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Motorola, Inc. “2008 Annual Report.” Motorola.com March 2009. 9 September 2009 https://materials.proxyvote.com/Approved/620076/20090309/AR_36099/images/Motorola_Inc_AR2008.pdf
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RIM, Inc. “2009 Annual Report.” Rim.com March 2009. 9 September 2009 http://www.rim.com/investors/pdf/RIM09AR_FINAL.pdf
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Apple, Inc. “2008 10-K Report.” Corporate-ir.net October 2008. 9 September 2009 http://library.corporate-ir.net/library/10/107/107357/items/315133/AAPL_10K_FY08.pdf
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Nokia, Inc. “2008 Annual Report.” Nokia.com March 2009. 9 September 2009 http://www.nokia.com/NOKIA_COM_1/About_Nokia/Sidebars_new_concept/Annual_Accounts_2008/Nokia_in_2008.pdf
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Palm, Inc. “2009 Annual Report.” Shareholder.com June 2009. 9 September 2009 http://files.shareholder.com/downloads/PALM/722535900x0x302996/fc5f86a8-8a30-4c60-93ca-347e9d3797b9/PalmReportsQ4AndFY09Results.pdf
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Retrieved September 29, 2009 from the World Wide Web: http://www.dslreports.com/shownews/RIM-Sues-Motorola-Over-Patent-Abuse-91963
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Retrieved September 29, 2009 from the World Wide Web: http://brainstormtech.blogs.fortune.cnn.com/2009/01/27/apple-awarded-iphone-patent/
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Retrieved September 24, 2009 from the World Wide Web: http://www.reuters.com/article/technologyNews/idUSSEO16932520080527
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Retrieved September 24, 2009 from the World Wide Web: http://finance.yahoo.com/q/co?s=QCOM
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Retrieved September 20, 2009 from the World Wide Web:
http://windowsitpro.com/article/articleid/101092/netbooks-can-they-bridge-the-gap-between-mobile-phone-and-notebook.html
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Retrieved September 22, 2009 from the World Wide Web: http://en.wikipedia.org/wiki/List_of_mobile_network_operators
-
Retrieved September 22, 2009 from the World Wide Web: http://cellphones.about.com/od/phonemakers/All_Cell_Phones_Sorted_By_Manufacturers.htm
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Research Insight. Retrieved September and October 2009.
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Davis, Lindsey. Personal Interview. Multiple times through September and October 2009.
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Retrieved September 30, 2009 from the World Wide Web: http://www.informationweek.com/news/mobility/business/showArticle.jhtml?articleID=212001304
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Retrieved September 30, 2009 from the World Wide Web: http://www.motorola.com/Consumers/US-EN/Home
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Retrieved October 1, 2009 from the World Wide Web: http://www.infoplease.com/ipa/A0933563.html
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Retrieved October 1, 2009 from the World Wide Web: http://www.itu.int/ITU-D/ICTEYE/Reports.aspx#
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Retrieved September 16, 2009 from the World Wide Web: http://www.federalreserve.gov/pubs/bulletin/2009/pdf/Industrial09.pdf
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Retrieved October 1, 2009 from the World Wide Web: http://www.newser.com/story/17880/motorola-may-sell-ailing-cell-phone-division.html
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Retrieved October 1, 2009 from the World Wide Web: http://www.mobilemarketingnews.co.uk/Japanese_Mobile_Phone_Groups_Announce_Merger_39144056609.html
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Retrieved September 16, 2009 from the World Wide Web: http://en.wikipedia.org/wiki/Mobile_phone
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Retrieved September 16, 2009 from the World Wide Web: http://en.wikipedia.org/wiki/United_States_2008_wireless_spectrum_auction
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Retrieved October 5, 2009 from the World Wide Web: http://www.mobiledia.com/news/30541.html
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Retrieved October 5, 2009 from the World Wide Web: http://www.reuters.com/article/technologyNews/idUSTRE55S2FY20090629
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Retrieved October 1, 2009 from the World Wide Web: http://www.informationweek.com/news/mobility/business/showArticle.jhtml?articleID=212001304
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Retrieved September23, 2009 from the World Wide Web:
http://quicktake.morningstar.com/StockNet/Profitability10.aspx?
