1. MANAGERIAL ACCOUNTING and CONTROL - 1
Financial Analysis of
Course Instructor: Submitted By:
Prof. V.K.GUPTA Anirban Ghosh
Section C
Roll no. PGP2011545
Date: November 10, 2011

2. General Introduction:
Motorola as a company has been at the forefront of almost all major technological
breakthroughs in the field of communication. Its role as pioneer, innovator and visionary in
mobile communications is well-known. Ever since its inception as the Galvin Manufacturing
Corporation in 1928, it has come a long way since introducing its first product, the battery
eliminator.
For more than three-quarters of the century, Motorola has proven itself a global leader in
wireless, broadband and automotive communications technologies and embedded electronic
products, and has become a company recognized for its dedication to ethical business practices
and pioneering role in important innovations.
Operating in a field where innovations happen every day, Motorola has kept moving at the pace
people are living. Its products have grown and changed over the years, and its drive for
excellence has strengthened and intensified. From the five pound Handie-Talkie™ radio to the
lightweight models of today, Motorola has been the leading provider of two-way radio services
to public safety, government, transportation, utility and manufacturing enterprises. Its digital
cable set-top terminals and cable modems deliver the promise of a connected home just as the
original home radios and televisions did in the 1930s and ‘40s. The leader in embedded
processor production, Motorola has developed a broad array of microprocessors for a wide
range of products, from some of the first video games to today’s advanced digital cameras.
Perhaps its greatest contribution lies in the field of personal communications. Motorola
changed the way the world communicates, from the introduction of the DynaTAC cell phone in
1983 to today’s sleek handsets and innovative technology for mobile telephone service. It is
also a key supplier of integrated systems for automobiles, portable electronic devices and
industrial equipment.
Throughout its history, Motorola has transformed innovative ideas into products that connect
people to each other and the world around them. Moving forward, the company strives to keep
its commitment of making things better and life easier.
Given below is a brief snapshot of how the logo of the company has evolved through the ages:

3. Major events in Motorola’s history:
1928
Paul V. Galvin and his brother, Joseph E. Galvin, purchase a battery eliminator business
in Chicago, Illinois, U.S.A. They incorporate Galvin Manufacturing Corporation on
September 25, 1928.
1930
Net sales: $287,256
Galvin Manufacturing Corporation introduces one of the first commercially successful
car radios. The original Motorola model 5T71 radio sells for between $110 and $130,
and can be installed in most popular automobiles.
Galvin Manufacturing Corporation founder Paul V. Galvin creates the brand name
"Motorola" for the company's new car radio, linking "motor" (motorcar, motion) with
the suffix "ola" (sound).
1940
Net sales: $9.94 million
Galvin Manufacturing Corp. develops the Handie-Talkie SCR536 two-way radio, a
lightweight, handheld radio that becomes widely used during World War II.
1943
The first portable FM two-way radio, the SCR300 backpack radio, is designed by
Motorola chief scientist Daniel E. Noble for the U.S. Army Signal Corps.
Motorola's first public stock is offered. A share sells for $8.50.
1950
Net sales: $177.10 million
1960
Motorola's 19-inch Astronaut television is the first large-screen, transistorized, cordless
portable television.
1969
Astronaut Neil Armstrong's first words from the moon are relayed to Earth by a
Motorola radio transponder aboard the Apollo 11 lunar module. The transponder
provides telemetry, tracking, two-way voice communications and television signal
transmissions between Earth and the moon.

4. 1970
Net sales: $796.42 million
1974
Motorola's 8-bit MC6800 microprocessor is used in automotive, computing and video
game applications. It contains 4,000 transistors.
1986
Motorola’s revolutionary Six Sigma methodology incorporates data and statistical
analysis into project based workflow that allows businesses to make intelligent decisions
about where and how to incorporate improvements. The program enables
transformational change within the organization and has affected the world economy in
savings and efficiency. Motorola alone has documented more than $16 billion in savings
as a result of the Six Sigma philosophy.
1990
Net sales: $10.89 billion
General Instrument Corporation is the first to propose an all-digital high-definition
television (HDTV) technical standard.
2000
Net sales: $37.580 billion
Motorola and General Instrument Corporation merge their businesses to provide
integrated video, voice and data networking for cable, Internet and high-speed data
services
® 1996 Motorola conducts the world's first 700MHz wideband high-speed data trial with public
safety users, enabling advanced mission-critical solutions.
2004
Automotive News honors Motorola with a 2004 PACE (Premier Automotive Supplier’s
Contribution to Excellence) Award in information technology for its VIAMOTO suite of
location and services software.
MTV Networks Europe chooses Motorola as the exclusive provider of MTV-created
wireless content.
Motorola’s innovative approach to streamlining the supplier negotiation process wins
the 2004 Franz Edelman Award for achievement in operations research and the
management sciences.

