Motorola Announces Third-Quarter 2010 Financial Results

SCHAUMBURG, Ill., Oct. 28 /PRNewswire-FirstCall/ -- Financial Highlights:

  • Third-quarter sales up year-over-year; first growth quarter since fourth quarter of 2006
  • Third-quarter GAAP earnings of $0.05 per share, compared to GAAP earnings of $0.01 per share in third quarter of 2009
  • Non-GAAP earnings per share*, including discontinued operations, of $0.16 compared to $0.06 per share in third quarter of 2009, exceeding the Company’s guidance of $0.10 - $0.12 per share
  • Total cash** increased to $9.0 billion
  • Mobile Devices sales of $2.0 billion; shipped 9.1 million handsets, including 3.8 million smartphones; GAAP operating loss of $43 million; non-GAAP operating earnings of $3 million
  • Enterprise Mobility Solutions sales of $1.9 billion; GAAP operating earnings of $253 million; non-GAAP operating earnings of $321 million
  • Home sales of $912 million; GAAP operating earnings of $49 million; non-GAAP operating earnings of $77 million


Q3, 2010

Q2, 2010

Q3, 2009

Y/Y Chg

Sales ($B)





Continuing Operations

$4.9

$4.5

$4.3

13%

Discontinued Operations

0.9

0.9

1.1


   Total Sales

$5.8

$5.4

$5.4

6%






GAAP EPS:





Continuing Operations

$0.00

$0.02

$(0.04)


Discontinued Operations

0.05

0.05

0.05


   Total GAAP EPS

$0.05

$0.07

$0.01












Non-GAAP EPS:





Continuing Operations

$0.12

$0.04

$0.01



   Total Non-GAAP EPS

$0.16

$0.09

$0.06














Click here for printable press release and financial tables

Motorola, Inc. (NYSE: MOT) today reported sales of $4.9 billion in the third quarter of 2010, up 13 percent from the third quarter a year ago. Financial results related to the portion of the Company’s Networks business expected to be acquired by Nokia Siemens Networks (“NSN”) are reported as discontinued operations. Sales, including $871 million associated with discontinued operations, totaled $5.8 billion, up 6 percent from the year-ago period.

GAAP net earnings in the third quarter of 2010 were $109 million, or $0.05 per share, compared to $12 million, or $0.01 per share, in the third quarter 2009. On a non-GAAP basis, including discontinued operations, earnings in the third quarter of 2010 were $380 million, or $0.16 per share, exceeding the Company’s guidance of $0.10 - $0.12 per share. Non-GAAP earnings, including discontinued operations, in the third quarter of 2009 were $131 million, or $0.06 per share.

GAAP earnings from continuing operations in the third quarter of 2010, which excludes the portion of the Networks business expected to be acquired by NSN, were $7 million, compared to a loss from continuing operations of $90 million in the third quarter of 2009. Non-GAAP earnings from continuing operations in the third quarter of 2010 were $278 million, or $0.12 per share, up from $0.01 per share in the third quarter of 2009.

Non-GAAP financial information excludes after-tax costs of approximately $0.12 per share related to stock-based compensation expense, intangible assets amortization expense and highlighted items. Details on these non-GAAP adjustments and the use of non-GAAP measures are included later in this press release.

During the quarter, the Company generated positive operating cash flow from continuing operations of $502 million and ended the quarter with a total cash** position of $9.0 billion. Net cash*** increased to $5.6 billion from $4.9 billion in the second quarter.

“In the third quarter, Motorola Mobility showed positive momentum across the business, with Mobile Devices reaching profitability for the first time in over three years and Home continues to maintain its leadership position,” said Sanjay Jha, Motorola co-chief executive officer and Motorola Mobility CEO. “Mobile Devices’ DROID™X continues to sell extremely well, and we have had several other successful smartphone launches globally, including the DROID™ 2, the MING® series in China, as well as a well-received introduction of our enterprise-ready DROID™ PRO. As we continue to make progress across the organization, we remain focused on further improving our financial results and pursuing the delivery of best-in-class software and hardware experiences to consumers and business users.”

Greg Brown, Motorola co-chief executive officer and Motorola Solutions CEO, said, “Our Enterprise Mobility Solutions business continues to deliver very solid financial results. In enterprise markets, we continued to experience double-digit sales growth in all four geographic regions we serve. Additionally, our public safety business remains resilient. Going forward, we are focused on next-generation public safety and enterprise solutions and services. I am excited about the opportunities ahead as we approach our targeted separation.”

Operating Results

Mobile Devices segment sales were $2.0 billion, up 20 percent compared with the year-ago quarter. The GAAP operating loss was $43 million compared to an operating loss of $216 million in the year-ago quarter. Non-GAAP operating earnings were $3 million compared to an operating loss of $183 million in the year-ago quarter.

Mobile Devices highlights:

  • Shipped 3.8 million smartphones with a total of 22 smartphones introduced during 2010.
  • Launched three new smartphones in the iconic MING® series designed for China – the MT810 for China Mobile’s TD-SCDMA network, the XT806 for China Telecom’s CDMA-2000 network and the A1680 for China Unicom’s WCDMA network.
  • Unveiled the slim and pocketable Motorola DEFY™, optimized for an active lifestyle, water resistant, dust proof and equipped with a 3.7-inch high-resolution, scratch-resistant display.
  • Continued to grow the DROID™ portfolio with the introduction of three new devices, available at Verizon – DROID™ 2, DROID™ PRO and the limited edition DROID™ R2-D2™.
  • Recently announced three new smartphones available for the holiday season at AT&T: BRAVO™, FLIPSIDE™ and FLIPOUT™, designed for the next generation of smartphone users across tiers, providing consumers greater choices and flexibility.
  • Continued leadership in Bluetooth™ headset technology with the introduction of four headsets: the Motorola Oasis™, S10-HD, Finiti™ and CommandOne™.

Home segment sales were $912 million, up 5 percent compared with the year-ago quarter. GAAP operating earnings were $49 million compared to $20 million in the year-ago quarter. Non-GAAP operating earnings were $77 million compared to $43 million in the year-ago quarter.

