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Motorola Mobility Announces Third Quarter Financials

By TechTaffy Desk

Motorola Mobility reported net revenues of $3.3 billion in the third quarter of 2011, up 11 per cent from the third quarter of 2010. The GAAP net loss in the third quarter of 2011 was $32 million, or 11 cents per share, compared to a net loss of $34 million, or 12 cents per share, in the third quarter of 2010. Total cash at the end of the quarter was $3.3 billion (cash, cash equivalents and cash deposits). Operating cash flow was $25 million for the quarter.

“Our third quarter revenues in Mobile Devices increased by 20 percent, driven by continued strong growth in international markets,” said Sanjay Jha, chairman and chief executive officer, Motorola Mobility. “We are also excited about the proposed merger with Google and continue to make progress to close this transaction.”

Mobile Devices net revenues in the third quarter were $2.4 billion, up 20 per cent compared with the year-ago quarter. The loss was $41 million compared to an operating loss of $43 million in the year-ago quarter. The company shipped a total of 11.6 million mobile devices, including 4.8 million smartphones and approximately 100,000 Motorola XOOM tablets.

Home segment net revenues in the third quarter were $825 million, down 10 per cent compared with the year-ago quarter. Operating earnings were $54 million, compared to $49 million in the year-ago quarter. Set-top shipments were down 3 percent compared to the year-ago quarter.

Motorola Mobility will hold a special meeting of stockholders on Nov. 17, 2011, to seek stockholder approval of the proposed merger with Google. Antitrust clearances will be required in the U.S., by the European Commission, and in Canada, China, Israel, Russia, Taiwan and Turkey for the company’s proposed merger with Google. In the U.S., Motorola Mobility and Google have each received a Request for Additional Information and Documentary Material (commonly referred to as a “second request”) from the Department of Justice.

Subject to the satisfaction of customary closing conditions, including antitrust clearance, the transaction is expected to close by the end of 2011 or early 2012. The failure to meet the closing conditions or other factors outside of our control could delay the transaction or prevent the companies from completing the merger.

Third quarter 2011 GAAP results include approximately $18 million of expenses attributable to the planned merger.

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