5. Trouble in recent years:
After running into record losses to the tune of almost $4.3 billion from 2007 to 2009; on March
26, 2008, Motorola's board of directors approved a split into two different publicly traded
companies.
Motorola Inc. was eventually divided into two independent public companies, Motorola
Mobility and Motorola Solutions on January 4, 2011. Motorola Solutions is generally considered
to be the direct successor to Motorola, Inc., as the reorganization was structured with Motorola
Mobility being spun off.
In more recent news, Google finally acquired Motorola Mobility in August 2011 for $12.5
billion, the details of which we will see later.
Motorola Inc. Board of directors:
Sanjay Jha: Chairman and Chief Executive Officer
Motorola Mobility Inc.
– Since joining Motorola in 2008, Jha has been instrumental in the
creation of Motorola Mobility, having been a driving force behind the
turnaround of the Mobile Devices business and its subsequent
combination with the Home business. The turnaround enabled
Motorola to spin off Motorola Mobility on Jan. 4, 2011 as an
independent, publicly traded company.
Dan Moloney, President
Motorola Mobility Inc.
– Dan Moloney is responsible for the Home business, which comprises
the company’s video network infrastructure and home devices
portfolios. In addition, he oversees the company’s focus on converged
experience solutions, as well as Motorola Mobility’s Advanced
Technology, Supply Chain, IT and Government Relations functions.

6. Marshall Brown Scott Crum John Bucher
Senior Vice President Corporate Vice President
Vice President, Chief of Staff
Chief People Officer Chief Strategy Office
Mike Fleming Scott Offer Bill Ogle
Senior Vice President Senior Vice President Senior Vice President
Chief Supply Chain Officer General Counsel Chief Marketing Officer
The board of directors is made up of 12, two of whom are also part of the Senior Management
Team. Motorola is authorized to have a Board of up to 14 Directors but according to the
guidelines Motorola uses, 12 is considered the optimum number of Director

7. Business Segments:
Motorola, Inc. has become a global provider of wireless, broadband, automotive
communications technologies and embedded electronic products. It provides software-
enhanced wireless telephone and messaging, two-way radio products and systems, as well as
networking and Internet-access products, for consumers, network operators and commercial,
government and industrial customers. The Company also provides end-to-end systems for the
delivery of interactive digital video, voice and high-speed data solutions for broadband
operators, and embedded semiconductor solutions for customers in wireless communications,
networking and transportation markets. In addition, Motorola offers integrated electronic
systems for the automotive, telematics, industrial, telecommunications, computing and
portable energy systems markets.
Outlined are the major components of Motorola’s communications technologies and
embedded electronic products:
Wireless
Handsets: Motorola is one of the world's leading providers of wireless handsets, which
transmit and receive voice, text, images and other forms of information and communication.
Wireless Networks: They develop, manufacture and market public and enterprise wireless
infrastructure communications systems, including hardware and software.
Mission-Critical Information Systems: In addition, they are a leading provider of customized,
mission-critical radio communications and information systems.
The current market share of Motorola as of Q3 10 is as shown below:

8. Broadband
Motorola is a global leader in developing and deploying end-to-end digital broadband
entertainment, communication and information systems for the home and for the
office. Broadband, a method of quickly sending and receiving large amounts of information, is a
technology that keeps pace with today's busy lifestyles. There are four major categories of
broadband access: Cable Internet, Digital Subscriber Line (DSL), Integrated Service Digital
Network (ISDN), and Satellite Internet. Motorola broadband technology enables network
operators and retailers to deliver products and services that connect consumers to what they
want, when they want it.
Automotive
Motorola combines automotive-grade wireless communications, GPS technology and
embedded computing to deliver the smart solutions, information and peace of mind that
drivers demand. Motorola is leading the charge to take you further into the future, faster than
ever before. Motorola is the world's market leader in embedded telematics systems that enable
automated roadside assistance, navigation and advanced safety features for automobiles.
Motorola also provides integrated electronics for the powertrain, chassis, sensors and interior
controls.
Semiconductor
For more than 30 years, Freescale Semiconductor (formerly Motorola, Inc., Semiconductor
Products Sector) has blazed the trail for technology advances in embedded solutions. Today,
Freescale Semiconductor is continuing its rich legacy of innovation, and setting the standard for
intelligent embedded solutions for tomorrow's advanced products.
The appeal of the 32-Bit Embedded Processor portfolio is due to the fact that our solutions are
ideal for a wide range of industries—avionics, healthcare, communications, networking,
robotics and more—wherever our customers require muscle and intelligence to drive control-
intensive products.
Freescal Semiconductor is a leading global semiconductor company focused on providing
embedded processing and connectivity products to large, high-growth markets. Motorola also
offers customers a broad portfolio of complementary devices that provide connectivity
between products, across networks and to real-world signals such as sound, vibration and
pressure. These products include sensors, radio frequency semiconductors, power
management and other analog and mixed-signal integrated circuits.