Home highlights:

  • Launched the Motorola EDGE™ Service Assurance Software Suite, enabling cable and telecom operators to more efficiently activate, provision, maintain and support all broadband services in a multi-screen digital home.
  • Introduced a hosted switched digital video solution that provides independent operators with the bandwidth reclamation and management capabilities needed to launch HDTV, VOD, 3DTV and interactive TV applications.
  • Supported Verizon with the launch of its video service by providing the Motorola Medios software suite to ingest content and prepare it for distribution, enabling subscribers to share video among devices such as set-top boxes, personal computers and smartphones.

Enterprise Mobility Solutions segment sales, which now includes the iDEN® infrastructure business, were $1.9 billion, up 9 percent compared with the year-ago quarter. GAAP operating earnings were $253 million compared to operating earnings of $223 million in the year-ago quarter. Non-GAAP operating earnings were $321 million compared to $303 million in the year-ago quarter.

Enterprise Mobility Solutions highlights:

  • Secured a $50 million federal government grant to expand broadband access to communities in the San Francisco Bay Area, including a private broadband LTE network for public safety.
  • Announced a strategic alliance with Ericsson for an LTE-based solution that will be integrated with Motorola’s Next Generation Public Safety Broadband solution.
  • Introduced the new MC65, a compact, rugged enterprise mobile computer aimed at improving productivity in task-oriented environments such as field service, field sales, transportation and public safety.
  • Began shipping the new ES400 enterprise digital assistant, which will be available globally during the fourth quarter.
  • Received multi-million dollar public safety contracts from the U.S. Marshals Service, Washington Metro Area Transportation Authority and Nashville-Davidson County Metropolitan Government in Tennessee.

Fourth-Quarter 2010 Outlook

The Company's outlook for the fourth quarter of 2010 is for earnings from continuing operations of $0.14 to $0.16 per share. This outlook excludes the portion of the Networks business expected to be acquired by Nokia Siemens Networks, and stock-based compensation expense and intangible assets amortization expense of approximately $0.04 per share, as well as charges associated with items of the variety typically highlighted by the Company in its quarterly earnings releases.

Consolidated GAAP Results

A comparison of results from operations is as follows:



Third Quarter

(In millions, except per share amounts)

2010

2009





Net sales

$4,890

$4,336

Gross margin

1,780

1,439

Operating earnings (loss)

225

(11)

Earnings (loss) from continuing operations****

7

(90)

Earnings from discontinued operations****

102

102

Net earnings ****

109

12




Diluted earnings (loss) per common share: ****




Continuing operations

$0.00

$(0.04)


Discontinued operations

0.05

0.05



$0.05

$0.01




Weighted average diluted common shares  




outstanding

2,374.4

2,299.6



Highlighted Items, Stock-Based Compensation Expense and Intangible Assets Amortization Expense

The table below includes highlighted items, stock-based compensation expense and intangible assets amortization expense for the third quarter of 2010.


Earnings from

Continuing

Operations

Net Earnings




GAAP Earnings per Common Share

$0.00

$0.05




Highlighted Items:



Separation-related transaction costs

0.02

0.02

Tax-related expense

0.06

0.06

Reorganization of business charges

0.01

0.01

IP reserve adjustments

(0.01)

(0.01)

Total Highlighted Items

0.08

0.08




Stock-based compensation expense

0.02

0.02

Intangible assets amortization expense

0.02

0.02

Stock-Based Compensation Expense and Intangible Assets Amortization Expense

0.04

0.04




Total Non-GAAP Adjustments

0.12

0.12




Non-GAAP Earnings per Common Share

$0.12

$0.16 *



* EPS amount does not add up due to rounding.

Conference Call and Webcast

Motorola will host its quarterly conference call beginning at 8 a.m. (U.S. Eastern Time) on Thursday, October 28. The conference call will be webcast live with audio and slides at www.motorola.com/investor.

Use of Non-GAAP Financial Information

In addition to the GAAP results included in this presentation, Motorola also has included non-GAAP measurements of results. Motorola has provided these non-GAAP measurements to help investors better understand Motorola’s core operating performance, enhance comparisons of Motorola’s core operating performance from period to period and allow better comparisons of Motorola’s operating performance to that of its competitors. Among other things, the Company’s management uses these operating results, excluding the identified items, to evaluate the performance of its businesses and to evaluate results relative to certain incentive compensation targets. Management uses operating results excluding these items because it believes this measurement enables it to make better period-to-period evaluations of the financial performance of its core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the Company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP.

Highlighted items: The Company has excluded the effects of highlighted items (and any reversals of highlighted items recorded in prior periods) from its non-GAAP operating expenses and net income measurements because the Company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the Company’s current operating performance or comparisons to the Company’s past operating performance.

Stock-based compensation expense: The Company has excluded stock-based compensation expense from its non-GAAP operating expenses and net income measurements. Although stock-based compensation is a key incentive offered to our employees and the Company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the Company continues to evaluate its performance excluding stock-based compensation expense primarily because it represents a significant non-cash expense. Stock-based compensation expense will recur in future periods.

Intangible assets amortization expense: The Company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net income measurements, primarily because it represents a significant non-cash expense and because the Company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the Company’s acquisitions. Investors should note that the use of intangible assets contributed to the Company’s revenues earned during the periods presented and will contribute to the Company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.

Details of the above items and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found at the end of this press release.

