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Friday October 30, 2009
Motorola Reports Third-Quarter Financial Results
29 October 2009 – Motorola today reported sales of USD5.5 billion in the third quarter of 2009. The GAAP earnings from continuing operations in the third quarter of 2009 were USD12 million, or USD0.01 per share. The GAAP earnings from continuing operations include net charges of USD0.01 per share from highlighted items, which are outlined at the end of this press release.
Total cash at the end of the third quarter was USD7.2 billion, an increase of USD700 million compared to the end of the second quarter. The Company generated USD616 million of positive operating cash flow during the quarter and expects to continue to generate positive cash flow in the fourth quarter.
Sanjay Jha, co-CEO of Motorola and CEO of Mobile Devices, said, “We delivered on our commitment to improve the financial performance of Mobile Devices and to commercially launch two smartphones in time for the fourth- quarter holiday season. The introductions of our new products powered by Android are important milestones as we begin to address the mobilization of the Internet and the growing demand for modern smartphones. Next year, we will continue to expand our smartphone portfolio and deliver improved financial results.”
Greg Brown, co-CEO of Motorola and CEO of Broadband Mobility Solutions, said, “Broadband Mobility Solutions performed well during the quarter. We continued to manage our cost structure and also delivered solid operating margins. We secured additional contract wins and launched new devices, including the MC9500, the industry’s most rugged mobile computer. As the economic environment improves, we believe our businesses are well positioned for continued success.”
Operating Results
Mobile Devices segment sales were USD1.7 billion, down 46 percent compared to the year-ago quarter. The GAAP operating loss was USD183 million, compared to an operating loss of USD840 million in the year-ago quarter. The segment reduced its operating loss by 28 percent sequentially from USD253 million in the second quarter of 2009.
Mobile Devices highlights:
Shipped 13.6 million handsets; estimated global handset market share of 4.7 percent
Announced Motorola’s first two smartphones powered by Android: CLIQ & DEXT, a 3G device powered by Android with Motorola’s innovative MOTOBLUR solution that automatically syncs and streams communications, contacts and content from today’s most popular sources like Facebook, MySpace, Twitter, Last.FM, Gmail and Yahoo! Mail, and synchronizes work email from Microsoft Exchange servers
DROID, the world’s first smartphone to feature Android 2.0. Features include high-speed browsing and voice-activated search, 3.7” wide screen, high-resolution display and the industry’s thinnest full-QWERTY slider
Extended Android product experience through announcement of new partners for the Android ecosystem, including Accuweather, Amazon MP3, Barnes & Noble, CardStar, Comcast Entertainment Group, Hands On Mobile, Howcast.com, Midomi, MySpace, QuickOffice, QuickPlay Media, RJDJ, Superpages.com and Travel Channel
Launched Debut, the first iDEN push-to-talk slider
♠ JC
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