9. Analyzing Motorola’s sales by region across the globe gives us the following:
Other
Japan, 3%
countries, 5%
Latin America, 8%
Asia-Pacific, 10%
United
States, 50%
China, 10%
Europe, 14%
Globally Motorola suffered some loss due to a partial spin-off of its chip unit, but the rise in sale
of cell phones in the world market helped the company to regain its position in the growing
global cell phone market. Motorola announced an expansion plan of new mobile handsets in
the United Arab Emirates spreading awareness of 3G phones and develop brand recognition to
consolidate its market share. This is an excellent decision by Motorola seeing as how they have
so much competition in its native land of the U.S. from which it has depended on for the
majority of its revenue. In another article in Sao Paulo, Brazil VIVO, the largest mobile
telephone carrier in South America with more than 22 million subscribers, has awarded
Motorola Inc.'s, Brazilian subsidiary, Motorola Industrial Ltda., a major contract for 25 Motorola
SoftSwitches for CDMA (MSS-C). The Motorola Mobile Switching Centers (MSS-Cs) initially will
serve a over six million subscribers for the Brazilian network.
It is clearly evident that Motorola is taking serious proactive steps to maintaining a strong hold
on the global telecommunication technology market by seeking out markets other than the U.S.
and neighboring continental countries.

10. Similarly an industry sales comparison for the year 2010 gives the following result:
Competition between makers of Telecommunications equipment has been and continues to be
heated not only in the U.S. but also in developing overseas markets. China, which is undergoing
a major network ‘build out’ following the recent deregulation of its telecommunications
industry there, has proven to be fertile ground for leading telecom equipment vendors
prospecting for new contracts. Wireless leaders Ericsson and Nokia provide much network
equipment, as well as phones, that enable services with 3G capabilities. Finland-based Nokia
maintains a healthy lead in the cell phone market. It is followed by mobile products pioneer
Motorola, industrial powerhouse Cisco Systems, and a host of Asian challengers that includes
NEC, Samsung, SANYO, and Panasonic Mobile Communications.

11. A brief snapshot from the Balance Sheet of Motorola Inc. provides us with the
following figures:
Similarly the Net Sales of the company show the following trend since 2007 (in
$000,000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
9.6 7.4 8.0 7.4 7.1 4.4 4.5 4.3 4.7 4.1 4.5 4.8 5.6
The sharp decrease in sales from 2008 to 2009 was largely due to effects of the global
recession.

12. Key Ratio Analysis:
Return on Assets
ROA= Net Income/Total Assets
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.3% -2.20% 0.00% -4.70% -52.50% -3.5% 0.60% 0.40% 2.20% 1.10% 2.70% 1.70% 4.70%
Analysis: Motorola is doing an excellent job of increasing sales but it is not evident on the
Return on Assets. They are their competitor’s realm but it is certainly an aspect that can be
improved to make investors more attracted to Motorola. Rating: POOR
The dip in ROA in Q4 2008 was due to the global economic downturn which affected the whole
industry.

13. Return on Invested Capital
ROIC= Net Income/ (Long Term Liabilities + Shareholder’s Equity)
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
-1.0% -4.10% 0.0% -6.20% -103.1% -9.0% 0.0% -0.20% 1.10% -0.20% 1.90% 0.30% 6.90%
The ROIC is a measure of how the firm is utilizing the funds invested in it for a long time.

14. Return on Equity
ROE= Net Income/Equity
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
3.0% -5.00% 0.1% -10.70% -153.1% -9.8% 1.6% 0.90% 5.80% 2.70% 6.50% 4.30% 11.20%
Analysis: Motorola falls between the industry and S & P 500 when comparing Return on Equity.
However, it is substantially higher than the industry. Motorola, Inc. is on the forefront of the
industry, it takes work and excellent management for the company to enjoy an EXCELLENT
Return on Equity. Though not as big as the S & P 500, Motorola is still within fierce competition
of opponents who may not even be in their telecommunications industry.

