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Motorola Solutions Reports Fourth-Quarter and Full-Year 2011 Financial Results
Posted: 25-Jan-2012 [Source: Motorola Solutions]

[Motorola Solutions, Inc. announced today its fourth-quarter and full-year 2011 results highlighted by fourth-quarter sales of $2.3 billion, up 5 percent from the fourth quarter of 2010 and full-year sales of $8.2 billion, up 8 percent from 2010.]

Schaumburg, Ill. -- Motorola Solutions, Inc. (NYSE: MSI) announced today its fourth-quarter and full-year 2011 results highlighted by fourth-quarter sales of $2.3 billion, up 5 percent from the fourth quarter of 2010 and full-year sales of $8.2 billion, up 8 percent from 2010. The revenue growth reflects solid demand in all regions across both the Government and Enterprise segments.

“Our record fourth quarter capped a very strong and exciting year for our company,” said Greg Brown, chairman and CEO of Motorola Solutions. “We streamlined and strengthened our portfolio, grew operating earnings more than five times revenue growth, expanded operating margins, generated strong cash flow and prioritized return of capital to our shareholders.”

GAAP operating earnings in the fourth quarter of 2011 were $276 million or 12 percent of sales, compared to $272 million or 12 percent of sales in the fourth quarter of 2010. GAAP earnings per share from continuing operations** were $0.54, compared to a GAAP earnings of $0.49 in the fourth quarter of 2010. For the full year 2011, GAAP operating earnings were $858 million or 10 percent of sales, compared to $751 million or 10 percent of sales in 2010. GAAP earnings per share from continuing operations** were $2.20, compared to GAAP earnings of $0.72 in 2010.

Non-GAAP*** operating earnings in the fourth quarter of 2011 were $444 million or 19 percent of sales, compared to $346 million or 16 percent of sales in the fourth quarter of 2010. Non-GAAP earnings per share from continuing operations were $0.87, compared to $0.64 in the fourth quarter of 2010. Non-GAAP financial information excludes after-tax net charges of approximately $0.33 per diluted share related to stock-based compensation expense, intangible assets amortization expense and highlighted items. Details on these Non-GAAP adjustments and the use of Non-GAAP measures are included later in this press release. For the full year 2011, Non-GAAP operating earnings were $1.4 billion or 17 percent of sales, compared to $1.1 billion or 14 percent of sales in 2010. Non-GAAP earnings per share from continuing operations were $2.61, compared to $1.84 in 2010.

During the fourth quarter of 2011, the company generated $44 million in operating cashflow from continuing operations, which included a $250 million incremental contribution to the U.S. pension plan. The company ended the quarter with total cash of $5.1 billion while returning $366 million to shareholders through share repurchases during the quarter.

Government segment sales were $1.5 billion, up 6 percent from the year-ago quarter. GAAP operating earnings were $226 million or 15 percent of sales compared to $181 million or 12 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $307 million or 20 percent of sales compared to $221 million or 15 percent of sales in the year-ago quarter.

For the full year 2011, Government segment sales were $5.4 billion, up 6 percent from 2010. GAAP operating earnings were $616 million or 11 percent of sales compared to $534 million or 11 percent of sales in 2010. Non-GAAP operating earnings were $833 million or 16 percent of sales compared to $637 million or 13 percent of sales in 2010.

Government highlights:

* Secured multi-million dollar contracts with City of Atlanta; St. Louis County in Missouri; St. Johns, Seminole and Osceola counties in Florida; the state of Tennessee; the Washington State Patrol; the Western Australia Police Service; the Ecuador National Police; and the Mexico Federal Electric Commission

* Expanded award-winning APX™ mission-critical radio series to include the APX 4000 portable radio for public works, utilities and rural public safety users, making APX the first complete portfolio of Project 25 Phase 2 TDMA two-way portable radios in the industry

* Continued to demonstrate leadership by completing first commercial release of standards-based LTE technology for public safety and secured an additional LTE contract win in Irving, Texas

Enterprise segment sales were $753 million, up 3 percent from the year-ago quarter, which included a $37 million decline in iDEN sales. GAAP operating earnings were $50 million or 7 percent of sales compared to $91 million or 12 percent of sales in the year-ago quarter. Non-GAAP operating earnings were $137 million or 18 percent of sales compared to $125 million or 17 percent of sales in the year-ago quarter.

