Motorola Mobility Announces Third Quarter Financial Results
Third Quarter Financial Highlights
Net revenues of $3.3 billion, up 11 percent from third quarter 2010
Non-GAAP net earnings of $0.12 per share compared to net earnings of $0.13 per share in third quarter 2010; GAAP net loss of $0.11 per share compared to net loss of $0.12 per share in third quarter 2010
Mobile Devices revenues of $2.4 billion, up 20 percent from third quarter 2010; Non-GAAP operating loss of $15 million; GAAP operating loss of $41 million
Shipped 11.6 million mobile devices, including 4.8 million smartphones
Home revenues of $825 million, down 10 percent from third quarter 2010; Non-GAAP operating earnings of $77 million; GAAP operating earnings of $54 million
Click here for printable press release and financial tables.
Motorola Mobility Holdings, Inc. (NYSE: MMI) reported net revenues of $3.3 billion in the third quarter of 2011, up 11 percent from the third quarter of 2010. The GAAP net loss in the third quarter of 2011 was $32 million, or $0.11 per share, compared to a net loss of $34 million, or $0.12 per share, in the third quarter of 2010. On a non-GAAP basis, the net earnings in the third quarter of 2011 were $35 million, or $0.12 per share, compared to net earnings of $38 million, or $0.13 per share, in the third quarter of 2010.
Total cash at the end of the quarter was $3.3 billion and includes cash, cash equivalents and cash deposits. Operating cash flow was $25 million for the quarter.
Details on non-GAAP adjustments and the use of non-GAAP measures are included later in this press release and in the financial tables.
“Our third quarter revenues in Mobile Devices increased by 20 percent, driven by continued strong growth in international markets. With the recent launch of our iconic Motorola RAZR™, we now have several 4G LTE devices in our portfolio. Our Home business is creating innovative solutions for our customers, taking leadership in the transition to all-IP networks, and delivering solid levels of profitability,” 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.”
Operating Results
Mobile Devices net revenues in the third quarter were $2.4 billion, up 20 percent compared with the year-ago quarter. The GAAP operating loss was $41 million compared to an operating loss of $43 million in the year-ago quarter. The non-GAAP operating loss was $15 million compared to operating earnings of $3 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. In the third quarter of 2010, the company shipped 9.1 million mobile devices, including 3.8 million smartphones.
Mobile Devices highlights:
Announced global launch of the iconic, ultra-thin RAZR smartphone, featuring sculpted glass face, diamond-cut aluminum accents, KEVLAR® fiber and vibrant 4.3-inch super AMOLED Advanced display.
Announced award-winning Motorola ATRIX™ 2, offering enhanced entertainment experiences with dual-core processor, full 1080p video capture and free app for music and pictures.
Unveiled MOTOACTV™, the new lightweight, wearable fitness performance tracker and smart music player rolled into one. Sync MOTOACTV with your PC so you can check out the music you perform to best, or track your workouts over extended time periods, set goals and even create workout competitions with your friends via the MOTOACTV Web Portal.
Shipped DROID BIONIC™, combining dual-core 1 GHz processor, 1 GB of RAM, 4.3-inch qHD display and webtop application with 4G LTE speeds.
Rolled out 4G LTE upgrade to existing Motorola XOOM customers to enhance the tablet experience with faster speeds and connections, and announced the Motorola XOOM Family Edition tablet, preloaded with family-friendly software including KidZone by Zoodles and MotoPack by Motorola.
Home segment net revenues in the third quarter were $825 million, down 10 percent compared with the year-ago quarter. GAAP operating earnings were $54 million, compared to $49 million in the year-ago quarter. Non-GAAP operating earnings were $77 million, the same as in the year-ago quarter. Set-top shipments were down 3 percent compared to the year-ago quarter.
Home highlights:
4Home software platform chosen to power Verizon’s new Home Monitoring and Control service in North America for the smart, digital home.
Introduced family of advanced video processing technologies to drive bandwidth efficiency and video quality in the European market, including the SE-6000 video encoder and the ST-6000 transcoder.
Expanded Internet Protocol (IP) growth and leadership in Russia, extending IPTV set-top rollout with leading telecom provider, Vimpelcom Ltd.
Selected by Henan Cable to deliver Video On Demand and Network Digital Video Recording services to its 3.6 million subscribers in China, using M3 Media Server family.
Merger Update
On Aug. 15, 2011, Motorola Mobility Holdings, Inc. and Google Inc. announced a definitive agreement for Google to acquire Motorola Mobility. The transaction was unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including various regulatory approvals, and the approval of Motorola Mobility’s stockholders. Motorola Mobility will hold a special meeting of stockholders on Nov. 17, 2011, to seek stockholder approval of the proposed merger with Google. The record date for determining the stockholders entitled to vote at the meeting is Oct. 11, 2011.