Business Risks

This press release contains "forward-looking statements" within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes”, “expects”, “intends”, “anticipates”, “estimates” and similar expressions. We can give no assurance that any future results or events discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, statements about the timing and financial impact of the launch of new products, the separation of Motorola into two independent, public companies, and Motorola's financial outlook for the fourth quarter of 2010. Motorola cautions the reader that the risk factors below, as well as those on pages 17 through 29 in Item 1A of Motorola's 2009 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola’s website at www.motorola.com, could cause Motorola's actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola and factors that may impact forward-looking statements include, but are not limited to: (1) possible negative effects on the Company's business operations, financial performance or assets as a result of its plan to create two independent, publicly traded companies, which may include: (i) diminished purchasing leverage and increased exposure to market fluctuations as a result of being a smaller, more focused company, (ii) ongoing obligations relating to certain debt and pension liabilities and certain corporate litigation matters retained by Motorola after the separation, (iii) the increased percentage of cash and cash equivalents retained by Motorola after the separation being held outside of the U.S., and (iv) the allocation of certain logos, trademarks, trade names and service marks including “MOTOROLA” to Motorola Mobility; (2) the economic outlook for the telecommunications and broadband industries; (3) the Company's ability to improve financial performance in its Mobile Devices business, including the success of its smartphone strategy; (4) Mobile Device's dependency on third-party operating systems and software, including Google's Android operating system; (5) the level of demand for the Company's products, particularly if consumers, businesses and governments defer purchases in response to tighter credit; (6) the Company's ability to introduce new products and technologies in a timely manner; (7) unexpected negative consequences from the Company's restructuring and cost reduction activities, including as a result of significant restructuring at the Mobile Devices business; (8) negative impact on the Company's business from global economic conditions, which may include: (i) the inability of customers to obtain financing for purchases of the Company's products; (ii) the viability of the Company's suppliers that may no longer have access to necessary financing; (iii) changes in the value of investments held by the Company's pension plan and other defined benefit plans; (iv) fair and/or actual value of the Company's debt and equity investments differing significantly from the fair values currently assigned to them; (v) counterparty failures negatively impacting the Company's financial position; (vi) difficulties or increased costs for the Company in obtaining financing; and (vii) the inability of the Company to sell accounts receivable and long-term receivables in volumes and on terms comparable to historical practices; (9) the Company's ability to purchase sufficient materials, parts and components to meet customer demand, particularly in light of global economic conditions; (10) risks related to dependence on certain key suppliers; (11) the impact on the Company's performance and financial results from strategic acquisitions or divestitures, including those that may occur in the future; (12) risks related to the Company's high volume of manufacturing in Asia and business operations in foreign countries; (13) the creditworthiness of the Company's customers and distributors, particularly purchasers of large infrastructure systems; (14) variability in income received from licensing the Company's intellectual property to others, as well as expenses incurred when the Company licenses intellectual property from others; (15) unexpected liabilities or expenses, including unfavorable outcomes to any pending or future litigation or regulatory or similar proceedings; (16) the impact of foreign currency fluctuations, including the negative impact of a strengthening U.S. dollar on the Company when competing for business in foreign markets; (17) the impact on the Company from ongoing consolidation in the telecommunications and broadband industries; (18) the impact of changes in governmental policies, laws or regulations; (19) the outcome of currently ongoing and future tax matters; and (20) negative consequences from the Company's outsourcing of various activities, including certain manufacturing, information technology and administrative functions. Motorola undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

Definitions

* Non-GAAP earnings per share excludes from GAAP earnings per share the effects of stock-based compensation expense, intangible assets amortization expense and highlighted items

** Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) and short-term investments

*** Net cash = Total cash - Total debt (Notes payable and current portion of long-term debt + Long-term debt)

**** Amounts attributable to Motorola, Inc. common shareholders

About Motorola

Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to mobile and wireline digital communication devices that provide compelling experiences, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola (NYSE: MOT) had sales of US $22 billion in 2009. For more information, please visit www.motorola.com.

Media contact:

Jennifer Erickson

Motorola Mobility

+1 847-435-5320

jennifer.erickson@motorola.com


Nick Sweers

Motorola Solutions

+1 847-576-2462

nicholas.sweers@motorola.com


Investor contact:

Dean Lindroth

Motorola

+1 847-576-6899

dean.lindroth@motorola.com



MOTOROLA and the Stylized M Logo are registered in the US Patent & Trademark Office. DROID is a trademark of Lucasfilm Ltd. and its related companies. Used under license. The Bluetooth trademarks are owned by their proprietor and used under license.  All other product or service names are the property of their respective owners. © Motorola, Inc. 2010. All rights reserved.

Motorola, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)








Three Months Ended


October 2, 2010


July 3, 2010


October 3, 2009

Net sales

$               4,890


$        4,534


$               4,336

Costs of sales

3,110


2,900


2,897

Gross margin

1,780


1,634


1,439







Selling, general and administrative expenses

810


822


718

Research and development expenditures

637


634


621

Separation-related transaction costs

44


105


19

Other charges (income)

(1)


(210)


23

Intangibles amortization

65


64


69

Operating earnings (loss)

225


219


(11)







Other income (expense):






  Interest expense, net

(29)


(38)


(49)

  Gain on sales of investments and businesses, net

4


33


21

  Other

5


(37)


(66)

Total other income (expense)

(20)


(42)


(94)

Earnings (loss) from continuing operations before income taxes

205


177


(105)

Income tax expense (benefit)

196


125


(25)

Earnings (loss) from continuing operations

9


52


(80)







Earnings from discontinued operations, net of tax

102


113


102

Net earnings

111


165


22







Less: Earnings attributable to noncontrolling interests

2


3


10

Net earnings attributable to Motorola, Inc.

$                  109


$           162


$                    12







Amounts attributable to Motorola, Inc. common shareholders






Earnings (loss) from continuing operations, net of tax

$                      7


$             49


$                  (90)

Earnings from discontinued operations, net of tax

102


113


102

Net earnings

$                  109


$           162


$                    12







Earnings (loss) per common share






Basic:






Continuing operations

$                 0.00


$          0.02


$               (0.04)

Discontinued operations

0.05


0.05


0.05


$                 0.05


$          0.07


$                 0.01







Diluted:






Continuing operations

$                 0.00


$          0.02


$               (0.04)

Discontinued operations

0.05


0.05


0.05


$                 0.05


$          0.07


$                 0.01







Weighted average common shares outstanding






 Basic

2,339.0


2,328.8


2,299.6

 Diluted

2,374.4


2,365.0


2,299.6







Dividends paid per share

$                     -


$             -


$                     -














Percentage of Net Sales*

Net sales

100%


100%


100%

Costs of sales

63.6%


64.0%


66.8%

Gross margin

36.4%


36.0%


33.2%







Selling, general and administrative expenses

16.6%


18.1%


16.6%

Research and development expenditures

13.0%


14.0%


14.3%

Separation-related transaction costs

0.9%


2.3%


0.4%

Other charges (income)