For the full year 2011, Enterprise segment sales were $2.8 billion, up 11 percent from 2010. GAAP operating earnings were $242 million or 9 percent of sales compared to $217 million or 8 percent of sales in 2010. Non-GAAP operating earnings were $540 million or 19 percent of sales compared to $427 million or 17 percent of sales in 2010.

Enterprise highlights:

* Continued growth with demand in retail and transportation & logistics from key customers such as Lord & Taylor, UPS and Poste Italiane

* Launched the ET1 tablet, the first in an emerging category of enterprise-class tablet computers that brings the familiarity and popularity of a consumer-class user experience to a true enterprise-class device

* Introduced RhoElements, a state-of-the-art web-based application framework that allows businesses to quickly and cost-effectively develop and deploy web-based applications on mobile computers

Results from Discontinued Operations

The fourth-quarter GAAP profit from discontinued operations was $7 million, which substantially relates to the divestiture of the company’s Point-to-Point (Orthogon) and Point-to-Multipoint (Canopy) wireless broadband networks businesses.

First-Quarter and Full-Year Outlook

Motorola Solutions’ outlook for the first quarter of 2012 is for revenue growth of approximately 4 percent compared with the first quarter of 2011 and earnings per share from continuing operations of $0.50 to $0.55 per share. For the full-year 2012, the company expects revenue growth of approximately 5 percent compared with 2011 and operating earnings of approximately 17 percent of sales. This outlook excludes stock-based compensation expense, intangible assets amortization expense and charges associated with items of the variety typically highlighted by the company in its quarterly earnings releases.

Use of Non-GAAP Financial Information

In addition to the GAAP results included in this presentation, Motorola Solutions also has included non-GAAP measurements of results. We have provided these non-GAAP measurements to help investors better understand our core operating performance, enhance comparisons of core operating performance from period to period and allow better comparisons of operating performance to our competitors. Among other things, management uses these operating results, excluding the identified items, to evaluate performance of the 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 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: The company has excluded the effects of highlighted items (and any reversals of highlighted items recorded in prior periods) from its non-GAAP operating expenses and net income measurements because the company believes that these historical items do not reflect expected future operating earnings or expenses and do not contribute to a meaningful evaluation of the company’s current operating performance or comparisons to the company’s past operating performance.

Stock-based compensation expense: The company has excluded stock-based compensation expense from its non-GAAP operating expenses and net income measurements. Although stock-based compensation is a key incentive offered to our employees and the company believes such compensation contributed to the revenue earned during the periods presented and also believes it will contribute to the generation of future period revenues, the company continues to evaluate its performance excluding stock-based compensation expense primarily because it represents a significant non-cash expense. Stock-based compensation expense will recur in future periods.

Intangible assets amortization expense: The company has excluded intangible assets amortization expense from its non-GAAP operating expenses and net income measurements, primarily because it represents a significant non-cash expense and because the company evaluates its performance excluding intangible assets amortization expense. Amortization of intangible assets is consistent in amount and frequency but is significantly affected by the timing and size of the company’s acquisitions. Investors should note that the use of intangible assets contributed to the company’s revenues earned during the periods presented and will contribute to the company’s future period revenues as well. Intangible assets amortization expense will recur in future periods.

Definitions

* Total cash = Cash and cash equivalents + Sigma Fund (current and non-current) and short-term investments

** Amounts attributable to Motorola Solutions, Inc. common stockholders

*** Non-GAAP financial information excludes from GAAP results the effects of stock-based compensation expense, intangible assets amortization expense and highlighted items

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