Motorola 8167 User Manual - Page 5

To Our Stockholders, and Other Friends

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To Our Stockholders and Other Friends George Fisher Chairman of the Beard and Chief Executive Officer In 1990, Motorola improved the way the world communicates. Drawing on the broadest portfolio of semiconductors in the world, we introduced electronic products, systems and services designed to make our customers more productive. We announced programs that will enable people to communicate without wires, by voice or data, anywhere from inside an office to the most remote portion of the Earth. In striving to achieve our fundamental objective of Total Customer Satisfaction, we will focus on giving our worldwide customers what they want, when they want it, with Six Sigma quality. This year's report portrays some of the ways we are serving customers throughout the world, with ever improving quality. To provide the platform for superior long-term financial performance and maximize our stockholders' long-term value, our strategy focuses on four interrelated arenas of electronics - communications, components, computing and control. Financial Results While sales grew during 1990, earnings were the same as in 1989, as we continued to aggressively reduce prices and increase strategic investments, despite weaker economic conditions in some of our markets. Sales increased 13 percent to $10.88 billion from $9.62 billion in 1989. Earnings were $499 million, or $3.80 per share, compared with $498 million, or $3.83 per share, a year earlier. Net margin on sales was 4.6 percent, compared with 5.2 percent a year ago. Return on average invested capital was 9.4%, compared with 10.3% in 1989. We acknowledge the lower than desirable financial returns of 1990. Some stockholders and analysts believe we are over-investing in research and development and pursuing too many technologies in our strategic areas of interest. We respectfully disagree and believe that sustained, long-term investments in promising technologies provide the platform for solid, profitable growth. Detailed operating and financial results by our various businesses in 1990 appear on pages 19-23. We were pleased by our semiconductor performance, where we gained market share in every major region of the world. In the Communications Sector, we have taken steps to address the profitability problem, while continuing to develop new products and systems. The potential growth in the communications arena is as exciting as ever. We expect to be operating in a recessionary environment in the U.S., Canada and the U.K. during the first half of 1991. The outlook is more favorable in other parts of Europe, as well as in Asia and Japan. Our plans call for control of expenses throughout Motorola. We may make

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To Our Stockholders
and Other Friends
George Fisher
Chairman of
the Beard and
Chief Executive
Officer
I
n 1990, Motorola improved the way the world communicates. Drawing on
the broadest portfolio of semiconductors in the world, we introduced elec-
tronic products, systems and services designed to make our customers more
productive.
We
announced programs that will enable people to communicate
without
wires,
by voice or
data,
anywhere from inside an office to the most remote
portion of
the
Earth.
In striving to achieve our fundamental objective of
Total
Customer Satisfaction,
we will focus on giving our worldwide customers what they want, when they want it,
with Six Sigma quality. This year's report portrays some of
the
ways we are serving
customers throughout the world, with ever improving quality.
To provide the platform for superior long-term financial performance and maxi-
mize our stockholders' long-term value, our strategy focuses on four interrelated
arenas of electronics — communications, components, computing and control.
Financial Results
While sales grew during 1990, earnings were the same as in
1989,
as we continued to aggressively reduce prices and increase strategic
investments, despite weaker economic conditions in some of our markets.
Sales increased 13 percent to $10.88 billion from $9.62 billion in 1989.
Earnings were $499 million, or $3.80 per share, compared with $498 million, or
$3.83 per share, a year earlier. Net margin on sales was 4.6 percent, compared with
5.2 percent a year
ago.
Return on average invested capital was 9.4%, compared
with
10.3%
in 1989.
We
acknowledge the lower than desirable financial returns of
1990.
Some stock-
holders and analysts believe we are over-investing in research and development and
pursuing too many technologies in our strategic areas of
interest.
We respectfully
disagree and believe that sustained, long-term investments in promising technolo-
gies provide the platform for solid, profitable growth.
Detailed operating and financial results by our various businesses in 1990
appear on pages
19-23.
We were pleased by our semiconductor performance,
where we gained market share in every major region of
the
world. In the
Communications Sector, we have taken steps to address the profitability problem,
while continuing to develop new products and systems. The potential growth in
the communications arena is as exciting as ever.
We
expect to be operating in a recessionary environment in the
U.S.,
Canada and
the U.K. during the first half of
1991.
The outlook is more favorable in other parts
of
Europe,
as well as in Asia and Japan.
Our plans call for control of expenses throughout Motorola. We may make