f i n a n c i a l   h i g h l i g h t s 

(In millions, except as noted)   Motorola, Inc. and Consolidated Subsidiaries
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Years ended December 31                                    1996          1995
Net sales                                               $27,973       $27,037
Earnings before income taxes                              1,775         2,782
% to sales                                                  6.3%         10.3%
Net earnings                                              1,154         1,781
% to sales                                                  4.1%          6.6%
Fully diluted net earnings per common 
    and common equivalent share (in dollars)*              1.90          2.93
Research and development expenditures                     2,394         2,197
Fixed asset expenditures                                  2,973         4,225
Working capital                                           3,324         2,717
Current ratio                                              1.42          1.35
Return on average invested capital**                        8.4%         14.7%
Return on average stockholders' equity                     10.0%         17.7%
% of net debt to net debt plus equity***                   13.4%         19.9%
Book value per common share (in dollars)                  19.88         18.57
Year-end employment (in thousands)                          139           142
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*Primary earnings per common and equivalent share were the same as fully diluted for the years ended December 31, 1996 and December 31, 1995.
**Average invested capital is defined as stockholders' equity plus long and short-term debt less short-term investments (including those short-term investments categorized as cash equivalents).
***Includes short-term investments categorized as cash equivalents.


  

  


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