0.0%


-4.6%


0.5%

Intangibles amortization

1.3%


1.4%


1.6%

Operating earnings (loss)

4.6%


4.8%


-0.3%







Other income (expense):






  Interest expense, net

-0.6%


-0.8%


-1.1%

  Gain on sales of investments and businesses, net

0.1%


0.7%


0.5%

  Other

0.1%


-0.8%


-1.5%

Total other income (expense)

-0.4%


-0.9%


-2.2%

Earnings (loss) from continuing operations before income taxes

4.2%


3.9%


-2.4%

Income tax expense (benefit)

4.0%


2.8%


-0.6%

Earnings (loss) from continuing operations

0.2%


1.1%


-1.8%







Earnings from discontinued operations, net of tax

2.1%


2.5%


2.4%

Net earnings

2.3%


3.6%


0.5%







Less: Earnings attributable to noncontrolling interests

0.0%


0.1%


0.2%

Net earnings attributable to Motorola, Inc.

2.2%


3.6%


0.3%













* Percentages may not add up due to rounding



Motorola, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)






Nine Months Ended


October 2, 2010


October 3, 2009

Net sales

$             13,619


$             13,361

Costs of sales

8,754


9,348

Gross margin

4,865


4,013





Selling, general and administrative expenses

2,423


2,250

Research and development expenditures

1,889


1,950

Separation-related transaction costs

174


19

Other charges (income)

(225)


165

Intangibles amortization

193


209

Operating earnings (loss)

411


(580)





Other income (expense):




  Interest expense, net

(100)


(113)

  Gain on sales of investments and businesses, net

44


21

  Other

(26)


49

Total other income (expense)

(82)


(43)

Earnings (loss) from continuing operations before income taxes

329


(623)

Income tax expense (benefit)

278


(229)

Earnings (loss) from continuing operations

51


(394)





Earnings from discontinued operations, net of tax

293


225

Net earnings (loss)

344


(169)





Less: Earnings attributable to noncontrolling interests

4


24

Net earnings (loss) attributable to Motorola, Inc.

$                  340


$                (193)





Amounts attributable to Motorola, Inc. common shareholders




Earnings (loss) from continuing operations, net of tax

$                    47


$                (418)

Earnings from discontinued operations, net of tax

293


225

Net earnings (loss)

$                  340


$                (193)





Earnings (loss) per common share




Basic:




Continuing operations

$                 0.02


$               (0.18)

Discontinued operations

0.13


0.10


$                 0.15


$               (0.08)





Diluted:




Continuing operations

$                 0.02


$               (0.18)

Discontinued operations

0.12


0.10


$                 0.14


$               (0.08)





Weighted average common shares outstanding




 Basic

2,327.6


2,290.8

 Diluted

2,360.0


2,290.8





Dividends paid per share

$                     -


$                 0.05










Percentage of Net Sales*

Net sales

100%


100%

Costs of sales

64.3%


70.0%

Gross margin

35.7%


30.0%





Selling, general and administrative expenses

17.8%


16.8%

Research and development expenditures

13.9%


14.6%

Separation-related transaction costs

1.3%


0.1%

Other charges (income)

-1.7%


1.2%

Intangibles amortization

1.4%


1.6%

Operating earnings (loss)

3.0%


-4.3%





Other income (expense):




  Interest expense, net

-0.7%


-0.8%

  Gain on sales of investments and businesses, net

0.3%


0.2%

  Other

-0.2%


0.4%

Total other income (expense)

-0.6%


-0.3%

Earnings (loss) from continuing operations before income taxes

2.4%


-4.7%

Income tax expense (benefit)

2.0%


-1.7%

Earnings (loss) from continuing operations

0.4%


-2.9%





Earnings from discontinued operations, net of tax

2.2%


1.7%

Net earnings (loss)

2.5%


-1.3%





Less: Earnings attributable to noncontrolling interests

0.0%


0.2%

Net earnings (loss) attributable to Motorola, Inc.

2.5%


-1.4%









* Percentages may not add up due to rounding



Motorola, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In millions)










October 2,


July 3,


October 3,



2010


2010


2009

Assets







  Cash and cash equivalents


$      3,848


$   2,893


$      3,050

  Sigma Fund and short-term investments


5,046


5,338


4,065

  Accounts receivable, net


3,236


2,883


2,743

  Inventories, net


1,354


1,074


1,308

  Deferred income taxes


1,230


1,212


1,108

  Other current assets


1,442


1,291


1,338

  Current assets held-for-sale


1,217


1,323


1,713

Total current assets


17,373


16,014


15,325








  Property, plant and equipment, net


1,768


1,782


1,870

  Sigma Fund


105


105


75

  Investments


304


319


489

  Deferred income taxes


1,762


1,882


2,327

  Goodwill


2,752


2,720


2,714

  Other assets


1,447


1,590


1,660

  Non-current assets held-for-sale


414


400


589

Total assets


$    25,925


$ 24,812


$    25,049








Liabilities and Stockholders' Equity







  Notes payable and current portion of long-term debt


$         532


$      531


$           24

  Accounts payable


2,379


1,982


1,818

  Accrued liabilities


4,517


3,993


4,230

  Current liabilities held-for-sale


1,281


1,381


1,528

Total current liabilities


8,709


7,887


7,600








  Long-term debt


2,864


2,907


3,901

  Other liabilities


3,639


3,649


3,546

  Non-current liabilities held-for-sale


167


149


85








Total Motorola, Inc. stockholders' equity


10,441


10,116


9,810








Noncontrolling interests


105


104


107








Total liabilities and stockholders' equity


$    25,925


$ 24,812


$    25,049








Financial Ratios:







   Total cash*


$      8,999


$   8,336


$      7,190

   Total debt**


$      3,396


$   3,438


$      3,925

   Net cash***


$      5,603


$   4,898


$      3,265








*Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) and short-term investments

**Total debt = Notes payable and current portion of long-term debt + Long-term debt

***Net cash = Total cash - Total debt



Motorola, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)








Three Months Ended


October 2, 2010


July 3, 2010


April 3, 2010

Operating






Net earnings attributable to Motorola, Inc.

