-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QLJ7i8+2vP12ZX8OU6S0wFCuM1GmR6cwkSN/IDsKvUdh/4064sLWeD0evmn5n0Hu f0toZrTsb41Iaz1U40Ic3A== 0000912057-02-038694.txt : 20021015 0000912057-02-038694.hdr.sgml : 20021014 20021015171401 ACCESSION NUMBER: 0000912057-02-038694 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020409 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOTOROLA INC CENTRAL INDEX KEY: 0000068505 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 361115800 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-07221 FILM NUMBER: 02789681 BUSINESS ADDRESS: STREET 1: 1303 E ALGONQUIN RD CITY: SCHAUMBURG STATE: IL ZIP: 60196 BUSINESS PHONE: 8475765000 MAIL ADDRESS: STREET 1: 1303 EAST ALGONQUIN ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60196 FORMER COMPANY: FORMER CONFORMED NAME: MOTOROLA DELAWARE INC DATE OF NAME CHANGE: 19760414 8-K/A 1 a2091204z8-ka.htm 8-K/A
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K/A

Amendment No. 1 to Form 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 9, 2002


Motorola, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

1-7221
(Commission File Number)

36-1115800
(I.R.S. Employer Identification No.)

1303 East Algonquin Road, Schaumburg, Illinois 60196
(Address of principal executive offices)

Registrant's telephone number, including area code: (847) 576-5000

Not applicable
(Former name or former address, if changed since last report.)




Explanatory Note:

    Form 8-K/A reflects reallocation of certain 2001 expenses between Costs of sales and Selling, general and administrative expenses in Motorola's new 2002 P&L presentation format.

    Reallocation has no impact on historical sales or earnings.

        Executive Summary:    As previously reported in a Form 8-K filed on April 9, 2002 (the "Original 8-K"), beginning in the first quarter of 2002, Motorola adopted a new presentation format for its profit and loss statements going forward and thereby expanded its expense categories. In an effort to provide investors with a clear ability to make historical comparisons, the Original 8-K presented Motorola's 2000 and 2001 expenses in the new presentation format adopted in 2002. In the Original 8-K, Motorola's 2000 and 2001 annual and quarterly sales, earnings and total expenses were accurately reflected in the new presentation format. However, while expense categories for 2000 and the first half of 2002 have been accurately reflected in the new 2002 expense category format, the process of reformatting the historical expense data for 2001 in the new format resulted in a misallocation of certain depreciation expenses and software costs between Costs of sales and Selling, general and administrative expenses in the Original 8-K. Total expenses in 2001 were and are unaffected. This 8-K/A is being filed to assist investors in making accurate historical comparisons of Motorola's 2000, 2001 and 2002 expense categories.

        Detailed Explanation:    As previously reported in the Original 8-K, beginning in the first quarter of 2002, Motorola added new statement lines in its consolidated statement of operations to align more closely with the financial statement presentation of other technology companies. As a result, the presentation format of historical financial information for 2000 and 2001 was changed so that the format was comparable to the presentation format adopted in 2002. This change in presentation format did not change the company's results of operations as historically reported.

        As described in the Original 8-K, one of the changes made to the presentation of Motorola's financial results involved reporting depreciation expense within the Costs of sales and Selling, general and administrative expenses statement lines. Prior to 2002, Motorola's historical presentation of financial results (the "Historical Presentation") contained Depreciation expense as a separate statement line.

        The Company has recently discovered that, in connection with the change in presentation format reflected in the Original 8-K, certain 2001 depreciation expenses and software costs were misallocated to Costs of Sales rather than Selling, general and administrative expenses. This Form 8-K/A is being filed to reflect the appropriate allocation of these costs and to provide reclassified consolidated statements of operations for 2001 that conform to the presentation format adopted in 2002. This reclassification only impacts the 2001 financial statements that were included in the Original 8-K and does not impact 2001 financial statements that reflected the Historical Presentation. Consistent with the Original 8-K, the reclassifications reflected in this Form 8-K/A do not change the company's results of operations as historically reported.

        Exhibit 99.1, which is attached hereto, contains revised versions of the financial statements from the Original 8-K that reflected this misallocation. Financial statements in the Original 8-K that are not affected have not been reattached. The only statement lines that are affected are Costs of sales and Selling, general and administrative expenses in the statements of operations for each of the quarters in and the full year of 2001. For ease of review, the amounts affected have been highlighted.

2



Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

    (a)
    Financial Statements: None.

    (b)
    Pro Forma Financial Information: None.

    (c)
    Exhibits:

 
Exhibit No.
  Document
  99.1   Reclassified Consolidated Statements of Operations for (i) the quarters ended March 31, June 30, September 29 and December 31, 2001, and (ii) the year ended December 31, 2001

3



SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

    MOTOROLA, INC.

