 million, or $1.90 per LP unit. For
fourth quarter of 2012, revenues were $4.3 billion and net income attributable
to Icahn Enterprises was $6 million, or $0.05 per LP unit. For the fourth
quarter of 2013, Adjusted EBITDA attributable to Icahn Enterprises was $282
million compared to $331 million in the fourth quarter of 2012. For the fourth
quarter of 2013, Adjusted EBIT attributable to Icahn Enterprises was $140
million compared to $200 million in the fourth quarter of 2012.

On February 25, 2014, the Board of Directors of the general partner of Icahn
Enterprises declared a quarterly distribution in the amount of $1.50 per
depositary unit increasing our annualized distribution from $5.00 to $6.00.
The quarterly distribution is payable in either cash or additional depositary
units, at the election of each depositary unit holder and will be paid on or
about April 22, 2014 to depositary unit holders of record at the close of
business on March 13, 2014.

Mr. Icahn stated, "I am pleased to report record earnings in 2013. The
financial performance of Icahn Enterprises demonstrates the power of our
activist strategy both in our investment funds and our operating companies. We
are off to a strong start in 2014. As a result of our strong performance and
positive outlook, we are happy to increase the distribution by 20%. I
encourage you to read my letter to IEP shareholders for a more in-depth
discussion regarding the advantages of shareholder activism at
www.shareholderssquaretable.com or www.ielp.com."

Icahn Enterprises L.P. (Nasdaq:IEP), a master limited partnership, is a
diversified holding company engaged in nine primary business segments:
Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real
Estate 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; risks related
to our energy business, including the volatility and availability of crude
oil, other feed stocks and refined products, unfavorable refining margin
(crack spread), interrupted access to pipelines, significant fluctuations in
nitrogen fertilizer demand in the agricultural industry and seasonality of
results; 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.



CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit amounts)

                                              Three Months Ended December 31,
                                              2013            2012
Revenues:                                      (Unaudited)
Net sales                                     $ 4,533         $ 3,993
Other revenues from operations                242             211
Net gain from investment activities           143             67
Interest and dividend income                  68              34
Other loss, net                               (114)           (14)
                                              4,872           4,291
Expenses:                                                     
Cost of goods sold                            4,204           3,617
Other expenses from operations                122             115
Selling, general and administrative           358             337
Restructuring                                 28              10
Impairment                                    9               42
Interest expense                              138             149
                                              4,859           4,270
Income before income tax benefit              13              21
Income tax benefit                            392             60
Net income                                    405             81
Less: net income attributable to               (183)           (75)
non-controlling interests
Net income attributable to Icahn Enterprises  $ 222           $ 6
                                                             
Net income attributable to Icahn Enterprises                  
allocable to:
Limited partners                              $ 218           $ 5
General partner                               4               1
                                              $ 222           $ 6
                                                             
Basic income per LP unit                      $ 1.91          $ 0.05
Basic weighted average LP units outstanding   114             105
                                                             
Diluted income per LP unit                    $ 1.90          $ 0.05
Diluted weighted average LP units outstanding 115             105
Cash distributions declared per LP unit       $ 1.25          $ 0.10



CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit amounts)

                                                 Year Ended December 31,
                                                 2013      2012      2011
Revenues:                                                           
Net sales                                         $ 17,785 $ 14,574 $ 9,127
Other revenues from operations                   988       951       933
Net gain from investment activities              1,694     343       1,905
Interest and dividend income                     194       103       126
Other income (loss), net                         21        (175)     (72)
                                                 20,682    15,796    12,019
Expenses:                                                           
Cost of goods sold                               15,809    12,606    7,871
Other expenses from operations                   504       502       505
Selling, general and administrative              1,417     1,275     1,237
Restructuring                                    50        31        11
Impairment                                       16        129       71
Interest expense                                 560       572       490
                                                 18,356    15,115    10,185
Income before income tax (expense) benefit       2,326     681       1,834
Income tax benefit (expense)                     118       81        (34)
Net income                                       2,444     762       1,800
Less: net income attributable to non-controlling  (1,419)   (366)     (1,050)
interests
Net income attributable to Icahn Enterprises     $ 1,025   $ 396     $ 750
                                                                   
Net income attributable to Icahn Enterprises                        
allocable to:
Limited partners                                 $ 1,005   $ 379     $ 735
General partner                                  20        17        15
                                                 $ 1,025   $ 396     $ 750
                                                                   
Basic income per LP unit                         $ 9.14    $ 3.72    $ 8.35
Basic weightedaverageLPunitsoutstanding      110       102       88
                                                                   
