Motorola Mobility loses $86 million in Q1, device shipments way down

[MummyChunk]

From ENG



Motorola Mobility Announces First Quarter Financial Results

LIBERTYVILLE, Ill., May 1, 2012 /PRNewswire/ --

First Quarter Financial Highlights

Net revenues of $3.1 billion

Non-GAAP net loss of $0.03 per share compared to net loss of $0.08 per
share in first quarter 2011; GAAP net loss of $0.28 per share compared
to net loss of $0.27 per share in first quarter 2011

Mobile Devices net revenues of $2.2 billion; Non-GAAP operating loss
of $85 million; GAAP operating loss of $121 million

Shipped 8.9 million mobile devices, including 5.1 million smartphones

Home net revenues of $884 million; Non-GAAP operating earnings of $91
million; GAAP operating earnings of $68 million

Motorola Mobility Holdings, Inc. (NYSE: MMI) today reported net
revenues of $3.1 billion in the first quarter of 2012, up 2 percent
compared to the first quarter of 2011. The GAAP net loss in the first
quarter of 2012 was $86 million, or $0.28 per share, compared to a net
loss of $81 million, or $0.27 per share, in the first quarter of 2011.
On a non-GAAP basis, the net loss in the first quarter 2012 was $10
million, or $0.03 per share, compared to a net loss of $25 million, or
$0.08 per share, in the first quarter of 2011.

The Company had operating cash outflow of $98 million in the first
quarter. Total cash at the end of the quarter was $3.5 billion and
includes cash, cash equivalents, and cash deposits.
Details on non-GAAP adjustments and the use of non-GAAP measures are
included later in this press release and in the financial tables.

"The introduction of RAZR MAXX marked another successful
addition to the Motorola product family and contributed to our growth
in smartphones. Our Home business delivered another solid quarter
highlighted by improvement in year-over-year profitability," said
Sanjay Jha, chairman and chief executive officer, Motorola Mobility.
"We continue to work closely with Google to complete the proposed
merger during the first half of the year."

Operating Results

Mobile Devices net revenues in the first quarter were $2.2 billion, up
3 percent compared with the year-ago quarter. The GAAP operating loss
was $121 million compared to an operating loss of $89 million in the
year-ago quarter. The non-GAAP operating loss was $85 million compared
to an operating loss of $61 million in the year-ago quarter. The
Company shipped a total of 8.9 million mobile devices in the first
quarter, including 5.1 million smartphones.
Mobile Devices highlights:

Launched RAZR MAXX, the longest-lasting 4G LTE smartphone, allowing
customers to talk for over 21 hours on a single charge, and DROID 4 by
Motorola, the thinnest and most powerful 4G LTE QWERTY smartphone.

Expanded budget-friendly smartphone portfolio in China, Europe, and
Latin America with the introduction of MOTOLUXE , a slim touchscreen
device and Motorola DEFY MINI, the ideal "life proof"
device for the active consumer.

Teamed up with Bubba Watson, four time PGA Tour winner, including the
2012 Masters to introduce MOTOACTV Golf Edition, a cutting-edge GPS
golf tracker, virtual caddy and online clubhouse.

Home segment net revenues in the first quarter were $884 million, down
2 percent compared with the year-ago quarter. GAAP operating earnings
improved to $68 million, compared to $53 million in the year-ago
quarter. Non-GAAP operating earnings were $91 million compared to $81
million in the year-ago quarter.

Home highlights:

Introduced Connected Home Gateway, the industry's first plug-and-play
solution for home monitoring and control services.

Provided equipment and services to Asian Broadcasting Network for
launch of Malaysia's most advanced digital cable TV network.

Industry recognition of our Medios multi-screen software portfolio
including SecureMedia® named "Best Rights and Asset Management
Solution" at 2012 IPTV World Forum.

Announced global distributor and integrator agreement with Edgecast's
Content Delivery Network platform, enabling advanced multi-screen
service delivery to consumers.

Merger Update

As previously announced on August 15, 2011, Motorola Mobility and
Google Inc. ("Google") (NASDAQ: GOOG) entered into a
definitive agreement for Google to acquire Motorola Mobility for
$40.00 per share in cash, or a total of approximately $12.5 billion.

Motorola Mobility and Google continue to work closely with the
authorities in China for approval on the acquisition. The transaction
has been investigated and cleared without conditions in all other
jurisdictions with pre-closing clearance requirements. We continue to
expect the transaction to close during the first half of 2012.

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