EX-99.1 2 c92480exv99w1.htm CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS exv99w1
 

Exhibit 99.1

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

                 
    Quarter Ended     Quarter Ended  
    December 31, 2004     December 31, 2003  
Net sales
   $ 8,842     $ 6,935  
Costs of sales
     5,887       4,733  
 
            
Gross margin
     2,955       2,202  
 
            
Selling, general and administrative expenses
     1,101       1,007  
Research and development expenditures
     816       699  
Reorganization of businesses
     (30 )     11  
Other charges
     50       17  
 
            
Operating earnings
     1,018       468  
 
            
Other income (expense):
                
Interest expense, net
     (23 )     (59 )
Gains on sales of investments and businesses, net
     112       218  
Other
     (23 )     (22 )
 
            
Total other income (expense)
     66       137  
 
            
Earnings from continuing operations before income taxes
     1,084       605  
Income tax expense
     404       164  
 
            
Earnings from continuing operations
   $ 680     $ 441  
 
            
Earnings (loss) from discontinued operations, net of tax
   $ (33 )   $ 48  
 
            
Net earnings
   $ 647     $ 489  
 
            
Net earnings (loss) per common share
                
Basic:
                
Continuing operations
   $ 0.28     $ 0.19  
Discontinued operations
     (0.01 )     0.02  
 
            
 
   $ 0.27     $ 0.21  
 
            
Diluted:
                
Continuing operations
   $ 0.28     $ 0.18  
Discontinued operations
     (0.02 )     0.02  
 
            
 
   $ 0.26     $ 0.20  
 
            
Weighted average common shares outstanding
                
Basic
     2,402.7       2,331.5  
Diluted
     2,487.1       2,457.4  
Dividends paid per share
   $ 0.04     $ 0.04  
                 
    Year Ended     Year Ended  
    December 31, 2004     December 31, 2003  
Net sales
   $ 31,323     $ 23,155  
Costs of sales
     20,826       15,588  
 
            
Gross margin
     10,497       7,567  
 
            
Selling, general and administrative expenses
     4,209       3,529  
Research and development expenditures
     3,060       2,799  
Reorganization of businesses
     (15 )     23  
Other charges (income)
     111       (57 )
 
            
Operating earnings
     3,132       1,273  
 
            
Other income (expense):
                
Interest expense, net
     (199 )     (294 )
Gains on sales of investments and businesses, net
     460       539  
Other
     (141 )     (142 )
 
            
Total other income (expense)
     120       103  
 
            
Earnings from continuing operations before income taxes
     3,252       1,376  
Income tax expense
     1,061       448  
 
            
Earnings from continuing operations
   $ 2,191     $ 928  
 
            
Loss from discontinued operations, net of tax
   $ (659 )   $ (35 )
 
            
Net earnings
   $ 1,532     $ 893  
 
            
Net earnings (loss) per common share
                
Basic:
                
Continuing operations
   $ 0.93     $ 0.40  
Discontinued operations
     (0.28 )     (0.02 )
 
            
 
   $ 0.65     $ 0.38  
 
            
Diluted:
                
Continuing operations
   $ 0.90     $ 0.39  
Discontinued operations
     (0.26 )     (0.01 )
 
            
 
   $ 0.64     $ 0.38  
 
            
Weighted average common shares outstanding
                
Basic
     2,365.0       2,321.9  
Diluted
     2,472.0       2,351.2  
Dividends paid per share
   $ 0.16     $ 0.16