Diluted income per LP unit                       $ 9.07    $ 3.72    $ 8.15
Diluted weightedaverageLPunitsoutstanding    111       102       93
Cash distributions declared per LP unit          $ 4.50    $ 0.40    $ 0.55



CONSOLIDATED BALANCE SHEETS
(In millions, except unit amounts)

                                                          December 31,
                                                          2013      2012
ASSETS                                                              
Cash and cash equivalents                                          
                                                           $ 3,262   $ 3,108
Cash held at consolidated affiliated partnerships and      396       963
restricted cash
Investments                                               12,261    5,491
Accounts receivable, net                                  1,750     1,854
Due from brokers                                          35        567
Inventories, net                                          1,902     1,955
Property, plant and equipment, net                        8,077     7,661
Goodwill                                                  2,074     2,082
Intangible assets, net                                    1,113     1,206
Other assets                                              875       1,045
Total Assets                                               $ 31,745  $ 25,932
LIABILITIES AND EQUITY                                              
Accounts payable                                                   
                                                           $ 1,353   $ 1,388
Accrued expenses and other liabilities                    2,196     1,499
Deferred tax liability                                    1,394     1,335
Securities sold, not yet purchased, at fair value         884       533
Due to brokers                                            2,203     —
Post-employment benefit liability                         1,111     1,488
Debt                                                      9,295     9,873
Total liabilities                                         18,436    16,116
                                                                   
Commitments and contingencies                                       
                                                                   
Equity:                                                             
Limited partners: Depositary units: 115,900,309 and
104,850,813 units issued and outstanding at December 31,   6,308     4,913
2013 and 2012, respectively
General partner                                           (216)     (244)
Equity attributable to Icahn Enterprises                  6,092     4,669
Equity attributable to non-controlling interests          7,217     5,147
Total equity                                              13,309    9,816
Total Liabilities and Equity                               $ 31,745 $ 25,932

Use of Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in evaluating its
performance. These include non-GAAP EBITDA, Adjusted EBITDA, EBIT and Adjusted
EBIT.EBITDA represents earnings before interest expense, income tax (benefit)
expense and depreciation and amortization.EBIT represents earnings before
interest expense and income tax (benefit) expense.We define Adjusted EBITDA
and Adjusted EBIT as EBITDA and EBIT, respectively, excluding the effects of
impairment, restructuring costs, certain pension plan expenses, OPEB
curtailment gains, purchase accounting inventory adjustments, certain
share-based compensation, discontinued operations, gains/losses on
extinguishment of debt, major scheduled turnaround expenses, FIFO adjustments
and unrealized gains/losses on energy segment derivatives and certain other
non-operational charges.We present EBITDA, Adjusted EBITDA, EBIT and Adjusted
EBIT on a consolidated basis and attributable to Icahn Enterprises net of the
effect of non-controlling interests.We conduct substantially all of our
operations through subsidiaries.The operating results of our subsidiaries may
not be sufficient to make distributions to us.In addition, our subsidiaries
are not obligated to make funds available to us for payment of our
indebtedness, payment of distributions on our depositary units or otherwise,
and distributions and intercompany transfers from our subsidiaries to us may
be restricted by applicable law or covenants contained in debt agreements and
other agreements to which these subsidiaries currently may be subject or into
which they may enter into in the future.The terms of any borrowings of our
subsidiaries or other entities in which we own equity may restrict dividends,
distributions or loans to us.

We believe that providing EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT to
investors has economic substance as these measures provide important
supplemental information of our performance to investors and permits investors
and management to evaluate the core operating performance of our business
without regard to interest, taxes and depreciation and amortization and the
effects of impairment, restructuring costs, certain pension plan expenses,
OPEB curtailment gains, purchase accounting inventory adjustments, certain
share-based compensation, discontinued operations, gains/losses on
extinguishment of debt, major scheduled turnaround expenses, FIFO adjustments
and unrealized gains/losses on energy segment derivatives and certain other
non-operational charges.Additionally, we believe this information is
frequently used by securities analysts, investors and other interested parties
in the evaluation of companies that have issued debt.Management uses, and
believes that investors benefit from referring to these non-GAAP financial
measures in assessing our operating results, as well as in planning,
forecasting and analyzing future periods.Adjusting earnings for these charges
allows investors to evaluate our performance from period to period, as well as
our peers, without the effects of certain items that may vary depending on
accounting methods and the book value of assets.Additionally, EBITDA,
Adjusted EBITDA, EBIT and Adjusted EBIT present meaningful measures of
performance exclusive of our capital structure and the method by which assets
were acquired and financed.

EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT have limitations as analytical
tools, and you should not consider them in isolation, or as substitutes for
analysis of our results as reported under generally accepted accounting
principles in the United States, or U.S. GAAP.For example, EBITDA, Adjusted
EBITDA, EBIT and Adjusted EBIT:

  *do not reflect our cash expenditures, or future requirements for capital
    expenditures, or contractual commitments;
  *do not reflect changes in, or cash requirements for, our working capital
    needs; and
  *do not reflect the significant interest expense, or the cash requirements
    necessary to service interest or principal payments on our debt.

Although depreciation and amortization are non-cash charges, the assets being
depreciated or amortized often will have to be replaced in the future, and
EBITDA and Adjusted EBITDA do not reflect any cash requirements for such
replacements.Other companies in the industries in which we operate may
calculate EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures.In addition, EBITDA,
Adjusted EBITDA, EBIT and Adjusted EBIT do not reflect the impact of earnings
or charges resulting from matters we consider not to be indicative of our
ongoing operations.

EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT are not measurements of our
financial performance under U.S. GAAP and should not be considered as
alternatives to net income or any other performance measures derived in
accordance with U.S. GAAP or as alternatives to cash flow from operating
activities as a measure of our liquidity. Given these limitations, we rely
primarily on our U.S. GAAP results and use EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT only as a supplemental measure of our financial performance.

Use of Indicative Net Asset Value Data

The Company uses indicative net asset value as an additional method for
considering the value of the Company's assets, and we believe that this
information can be helpful to investors.Please note, however, that the
indicative net asset value does not represent the market price at which the
units trade.Accordingly, data regarding indicative net asset value is of
limited use and should not be considered in isolation.

The Company's depository units are not redeemable, which means that investors
have no right or ability to obtain from the Company the indicative net asset
value of units that they own.Units may be bought and sold on The NASDAQ
Global Select Market at prevailing market prices.Those prices may be higher
or lower than the indicative net asset value of the units as calculated by
management.

See below for more information on how we calculate the Company's indicative
net asset value.

                                                         
($ in millions)                                           
                                                  December 31,
                                                  2013    2012
Market-valued Subsidiaries:                        (unaudited)     
Holding Company interest in Funds (1)             $ 3,696 $ 2,387
CVR Energy (2)                                    3,092   3,474
CVR Refining - direct holding (2)                 136     —
Federal-Mogul (2)                                 2,383   615
American Railcar Industries (2)                   543     377
Total market-valued subsidiaries                  $ 9,850 $ 6,853
                                                         
Other Subsidiaries:                                       
Tropicana (3)                                     $ 444   $ 512
Viskase (3)                                       290     268
Real Estate Holdings (4)                          711     763
PSC Metals (4)                                    273     338
WestPoint Home (4)                                191     256
AEP Leasing / ARL (5)                             754     60
Total - other subsidiaries                        $ 2,663 $ 2,196
Add:Holding Company cash and cash equivalents (6) 782     1,045
Less:Holding Company debt (6)                    (4,016) (4,082)
Add:Other Holding Company net assets (7)         (147)   86
Indicative Net Asset Value                         $ 9,132 $ 6,098

Indicative net asset value does not purport to reflect a valuation of IEP.The
calculated Indicative net asset value does not include any value for our
Investment Segment other than the fair market value of our investment in the
Investment Funds.A valuation is a subjective exercise and Indicative net
asset value does not necessarily consider all elements or consider in the
adequate proportion the elements that could affect the valuation of
IEP.Investors may reasonably differ on what such elements are and their
impact on IEP.No representation or assurance, express or implied is made as
to the accuracy and correctness of indicative net asset value as of these
dates or with respect to any future indicative or prospective results which
may vary.

(1)Fair market value of Holding Company's interest in the Funds and
Investment segment cash as of each respective date.

(2)Based on closing share price on each date and the number of shares owned
by the Holding Company as of each respective date.

(3)Amounts based on market comparables due to lack of material trading
volume.Tropicana valued at 8.0x Adjusted EBITDA for the twelve months ended
December 31, 2012 and December 31, 2013. Viskase valued at 11.0x Adjusted
EBITDA for the twelve months ended December 31, 2012 and 9.5x for the twelve
months ended December 31, 2013.

(4)Represents equity attributable to us as of each respective date.

(5)December 31, 2012 represents book value of AEP Leasing. For December 31,
2013 ARL value assumes the present value of cash flows from leased railcars
plus working capital.

(6)Holding Company's balance as of each respective date.

(7)Represents Holding Company net assets as of each respective date.

