Icahn Enterprises L.P. (NASDAQ:IEP) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 10:00 am ET
from '18 is due to the loss of income related to several properties that were sold, and the loss of income due to the repayment of a loan related to the sale of the former Fontainebleau Property in Las Vegas.
Now turning to our Home Fashion segment. Q3 '19 net sales for our Home Fashion segment were, up 34%, compared to the prior year period due to higher sales volume attributable to the VSS acquisition in Q2 '19. As previously disclosed, the VSS acquisition strengthens WestPoint's focus in the institutional and hospitality businesses and extends its addressable market to international markets outside of the US. Adjustable EBITDA -- adjusted EBITDA was a loss of $2 million for the quarter, compared to a loss of $1 million for the prior year period. Gross margin as a percentage of net sales was 16% for Q3 2019, that's compared to 13% for Q3 2018.
Now I will discuss our liquidity position. We maintain ample liquidity at the holding company and at each of our operating subs to take advantage of attractive opportunities. We ended Q3 '19 with cash, cash equivalents, our investment in the investment funds and revolver availability totaling approximately $8.2 billion. Our subsidiaries have approximately $800 million of cash and $600 million of undrawn credit facilities to enable them to take advantage of attractive opportunities.
In summary, we continue to focus on building asset value and maintaining ample liquidity to enable us to capitalize on opportunities within and outside of our existing operating segments. Thank you.
Operator, can you please open the call for questions.