15. Gross margin %
Gross margin= Gross Margin/ Net sales Revenue (%)
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
26.40% 28.90% 28.90% 24.20% 29.80% 27.10% 30.30% 33.40% 36.20% 34.80% 36.20% 36.60% 36.00%
Analysis: Since costs of goods and sales are so high, it is almost impossible to reduce those
costs. However, information seems to indicate that Motorola may be able to improve those
numbers. The Return on Assets and Capital is excellent; while the Return on Equity is much
better than the industry but significantly less than the S&P. . The 2011 expected growth rate
estimate is over 200%. In 2011 we anticipate Motorola expected earning growth rate to
stabilize around a mid 20% figure. Rating– EXCELLENT

16. Net margin %
Net margin%= Net Income/ Net Sales Revenue (%)
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.3% -2.60% 0.0% -5.20% -51.2% -7.0% 0.0% -1.80% 1.0% -0.20% 1.10% 0.20% 3.90%
Analysis: Higher than the industry, but lower than the S & P 500. This percentage is found by
dividing net income by total revenue. In general, profit margins reflect the firm’s ability to
produce a product or service at a low cost or a high price. This shows us how Motorola, though
not having as a good a Gross Margin as the industry, their Net Margin is EXCELLENT.

17. Weighted Average Cost of Capital:
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
6.9% 6.40% 6.40% 6.20% 4.7% 5.2% 6.2% 6.30% 6.6% 6.6% 6.1% 6.2% 6.80%
Analysis: Motorola does not have any preferred stock. The capital structure of a firm is the sum
of the value of the firm’s debt and its equity. The purpose of this information is to maximize
the value of the firm and minimize the firm’s weighted cost of capital. WACC was fairly stable
for the years, ranging from 6.1% to 6.9% besides dropping to 4.7% during the global economic
downturn. The stability is impressive because Motorola was losing money for the years 2001 &
2002.

18. Asset Turnover:
Asset Turnover= Sales Revenue/ Total Assets
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.11 0.87 0.96 0.90 1.02 0.69 0.73 0.69 0.75 0.67 0.73 0.75 0.89
Analysis: Asset turnover is used to indicate how effectively a firm is using all of its assets. If the
asset turnover ratio is high, the firm is presumably using its assets effectively in generating
sales. If the ratio is low, the firm is not using its assets to their capacity and must either increase
sales or dispose of some of the assets. Motorola’s asset turnover is SATISFACTORY.

19. Inventory Turnover:
Inventory Turnover: Cost of Sales/ Total Inventory
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
10.01 7.20 8.34 8.56 7.53 6.30 7.65 8.84 11.13 10.09 10.78 9.16 10.62
Analysis: The inventory ratio measures how quickly inventory is produced and sold. It is
significantly affected by the production technology of goods being manufactured and the
perishability of the finished goods. Motorola’s inventory turnover is lower than both the
industry and the S & P 500, therefore, it is FAIR.

20. Current Ratio:
Current Ratio= Current Assets/ Current Liabilities
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.78 1.74 1.75 1.67 1.64 1.74 1.92 2.02 1.94 1.99 2.03 2.00 1.97
Analysis follows after calculation of Quick Ratio.

21. Quick Ratio:
Quick Ratio= Monetary Current Assets/ Current Liabilities
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.11 1.00 1.01 0.97 0.99 1.06 1.24 1.30 1.31 1.36 1.41 1.39 1.39
Analysis: Most widely used measures of accounting liquidity. The current ratio for Motorola is
lower than the industry but higher than S & P 500. The same is true for the quick ratio. It falls
between the S & P 500 and the industry. Therefore, at the present time Motorola’s liquidity
status is FAIR.

22. Days Sales Outstanding/Days Receivables (DSO)
Days Sales Outstanding= Account Receivables/Sales per day
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
49 57 50 52 44 74 72 56 53 61 57 59 51
Analysis: As can be seen from the graph, between the end of 2008 and start of 2009, Motorola
forwarded a lot of credit to its customers. The DSO levels of Motorola are slightly hiogher than
the industry average.

23. Days’ Payable:
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
52 62 59 60 57 62 62 56 58 65 61 69 61

24. Price to Book Ratio/Market to book ratio:
Market/book= Market price per share/ Book Value per share
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
1.40 0.81 0.64 0.65 0.62 0.61 0.94 1.19 1.08 0.97 0.89 1.13 1.16

25. Debt-Equity Ratio:
Debt-Equity Ratio= Total Liabilities/Shareholders Equity
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
0.28 0.28 0.27 0.28 0.44 0.43 0.41 0.40 0.40 0.37 0.34 0.33 0.26
Analysis: Financial leverage is related to the extent to which a firm relies on debt financing
rather than equity. Measures of financial leverage are tools in determining the probability that
the firm will default on its debt contracts. The more debt a firm has, the more likely it is that
the firm will become unable to fulfill its contractual obligations. Motorola’s Debt/Equity Ratio is
higher than the industry, but lower than the S & P 500. Motorola’s status in Debt/Equity Ratio
is FAIR.

