Motorola Reports Second-Quarter 2004 Financial Results

• Second-quarter 2004 sales of $8.7 billion, up 41 percent compared to second-quarter 2003 sales of $6.2 billion.

• Second-quarter 2004 GAAP pre-tax earnings of $800 million, up 614 percent compared to second-quarter 2003 GAAP pre-tax earnings of $112 million.

• Second-quarter 2004 GAAP loss of $203 million, or ($.09) per share[1], compared to second-quarter 2003 GAAP earnings of $119 million, or $.05 per share. Second-quarter 2004 GAAP results include: (1) a non-cash tax expense of $898 million, or ($.38) per share, related to the establishment of a deferred tax asset valuation reserve associated with the initial public offering of Freescale Semiconductor, Inc., an entity comprised of the company’s semiconductor operations, (2) a tax benefit of $197 million, or $.08 per share, resulting from the reversal of tax reserves due to the settlement of certain tax audit items, and (3) other items described in this release.

• Second-quarter 2004 positive operating cash flow of $994 million, allowing the company to complete the quarter with net cash of $1.8 billion, compared to net debt of $41 million at the end of 2003. [2]

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