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Zebra Technologies Announces 2012 Third Quarter Financial Results

Results include $9.1 million non-cash asset impairment charge;

LINCOLNSHIRE, Ill., Nov. 6, 2012 /PRNewswire/ --Zebra Technologies Corporation (NASDAQ: ZBRA) today announced 2012 third quarter continuing operations diluted earnings per share of $0.51, including a non-cash asset impairment charge of $9,114,000, which reduced earnings by $0.18 per share. Earnings from continuing operations for the third quarter of 2011 totaled $0.64 per share. Net sales for the quarter ended September 29, 2012, decreased 0.5% to $252,037,000 from $253,338,000 for the third quarter of 2011. Movements in foreign exchange rates decreased sales by $3,767,000, or 1.5 percentage points, from a weaker euro against the U.S. dollar, compared with a year ago.

Summary Financial Performance (Unaudited)


3Q12

3Q11

Change

Net sales (in 000s)

$       252,037

$   253,338

-0.5%

Gross margin (%)

50.4

48.8

1.6 pts.





Income from continuing

   operations (in 000s)

$         26,581

$     34,187

-22.2%





Income from discontinued

   operations, net of tax (in 000s)

$              516

$      10,814

-95.2%





Net income (in 000s)

$         27,097

$     45,001

-39.8%





Diluted earnings per share:




Income from continuing operations

$          0.51

$         0.64

-20.3%

Income from discontinued operations

$          0.01

$         0.20

-95.0%

Net income

$          0.52

$         0.84

-38.1%

"Zebra delivered strong results in a challenged environment on the basis of the diversity of our business," stated Anders Gustafsson, Zebra's chief executive officer. "Investments in sales resources and channel expansion have resulted in engagements with more customers in targeted markets. In addition, we are serving our customers with a broader array of innovative solutions from a more efficient and productive product development process. During the quarter, we also deployed $75 million on the acquisition of LaserBand and share buybacks. We remain confident in our ability to deliver increasing returns to enhance shareholder value over the long term."

As of September 29, 2012, Zebra had $368,795,000 in cash and investments, and no long-term debt. Net inventories were $122,915,000, and net accounts receivable were $165,160,000.

Discussion and Analysis

  • Net sales for the third quarter of 2012 included year-over-year growth of 6.9% in North America and 9.3% in Latin America, both records. This growth offset sales declines of 4.9% in Asia Pacific and 10.6% in the Europe, Middle East and Africa region.
  • Gross profit of 50.4%, versus 48.8% in 2011, reflects reduced overhead, freight and reserve costs, partially offset by unfavorable movements in foreign exchange rates and product mix. Unfavorable foreign currency movements decreased third quarter gross profit by $2,939,000.
  • Operating expense growth of 18.1% included a non-cash asset impairment charge of $9,114,000, increased amortization costs, higher compensation costs, consulting fees, rent, and depreciation.
  • The 2012 effective tax rate increase in the third quarter reflects the non-deductibility of the non-cash asset impairment charge, as well as a rate decrease related to the second quarter implementation of a new structure for Zebra's international subsidiaries. The effect of the non-deductibility of the asset impairment charge increased the effective tax rate by 6.0% for the third quarter of 2012. 

Stock Purchase Update
During the third quarter of 2012, Zebra returned $15.0 million to shareholders through the repurchase of 400,000 shares of Zebra Technologies Corporation Class A Common Stock. At September 29, 2012, the company had 2,422,336 shares remaining in its stock buyback authorization, and 51,252,384 shares of common stock were outstanding.

Fourth Quarter Outlook
Zebra announced its financial forecast for the fourth quarter of 2012. Net sales are expected within a range of $245,000,000 to $255,000,000. Diluted earnings per share are expected within a range of $0.62 to $0.70. 

Conference Call Notification
Investors are invited to listen to a live webcast of Zebra's conference call discussing the company's financial results for the third quarter of 2012. The conference call will be held at 11:00 AM Eastern Time today. To listen to the call, visit the company's website at 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 fourth quarter of 2012 stated in the paragraph above captioned "Fourth 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.

These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra's industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra's hardware and software products and competitors' product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit, capital markets volatility, may have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra's ability to control manufacturing and operating costs. Because of a large investment portfolio, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra may be involved is another factor. These and other factors could have an adverse effect on Zebra's sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words "anticipate," "believe," "estimate," and "expect" and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company's future operations and results can be found in Zebra's filings with the Securities and Exchange Commission. In particular, readers are referred to Zebra's Form 10-K for the year ended December 31, 2011.

About Zebra Technologies
A global leader respected for innovation and reliability, Zebra Technologies Corporation (NASDAQ: ZBRA) offers technologies that give a virtual voice to an organization's assets, people and transactions, enabling organizations to unlock greater business value. The company's extensive portfolio of marking and printing technologies, including RFID and real-time location solutions, illuminates mission-critical information to help customers take smarter business actions. For more information about Zebra's solutions, visit http://www.zebra.com.