Antitrust clearances will be required in the U.S., by the European Commission, and in Canada, China, Israel, Russia, Taiwan and Turkey. Regulatory filings have been submitted to the appropriate regulatory body in each of these jurisdictions. 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. These costs are included in Other Charges on the income statement. Third quarter results presented on a non-GAAP basis exclude these expenses.
For more information on the proposed merger, please visit http://investors.motorola.com.
Conference Call and Webcast
Motorola Mobility will not host a conference call and webcast in conjunction with its third quarter results. To access the third quarter results and other financial information, please visit http://investors.motorola.com.
Consolidated GAAP Results
A comparison of results from operations is as follows:
Third Quarter
(In millions, except per share amounts)
2011
2010
Net revenues
$3,259
$2,946
Gross margin
844
791
Operating earnings (loss)
(5)
6
Loss before income taxes
(2)
(7)
Net loss attributable to Motorola Mobility Holdings, Inc.
($32)
($34)
Basic loss per common share*
($0.11)
($0.12)
Diluted loss per common share*
($0.11)
N/A
Weighted average common shares outstanding
Basic
297.7
294.3
Diluted
297.7
N/A
Non-GAAP Adjustments for third quarter of 2011 and 2010
Third Quarter
Earnings Per Share Impact
2011
2010
GAAP Loss per Common Share *
($0.11)
($0.12)
Stock-based compensation expense
0.11
0.14
Intangible assets amortization expense
0.05
0.05
Reorganization of business charges
------
0.06
Merger-related transaction costs
0.06
------
Total Non-GAAP Adjustments **
0.23
0.25
Non-GAAP Earnings per Common Share *
$0.12
$0.13
Definitions
* The computation of basic earnings (loss) per share for all periods prior to separation is calculated using the number of shares of Motorola Mobility Holdings, Inc. common stock outstanding on Jan. 4, 2011, following the distribution of Motorola Mobility Holdings, Inc. common stock. No measure of diluted earnings (loss) per share is presented for periods prior to separation.
** Earnings or loss per share (EPS) impact may not add up due to rounding.
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.
Non-GAAP adjustments are comprised of the following items:
Reorganization of business charges and merger-related transaction costs: The Company has excluded the effects of reorganization of business charges and merger-related transaction costs from its non-GAAP operating expenses and net income measurements because the Company believes that these 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.
Details of the above non-GAAP adjustments and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found in the financial tables.
Business Risks
Motorola Mobility cautions the reader that this communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, the expected closing date of the proposed Google transaction. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements including, but not limited to, the ability of the parties to consummate the proposed transaction and the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory and other approvals at all or in a timely manner; and the other risks and uncertainties contained and identified in Motorola Mobility’s filings with the Securities and Exchange Commission (the “SEC”), any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Motorola Mobility undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances or update the reasons that actual results could differ materially from those anticipated in forward-looking statements, except as required by law.
Additional Information and Where To Find It
On Oct. 14, 2011, Motorola Mobility filed with the SEC a definitive proxy statement in connection with the proposed transaction with Google. The definitive proxy statement is being sent or given to the Motorola Mobility stockholders of record. The definitive proxy statement contains important information about the proposed transaction and related matters. SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT CAREFULLY. The definitive proxy statement and other relevant materials, and any other documents filed by Motorola Mobility with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or by going to Motorola Mobility’s Investor Relations page on its corporate website at http://investors.motorola.com. In addition, security holders may obtain free copies of the proxy statement from Motorola Mobility by contacting Investor Relations by mail at Attention: Investor Relations, 600 North U.S. Highway 45, Libertyville, IL 60048.
Interests of Participants
Motorola Mobility and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Motorola Mobility stockholders in connection with the proposed transaction. Information about Motorola Mobility’s directors and executive officers is set forth in its proxy statement for its 2011 Annual Meeting of Stockholders, which was filed with the SEC on March 15, 2011, and its Annual Report on Form 10-K for the year ended Dec. 31, 2010, filed on Feb. 18, 2011. These documents are available free of charge at the SEC’s website at www.sec.gov, and by mail at Attention: Investor Relations, 600 North U.S. Highway 45, Libertyville, IL 60048, or by going to Motorola Mobility’s Investor Relations page on its corporate website at http://investors.motorola.com. Additional information regarding the interests of participants in the solicitation of proxies in connection with the transaction is included in the definitive proxy statement that Motorola Mobility has filed with the SEC.
About Motorola Mobility
Motorola Mobility Holdings, Inc. (NYSE: MMI) fuses innovative technology with human insights to create experiences that simplify, connect and enrich people's lives. Our portfolio includes converged mobile devices such as smartphones and tablets; wireless accessories; end-to-end video and data delivery; and management solutions, including set-tops and data-access devices. For more information, visit motorola.com/mobility.
