Short answer
Icahn Enterprises L.p (IEP) filed its fiscal 2005 10-K annual report with the SEC on Mar 16, 2006.
- Top risk flagged: Pension exposure: PBGC liability for ACF Industries’ underfunded plans, $21.8 million ongoing and $135.2 million on termination
Icahn Enterprises L.p FY2005 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified holding company spanning oil and gas, gaming, real estate, home fashion and activist investments
- Major 2005 expansion: acquired three oil and gas businesses, WestPoint Home and gaming interests including Flamingo Laughlin
- Oil and gas became strategic growth engine: 500.5 Bcfe proved reserves, 1,828 identified drilling locations and 49.6% production CAGR since 2002
- Home fashion entry through $219.9 million WestPoint acquisition, paired with offshore sourcing and cost-reduction strategy
- Distinctive restructuring activity: planned NEG initial public offering and merger, while WestPoint ownership remained subject to bankruptcy appeal risks
Management Discussion & Analysis
- Revenue $1.26B, up $592.2M or 88.4% YoY, driven by WPI’s $472.7M contribution
- Operating income $77.5M, down $15.1M or 16.3%; Home Fashion operating loss $22.4M with 10.8% gross margin
- Best segment Gaming: $60.2M operating income; weakest Home Fashion: $472.7M revenue and $22.4M operating loss
- Operating cash flow $245.7M; capex $362.7M; $12.6M distributions and $480.0M senior-note issuance
- 2006 outlook: Oil & Gas capex approximately $200.0M; risks from WPI restructuring losses and possible loss of WPI control
Risk Factors
- Pension exposure: PBGC liability for ACF Industries’ underfunded plans, $21.8 million ongoing and $135.2 million on termination
- WPI ownership litigation: Southern District of New York decision in Contrarian Funds v. WestPoint Stevens could reduce ownership below 50%
- Oil and gas concentration: 68% of 2005 revenues came from six purchasers
- Home Fashion disruption: 2005 lifting of import quotas accelerated WPI market-share losses to low-priced Asian and Latin American imports
- Control concentration: Mr. Icahn owned approximately 90.0% of depositary units and 86.5% of preferred units
Generated from the filing text; verify against the original. How to read a 10-K
Other Icahn Enterprises L.p annual reports
- FY2018 10-KFiled Mar 1, 2019
- FY2017 10-KFiled Mar 1, 2018
- FY2016 10-KFiled Mar 1, 2017
- FY2015 10-KFiled Feb 29, 2016
- FY2014 10-KFiled Feb 27, 2015
- FY2013 10-KFiled Mar 3, 2014
- FY2012 10-KFiled Mar 15, 2013
- FY2011 10-KFiled Mar 12, 2012
- FY2010 10-KFiled Mar 8, 2011
- FY2009 10-KFiled Mar 3, 2010
- FY2008 10-KFiled Mar 4, 2009
- FY2007 10-KFiled Mar 17, 2008
- FY2006 10-KFiled Mar 6, 2007
- FY2004 10-KFiled Mar 16, 2005
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