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)






September 29,

2012


December 31,

2011

ASSETS

(Unaudited)



Current assets:




Cash and cash equivalents

$     52,253


$     36,418

Investments and marketable securities

160,690


182,398

Accounts receivable, net

165,160


155,230

Receivable from buyer

0


27,580

Inventories, net

122,915


133,288

Deferred income taxes

15,506


13,931

Income tax receivable

0


13,111

Prepaid expenses and other current assets

14,454


22,917

Total current assets

530,978


584,873





Property and equipment at cost, less accumulated depreciation and amortization

102,537


97,822

Long-term deferred income taxes

7,536


11,866

Goodwill

95,345


79,703

Other intangibles, net

39,017


12,667

Long-term investments and marketable securities

155,852


107,879

Other assets

9,425


4,196


Total assets

$   940,690


$   899,006





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$     28,180


$     33,273

Accrued liabilities

50,568


64,612

Deferred revenue

12,288


11,089

Income taxes payable

2,031


0

Total current liabilities

93,067


108,974

Deferred rent

1,406


1,592

Other long-term liabilities

13,188


11,515


Total liabilities

107,661


122,081





Stockholders' equity:




Preferred Stock


Class A Common Stock

722


722

Additional paid-in capital

136,750


131,422

Treasury stock

(628,683)


(596,622)

Retained earnings

1,333,530


1,245,616

Accumulated other comprehensive loss

(9,290)


(4,213)


Total stockholders' equity

833,029


776,925


Total liabilities and stockholders' equity

$   940,690


$   899,006

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)






Three Months Ended


Nine Months Ended


September 29,

 2012


October 1,

2011


September 29,

 2012


October 1,

2011

Net sales:








  Net sales of tangible products

$     239,786


$     241,686


$     706,970


$     700,568

  Revenue from services and software

12,251


11,652


36,019


35,612

Total net sales

252,037


253,338


742,989


736,180









Cost of sales








  Cost of sales of tangible products

118,751


122,529


357,764


351,042

  Cost of services and software

6,362


7,256


18,041


19,889

Total cost of sales

125,113


129,785


375,805


370,931









Gross profit

126,924


123,553


367,184


365,249









Operating expenses:








   Selling and marketing

32,321


31,942


96,593


91,420

   Research and development

22,007


22,584


64,759


66,752

   General and administrative

22,481


18,978


71,203


62,372

   Amortization of intangible assets

1,670


843


3,210


2,514

   Acquisition costs

566


188


2,072


188

   Exit and restructuring costs

0


138


0


2,090

   Asset impairment charge

9,114


0


9,114


0

Total operating expenses

88,159


74,673


246,951


225,336









Operating income

38,765


48,880


120,233


139,913









Other income (expense):








   Investment income

541


134


1,959


1,350

   Foreign exchange loss

(514)


(173)


(936)


(1,300)

   Other, net

(294)


(859)


(1,144)


(1,356)

Total other income (expense)

(267)


(898)


(121)


(1,306)









Income from continuing operations before income taxes

38,498


47,982


120,112


138,607

Income taxes

11,917


13,795


33,014


41,123

Income from continuing operations

26,581


34,187


87,098


97,484

Income from discontinued operations, net of tax

516


10,814


816


42,115

Net income

$       27,097


$       45,001


$       87,914


$     139,599









Basic earnings per share:








   Income from continuing operations

$          0.52


$          0.64


$          1.68


$          1.79

   Income from discontinued operations

0.01


0.20


0.02


0.77

      Net income

$          0.53


$          0.84


$          1.70


$          2.56

Diluted earnings per share:








   Income from continuing operations

$          0.51


$          0.64


$          1.67


$          1.78

   Income from discontinued operations

0.01


0.20


0.02


0.77

      Net income

$          0.52


$          0.84


$          1.69


$          2.55









Basic weighted average shares outstanding

51,566


53,339


51,775


54,405

Diluted weighted average and equivalent shares outstanding

51,809


53,628


52,041


54,770

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)






Three Months Ended


Nine Months Ended


September 29, 2012


October 1, 2011


September 29, 2012


October 1, 2011









Net income

$ 27,097


$ 45,001


$ 87,914


$ 139,599









Other comprehensive income (loss):








  Unrealized gains (losses) on hedging transactions, net of income taxes

(3,946)


5,615


(6,192)


2,838

  Unrealized holding gains (losses) on investments, net of income taxes

392


(636)


917


(303)

  Foreign currency translation adjustment

12


173


198


(630)









Comprehensive income

$ 23,555


$ 50,153


$ 82,837


$ 141,504

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)




Nine Months Ended


September 29, 2012


October 1, 2011

Cash flows from operating activities:




        Net income

$    87,914


$   139,599

        Adjustments to reconcile net income to net cash provided by (used in) operating activities:




                Depreciation and amortization

18,906


17,985

                Equity-based compensation

11,485


11,060

                Asset impairment charge

9,114


0

                Impairment of investments

0


326

                Excess tax benefit from equity-based compensation

(1,492)


(1,265)

                Loss on sale of property and equipment

178


53

                Gain on sale of business

(613)


(66,753)

                Deferred income taxes

2,755


5,703

                Changes in assets and liabilities:




                        Accounts receivable, net

(6,108)


(10,112)

