Summary
Motorola, Inc. (MSI) filed an 8-K on January 15, 2002, primarily to provide investors with revised pro-forma consolidated financial statements. These revisions are a result of the company's divestiture of its Integrated Information Systems Group (IISG) and Multiservice Networks Division (MND) in late 2001. The divestitures, which combined accounted for $809 million in sales in 2000, impacted the Commercial, Government and Industrial Systems Segment (IISG) and the Other Products Segment (MND). The core purpose of this filing is to present historical pro-forma financial results for the full year 2000 and the first three quarters of 2001, excluding the financial impact of these divested businesses. This allows investors to better assess the performance and financial health of Motorola's ongoing core operations without the influence of discontinued segments. The detailed revised financial data is available in Exhibit 99.1.
Key Highlights
- 1Motorola is presenting revised pro-forma financial statements to reflect the divestiture of its Integrated Information Systems Group (IISG) and Multiservice Networks Division (MND).
- 2The divested businesses (IISG and MND) represented a combined $809 million in sales during the year 2000.
- 3IISG's results were previously reported within the Commercial, Government and Industrial Systems Segment.
- 4MND's results were previously reported within the Other Products Segment.
- 5The filing provides revised pro-forma results for the quarters ending March 31, June 30, and September 29, 2001.
- 6Revised pro-forma results are also provided for the quarters ending April 1, July 1, September 30, and December 31, 2000, as well as the full year 2000.
- 7The intent is to offer a clearer view of the company's ongoing operations by excluding the financial impact of the sold divisions.