$                  109


$           162


$              69

Earnings (loss) attributable to the noncontrolling interests

2


3


(1)

Net earnings

111


165


68

Earnings from discontinued operations, net of tax

102


113


78

Earnings (loss) from continuing operations

9


52


(10)

Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:






Depreciation and amortization

142


137


147

Non-cash other charges (income)

(17)


2


(22)

Share-based compensation expense

69


68


63

Gain on sales of investments and businesses, net

(5)


(31)


(7)

Loss from the extinguishment of long-term debt

-


12


-

Deferred income taxes, including change in valuation allowance

62


284


(23)

Changes in assets and liabilities, net of effects of acquisitions and dispositions:

-





Accounts receivable

(334)


(323)


352

Inventories

(280)


(66)


89

Other current assets

(152)


92


1

Accounts payable and accrued liabilities

934


240


(434)

Other assets and liabilities

74


(236)


26

Net cash provided by operating activities

502


231


182

Investing






Acquisitions and investments, net

(46)


(3)


(23)

Proceeds from sales of investments and businesses, net

6


221


22

Capital expenditures

(64)


(60)


(56)

Proceeds from sales of property, plant and equipment

-


1


28

Proceeds from sales (purchases) of Sigma Fund investments, net

278


(132)


(116)

Proceeds from sales (purchases) of short-term investments, net

17


(19)


(4)

Net cash provided by (used for) investing activities

191


8


(149)

Financing






Proceeds from (repayment of) short-term borrowings, net

-


-


(4)

Repayment of debt

(3)


(479)


(2)

Issuance of common stock

83


6


63

Payment of dividends

-


-


-

Distribution from (to) discontinued operations

108


50


240

Other, net

-


-


-

Net cash provided by (used for) financing activities

188


(423)


297

Discontinued Operations






Net cash provided by (used for) operating activities from discontinued operations

84


11


304

Net cash provided by (used for) investing activities from discontinued operations

(6)


(13)


(18)

Net cash provided by (used for) financing activities from discontinued operations

(108)


(50)


(240)

Effect of exchange rate changes on cash and cash equivalents from discontinued operations

30


52


(46)

Net cash provided by (used for) discontinued operations

-


-


-

Effect of exchange rate changes on cash and cash equivalents

74


(111)


(11)

Net increase (decrease) in cash and cash equivalents

955


(295)


319

Cash and cash equivalents, beginning of period

2,893


3,188


2,869

Cash and cash equivalents, end of period

$               3,848


$        2,893


$         3,188



Motorola, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In millions)






Nine Months Ended


October 2, 2010


October 3, 2009

Operating




Net earnings (loss) attributable to Motorola, Inc.

$                  340


$                (193)

Less: Earnings attributable to the noncontrolling interests

4


24

Net earnings (loss)

344


(169)

Earnings from discontinued operations, net of tax

293


225

Earnings (loss) from continuing operations

51


(394)

Adjustments to reconcile loss from continuing operations to net cash provided by (used for) operating activities:




Depreciation and amortization

426


487

Non-cash other income

(37)


(2)

Share-based compensation expense

200


199

Gain on sales of investments and businesses, net

(43)


(21)

Loss (gain) from the extinguishment of long-term debt

12


(67)

Deferred income taxes, including change in valuation allowance

323


(114)

Changes in assets and liabilities, net of effects of acquisitions and dispositions:




Accounts receivable

(305)


124

Inventories

(257)


1,055

Other current assets

(59)


556

Accounts payable and accrued liabilities

740


(2,505)

Other assets and liabilities

(136)


(95)

Net cash cash provided by (used for) operating activities

915


(777)

Investing




Acquisitions and investments, net

(72)


(30)

Proceeds from sales of investments and businesses, net

249


306

Capital expenditures

(180)


(144)

Proceeds from sales of property, plant and equipment

29


8

Proceeds from sales of Sigma Fund investments, net

30


98

Proceeds from sales (purchases) of short-term investments, net

(6)


188

Net cash provided by (used for) investing activities

50


426

Financing




Repayment of short-term borrowings, net

(4)


(71)

Repayment of debt

(484)


(130)

Issuance of common stock

152


110

Payment of dividends

-


(114)

Distribution from discontinued operations

398


543

Other, net

-


6

Net cash provided by financing activities

62


344

Discontinued Operations




Net cash provided by operating activities from discontinued operations

399


529

Net cash provided by investing activities from discontinued operations

(37)


(31)

Net cash used for financing activities from discontinued operations

(398)


(543)

Effect of exchange rate changes on cash and cash equivalents from discontinued operations

36


45

Net cash provided by (used for) discontinued operations

-


-

Effect of exchange rate changes on cash and cash equivalents

(48)


(7)

Net increase (decrease) in cash and cash equivalents

979


(14)

Cash and cash equivalents, beginning of period

2,869


3,064

Cash and cash equivalents, end of period

$               3,848


$               3,050



Motorola, Inc. and Subsidiaries

Segment Information

(In millions)







Summarized below are the Company's Net sales by reportable segment for the three months and nine months ended October 2, 2010 and October 3, 2009.














Net Sales


Three Months Ended
October 2, 2010


Three Months Ended
October 3, 2009


% Change from
2009







Mobile Devices

$                          2,034


$                          1,692


20%

Home

912


866


5%

Enterprise Mobility Solutions

1,946


1,793


9%

  Segment Totals

4,892


4,351


12%

Other and Eliminations

(2)


(15)


-87%

  Company Totals

$                          4,890


$                          4,336


13%














Net Sales


Nine Months Ended
October 2, 2010


Nine Months Ended
October 3, 2009


% Change from
2009







Mobile Devices

$                          5,399


$                          5,322


1%

Home

2,636


2,904


-9%

Enterprise Mobility Solutions

5,613


5,188


8%

  Segment Totals

13,648


13,414


2%

Other and Eliminations

(29)


(53)


-45%

  Company Totals

$                        13,619


$                        13,361


2%



Motorola, Inc. and Subsidiaries

Segment Information

(In millions)







Summarized below are the Company's Operating earnings (loss) by reportable segment for the three months and nine months ended October 2, 2010 and October 3, 2009.