Appendices
Mobile Device Industry Ratios
Year ended:
|
2004
|
2005
|
2006
|
2007
|
2008
|
Current Ratio
|
2.25
|
2.71
|
2.31
|
1.87
|
1.72
|
Quick Ratio
|
1.91
|
2.21
|
1.90
|
1.47
|
1.33
|
Inventory Turnover
|
9.25
|
12.30
|
14.71
|
16.26
|
17.95
|
Receivables Turnover
|
5.05
|
6.29
|
7.03
|
7.08
|
6.48
|
Total Asset Turnover
|
0.71
|
0.88
|
1.02
|
1.12
|
1.14
|
Average Collection Period (Days)
|
47.01
|
46.31
|
51.18
|
56.75
|
57.46
|
Net Profit Margin (%)
|
8.46
|
14.48
|
10.54
|
8.38
|
-14.76
|
Return on Assets (%)
|
7.96
|
15.96
|
12.63
|
9.35
|
-17.34
|
Return on Equity (%)
|
13.32
|
25.70
|
21.08
|
1.02
|
9.66
|
Return on Investment (%)
|
12.28
|
24.55
|
20.51
|
16.57
|
-44.06
|
Long-Term Debt/Common Equity (%)
|
10.21
|
7.78
|
5.53
|
95.57
|
-15.04
|
Total Debt/Total Assets (%)
|
5.53
|
4.09
|
4.33
|
12.42
|
29.17
|
Other Relevant Indices
Information on the five companies we studied
Nokia
The company is the world's #1 maker of cell phones. The company's business is divided primarily between three divisions: devices and services (mobile device manufacturing and multimedia internet services) and NAVTEQ (digital map data and content). Nokia's wireless network products business is operated in partnership with Munich-based Siemens as Nokia Siemens Networks; the joint venture is the #3 player in the wireless networking equipment market, behind Ericsson and Alcatel-Lucent.
Company Type
|
Public - NYSE: NOK; OMX Helsinki: NOK1V
Main Headquarters
|
Fiscal Year-End
|
December
|
2008 Sales (mil.)
|
$71,475.7
|
2008 Employees
|
125,829
|
Nokia Income Statement
|
2008
|
2007
|
2006
|
Revenue ($ mil.)
|
71,475.7
|
75,152.3
|
54,250.9
|
Gross Profit ($ mil.)
|
24,487.2
|
25,469.8
|
17,650.9
|
Operating Income ($ mil.)
|
7,266.0
|
12,233.1
|
7,579.4
|
Total Net Income ($ mil.)
|
5,621.1
|
10,605.0
|
5,680.9
|
Diluted EPS (Net Income)
|
1.48
|
2.69
|
1.39
|
Nokia Financial Ratios
|
Company
|
Industry
Median
|
Market
Median1
|
Price/Sales Ratio
|
0.76
|
1.44
|
6.88
|
Price/Earnings Ratio
|
9.76
|
(51.02)
|
25.00
|
Price/Book Ratio
|
3.04
|
2.53
|
6.62
|
Price/Cash Flow Ratio
|
12.11
|
13.95
|
42.73
|
Headquarters
Keilalahdentie 2-4
Fl-02150 Espoo, Finland
Key Executive Officers
Chairman
|
Jorma Ollila
|
Network | E-mail
|
President, CEO, and Director
|
Olli-Pekka Kallasvuo
|
Network | E-mail
|
EVP and CFO
|
Richard A. (Rick) Simonson
|
Network | E-mail
|
Motorola
The company is the #3 manufacturer of wireless telephone handsets. It also sells wireless network infrastructure equipment such as cellular transmission base stations and signal amplifiers. Motorola's home and broadcast network products include set-top boxes, digital video recorders, and network equipment used to enable video broadcasting, IP telephony, and high-def television. Its products for business and government customers consist mainly of wireless voice and broadband data systems used to build private networks and public safety communications systems.
