f i v e y e a r f i n a n c i a l s u m m a r y
(In millions, except
per share amounts and other data) Motorola, Inc. and Consolidated Subsidiaries
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Years ended December 31 1996 1995 1994 1993 1992
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Operating Results
Net sales $27,973 $27,037 $22,245 $16,963 $13,303
Manufacturing and other costs of sales 18,990 17,545 13,760 10,351 8,395
Selling, general and
administrative expenses 4,715 4,642 4,381 3,776 2,951
Depreciation expense 2,308 1,919 1,525 1,170 1,000
Interest expense, net 185 149 142 141 157
Total costs and expenses 26,198 24,255 19,808 15,438 12,503
Earnings before income taxes
and cumulative effect of
change in accounting principle 1,775 2,782 2,437 1,525 800
Income taxes provided on earnings 621 1,001 877 503 224
Net earnings before cumulative effect
of change in accounting principle $1,154 $1,781 $1,560 $1,022 $576
Net earnings $1,154 $1,781 $1,560 $1,022 $453
Net earnings before cumulative effect
of change in accounting principle -- -- -- -- --
as a percent of sales 4.1% 6.6% 7.0% 6.0% 4.3%
Net earnings as a percent of sales 4.1% 6.6% 7.0% 6.0% 3.4%
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Per Share Data (in dollars) * **
Fully diluted
Net earnings before cumulative
effect of change in
accounting principle $1.90 $2.93 $2.65 $1.78 $1.05
Cumulative effect of change
in accounting principle -- -- -- -- (0.22)
Net earnings $1.90 $2.93 $2.65 $1.78 $0.83
Average common and common
equivalent shares outstanding 609.6 609.8 592.7 583.7 567.1
Dividends declared $0.460 $0.400 $0.310 $0.220 $0.198
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Balance Sheet
Total assets $24,076 $22,738 $17,495 $13,498 $10,629
Working capital 3,324 2,717 3,008 2,324 1,883
Long-term debt 1,931 1,949 1,127 1,360 1,258
Total debt 3,313 3,554 2,043 1,915 1,695
Total stockholders' equity $11,795 $10,985 $9,055 $6,409 $5,144
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Other Data
Current ratio 1.42 1.35 1.51 1.53 1.56
Return on average invested capital
before cumulative
effect of change in accounting
principle 8.4% 14.7% 17.5% 15.3% 9.4%
Return on average invested capital 8.4% 14.7% 17.5% 15.3% 7.5%
Return on average stockholders' equity
before cumulative
effect of change in accounting
principle 10.0% 17.7% 21.1% 17.8% 11.7%
Return on average stockholders' equity 10.0% 17.7% 21.1% 17.8% 9.4%
Fixed asset expenditures $2,973 $4,225 $3,322 $2,187 $1,442
% to sales 10.6% 15.6% 14.9% 12.9% 10.8%
Research and development expenditures $2,394 $2,197 $1,860 $1,521 $1,306
% to sales 8.6% 8.1% 8.4% 9.0% 9.8%
Year-end employment (in thousands) 139 142 132 120 107
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*
All earnings per share, dividends and outstanding shares data have been restated to reflect the 1994 and 1992 two-for-one stock splits.
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Financial highlights || To our stockholders and other friends || Motorola at a glance || Condensed consolidated financial statements || Condensed notesto consolidated || Five year financial summary || Directors and management board of Motorola, Inc. || CEO quality awards and Dan Noble fellows || Stockholder reference informationfinancial statements