Motorola (NYSE: MOT) reported Q1 sales of $5.4 billion, down from
$7.4 billion during the same period last year, and a net loss of $231
million compared to a net loss of $194 million for the same period last
year.
Total cash reported at the end of the first quarter was $6.1 billion,
down from $7.4 billion at the end of 2008. The cash decline was driven
in large part by a $700 million reduction in accounts receivable sold
and approximately $200 million in restructuring-related payments. The
company says it expects to generate positive cash flows in the second
half of the year through improved earnings and continued working
capital improvements.
Greg Brown, president and co-CEO of Motorola and CEO of the company's
Broadband Mobility Solutions organization, said in a prepared
statement, "Our Broadband Mobility Solutions businesses performed well
in a challenging environment, by delivering value for our customers and
adding to an already impressive portfolio of products. We will continue
to manage our costs to ensure alignment with current market conditions.
We are executing with operational and financial discipline while we
make targeted investments for our future."
Additional highlights of the earnings statement included the sale of
14.7 million mobile handsets accounting for $1.8 billion in sales down
45 percent compared to the year-ago quarter. The key indicator to a
slowing of the freefall in this market was the enterprise mobility
solutions segment with sales of $1.6 billion, down only 11
percent compared to the year-ago quarter.
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