Operating Earnings (Loss)


Three Months Ended
October 2, 2010


Three Months Ended
October 3, 2009


% Change from
2009







Mobile Devices

$                              (43)


$                            (216)


-80%

Home

49


20


145%

Enterprise Mobility Solutions

253


223


13%

  Segment Totals

259


27


*

Other and Eliminations

(34)


(38)


-11%

  Company Totals

$                             225


$                              (11)


*














Operating Earnings (Loss)


Nine Months Ended
October 2, 2010


Nine Months Ended
October 3, 2009


% Change from
2009







Mobile Devices

$                            (148)


$                         (1,048)


-86%

Home

98


41


139%

Enterprise Mobility Solutions

612


454


35%

  Segment Totals

562


(553)


-202%

Other and Eliminations

(151)


(27)


*

  Company Totals

$                             411


$                            (580)


-171%







* Percentage change is not meaningful.



Motorola, Inc. and Subsidiaries

Non-GAAP Adjustments Bridge

(In millions, except per share amounts)














Three Months Ended


Three Months Ended


October 2, 2010


July 3, 2010


GAAP Results


Non-GAAP
Adjustments and
Discontinued
Operations


Non-GAAP Results


GAAP Results


Non-GAAP
Adjustments and
Discontinued
Operations


Non-GAAP Results













Net sales

$             4,890


$                         -


$                     4,890


$             4,534


$                         -


$                     4,534

Costs of sales

3,110


19


3,091


2,900


14


2,886

Gross margin

1,780


(19)


1,799


1,634


(14)


1,648













Selling, general and administrative expenses

810


38


772


822


38


784

Research and development expenditures

637


22


615


634


23


611

Separation-related transaction costs

44


44


-


105


105


-

Other charges (income)

(1)


(1)


-


(210)


(210)


-

Intangibles amortization

65


65


-


64


64


-

Operating earnings (loss)

225


(187)


412


219


(34)


253













Other income (expense):












  Interest expense, net

(29)


-


(29)


(38)


-


(38)

  Gain on sales of investments and businesses, net

4


-


4


33


31


2

  Other

5


-


5


(37)


-


(37)

Total other income (expense)

(20)


-


(20)


(42)


31


(73)

Earnings (loss) from continuing operations before income taxes

205


(187)


392


177


(3)


180

Income tax expense (benefit)

196


84


112


125


46


79

Earnings (loss) from continuing operations

9


(271)


280


52


(49)


101













Earnings from discontinued operations, net of tax

102


102


-


113


113


-

Net earnings (loss)

111


(169)


280


165


64


101













Less: Earnings (loss) attributable to noncontrolling interests

2


-


2


3


-


3

Net earnings (loss) attributable to Motorola, Inc.

$                109


$                     (169)


$                        278


$                162


$                        64


$                          98

























Amounts attributable to Motorola, Inc. common shareholders












Earnings from continuing operations, net of tax

$                    7


$                     (271)


$                        278


$                  49


$                       (49)


$                          98

Earnings from discontinued operations, net of tax

102


102


-


113


113


-

Net earnings

$                109


$                     (169)


$                        278


$                162


$                        64


$                          98













Earnings per common share












Basic:












Continuing operations

$               0.00


$                    (0.12)


$                       0.12


$               0.02


$                    (0.02)


$                       0.04

Discontinued operations

0.05


0.05


-


0.05


0.05


-


$               0.05


$                    (0.07)


$                       0.12


$               0.07


$                     0.03


$                       0.04













Diluted:












Continuing operations

$               0.00


$                    (0.12)


$                       0.12


$               0.02


$                    (0.02)


$                       0.04

Discontinued operations

0.05


0.05


-


0.05


0.05


-


$               0.05


$                    (0.07)


$                       0.12


$               0.07


$                     0.03


$                       0.04













Weighted average common shares outstanding












 Basic

2,339.0


2,339.0


2,339.0


2,328.8


2,328.8


2,328.8

 Diluted

2,374.4


2,374.4


2,374.4


2,365.0


2,365.0


2,365.0













Dividends paid per share

$                  -




$                           -


$                  -




$                           -

























Percentage of Net Sales*












Net sales

100%




100%


100%




100%

Costs of sales

63.6%




63.2%


64.0%




63.7%

Gross margin

36.4%




36.8%


36.0%




36.3%













Selling, general and administrative expenses

16.6%




15.8%


18.1%




17.3%

Research and development expenditures

13.0%




12.6%


14.0%




13.5%

Separation-related transaction costs

0.9%




0.0%


2.3%




0.0%

Other charges (income)

0.0%




0.0%


-4.6%




0.0%

Intangibles amortization

1.3%




0.0%


1.4%




0.0%

Operating earnings (loss)

4.6%




8.4%


4.8%




5.6%













Other income (expense):












  Interest expense, net

-0.6%




-0.6%


-0.8%




-0.8%

  Gain on sales of investments and businesses, net

0.1%




0.1%


0.7%




0.0%

  Other

0.1%




0.1%


-0.8%




-0.8%

Total other income (expense)

-0.4%




-0.4%


-0.9%




-1.6%

Earnings (loss) from continuing operations before income taxes

4.2%




8.0%


3.9%




4.0%

Income tax expense (benefit)

4.0%




2.3%


2.8%




1.7%

Earnings (loss) from continuing operations

0.2%




5.7%


1.1%




2.2%













Earnings from discontinued operations, net of tax

2.1%




0.0%


2.5%




0.0%

Net earnings (loss)

2.3%




5.7%


3.6%




2.2%













Less: Earnings (loss) attributable to noncontrolling interests

0.0%




0.0%


0.1%




0.1%

Net earnings (loss) attributable to Motorola, Inc.

