Motorola 2004 Annual Report Download - page 93

Download and view the complete annual report

Please find page 93 of the 2004 Motorola annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

85CONSOLIDATED FINANCIAL STATEMENTS
Motorola, Inc. and Subsidiaries
Consolidated Statements of Operations
Years Ended December 31
(In millions, except per share amounts)
2004
2003 2002
Net sales $31,323 $23,155 $23,422
Costs of sales 20,826 15,588 15,741
Gross margin 10,497 7,567 7,681
Selling, general and administrative expenses 4,209 3,529 3,991
Research and development expenditures 3,060 2,799 2,774
Reorganization of businesses (15) 23 605
Other charges (income) 111 (57) 754
Operating earnings (loss) 3,132 1,273 (443)
Other income (expense):
Interest expense, net (199) (294) (355)
Gains on sales of investments and businesses, net 460 539 81
Other (141) (142) (1,354)
Total other income (expense) 120 103 (1,628)
Earnings (loss) from continuing operations before income taxes 3,252 1,376 (2,071)
Income tax expense (beneÑt) 1,061 448 (721)
Earnings (loss) from continuing operations 2,191 928 (1,350)
Loss from discontinued operations, net of tax (659) (35) (1,135)
Net earnings (loss) $ 1,532 $ 893 $(2,485)
Earnings (loss) per common share:
Basic:
Continuing operations $ 0.93 $ 0.40 $ (0.59)
Discontinued operations (0.28) (0.02) (0.50)
$ 0.65 $ 0.38 $ (1.09)
Diluted:
Continuing operations $ 0.90 $ 0.39 $ (0.59)
Discontinued operations (0.26) (0.01) (0.50)
$ 0.64 $ 0.38 $ (1.09)
Weighted average common shares outstanding:
Basic 2,365.0 2,321.9 2,282.3
Diluted 2,472.0 2,351.2 2,282.3
Dividends paid per share $ 0.16 $ 0.16 $ 0.16
See accompanying notes to consolidated Ñnancial statements.