Dated: October 15, 2002

 

By:

 

/s/  
ANTHONY KNAPP      
Anthony Knapp
Senior Vice President
and Controller


EXHIBIT INDEX

 
Exhibit No.
  Document
  99.1   Reclassified Consolidated Statements of Operations for (i) the quarters ended March 31, June 30, September 29 and December 31, 2001, and (ii) the year ended December 31, 2001



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SIGNATURES
EXHIBIT INDEX
EX-99.1 3 a2091204zex-99_1.htm EXHIBIT 99.1
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Exhibit 99.1


Motorola, Inc. and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

 
  For the Quarter Ended March 31, 2001
 
 
  GAAP Results
  Special
Items
Inc/(Exp)

  Excluding
Special Items

  Exited
Businesses
Inc/(Exp)

  Ongoing
Operations
Excluding
Special Items

 
Net sales   $ 7,683   $   $ 7,683   $ 197   $ 7,486  
Costs of sales     6,063     (524 )   5,539     (135 )   5,404  
   
 
 
 
 
 
Gross margin     1,620     (524 )   2,144     62     2,082  

Selling, general and administrative expenses

 

 

1,241

 

 

(27

)

 

1,214

 

 

(42

)

 

1,172

 
Research and development expenses     1,172         1,172     (11 )   1,161  
Reorganization of businesses     241     (241 )            
Other charges     72     (72 )            
   
 
 
 
 
 
Operating earnings (loss)     (1,106 )   (864 )   (242 )   9     (251 )

Other income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net     (61 )       (61 )   (2 )   (59 )
  Gains on sales of investments and businesses     614     614              
  Other     (38 )   (29 )   (9 )       (9 )
   
 
 
 
 
 
Earnings (loss) before income taxes     (591 )   (279 )   (312 )   7     (319 )
Income tax provision     (58 )   (48 )   (106 )   (2 )   (108 )
   
 
 
 
 
 
Net earnings (loss)   $ (533 ) $ (327 ) $ (206 ) $ 5   $ (211 )
   
 
 
 
 
 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.24 )                   $ (0.10 )
  Diluted   $ (0.24 )                   $ (0.10 )

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic     2,194.0                       2,194.0  
  Diluted     2,194.0                       2,194.0  

Dividends paid per share

 

$

0.04

 

 

 

 

 

 

 

 

 

 

$

0.04

 
Net margin on sales     -6.9 %                     -2.8 %
Return on average invested capital     1.5 %                        


Motorola, Inc. and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

 
  For the Quarter Ended June 30, 2001
 
 
  GAAP Results
  Special
Items
Inc/(Exp)

  Excluding
Special Items

  Exited
Businesses
Inc/(Exp)

  Ongoing
Operations
Excluding
Special Items

 
Net sales   $ 7,486   $   $ 7,486   $ 194   $ 7,292  
Costs of sales     5,765     (307 )   5,458     (134 )   5,324  
   
 
 
 
 
 
Gross margin     1,721     (307 )   2,028     60     1,968  

Selling, general and administrative expenses

 

 

1,214

 

 

(19

)

 

1,195

 

 

(37

)

 

1,158

 
Research and development expenses     1,086         1,086     (12 )   1,074  
Reorganization of businesses     619     (619 )            
Other charges     99     (99 )            
   
 
 
 
 
 
Operating earnings (loss)     (1,297 )   (1,044 )   (253 )   11     (264 )

Other income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net     (104 )       (104 )   (2 )   (102 )
  Gains on sales of investments and businesses     742     742              
  Other     (189 )   (194 )   5         5  
   
 
 
 
 
 
Earnings (loss) before income taxes     (848 )   (496 )   (352 )   9     (361 )
Income tax provision     (89 )   (31 )   (120 )   (3 )   (123 )
   
 
 
 
 
 
Net earnings (loss)   $ (759 ) $ (527 ) $ (232 ) $ 6   $ (238 )
   
 
 
 
 
 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.35 )                   $ (0.11 )
  Diluted   $ (0.35 )                   $ (0.11 )

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic     2,202.9                       2,202.9  
  Diluted     2,202.9                       2,202.9  

Dividends paid per share

 

$

0.04

 

 

 

 

 

 

 

 

 

 

$

0.04

 
Net margin on sales     -10.1 %                     -3.3 %


Motorola, Inc. and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

 
  For the Quarter Ended September 29, 2001
 
 
  GAAP Results
  Special
Items
Inc/(Exp)

  Excluding
Special Items

  Exited
Businesses
Inc/(Exp)

  Ongoing
Operations
Excluding
Special Items

 
Net sales   $ 7,392   $   $ 7,392   $ 162   $ 7,230  
Costs of sales     5,476     (98 )   5,378     (117 )   5,261  
   
 
 
 
 
 
Gross margin     1,916     (98 )   2,014     45     1,969  

Selling, general and administrative expenses

 

 

1,121

 

 

(39

)

 

1,082

 

 

(28

)

 

1,054

 
Research and development expenses     1,037         1,037     (8 )   1,029  
Reorganization of businesses     133     (133 )            
Other charges     1,408     (1,408 )            
   
 
 
 
 
 
Operating earnings (loss)     (1,783 )   (1,678 )   (105 )   9     (114 )