2.2%




5.7%


3.6%




2.2%













* Percentages may not add up due to rounding



Motorola, Inc. and Subsidiaries

Non-GAAP Adjustments Bridge

(In millions, except per share amounts)














Three Months Ended


Three Months Ended


October 2, 2010


October 3, 2009


GAAP Results


Non-GAAP
Adjustments and
Discontinued
Operations


Non-GAAP Results


GAAP Results


Non-GAAP
Adjustments and
Discontinued
Operations


Non-GAAP Results













Net sales

$             4,890


$                         -


$                     4,890


$             4,336


$                         -


$                     4,336

Costs of sales

3,110


19


3,091


2,897


8


2,889

Gross margin

1,780


(19)


1,799


1,439


(8)


1,447













Selling, general and administrative expenses

810


38


772


718


39


679

Research and development expenditures

637


22


615


621


20


601

Separation-related transaction costs

44


44


-


19


19


-

Other charges (income)

(1)


(1)


-


23


23


-

Intangibles amortization

65


65


-


69


69


-

Operating earnings (loss)

225


(187)


412


(11)


(178)


167













Other income (expense):












  Interest expense, net

(29)


-


(29)


(49)


-


(49)

  Gain on sales of investments and businesses, net

4


-


4


21


-


21

  Other

5


-


5


(66)


-


(66)

Total other income (expense)

(20)


-


(20)


(94)


-


(94)

Earnings (loss) from continuing operations before income taxes

205


(187)


392


(105)


(178)


73

Income tax expense (benefit)

196


84


112


(25)


(59)


34

Earnings (loss) from continuing operations

9


(271)


280


(80)


(119)


39













Earnings from discontinued operations, net of tax

102


102


-


102


102


-

Net earnings (loss)

111


(169)


280


22


(17)


39













Less: Earnings attributable to noncontrolling interests

2


-


2


10


-


10

Net earnings (loss) attributable to Motorola, Inc.

$                109


$                     (169)


$                        278


$                  12


$                       (17)


$                          29

























Amounts attributable to Motorola, Inc. common shareholders












Earnings (loss) from continuing operations, net of tax

$                    7


$                     (271)


$                        278


$                (90)


$                     (119)


$                          29

Earnings from discontinued operations, net of tax

102


102


-


102


102


-

Net earnings

$                109


$                     (169)


$                        278


$                  12


$                       (17)


$                          29













Earnings (loss) per common share












Basic:












Continuing operations

$               0.00


$                    (0.12)


$                       0.12


$             (0.04)


$                    (0.05)


$                       0.01

Discontinued operations

0.05


0.05


-


0.05


0.05


-


$               0.05


$                    (0.07)


$                       0.12


$               0.01


$                     0.00


$                       0.01













Diluted:












Continuing operations

$               0.00


$                    (0.12)


$                       0.12


$             (0.04)


$                    (0.05)


$                       0.01

Discontinued operations

0.05


0.05


-


0.05


0.05


-


$               0.05


$                    (0.07)


$                       0.12


$               0.01


$                     0.00


$                       0.01













Weighted average common shares outstanding












 Basic

2,339.0


2,339.0


2,339.0


2,299.6


2,299.6


2,299.6

 Diluted

2,374.4


2,374.4


2,374.4


2,299.6


2,299.6


2,299.6













Dividends paid per share

$                  -




$                           -


$                  -




$                           -

























Percentage of Net Sales*












Net sales

100%




100%


100%




100%

Costs of sales

63.6%




63.2%


66.8%




66.6%

Gross margin

36.4%




36.8%


33.2%




33.4%













Selling, general and administrative expenses

16.6%




15.8%


16.6%




15.7%

Research and development expenditures

13.0%




12.6%


14.3%




13.9%

Separation-related transaction costs

0.9%




0.0%


0.4%




0.0%

Other charges (income)

0.0%




0.0%


0.5%




0.0%

Intangibles amortization

1.3%




0.0%


1.6%




0.0%

Operating earnings (loss)

4.6%




8.4%


-0.3%




3.9%













Other income (expense):












  Interest expense, net

-0.6%




-0.6%


-1.1%




-1.1%

  Gain on sales of investments and businesses, net

0.1%




0.1%


0.5%




0.5%

  Other

0.1%




0.1%


-1.5%




-1.5%

Total other income (expense)

-0.4%




-0.4%


-2.2%




-2.2%

Earnings (loss) from continuing operations before income taxes

4.2%




8.0%


-2.4%




1.7%

Income tax expense (benefit)

4.0%




2.3%


-0.6%




0.8%

Earnings (loss) from continuing operations

0.2%




5.7%


-1.8%




0.9%













Earnings from discontinued operations, net of tax

2.1%




0.0%


2.4%




0.0%

Net earnings (loss)

2.3%




5.7%


0.5%




0.9%













Less: Earnings attributable to noncontrolling interests

0.0%




0.0%


0.2%




0.2%

Net earnings (loss) attributable to Motorola, Inc.

2.2%




5.7%


0.3%




0.7%













* Percentages may not add up due to rounding



Motorola, Inc.

Operating Earnings (Loss) after Non-GAAP Adjustments













Q1 2010
















TOTAL


MDB


Home


EMS


Other/Elims

Net sales



$ 4,195


$ 1,641


$ 838


$ 1,736


$            (20)

Operating earnings (loss)



$    (33)


$  (192)


$   20


$    145


$              (6)













Above-OE non-GAAP adjustments by P&L statement line:

Statement Line











Reorganization of business charges

Cost of sales


5


3


1


1


-

Stock-based compensation expense

Cost of sales


7


2


1


4


-

Stock-based compensation expense

SG&A and R&D


56


27


8


21


-

Reorganization of business charges

Other charges (income)


15


12


4


1


(2)

Separation-related transaction costs

Other charges (income)


25


-


-


-


25

Legal settlement

Other charges (income)


(29)


-


-


-


(29)

Intangibles amortization expense

Intangibles amortization


64


-


13


51


-

Less:  Total above-OE non-GAAP adjustments



143


44


27


78


(6)