26. Cash Flow from Operating Activities (in $000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
470 -343 204 180 201 -259 -259 -259 682 182 231 502 619
Cash Flow from Financing Activities ( in $000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
-392 -415 -70 -83 -77 114 114 114 149 297 -423 188 -530

27. Cash Flow from Investing Activities (in $000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
346 553 4 191 46 142 142 142 -1023 -149 8 191 196

28. Market Value Added (in $000,000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
21.6 12.2 9.7 9.4 5.8 5.6 8.9 11.6 10.5 9.5 9.0 11.8 12.6
Economic Value Added (in $000,000,000):
2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4
-1.19 -1.53 -0.963 -1.89 -13.67 -1.49 -0.67 -0.73 -0.61 -0.71 -0.41 -0.57 0.015

29. Strengths & Weaknesses
Motorola is a fine company that has been around all century. Having started with the idea of a battery
and then mass production of radios, Motorola has really got its foot in the market of communications.
MOT created many of the original concepts for the 2way radios, it has since then been part of the
industry curve that helps provide people with cell phones that enable much greater and easier
communication than ever thought possible. As an innovator of new technology Motorola is a leader. -
STRENGTH.
The cell phone market shares were lost to Nokia in the 1990’s because MOT had focused on analog
technology while digital services were the trend for consumers. Today, Motorola has taken market
share back from its competitors by bringing to market many variations of the digital phone that has
done well with consumers. Motorola has focused on a trend that has resulted in major returns; this
concept is one of the clam shell phones, which Motorola has been the strongest proponent. -
STRENGTH
Financial Ratios should also be considered when evaluating the strengths and weaknesses of the
company. When analyzing this company it is imperative that the communications equipment industry
be identified. When looking at the growth and earnings numbers, Motorola is capable of sustaining
both. The current P/E is better than past numbers and indicates an improvement in the near future.
The weakest part of the financial evaluation was the Gross Margin. Since costs of goods and sales are so
high, it is almost impossible to reduce those costs. However, information seems to indicate that in 2004
and go forward, Motorola may be able to improve those numbers. The Return on Assets and Capital is
excellent; while the Return on Equity is much better than the industry but significantly less than the
S&P. This is a company that can make money and has a product under demand by the public and other
sectors. Although Motorola lost money in 2001 and 2002, for the first quarters of 2004 Motorola is
surprising analyst with remarkable growth rates. The 2004 expected growth rate estimate is over 200%.
In 2005 we anticipate Motorola expected earnings growth rate to stabilize around a mid 20% figure. –
EXCELLENT
The weighted average cost of capital (WACC) for Motorola has been stable over the most recent three
years. It is costing Motorola less to borrow money and this number has fluctuated minimally
considering the industry and the economy. – STRENGTH
The Beta for Motorola is higher than the market, which indicates that investing in Motorola is risky. We
think that because of anticipated higher growth rates, it is worth taking a risk on this security. – WEAK
Based on our research information, a constant cost of capital, strong earnings growth rate estimates,
and an ability to grab market share, coupled with strong financial ratios, Motorola is a risky but strong
company worth investment.

30. References:
1) U.S. Securities and Exchange Commission EDGAR Database
2) http://www.nasdaq.com/asp/quotes_reports.asp?symbol=MSI&selected=MSI
3) Report titled “Motorola profit sinks on mobile woes; Shares plunge to five-year low” by Jeffry Bartash
in the Wall Street Journal on January 23, 2008 available at:
4) http://www.marketwatch.com/story/motorola-profit-slides-on-mobile-woes-shares-hit-5-year
low?siteid=yhoof
5) “History of Motorola Inc.” at http://en.wikipedia.org/wiki/Motorola
6) Data used from official website:
http://investors.motorola.com/ - Investor Relations
http://investors.motorola.com/governance.cfm - Corporate Governance practices
http://investors.motorola.com/google-acquisition.cfm - Acquisition by Google
www.motorola.com/Consumers/US-EN/About_Motorola/Corporate_Overview - Corporate
Overview
http://mediacenter.motorola.com/content/default.aspx?NewsAreaID=1 – Executive Team
7) Quarterly and Annual financial statements
8) Peervalue Analytical report of Motorola Inc. at http://www.peervalue.com/MOT/company.html