EX-99.1 2 c94412exv99w1.htm PRESS RELEASE exv99w1
 

EXHIBIT 99.1

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

                 
    Quarter Ended     Quarter Ended  
    April 2, 2005     April 3, 2004  
Net sales
  $ 8,161     $ 7,441  
Costs of sales
    5,491       5,075  
 
           
Gross margin
    2,670       2,366  
 
           
Selling, general and administrative expenses
    1,001       970  
Research and development expenditures
    811       725  
Other charges
    (7 )     (14 )
 
           
Operating earnings
    865       685  
 
           
Other income (expense):
               
Interest expense, net
    (8 )     (68 )
Gains on sales of investments and businesses
    239       138  
Other
    (9 )     (21 )
 
           
Total other income
    222       49  
 
           
Earnings from continuing operations before income taxes
    1,087       734  
Income tax expense
    395       268  
 
           
Earnings from continuing operations
  692     466  
 
           
Earnings from discontinued operations, net of tax
      143  
 
           
Net earnings
  $ 692     $ 609  
 
           
Earnings per common share
               
Basic:
               
Continuing operations
  $ 0.28     $ 0.20  
Discontinued operations
          0.06  
 
           
 
  $ 0.28     $ 0.26  
 
           
Diluted:
               
Continuing operations
  $ 0.28     $ 0.19  
Discontinued operations
          0.06  
 
           
 
  $ 0.28     $ 0.25  
 
           
Weighted average common shares outstanding
               
Basic
    2,447.1       2,337.2  
Diluted
    2,487.1       2,451.0  
Dividends paid per share
  $ 0.04     $ 0.04  

 


 

Motorola, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions)

                 
          ASSETS   April 2,     December 31,  
    2005     2004  
Cash, cash equivalents and ST investments
  $ 11,300     $ 10,708  
Accounts receivable, net
    4,666       4,525  
Inventories, net
    2,480       2,546  
Deferred income taxes
    1,383       1,541  
Other current assets
    1,857       1,795  
 
           
Total current assets
    21,686       21,115  
 
           
Property, plant and equipment, net
    2,292       2,332  
Investments
    2,754       3,241  
Deferred income taxes
    2,370       2,353  
Other assets
    1,881       1,881  
 
           
Total assets
  $ 30,983     $ 30,922  
 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Notes payable and current portion of long-term debt
  $ 712     $ 717  
Accounts payable
    2,952       3,330  
Accrued liabilities
    6,640       6,559  
 
           
Total current liabilities
    10,304       10,606  
 
           
Long-term debt
    4,577       4,578  
Other liabilities
    2,324       2,407  
Stockholders’ equity
    13,778       13,331  
 
           
Total liabilities and stockholders’ equity
  $ 30,983     $ 30,922  
 
           

 


 

Motorola, Inc. and Subsidiaries
Segment Information
(In millions)

Summarized below are the Company’s net sales and operating earnings (loss) by reportable segment for the quarters ended April 2, 2005 and April 3, 2004.

                         
    Segment Net Sales  
    Quarter Ended     Quarter Ended     % Change  
    April 2, 2005     April 3, 2004     from 2004  
Mobile Devices
  $ 4,414     $ 4,153       6 %
Networks
    1,657       1,444       15 %
Government & Enterprise Mobility Solutions
    1,503       1,444       4 %
Connected Home Solutions
    662       456       45 %
Other/Eliminations
    (75 )     (56 )     34 %
 
                 
Segment Totals
  $ 8,161     $ 7,441       10 %
 
                 
                 
    Operating Earnings (Loss)  
    GAAP Results  
    Quarter Ended     Quarter Ended  
    April 2, 2005     April 3, 2004  
Mobile Devices
  $ 440     $ 406  
Networks
    234       116  
Government & Enterprise Mobility Solutions
    167       209  
Connected Home Solutions
    19       25  
Other
    (4 )     (69 )
Eliminations
    9       (2 )
 
           
Segment Totals
  $ 865     $ 685