Icahn Enterprises L.P. (IEP), Wednesday said its fourth-quarter loss widened from the same quarter a year ago, primarily hurt by one-time charges as well as a decline in revenues. Icahn Enterprises also declared a quarterly distribution payable to depositary unitholders of record at the close of business on March 16, 2009.
Icahn Enterprises' net loss for the fourth quarter widened to $468 million or $6.51 per LP unit from $2 million or $0.02 per LP unit in the corresponding quarter a year ago as expenses increased.
Expenses for the fourth quarter increased to $2.230 billion from $471 million in the fourth quarter of last year. Fourth-quarter expenses included restructuring expenses and impairment charges primarily for goodwill and intangible assets aggregating $426 million, higher than restructuring expenses and impairment charges for tangible and intangible assets aggregating $8 million incurred in the same quarter a year ago.
Loss from continuing operations for the fourth quarter widened to $467 million or $6.49 per LP unit from $15 million or $0.21 per LP unit in the same quarter a year ago.
Loss from discontinued operations for the fourth quarter was $1 million or $0.02 per LP unit, compared to income from discontinued operations of $13 million or $0.19 per LP unit in the fourth quarter a year ago.
Revenues for the fourth quarter also declined to $236 million from $339 million in the corresponding quarter last year.
For the full year, net loss was $43 million $0.80 per LP unit, compared to net income of $308 million or $1.58 per LP unit in the same quarter last year.
Revenues for the full year increased to $5.027 billion from $2.491 billion last year.
Separately, the company announced a quarterly distribution of $0.25 per unit payable in the first quarter of fiscal 2009. The company said the distribution would be paid on March 30, 2009 to depositary unitholders of record at the close of business on March 16, 2009.
IEP closed Wednesday's trading session at $24.85, up $1.97 or 8.61% on a volume of 27k shares on the NYSE.
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