Motorola 1999 Annual Report Download - page 33

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MOTOROLA, INC. AND SUBSIDIARIES 31
1999 1998 1997 1996 1995
Operating Results
Net sales $30,931« $29,398« $29,794 $27,973 $27,037
Manufacturing and other costs of sales ÷19,169« 18,043« 17,283 16,610 15,361
Selling, general and administrative expenses ÷5,045« 5,443« 5,160 4,701 4,629
Restructuring and other charges ÷(226)« 1,980« 327 – –
Research and development expenditures ÷3,438« 2,893« 2,748 2,394 2,197
Depreciation expense ÷2,182« 2,197« 2,329 2,308 1,919
Interest expense, net ÷155« 216« 131 185 149
Total costs and expenses ÷29,763« 30,772« 27,978 26,198 24,255
Net gain on Nextel asset exchange ÷–« –« – – 443
Earnings (loss) before income taxes ÷1,168« (1,374)« 1,816 1,775 3,225
Income tax provision (benefit) ÷351« (412)« 636 621 1,177
Net earnings (loss) $««÷«817« $««÷(962)« $««1,180 $««1,154 $÷2,048
Net earnings (loss) as a percent of sales ÷2.6%« (3.3)«% 4.0% 4.1% 7.6%
Per Share Data (in dollars)
Diluted earnings (loss) per common share $««««1.31« $«««(1.61)« $««««1.94 $««««1.90 $÷÷3.37
Diluted weighted average common
shares outstanding ÷624.7« 598.6« 612.2 609.0 609.7
Dividends declared $««0.480« $««0.480« $««0.480 $««0.460 $««0.400
Balance Sheet
Total assets $37,327« $28,728« $27,278 $24,076 $22,738
Working capital ÷4,087« 2,091« 4,181 3,324 2,717
Long-term debt and redeemable
preferred securities ÷3,573« 2,633« 2,144 1,931 1,949
Total debt and redeemable
preferred securities ÷6,077« 5,542« 3,426 3,313 3,554
Total stockholders’ equity $16,344« $12,222« $13,272 $11,795 $10,985
Other Data
Current ratio ÷1.33« 1.18« 1.46 1.42 1.35
Return on average invested capital 5.5%« (6.2)«% 8.4% 8.4% 16.7%
Return on average stockholders’ equity ÷5.9%« (7.6)«% 9.4% 10.0% 20.2%
Capital expenditures $««2,684« $««3,221« $««2,874 $««2,973 $÷4,225
% to sales ÷8.7% 11.0«% 9.6% 10.6% 15.6%
Research and development expenditures $««3,438« $««2,893« $««2,748 $««2,394 $÷2,197
% to sales ÷11.1% ÷9.8«% 9.2% 8.6% 8.1%
Year-end employment (in thousands) ÷121« 133« 150 139 142
1Excludes the impact of the merger with General Instrument.
MOTOROLA, INC. AND SUBSIDIARIES 32
FIVE-YEAR FINANCIAL
SUMMARY(Dollars in millions, except as noted)
Years Ended December 31
1