                        Inventories, net

11,981


(6,635)

                        Other assets

12,070


(10,150)

                        Accounts payable

(10,843)


(8,493)

                        Accrued liabilities

(11,341)


(14,917)

                        Deferred revenue

2,644


(16,707)

                        Income taxes

14,711


(7,087)

                        Other operating activities

(6,378)


2,116

                                Net cash provided by operating activities

134,983


34,723





Cash flows from investing activities:




        Purchases of property and equipment

(17,140)


(17,829)

        Proceeds from the sale of business

27,580


161,206

        Acquisition of business, net of cash acquired

(59,874)


0

        Acquisition of intangible assets

(3,000)


(200)

        Purchase of long-term equity investment

(5,000)


0

        Purchases of investments and marketable securities

(483,349)


(791,811)

        Maturities of investments and marketable securities

324,139


493,649

        Proceeds from sales of investments and marketable securities

133,863


253,377

                                Net cash provided by (used in) investing activities

(82,781)


98,392





Cash flows from financing activities:




        Purchase of treasury stock

(39,697)


(146,373)

        Proceeds from exercise of stock options and stock purchase plan purchases

1,909


9,197

        Excess tax benefit from equity-based compensation

1,492


1,265

                                Net cash used in financing activities

(36,296)


(135,911)





Effect of exchange rate changes on cash

(71)


(899)





Net increase in cash and cash equivalents

15,835


(3,695)

        Cash balance of discontinued operations at beginning of period

0


1,301

        Less: Cash balance of discontinued operations at end of period

0


0

Cash and cash equivalents at beginning of period

36,418


46,175

Cash and cash equivalents at end of period

$   52,253


$   43,781





Supplemental disclosures of cash flow information:




 Income taxes paid

$   16,773


$   53,512

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)


SALES BY PRODUCT CATEGORY









Three Months Ended







September 29,


October 1,


Percent


Percent of


Percent of

Product Category

2012


2011


Change


Net Sales - 2012


Net Sales – 2011

Hardware

$ 183,053


$ 193,214


(5.3)


72.6


76.3

Supplies

55,423


47,110


17.6


22.0


18.6

Service and software

12,251


11,652


5.1


4.9


4.6

  Subtotal products

250,727


251,976


(0.5)


99.5


99.5

Shipping and handling

1,310


1,362


(3.8)


0.5


0.5

  Total net sales

$ 252,037


$ 253,338


(0.5)


100.0


100.0

 


Nine Months Ended







September 29,


October,


Percent


Percent of


Percent of

Product Category

2012


2011


Change


Net Sales - 2012


Net Sales – 2011

Hardware

$     548,222


$     555,108


(1.2)


73.9


75.4

Supplies

154,893


141,323


9.6


20.8


19.2

Service and software

36,019


35,612


1.1


4.8


4.8

   Subtotal products

739,134


732,043


1.0


99.5


99.4

Shipping and handling

3,855


4,137


(6.8)


0.5


0.6

   Total net sales

$     742,989


$     736,180


0.9


100.0


100.0

 

SALES BY GEOGRAPHIC REGION



Three Months Ended







September 29,


October 1,


Percent


Percent of


Percent of

Geographic Region

2012


2011


Change


Net Sales - 2012


Net Sales - 2011

Europe, Middle East and Africa

$ 75,637


$ 84,597


(10.6)


30.0


33.4

Latin America

26,188


23,968


9.3


10.4


9.5

Asia-Pacific

36,843


38,723


(4.9)


14.6


15.3

  Total International

138,668


147,288


(5.9)


55.0


58.2

North America

113,369


106,050


6.9


45.0


41.8

  Total net sales

$ 252,037


$ 253,338


(0.5)


100.0


100.0

 


Nine Months Ended







September 29,


October 1,


Percent


Percent of


Percent of

Geographic Region

2012


2011


Change


Net Sales - 2012


Net Sales - 2011

Europe, Middle East and Africa

$     239,615


$     254,218


(5.7)


32.3


34.5

Latin America

73,846


68,137


8.4


9.9


9.3

Asia-Pacific

105,912


109,518


(3.3)


14.3


14.9

   Total International

419,373


431,873


(2.9)


56.5


58.7

North America

323,616


304,307


6.3


43.5


41.3

   Total net sales

$     742,989


$     736,180


0.9


100.0


100.0

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

PRINTER UNITS and AVERAGE UNIT PRICES

(Unaudited)




Three Months Ended


September 29,


October 1,


Percent


2012


2011


Change

Total printers shipped

310,972


315,743


(1.5)

Average selling price of printers shipped

$492


$524


(6.1)








Nine Months Ended


September 29,


October 1,


Percent


2012


2011


Change

Total printers shipped

938,827


876,483


7.1

Average selling price of printers shipped

$488


$535


(8.7)

 

Contact:


Investors:

Media:

Douglas A. Fox,

 CFA Robb Kristopher

Vice President, Investor Relations

Director, Corporate Communications

and Treasurer

and Public Relations

+ 1 847 793 6735

+ 1 847 793 5514

[email protected] 

[email protected]

SOURCE Zebra Technologies Corporation

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As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...