Net revenues of $3.3 billion, up 11 percent from third quarter 2010
Non-GAAP net earnings of $0.12 per share compared to net earnings of $0.13 per share in third quarter 2010; GAAP net loss of $0.11 per share compared to net loss of $0.12 per share in third quarter 2010
Mobile Devices revenues of $2.4 billion, up 20 percent from third quarter 2010; Non-GAAP operating loss of $15 million; GAAP operating loss of $41 million
Shipped 11.6 million mobile devices, including 4.8 million smartphones
Home revenues of $825 million, down 10 percent from third quarter 2010; Non-GAAP operating earnings of $77 million; GAAP operating earnings of $54 million
Click here for printable press release and financial tables.
Motorola Mobility Holdings, Inc. (NYSE: MMI) reported net revenues of $3.3 billion in the third quarter of 2011, up 11 percent from the third quarter of 2010. The GAAP net loss in the third quarter of 2011 was $32 million, or $0.11 per share, compared to a net loss of $34 million, or $0.12 per share, in the third quarter of 2010. On a non-GAAP basis, the net earnings in the third quarter of 2011 were $35 million, or $0.12 per share, compared to net earnings of $38 million, or $0.13 per share, in the third quarter of 2010.
Total cash at the end of the quarter was $3.3 billion and includes cash, cash equivalents and cash deposits. Operating cash flow was $25 million for the quarter.
Details on non-GAAP adjustments and the use of non-GAAP measures are included later in this press release and in the financial tables.
“Our third quarter revenues in Mobile Devices increased by 20 percent, driven by continued strong growth in international markets. With the recent launch of our iconic Motorola RAZR™, we now have several 4G LTE devices in our portfolio. Our Home business is creating innovative solutions for our customers, taking leadership in the transition to all-IP networks, and delivering solid levels of profitability,” 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.”
Operating Results
Mobile Devices net revenues in the third quarter were $2.4 billion, up 20 percent compared with the year-ago quarter. The GAAP operating loss was $41 million compared to an operating loss of $43 million in the year-ago quarter. The non-GAAP operating loss was $15 million compared to operating earnings of $3 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. In the third quarter of 2010, the company shipped 9.1 million mobile devices, including 3.8 million smartphones.
Mobile Devices highlights:
Announced global launch of the iconic, ultra-thin RAZR smartphone, featuring sculpted glass face, diamond-cut aluminum accents, KEVLAR® fiber and vibrant 4.3-inch super AMOLED Advanced display.
Announced award-winning Motorola ATRIX™ 2, offering enhanced entertainment experiences with dual-core processor, full 1080p video capture and free app for music and pictures.
Unveiled MOTOACTV™, the new lightweight, wearable fitness performance tracker and smart music player rolled into one. Sync MOTOACTV with your PC so you can check out the music you perform to best, or track your workouts over extended time periods, set goals and even create workout competitions with your friends via the MOTOACTV Web Portal.
Shipped DROID BIONIC™, combining dual-core 1 GHz processor, 1 GB of RAM, 4.3-inch qHD display and webtop application with 4G LTE speeds.
Rolled out 4G LTE upgrade to existing Motorola XOOM customers to enhance the tablet experience with faster speeds and connections, and announced the Motorola XOOM Family Edition tablet, preloaded with family-friendly software including KidZone by Zoodles and MotoPack by Motorola.
Home segment net revenues in the third quarter were $825 million, down 10 percent compared with the year-ago quarter. GAAP operating earnings were $54 million, compared to $49 million in the year-ago quarter. Non-GAAP operating earnings were $77 million, the same as in the year-ago quarter. Set-top shipments were down 3 percent compared to the year-ago quarter.
Home highlights:
4Home software platform chosen to power Verizon’s new Home Monitoring and Control service in North America for the smart, digital home.
Introduced family of advanced video processing technologies to drive bandwidth efficiency and video quality in the European market, including the SE-6000 video encoder and the ST-6000 transcoder.
Expanded Internet Protocol (IP) growth and leadership in Russia, extending IPTV set-top rollout with leading telecom provider, Vimpelcom Ltd.
Selected by Henan Cable to deliver Video On Demand and Network Digital Video Recording services to its 3.6 million subscribers in China, using M3 Media Server family.
Merger Update
On Aug. 15, 2011, Motorola Mobility Holdings, Inc. and Google Inc. announced a definitive agreement for Google to acquire Motorola Mobility. The transaction was unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including various regulatory approvals, and the approval of Motorola Mobility’s stockholders. Motorola Mobility will hold a special meeting of stockholders on Nov. 17, 2011, to seek stockholder approval of the proposed merger with Google. The record date for determining the stockholders entitled to vote at the meeting is Oct. 11, 2011.
