Short answer
Icahn Enterprises L.p (IEP) filed its fiscal 2007 10-K annual report with the SEC on Mar 17, 2008.
- Top risk flagged: Delaware litigation threatens Icahn Enterprises’ 67.7% WPI stake, potentially reducing ownership below 50% and ending WPI consolidation
Icahn Enterprises L.p FY2007 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified holding company spanning investment management, metals recycling, real estate and home fashion
- Investment management platform acquired for $810 million, adding 28 professionals and hedge-fund fee economics
- New PSC Metals acquisition for $335 million, expanding metals recycling to 27 yards across eight states
- Strategic repositioning toward investment management growth and acquisitions, alongside Nevada gaming sale
- WPI exited 30 retail outlet stores while shifting manufacturing and sourcing toward lower-cost offshore operations
Management Discussion & Analysis
- Revenue $2.5B, down $516.4M or 17.2% YoY, driven by lower Investment Management and Home Fashion revenue
- Income from continuing operations $218.0M implied by 29.7% decline from 2006, with Investment Management income $170.2M
- Best segment: Metals revenue $834.1M, up $124.0M or 17.5%; worst: Home Fashion revenue $683.7M, down 23.3%, gross margin 0.4% vs 3.7%
- Operating cash flow used $2.9B, capital expenditures included Metals $27.4M and Home Fashion $29.7M; distributions totaled $37.4M
- Outlook: 2008 real estate sales and profits expected to decline, while restructuring losses may continue; environmental remediation liability $24.3M
Risk Factors
- Delaware litigation threatens Icahn Enterprises’ 67.7% WPI stake, potentially reducing ownership below 50% and ending WPI consolidation
- ACF Industries pension plans carried $93.3 million termination underfunding, with Icahn Enterprises jointly liable under controlled-group rules
- Approximately $437 million of indebtedness matured by December 31, 2010, creating refinancing and liquidity pressure
- WPI’s six largest customers represented approximately 51% of fiscal 2007 net sales, creating material customer concentration
- Lifted import quotas in 2005 accelerated low-priced Asian and Latin American competition against WPI’s home-fashion products
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
- FY2006 10-KFiled Mar 6, 2007
- FY2005 10-KFiled Mar 16, 2006
- FY2004 10-KFiled Mar 16, 2005
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