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motorola solutions inc (MSI) Key Developments

Motorola Solutions Inc. Announces Redemption of $400 Million of its Outstanding 6.0% Senior Notes Due November 15, 2017

Motorola Solutions, Inc. announced that it has issued a notice to redeem all of its $400 million outstanding 6.0% Senior Notes due Nov. 15, 2017. In accordance with the terms of the indenture under which the 2017 Notes were issued, the 2017 Notes will be redeemed in full on Sept. 11, 2014 at a redemption price based on the yield to maturity of the U.S. Treasury securities with a coupon of 4.25% due Nov. 15, 2017, plus a fixed spread of 30 basis points. The redemption price will be determined at 5 p.m., Eastern Daylight Time, on Sept. 8, 2014. Payments will include accrued and unpaid interest on the principal amount of 2017 Notes to, but not including, the Redemption Date. A notice of redemption is being delivered by The Bank of New York Mellon Trust Company, as trustee for the 2017 Notes, to all registered holders. The company intends to fund the redemption using a portion of the proceeds it expects to receive from the offering of its $1.4 billion aggregate principal amount of 3.500% Senior Notes due 2021, 4.000% Senior Notes due 2024 and 5.500% Senior Notes due 2044 that priced earlier on August 12, 2014.

Futurecom Systems Group, ULC and Motorola Solutions, Inc. Introduce New VRX1000 Vehicle Radio Extender

Futurecom Systems Group, ULC in partnership with Motorola Solutions, Inc. has announced the introduction of the VRX1000, a new vehicle radio extender product line that reportedly offers portable radio coverage extension for public safety agencies and utilities. The VRX1000 is a compact 3 watt simplex radio extender available in VHF, UHF, 700 MHz and 800 MHz bands and can be configured for cross-band or in-band operation. The VRX1000 is compatible with APX4500, APX6500 and APX7500 series mobile radios. Being fully upgradable from an analog only extender to a full P25 trunking extender makes the VRX1000 the only product in the market place to give customers the flexibility as they upgrade their systems.

Motorola Solutions, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2014; Provides Earnings Guidance for the Third Quarter of 2014; Reaffirms Earnings Guidance for the Full Year of 2014

Motorola Solutions, Inc. reported consolidated earnings results for the second quarter and six months ended June 28, 2014. For the quarter, net sales were $1,393 million against $1,497 million last year. Operating earnings were $138 million against $203 million last year. Earnings from continuing operations before income taxes were $98 million against $168 million last year. Earnings from continuing operations were $78 million against $227 million last year. Net earnings attributable to Motorola Solutions, Inc. were $824 million or $3.22 per diluted share against $258 million or $0.94 per diluted share last year. Net earnings attributable to common shareholders from continuing operations, net of tax was $78 million or $0.30 per diluted share against $223 million or $0.81 per diluted share last year. Net cash provided by operating activities from continuing operations was $118 million against net cash used for operating activities from continuing operations of $22 million last year, primarily driven by improved collections and other improvements in working capital accounts. Capital expenditures were $42 million against $37 million last year. Non-GAAP net sales were $1,393 million against $1,497 million last year. Non-GAAP operating earnings were $201 million against $248 million last year. Sales declined 7% primarily reflecting lower sales in North America state and local markets as well as in Asia Pacific & the Middle East. Europe & Africa and Latin America sales grew double-digits. Product sales declined 10% driven primarily by lower subscriber and systems revenues, while Services declined 1%. EPS from continuing operations was $0.47 against $0.94 last year. For the six months, net sales were $2,622 million against $2,893 million last year. Operating earnings were $245 million against $376 million last year. Earnings from continuing operations before income taxes were $186 million against $323 million last year. Earnings from continuing operations were $163 million against $384 million last year. Net earnings attributable to Motorola Solutions, Inc. were $951 million or $3.70 per diluted share against $450 million or $1.62 per diluted share last year. Net earnings attributable to common shareholders from continuing operations, net of tax was $163 million or $0.63 per diluted share against $380 million or $1.37 per diluted share last year. Net cash provided by operating activities from continuing operations was $130 million against net cash used for operating activities from continuing operations of $100 million last year. Capital expenditures were $82 million against $79 million last year. Non-GAAP net sales were $2,622 million against $2,893 million last year. Non-GAAP operating earnings were $327 million against $464 million last year. For the third quarter of 2014, Motorola Solutions expects a revenue decline of 7% to 9% compared with the third quarter of 2013, with non-GAAP earnings per share from continuing operations in the range of $0.35 to $0.41. For the full year of 2014, the company still expects a revenue decline of low- to mid- single digits, excluding IDEN, with non-GAAP operating margins from continuing operations of approximately 18.5% of sales, consistent with the previous outlook.

Motorola Solutions Launches New LTE Vehicle Modem with 3G, 4G, Band 14 Access

Motorola Solutions announced a new version of its mobile LTE broadband modem that enables access to 3G networks in areas where Verizon LTE coverage is not available. The VML 750 LTE Vehicle Modem builds on the VML 700 LTE Vehicle Modem that was launched last fall via a partnership between Motorola and Verizon that was forged about three years ago. The VML 750 modem, which has the same form-factor as its predecessor, will be showcased at Motorola booth at APCO. The VML 700 modem was designed to work on Verizon commercial network and on Band 14 LTE networks, such as the nationwide public-safety broadband network being deployed by FirstNet. When the public-safety network is unavailable, the modem rolls over to Verizon 4G LTE network. But 4G coverage is not always available, and that is where the VML 750 can step in.

Motorola Solutions, Inc. Introduces the New Symbol CS4070 Wireless Handheld Bluetooth(R) Scanner

Motorola Solutions, Inc. introduced the new Symbol CS4070 wireless handheld Bluetooth(R) scanner that can easily pair with any Bluetooth-enabled tablet, smartphone or laptop to provide enterprise-class 1D and 2D bar code scanning. The CS4070 works with all of today's popular Android, iOS and Windows tablets, laptops and smartphones. And the integrated MFI chip and Apple certification ensure compatibility with all Apple mobile devices, including the iPhone and iPad. The pocket-sized CS4070 scanner is one of the smallest and lightest devices in its class and is ergonomically designed to be worn on a lanyard around the neck or fit naturally in the hand for all-day comfort, ensuring no-fatigue scanning for even the most scan-intensive applications; The CS4070 can scan bar codes both near and far and omni-directional scanning eliminates the need to align the scanner with the bar code; The affordable CS4070 companion scanner can quickly capture virtually any bar code with Motorola's most advanced imaging engine - whether it is displayed on the screen of a mobile phone or printed on paper and damaged, scratched or dirty; Retailers, transportation and logistics and field service organizations can use the durable CS4070 companion scanner for mobile point-of-sale (MPOS), merchandising, end-to-end track and trace, real-time ordering, route accounting, inventory management, and repair service. Motorola's Service from the Start Advance Exchange support provides coverage for normal wear and tear as well as accidental breakage and can prevent unexpected repair costs.

 

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