Other income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net     (140 )   (22 )   (118 )   (2 )   (116 )
  Gains on sales of investments and businesses     542     542              
  Other     (838 )   (830 )   (8 )       (8 )
   
 
 
 
 
 
Earnings (loss) before income taxes     (2,219 )   (1,988 )   (231 )   7     (238 )
Income tax provision     (811 )   733     (78 )   (2 )   (80 )
   
 
 
 
 
 
Net earnings (loss)   $ (1,408 ) $ (1,255 ) $ (153 ) $ 5   $ (158 )
   
 
 
 
 
 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.64 )                   $ (0.07 )
  Diluted   $ (0.64 )                   $ (0.07 )

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic     2,217.1                       2,217.1  
  Diluted     2,217.1                       2,217.1  

Dividends paid per share

 

$

0.04

 

 

 

 

 

 

 

 

 

 

$

0.04

 
Net margin on sales     -19.0 %                     -2.2 %


Motorola, Inc. and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

 
  For the Quarter Ended December 31, 2001
 
 
  GAAP Results
  Special
Items
Inc/(Exp)

  Excluding
Special Items

  Exited
Businesses
Inc/(Exp)

  Ongoing
Operations
Excluding
Special Items

 
Net sales   $ 7,312   $   $ 7,312   $   $ 7,312  
Costs of sales     5,357     (152 )   5,205         5,205  
   
 
 
 
 
 
Gross margin     1,955     (152 )   2,107         2,107  

Selling, general and administrative expenses

 

 

1,147

 

 

(40

)

 

1,107

 

 


 

 

1,107

 
Research and development expenses     1,023         1,023         1,023  
Reorganization of businesses     865     (865 )            
Other charges     537     (537 )            
   
 
 
 
 
 
Operating loss     (1,617 )   (1,594 )   (23 )       (23 )

Other income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net     (108 )       (108 )       (108 )
  Gains on sales of investments and businesses     33     33              
  Other     (161 )   (159 )   (2 )       (2 )
   
 
 
 
 
 
Loss before income taxes     (1,853 )   (1,720 )   (133 )       (133 )
Income tax provision     (616 )   573     (43 )       (43 )
   
 
 
 
 
 
Net loss   $ (1,237 ) $ (1,147 ) $ (90 ) $   $ (90 )
   
 
 
 
 
 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.55 )                   $ (0.04 )
  Diluted   $ (0.55 )                   $ (0.04 )

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic     2,236.8                       2,236.8  
  Diluted     2,236.8                       2,236.8  

Dividends paid per share

 

$

0.04

 

 

 

 

 

 

 

 

 

 

$

0.04

 
Net margin on sales     -16.9 %                     -1.2 %


Motorola, Inc. and Subsidiaries

Consolidated Statements of Operations

(In millions, except per share amounts)

 
  For the Year Ended December 31, 2001
 
 
  GAAP Results
  Special
Items
Inc/(Exp)

  Excluding
Special Items

  Exited
Businesses
Inc/(Exp)

  Ongoing
Operations
Excluding
Special Items

 
Net sales   $ 29,873   $   $ 29,873   $ 553   $ 29,320  
Costs of sales   $ 22,661   $ (1,081 ) $ 21,580   $ (386 )   21,194  
   
 
 
 
 
 
Gross margin     7,212     (1,081 )   8,293     167     8,126  

Selling, general and administrative expenses

 

 

4,723

 

 

(125

)

 

4,598

 

 

(107

)

 

4,491

 
Research and development expenses     4,318         4,318     (31 )   4,287  
Reorganization of businesses     1,858     (1,858 )            
Other charges     2,116     (2,116 )            
   
 
 
 
 
 
Operating earnings (loss)     (5,803 )   (5,180 )   (623 )   29     (652 )

Other income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Interest expense, net     (413 )   (22 )   (391 )   (6 )   (385 )
  Gains on sales of investments and businesses     1,931     1,931              
  Other     (1,226 )   (1,212 )   (14 )       (14 )
   
 
 
 
 
 
Earnings (loss) before income taxes     (5,511 )   (4,483 )   (1,028 )   23     (1,051 )
Income tax provision     (1,574 )   1,227     (347 )   (7 )   (354 )
   
 
 
 
 
 
Net earnings (loss)   $ (3,937 ) $ (3,256 ) $ (681 ) $ 16   $ (697 )
   
 
 
 
 
 

Net loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (1.78 )                   $ (0.31 )
  Diluted   $ (1.78 )                   $ (0.31 )

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic     2,213.3                       2,213.3  
  Diluted     2,213.3                       2,213.3  

Dividends paid per share

 

$

0.16

 

 

 

 

 

 

 

 

 

 

$

0.16

 
Net margin on sales     -13.2 %                     -2.4 %
Return on average invested capital     -18.0 %                        



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Motorola, Inc. and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts)
Motorola, Inc. and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts)
Motorola, Inc. and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts)
Motorola, Inc. and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts)
Motorola, Inc. and Subsidiaries Consolidated Statements of Operations (In millions, except per share amounts)
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