Company Type
|
Public - NYSE: MOT
Main Headquarters
|
Fiscal Year-End
|
December
|
2008 Sales (mil.)
|
$30,146.0
|
2008 Employees
|
64,000
|
Motorola, Inc. Income Statement
|
2008
|
2007
|
2006
|
Revenue ($ mil.)
|
30,146.0
|
36,622.0
|
42,879.0
|
Gross Profit ($ mil.)
|
8,395.0
|
9,952.0
|
12,727.0
|
Operating Income ($ mil.)
|
(2,413.0)
|
(25.0)
|
4,945.0
|
Total Net Income ($ mil.)
|
(4,244.0)
|
(49.0)
|
3,661.0
|
Diluted EPS (Net Income)
|
(1.87)
|
(0.02)
|
1.46
|
Motorola Key Financial Ratios
|
Company
|
Industry
Median
|
Market
Median1
|
Price/Sales Ratio
|
0.73
|
1.44
|
6.88
|
Price/Earnings Ratio
|
(4.29)
|
(51.02)
|
25.00
|
Price/Book Ratio
|
1.95
|
2.53
|
6.62
|
Price/Cash Flow Ratio
|
(38.31)
|
13.95
|
42.73
|
Headquarters:
1303 E. Algonquin Rd.
Schaumburg, IL 60196
United States
Motorola Key Executive Officers
Title
|
Name & Bio
|
Contact
|
Chairman
|
David W. Dorman
|
Network | E-mail
|
President, Co-CEO, and Director; CEO, Broadband Mobility Solutions
|
Gregory Q. (Greg) Brown
|
Network | E-mail
|
Co-CEO and Director; CEO, Mobile Devices
|
Sanjay K. Jha
|
Network | E-mail
|
Apple, Inc.
Apple’s entry into the cellular phone market has been the iPhone. Sales of the iPhone have made Apple a major player in the cellular telephone industry.
Company Type
|
Public - NASDAQ (GS): AAPL
Main Headquarters
|
Fiscal Year-End
|
September
|
2008 Sales (mil.)
|
$32,479.0
|
2008 Employees
|
35,100
|
Apple, Inc. Income Statement
|
2008
|
2007
|
2006
|
Revenue ($ mil.)
|
32,479.0
|
24,006.0
|
19,315.0
|
Gross Profit ($ mil.)
|
11,145.0
|
8,154.0
|
5,598.0
|
Operating Income ($ mil.)
|
--
|
--
|
--
|
Total Net Income ($ mil.)
|
4,834.0
|
3,496.0
|
1,989.0
|
Diluted EPS (Net Income)
|
5.36
|
3.93
|
2.27
|
Apple, Inc. Key Financial Ratios
|
Company
|
Industry
Median
|
Market
Median1
|
Price/Sales Ratio
|
4.77
|
2.19
|
6.88
|
Price/Earnings Ratio
|
31.85
|
28.57
|
25.00
|
Price/Book Ratio
|
6.31
|
6.50
|
6.62
|
Price/Cash Flow Ratio
|
14.56
|
15.15
|
42.73
|
Headquarters:
1 Infinite Loop
Cupertino, CA 95014
United States
Apple Key Executive Officers
Title
|
Name & Bio
|
Contact
|
Chairman
|
William V. (Bill) Campbell
|
Network | E-mail
|
COO
|
Timothy D. (Tim) Cook
|
Network | E-mail
|
CEO and Director
|
Steven P. (Steve) Jobs
|
Network | E-mail
|
Research in Motion (RIM)
The company provides wireless hardware, software, and services to customers worldwide. Its popular line of BlackBerry smart phones handle voice, e-mail, and text message communications, as well as Internet access and multimedia applications. RIM also provides software development tools and makes radio-based modems that other manufacturers incorporate into portable devices. The company sells to corporations, resellers, and wireless carriers. BlackBerry devices are offered by service providers including AT&T Mobility, T-Mobile, and Verizon Wireless.
Company Type
|
Public - NASDAQ (GS): RIMM; Toronto: RIM
Main Headquarters
|
Fiscal Year-End
|
February
|
2009 Sales (mil.)
|
$11,065.2
|
2009 Employees
|
8,387
|
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