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Motorola Mobility Announces Fourth-Quarter and Full-Year 2010 Financial Results

LIBERTYVILLE, Ill. Jan. 26, 2011

Fourth Quarter Financial Highlights

  • $3.4 billion
  • $0.27 $0.37
  • $2.4 billion $72 million $56 million
  • $1.0 billion $54 million $90 million
  • $225 million

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Motorola Mobility Holdings, Inc. $3.4 billion $80 million $0.27 $204 million $0.69 $108 million $0.37 $70 million $0.24

$11.5 billion $0.29 $4.56 $0.28 $2.95

Details on non-GAAP adjustments and the use of non-GAAP measures are included later in this press release and in the financial tables.

$225 million $606 million $3.2 billion

Sanjay Jha

Operating Results

Mobile Devices $2.4 billion $72 million $166 million $56 million $117 million $7.8 billion $76 million $1.2 billion $198 million $923 million

The Company shipped 4.9 million and 13.7 million smartphones in the quarter and full year, respectively, compared to 2.0 million in the fourth quarter and full year 2009.  The Company shipped total handsets (including smartphones) of 11.3 million and 37.3 million in the quarter and full year 2010, respectively.

Mobile Devices highlights:

  • Launched seven new smartphones in the fourth quarter, including the DROID PRO, DROID 2 Global, Motorola DEFY™, and Motorola BRAVO™, bringing our total smartphone launches for the year to 23.
    • Motorola ATRIX™ 4G, winner of CNET’s Best Smartphone at CES (Consumer Electronics Show) award, featuring a dual-core processor, qHD pentile display and Motorola Mobility’s proprietary webtop application that powers an ecosystem of accessories, enabling users to have an enhanced and more interactive computer-like experience with their device.
    • Named "Best of Show" at CES 2011, Motorola XOOM™ is the first device to incorporate Android 3.0 Honeycomb, Google’s powerful new operating system developed specifically for tablets; XOOM features a dual-core processor and high-definition 10.1 inch widescreen display.
    • DROID™ BIONIC features a sleek design, and delivers the fastest mobile Internet experience with 4G LTE speeds that are up to 10 times faster than current 3G speeds.
    • Motorola CLIQ 2™ with MOTOBLUR™, the follow-up to Motorola Mobility’s first smartphone, features a 3.7-inch touch-screen display, a 1GHz processor and a new slide-out QWERTY keypad.
  • Acquired Zecter, Inc., a leading start-up with synchronization and streaming technologies for on-demand digital media consumption.

Home $1.0 billion $54 million $30 million $90 million $71 million $3.6 billion $3.9 billion $152 million $11 million $272 million $197 million

Home highlights:

  • Increased shipments of DVR set-tops reflecting consumer desire for personalized viewing experiences.
  • Acquired 4Home, a leading provider of managed home solutions, to expand our cloud-based Motorola Medios service management software portfolio.
  • Launched RX48 CMTS module, the industry’s highest-density upstream DOCSIS solution.
  • Launched a next-generation IP set-top for the EMEA market, extending our leadership position in IPTV.

First-Quarter 2011 Outlook

The Company’s outlook for the first quarter of 2011 is the following:

  • Consolidated operating earnings in a range around breakeven
  • $10 million
  • $25 million
  • $26 million to $62 million
  • $0.09 to $0.21
  • Basic shares outstanding of approximately 294 million shares
  • Excludes charges associated with items of the variety typically highlighted by the Company in its quarterly earnings results, stock-based compensation expense and intangible assets amortization expense

Consolidated GAAP Results

A comparison of results from operations is as follows:

Fourth Quarter

Full Year

(In millions, except per share amounts)

2010

2009

2010

2009

Net revenues

$3,425

$2,823

$11,460

$11,050

Gross margin

915

706

2,965

2,153

Operating earnings (loss)

126

(196)

76

(1,211)

Earnings (loss) before income taxes

110

(215)

(4)

(1,335)

Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.

$80

($204)

($86)

($1,342)

Basic earnings (loss) per common share*

$0.27

($0.69)

($0.29)

($4.56)

Basic weighted average  common shares outstanding*

294.3

294.3

294.3

294.3

Non-GAAP Adjustments (Highlighted Items, Stock-based Compensation Expense and Intangible Assets Amortization Expense)

The table below includes highlighted items, stock-based compensation expense and intangible assets amortization expense for the fourth quarter of 2010.

EPS Impact

GAAP Earnings per Common Share*

$0.27

Highlighted Items:

Reorganization of business charges

0.06

Joint venture wind-down costs

0.03

IP settlement

(0.19)

Total Highlighted Items

(0.10)

Stock-based compensation expense

0.14

Intangible assets amortization expense

0.05

Stock-based Compensation Expense and

Intangible Assets Amortization Expense

0.19

Total Non-GAAP Adjustments **

0.10

Non-GAAP Earnings per Common Share *

$0.37

Definitions

December 31, 2010 January 4, 2011

**Earnings per share (EPS) impact may not add up due to rounding.

Conference Call and Webcast

5:30 p.m. Wednesday, January 26

Use of Non-GAAP Financial Information

In addition to the GAAP results included in this presentation, Motorola Mobility also has included non-GAAP measurements of results.  Motorola Mobility has provided these non-GAAP measurements to help investors better understand Motorola Mobility’s core operating performance, enhance comparisons of Motorola Mobility’s core operating performance from period to period and allow better comparisons of Motorola Mobility’s operating performance to that of its competitors. Among other things, the Company’s management uses these operating results, excluding the identified items, to evaluate the performance of its businesses and to evaluate results relative to certain incentive compensation targets.  Management uses operating results excluding these items because it believes this measurement enables it to make better period-to-period evaluations of the financial performance of its core business operations.  The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the Company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements.  As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with GAAP.

Highlighted items:

Stock-based compensation expense:

Intangible assets amortization expense:

Business Risks

www.sec.gov Asia Brazil

About Motorola Mobility

motorola.com/mobility

MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC.  All other trademarks are the property of their respective owners.  © 2011 Motorola Mobility, Inc.  All rights reserved. 

DROID is a trademark of Lucas film Ltd. and its related companies. Used under license.

CONTACTS:

Media:

Jennifer Erickson

Motorola Mobility Holdings, Inc.

+1 (847) 523-2422

[email protected]

Investors:

Dean Lindroth

Motorola Mobility Holdings, Inc.

+1 (847) 523-2858

[email protected]

Motorola Mobility Holdings, Inc.

Condensed Combined Statements of Operations

(In millions, except per share amounts)

Three Months Ended

December 31, 2010

October 2, 2010

December 31, 2009

Net revenues

$                      3,425

$               2,946

$                      2,823

Costs of sales

2,510

2,155

2,117

Gross margin

915

791

706

Selling, general and administrative expenses

451

385

410

Research and development expenditures

367

373

393

Other charges (income)

(43)

13

85

Intangibles amortization

14

14

14

Operating earnings (loss)

126

6

(196)

Other income (expense):

  Interest expense, net *

(12)

(11)

(7)

  Losses on sales of investments and businesses, net

(2)

  Other, net

(4)

(2)

(10)

Total other income (expense)

(16)

(13)

(19)

Earnings (loss) before income taxes

110

(7)

(215)

Income tax expense (benefit) **

20

28

(12)

Net earnings (loss)

90

(35)

(203)

Less: Earnings (loss) attributable to non-controlling interests

10

(1)

1

Net earnings (loss) attributable to Motorola Mobility Holdings, Inc.

$                           80

$                  (34)

$                       (204)

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