(IN MILLIONS, EXCEPT PER SHARE AMOUNTS AND OTHER DATA) MOTOROLA, INC. AND CONSOLIDATED SUBSIDIARIES
--------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31 1995 1994 1993 1992 1991
--------------------------------------------------------------------------------------------------------------------
OPERATING Net sales $27,037 $22,245 $16,963 $13,303 $11,341
RESULTS Manufacturing and other costs of sales 17,545 13,760 10,351 8,395 7,134
Selling, general and administrative expenses 4,642 4,381 3,776 2,951 2,579
Depreciation expense 1,919 1,525 1,170 1,000 886
Interest expense, net 149 142 141 157 129
Total costs and expenses 24,255 19,808 15,438 12,503 10,728
Earnings before income taxes and cumulative
effect of change in accounting principle 2,782 2,437 1,525 800 613
Income taxes provided on earnings 1,001 877 503 224 159
Net earnings before cumulative effect of change
in accounting principle $1,781 $1,560 $1,022 $576 $454
Net earnings $1,781 $1,560 $1,022 $453 $454
Net earnings before cumulative effect of change
in accounting principle as a percent of sales 6.6% 7.0% 6.0% 4.3% 4.0%
Net earnings as a percent of sales 6.6% 7.0% 6.0% 3.4% 4.0%
--------------------------------------------------------------------------------------------------------------------
PER SHARE Fully diluted
DATA (1,2) Net earnings before cumulative effect of change in
(IN accounting principle $2.93 $2.65 $1.78 $1.05 $0.84
DOLLARS) Cumulative effect of change in accounting
principle -- -- -- (0.22) --
Net earnings $2.93 $2.65 $1.78 $0.83 $0.84
Average common and common equivalent shares
outstanding 609.8 592.7 583.7 567.1 558.5
Dividends declared $0.400 $0.310 $0.220 $0.198 $0.190
--------------------------------------------------------------------------------------------------------------------
BALANCE Total assets $22,801 $17,536 $13,498 $10,629 $9,375
SHEET Working capital 2,717 3,008 2,324 1,883 1,424
Long-term debt 1,949 1,127 1,360 1,258 954
Total debt 3,554 2,043 1,915 1,695 1,806
Total stockholders' equity $11,048 $9,096 $6,409 $5,144 $4,630
--------------------------------------------------------------------------------------------------------------------
OTHER DATA Current ratio 1.35 1.51 1.53 1.56 1.46
Return on average invested capital before
cumulative effect of change in accounting
principle 14.7% 17.5% 15.3% 9.4% 7.8%
Return on average invested capital 14.7% 17.5% 15.3% 7.5% 7.8%
Return on average stockholders' equity before
cumulative effect of change in accounting
principle 17.7% 21.0% 17.8% 11.7% 10.2%
Return on average stockholders' equity 17.7% 21.0% 17.8% 9.4% 10.2%
Fixed asset expenditures $4,225 $3,322 $2,187 $1,442 $1,387
% to sales 15.6% 14.9% 12.9% 10.8% 12.2%
Research and development expenditures $2,197 $1,860 $1,521 $1,306 $1,133
% to sales 8.1% 8.4% 9.0% 9.8% 10.0%
Year-end employment (in thousands) 142 132 120 107 102
--------------------------------------------------------------------------------------------------------------------
(1)
All earnings per share, dividends and outstanding shares data have been
restated to reflect the 1994 and 1992 two-for-one stock splits.
(2)
Primary earnings per common and common equivalent share were the same as
fully diluted for all years shown except in 1994 and 1991 when primary earnings per share were one cent
higher than fully diluted. Average primary common and common equivalent shares outstanding for 1995,
1994, 1993, 1992 and 1991 were 609.7, 591.7, 582.6, 565.6 and 555.6, respectively.
