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 | ||||