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Zebra Technologies Announces Record Earnings per Share in 2010 Fourth Quarter

LINCOLNSHIRE, Ill. Feb. 15, 2011 $28,217,000 $0.50 $1,134,000 $0.01 $248,175,000 $222,522,000 $17,630,000 $0.30 $2,737,000 $0.03

Summary Financial Performance

4Q10

4Q09

Change

Net sales ( in thousands )

$248,175

$222,522

11.5%

Gross margin (%)

49.8

45.6

4.2 pts.

Operating margin (%)

16.3

11.8

4.5 pts.

Net income ( in thousands )

$28,217

$17,630

60.1%

Diluted EPS

$0.50

$0.30

66.7%

Anders Gustafsson

December 31, 2010 $259,899,000 $113,742,000 $154,146,000

Discussion and Analysis

  • Latin America Asia Pacific
  • Gross margin of 49.8% versus 45.6% a year ago was principally driven by higher volumes, an improved product mix, product material savings and lower overhead and freight charges. These factors were partially offset by unfavorable movements in foreign exchange rates.  
  • Operating expenses increased 10.6% from the fourth quarter of 2009 substantially from increased selling and marketing and research and development expenses related to higher costs for compensation, business development, outside professional services, travel and entertainment, and project expenses.
  • $1,082,000
  • The income tax rate of 29.9% for the fourth quarter of 2010 reflects an extension of Federal R&D tax credits. In addition, as Zebra’s business continued to expand more rapidly in international regions that have lower tax rates, the company’s consolidated global tax rate has declined.

$956,848,000 $803,585,000 $101,778,000 $1.77 $47,104,000 $0.79 $4,197,000 $0.05 $12,191,000 $0.14

Stock Purchase Update

December 31, 2010

First Quarter Outlook

$224,000,000 to $235,000,000 $226,431,000 $14,000,000 to $16,000,000 $210,431,000 $212,431,000 $0.41 to $0.47 $0.02

January 31, 2011 $190,000,000

Conference Call Notification

http://www.zebra.com

Forward-looking Statement

This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company’s financial forecast for the first quarter of 2011 stated in the paragraph above captioned "First Quarter Outlook." Actual results may differ from those expressed or implied in the company’s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.

December 31, 2009

About Zebra Technologies

http://www.zebra.com

ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

December 31,

2010

December 31,

2009

ASSETS

Current assets:

    Cash and cash equivalents

$  47,476

$  38,943

    Restricted cash

1,378

1,725

    Investments and marketable securities

125,567

114,064

    Accounts receivable, net of allowances of $2,161 in 2010 and $2,186 in 2009

154,146

150,992

    Inventories, net

113,742

79,926

    Deferred income taxes

19,393

10,792

     Income taxes receivable

4,724

    Prepaid expenses and other current assets

14,833

9,771

        Total current assets

476,535

410,937

Property and equipment at cost, net of

    accumulated depreciation and amortization

88,983

77,589

Long term deferred income taxes

21,023

35,842

Goodwill

151,933

153,225

Other intangibles, net

49,706

55,982

Long term investments and marketable securities

85,478

91,989

Other assets

5,206

4,915

Total assets

$  878,864

$  830,479

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

    Accounts payable

$  35,304

$  28,137

    Accrued liabilities

68,090

52,591

    Deferred revenue

26,757

24,082

    Income taxes payable

5,900

        Total current liabilities

136,051

104,810

Deferred rent

2,406

4,108

Other long-term liabilities

10,375

9,432

Total liabilities

148,832

118,350

Stockholders’ equity:

    Preferred stock

    Class A Common Stock

722

722

    Additional paid-in capital

129,715

136,104

    Treasury stock

(462,029)

(385,831)

    Retained earnings

1,070,973

969,195

    Accumulated other comprehensive income (loss)

(9,349)

(8,061)

             Total stockholders’ equity

730,032

712,129

             Total liabilities and stockholders’ equity

$  878,864

$  830,479

ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2010

December 31,

2009

December 31,

2010

December 31,

2009

Net sales:

 Net sales of tangible products

$         223,071

$         197,097

$  855,269

$  701,044

 Revenue from services and software

25,104

25,425

101,579

102,541

Total net sales

248,175

222,522

956,848

803,585

Cost of sales:

 Cost of sales of tangible products

113,191

110,611

455,007

401,727

 Cost of services and software

11,343

10,433

40,972

41,137

Total cost of sales

124,534

121,044

495,979

442,864

Gross profit

123,641

101,478

460,869

360,721

Operating expenses:

  Selling and marketing

34,496

28,543

122,689

102,535

  Research and development

26,741

21,838

101,930

86,390

  General and administrative

19,492

19,514

79,710

81,395

  Amortization of intangible assets

2,426

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