Antitrust clearances will be required in the U.S., by the European Commission, and in Canada, China, Israel, Russia, Taiwan and Turkey. Regulatory filings have been submitted to the appropriate regulatory body in each of these jurisdictions. 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. These costs are included in Other Charges on the income statement. Third quarter results presented on a non-GAAP basis exclude these expenses.
For more information on the proposed merger, please visit http://investors.motorola.com.
Conference Call and Webcast
Motorola Mobility will not host a conference call and webcast in conjunction with its third quarter results. To access the third quarter results and other financial information, please visit http://investors.motorola.com.
Consolidated GAAP Results
A comparison of results from operations is as follows:
Third Quarter
(In millions, except per share amounts)
2011
2010
Net revenues
$3,259
$2,946
Gross margin
844
791
Operating earnings (loss)
(5)
6
Loss before income taxes
(2)
(7)
Net loss attributable to Motorola Mobility Holdings, Inc.
($32)
($34)
Basic loss per common share*
($0.11)
($0.12)
Diluted loss per common share*
($0.11)
N/A
Weighted average common shares outstanding
Basic
297.7
294.3
Diluted
297.7
N/A
Non-GAAP Adjustments for third quarter of 2011 and 2010
Third Quarter
Earnings Per Share Impact
2011
2010
GAAP Loss per Common Share *
($0.11)
($0.12)
Stock-based compensation expense
0.11
0.14
Intangible assets amortization expense
0.05
0.05
Reorganization of business charges
------
0.06
Merger-related transaction costs
0.06
------
Total Non-GAAP Adjustments **
0.23
0.25
Non-GAAP Earnings per Common Share *
$0.12
$0.13
Definitions
* The computation of basic earnings (loss) per share for all periods prior to separation is calculated using the number of shares of Motorola Mobility Holdings, Inc. common stock outstanding on Jan. 4, 2011, following the distribution of Motorola Mobility Holdings, Inc. common stock. No measure of diluted earnings (loss) per share is presented for periods prior to separation.
** Earnings or loss per share (EPS) impact may not add up due to rounding.
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.
Non-GAAP adjustments are comprised of the following items:
Reorganization of business charges and merger-related transaction costs: The Company has excluded the effects of reorganization of business charges and merger-related transaction costs from its non-GAAP operating expenses and net income measurements because the Company believes that these 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.
Details of the above non-GAAP adjustments and reconciliations of the non-GAAP measurements to the corresponding GAAP measurements can be found in the financial tables.
Business Risks
Motorola Mobility cautions the reader that this communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but are not limited to, the expected closing date of the proposed Google transaction. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements including, but not limited to, the ability of the parties to consummate the proposed transaction and the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory and other approvals at all or in a timely manner; and the other risks and uncertainties contained and identified in Motorola Mobility’s filings with the Securities and Exchange Commission (the “SEC”), any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Motorola Mobility undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances or update the reasons that actual results could differ materially from those anticipated in forward-looking statements, except as required by law.
Additional Information and Where To Find It
On Oct. 14, 2011, Motorola Mobility filed with the SEC a definitive proxy statement in connection with the proposed transaction with Google. The definitive proxy statement is being sent or given to the Motorola Mobility stockholders of record. The definitive proxy statement contains important information about the proposed transaction and related matters. SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT CAREFULLY. The definitive proxy statement and other relevant materials, and any other documents filed by Motorola Mobility with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or by going to Motorola Mobility’s Investor Relations page on its corporate website at http://investors.motorola.com. In addition, security holders may obtain free copies of the proxy statement from Motorola Mobility by contacting Investor Relations by mail at Attention: Investor Relations, 600 North U.S. Highway 45, Libertyville, IL 60048.
Interests of Participants
Motorola Mobility and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Motorola Mobility stockholders in connection with the proposed transaction. Information about Motorola Mobility’s directors and executive officers is set forth in its proxy statement for its 2011 Annual Meeting of Stockholders, which was filed with the SEC on March 15, 2011, and its Annual Report on Form 10-K for the year ended Dec. 31, 2010, filed on Feb. 18, 2011. These documents are available free of charge at the SEC’s website at www.sec.gov, and by mail at Attention: Investor Relations, 600 North U.S. Highway 45, Libertyville, IL 60048, or by going to Motorola Mobility’s Investor Relations page on its corporate website at http://investors.motorola.com. Additional information regarding the interests of participants in the solicitation of proxies in connection with the transaction is included in the definitive proxy statement that Motorola Mobility has filed with the SEC.
About Motorola Mobility
Motorola Mobility Holdings, Inc. (NYSE: MMI) fuses innovative technology with human insights to create experiences that simplify, connect and enrich people's lives. Our portfolio includes converged mobile devices such as smartphones and tablets; wireless accessories; end-to-end video and data delivery; and management solutions, including set-tops and data-access devices. For more information, visit motorola.com/mobility.
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