                                                         
                                                         
($ in millions)                         Three Months Ended Year Ended December
                                        December 31,       31,
                                       2013      2012     2013       2012
Consolidated Adjusted EBITDA:           (Unaudited)
Net income                             $ 405    $ 81    $ 2,444   $ 762
Interest expense, net                  134       143      544        554
Income tax expense (benefit)           (392)     (60)     (118)      (81)
Depreciation and amortization          184       174      708        607
Consolidated EBITDA                     $ 331     $ 338    $ 3,578    $ 1,842
Impairment of assets                   9         42       16         129
Restructuring costs                    28        10       50         31
Non-service cost U.S. based pensions    1         12       5          38
FIFO impact unfavorable (favorable)     62        23       (21)       71
Unrealized loss/(gain) on certain       126       (50)     (51)       68
derivatives
OPEB curtailment gain                  —         —        (19)       (51)
Major scheduled turnaround expense      —         94       —          107
Certain share-based compensation        7         10       28         34
expense
Net loss on divestitures               3         —        60         —
Net loss on extinguishment of debt     5         6        —          10
Other                                  (1)       25       25         39
Consolidated Adjusted EBITDA            $ 571     $ 510    $ 3,671    $ 2,318
                                                                  
IEP Adjusted EBITDA:                                               
Net income attributable to IEP         $ 222    $ 6     $ 1,025   $ 396
Interest expense, net                  118       119      464        456
Income tax expense (benefit)           (381)     (68)     (170)      (128)
Depreciation and amortization          142       131      485        434
EBITDA attributable to IEP              $ 101     $ 188    $ 1,804    $ 1,158
Impairment of assets                   7         38       14         106
Restructuring costs                    24        9        41         25
Non-service cost U.S. based pensions    —         9        4          29
FIFO impact unfavorable (favorable)     39        24       (15)       58
Unrealized loss/(gain) on certain       78        (39)     (43)       57
derivatives
OPEB curtailment gain                  —         —        (15)       (40)
Major scheduled turnaround expense      —         78       —          88
Certain share-based compensation        6         1        20         27
expense
Net loss on divestitures               2         —        46         —
Net loss on extinguishment of debt      3         5        —          7
Other                                  22        18       40         31
Adjusted EBITDA attributable to IEP     $ 282     $ 331    $ 1,896    $ 1,546

                                                                  
                                                                  
($ in millions)                                                    
                                       Three Months Ended Year Ended December
                                        December 31,       31,
                                       2013       2012    2013       2012
Consolidated Adjusted EBIT:             (Unaudited)
Net income                             $ 405     $ 81   $ 2,444   $ 762
Interest expense, net                  134        143     544        554
Income tax expense (benefit)           (392)      (60)    (118)      (81)
Consolidated EBIT                       $ 147      $ 164   $ 2,870    $ 1,235
Impairment of assets                   9          42      16         129
Restructuring costs                    28         10      50         31
Non-service cost U.S. based pensions    1          12      5          38
FIFO impact unfavorable (favorable)     62         23      (21)       71
Unrealized loss/(gain) on certain       126        (50)    (51)       68
derivatives
OPEB curtailment gain                  —          —       (19)       (51)
Major scheduled turnaround expense      —          94      —          107
Certain share-based compensation        7          10      28         34
expense
Net loss on divestitures               3          —       60         —
Net loss on extinguishment of debt      5          6       —          10
Other                                  (1)        25      25         39
Consolidated Adjusted EBIT              $ 387      $ 336   $ 2,963    $ 1,711
                                                                  
IEP Adjusted EBIT:                                                 
Net income attributable to IEP         $ 222     $ 6    $ 1,025   $ 396
Interest expense, net                  118        119     464        456
Income tax expense (benefit)           (381)      (68)    (170)      (128)
EBIT attributable to IEP                $ (41)    $ 57    $ 1,319    $ 724
Impairment of assets                   7          38      14         106
Restructuring costs                    24         9       41         25
Non-service cost U.S. based pensions    —          9       4          29
FIFO impact unfavorable (favorable)     39         24      (15)       58
Unrealized loss/(gain) on certain       78         (39)    (43)       57
derivatives
OPEB curtailment gain                  —          —       (15)       (40)
Major scheduled turnaround expense      —          78      —          88
Certain share-based compensation        6          1       20         27
expense
Net loss on divestitures               2          —       46         —
Net loss on extinguishment of debt     3          5       —          7
Other                                  22         18      40         31
Adjusted EBIT attributable to IEP       $ 140      $ 200   $ 1,411    $ 1,112

CONTACT: Investor Contacts:
         SungHwan Cho, Chief Financial Officer
         Peter Reck, Chief Accounting Officer
         (212) 702-4300
 
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