Operating earnings (loss) after non-GAAP adjustments



$    110


$  (148)


$   47


$    223


$            (12)













 Operating earnings (loss) as a percentage of net sales - GAAP



-0.8%


-11.7%


2.4%


8.4%


30.0%

 Operating earnings (loss) as a percentage of net sales - after non-GAAP adjustments



2.6%


-9.0%


5.6%


12.8%


60.0%













Q2 2010
















TOTAL


MDB


Home


EMS


Other/Elims

Net sales



$ 4,534


$ 1,724


$ 886


$ 1,931


$              (7)

Operating earnings (loss)



$    219


$      87


$   29


$    214


$          (111)













Above-OE non-GAAP adjustments by P&L statement line:

Statement Line











Reorganization of business charges

Cost of sales


7


(2)


4


5


-

Stock-based compensation expense

Cost of sales


7


3


1


3


-

Stock-based compensation expense

SG&A and R&D


61


27


9


25


-

Reorganization of business charges

Other charges (income)


18


4


1


9


4

Separation-related transaction costs

Other charges (income)


105


-


-


-


105

Legal settlement

Other charges (income)


(228)


(228)


-


-


-

Intangibles amortization expense

Intangibles amortization


64


-


13


51


-

Less:  Total above-OE non-GAAP adjustments



34


(196)


28


93


109













Operating earnings (loss) after non-GAAP adjustments



$    253


$  (109)


$   57


$    307


$              (2)













 Operating earnings (loss) as a percentage of net sales - GAAP



4.8%


5.0%


3.3%


11.1%


1585.7%

 Operating earnings (loss) as a percentage of net sales - after non-GAAP adjustments



5.6%


-6.3%


6.4%


15.9%


28.6%













Q3 2010
















TOTAL


MDB


Home


EMS


Other/Elims

Net sales



$ 4,890


$ 2,034


$ 912


$ 1,946


$              (2)

Operating earnings (loss)



$    225


$    (43)


$   49


$    253


$            (34)













Above-OE non-GAAP adjustments by P&L statement line:

Statement Line











Reorganization of business charges

Cost of sales


10


4


1


5


-

Stock-based compensation expense

Cost of sales


9


3


1


5


-

Stock-based compensation expense

SG&A and R&D


60


29


9


22


-

Reorganization of business charges

Other charges (income)


36


9


4


22


1

Separation-related transaction costs

Other charges (income)


44


-


-


-


44

IP reserve adjustments

Other charges (income)


(37)


-


-


(37)


-

Intangibles amortization expense

Intangibles amortization


65


1


13


51


-

Less:  Total above-OE non-GAAP adjustments



187


46


28


68


45













Operating earnings (loss) after non-GAAP adjustments



$    412


$        3


$   77


$    321


$              11













 Operating earnings (loss) as a percentage of net sales - GAAP



4.6%


-2.1%


5.4%


13.0%


1700.0%

 Operating earnings (loss) as a percentage of net sales - after non-GAAP adjustments



8.4%


0.1%


8.4%


16.5%


-550.0%




Motorola, Inc.


Non-GAAP Adjustments (Highlighted Items, Stock-Based Compensation Expense and Intangibles Amortization Expense)














Q1 2010














Highlighted Items


Statement Line


Q1 2010 PBT
(Inc)/Exp


Q1 2010 Tax
Inc/(Exp)


Q1 2010 PAT
(Inc)/Exp


EPS impact*














Stock-based compensation expense


Cost of sales, SG&A and R&D


$              63


$             19


$              44


$           0.02


Intangibles amortization expense


Intangibles amortization


64


24


40


0.02


Separation-related transaction costs


Other charges (income)


25


5


20


0.01


Reorganization of business charges


Cost of sales and Other charges (income)


20


6


14


0.01


Legal settlement


Other charges (income)


(29)


(12)


(17)


(0.01)


Impact of Medicare Part D Subsidy tax law change


Income tax (expense) benefit


-


(18)


18


0.01


Tax-related benefit


Income tax (expense) benefit


-


50


(50)


(0.02)












-


 Total Continuing Operations Impact




$            143


$             74


$              69


$           0.03














Q2 2010














Highlighted Items


Statement Line


Q2 2010
(Inc)/Exp


Q2 2010 Tax
Inc/(Exp)


Q2 2010 PAT
(Inc)/Exp


EPS impact*














Separation-related transaction costs


Other charges (income)


$            105


$             15


$              90


$           0.04


Stock-based compensation expense


Cost of sales, SG&A and R&D


68


21


47


0.02


Intangibles amortization expense


Intangibles amortization


64


24


40


0.02


Reorganization of business charges


Cost of sales and Other charges (income)


25


7


18


0.01


Gain on sale of investment


Other income (expense)


(31)


(11)


(20)


(0.01)


Legal settlement


Other charges (income)


(228)


(84)


(144)


(0.06)


Tax-related expense


Income tax (expense) benefit


-


(82)


82


0.03


Tax-related benefit


Income tax (expense) benefit


-


64


(64)


(0.03)












-


 Total Continuing Operations Impact




$                3


$            (46)


$              49


$           0.02














Q3 2010














Highlighted Items


Statement Line


Q3 2010 PBT
(Inc)/Exp


Q3 2010 Tax
Inc/(Exp)


Q3 2010 PAT
(Inc)/Exp


EPS impact*














Stock-based compensation expense


Cost of sales, SG&A and R&D


$              69


$             23


$              46


$           0.02


Intangibles amortization expense


Intangibles amortization


65


24


41


0.02


Reorganization of business charges


Cost of sales and Other charges (income)


46


11


35


0.01


Separation-related transaction costs


Other charges (income)


44


8


36


0.02


IP reserve adjustments


Other charges (income)


(37)


(14)


(23)


(0.01)


Tax-related benefit


Income tax (expense) benefit


-


(136)


136


0.06












-


 Total Continuing Operations Impact




$            187


$            (84)


$            271


$           0.12













 * EPS impact may not add up due to rounding  



SOURCE Motorola, Inc.



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