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Zebra Technologies Announces Financial Results for the 2012 Fourth Quarter and Full Year

Record sales in Latin America and ongoing strength in North America lead to fourth consecutive sequential sales increase;

LINCOLNSHIRE, Ill., Feb. 12, 2013 /PRNewswire/ -- Zebra Technologies Corporation (NASDAQ: ZBRA) today announced 2012 fourth quarter diluted earnings from continuing operations of $0.68 per share, including acquisition and restructuring costs that reduced earnings by $0.03 per share. Earnings from continuing operations for the fourth quarter of 2011 totaled $0.63 per share. Net sales for the quarter ended December 31, 2012, increased 2.4% to $253,179,000 from $247,308,000 for the fourth quarter of 2011. Movements in foreign exchange rates decreased sales by $1,858,000 from a weaker euro against the U.S. dollar, compared with a year ago.

Summary Financial Performance (Unaudited)


4Q12

4Q11

Change

Net sales (in 000s)

$       253,179

$   247,308

2.4%

Gross margin (%)

49.2

49.1

0.1 pts.





Income from continuing

   operations (in 000s)

$         34,799

$     32,859

5.9%





Income from discontinued

   operations, net of tax (in 000s)

$              191

$        2,185

N/M





Net income (in 000s)

$         34,990

$     35,044

N/M





Diluted earnings per share:




Income from continuing operations

$          0.68

$         0.63

7.9%

Income from discontinued operations

$          0.00

$         0.04

N/M

Net income

$          0.68

$         0.67

1.5%

 

"Results for the quarter and full year reflect the meaningful progress made on meeting more of our customers' extended supply chain visibility needs," stated Anders Gustafsson, Zebra's chief executive officer. "We introduced a record 14 new printer products in 2012. This high development cadence led to a stronger complement of innovative products and solutions. More effective sales and marketing programs enabled a deeper level of engagement with customers in manufacturing, healthcare and retail. We enter 2013 mindful of the challenges in the current business environment, yet optimistic about Zebra's opportunities for accelerating growth and improving profitability."

For the full year, diluted earnings from continuing operations for 2012 totaled $2.35 per share, including acquisition and restructuring costs and an asset impairment charge that reduced earnings by $0.23 per share. For 2011, diluted earnings from continuing operations were $2.40, including acquisition and restructuring costs that reduced earnings by $0.03 per share. Net sales increased 1.3% to a record $996,168,000 for 2012 from $983,488,000 for 2011.

As of December 31, 2012, Zebra had $394,075,000 in cash and investments, and no long-term debt. Net inventories were $123,357,000, and net accounts receivable were $168,732,000.

Discussion and Analysis – Fourth Quarter

  • Net sales for the fourth quarter of 2012 included record sales in Latin America, up 21.7%. North American sales increased 6.7%. This growth offset sales declines of 2.5% in Asia Pacific and 5.7% in the Europe, Middle East and Africa (EMEA) region. On a constant-currency basis, sales in EMEA declined 3.6%. Sales of supplies – thermal ribbons, labels, wristbands and receipts – increased by 24.9% to a new quarterly record.  
  • Gross profit of 49.2%, versus 49.1% 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 fourth quarter gross profit by $1,806,000.
  • Operating expense growth of 1.2% included higher general and administrative expenses, increased amortization expense, higher acquisition costs, and higher exit and restructuring costs.

Stock Purchase Update
During the fourth quarter of 2012, Zebra returned $14.7 million to shareholders through the repurchase of 400,000 shares of Zebra Technologies Corporation Class A Common Stock at an average price of $36.69 per share. At December 31, 2012, the company had 2,022,336 shares remaining in its stock buyback authorization, and 50,908,267 shares of common stock were outstanding.

First Quarter Outlook
Zebra announced its financial forecast for the first quarter of 2013. Net sales are expected within a range of $240,000,000 to $252,000,000, which primarily reflects the company's typical seasonality in sales. Diluted earnings per share are expected within a range of $0.55 to $0.65.

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 fourth 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 first quarter of 2013 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.

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. The success of integrating acquisitions could also affect profitability, reported results and the company's competitive position in it industry. 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)

(Unaudited)






December 31,

2012


December 31,

2011

ASSETS




Current assets:




Cash and cash equivalents

$         64,740


$       36,418

Investments and marketable securities

324,140


182,398

Accounts receivable, net

168,732


155,230

Receivable from buyer

0


27,580

Inventories, net

123,357


133,288

Deferred income taxes

13,484


13,931

Income tax receivable

0


13,111

Prepaid expenses and other current assets

16,410


22,917

Total current assets

710,863


584,873





Property and equipment at cost, less accumulated depreciation and amortization

101,349


97,822

Long-term deferred income taxes

2,602


11,866

Goodwill

94,942


79,703

Other intangibles, net

39,151


12,667

Long-term investments and marketable securities

5,195


107,879

Other assets

13,646


4,196

                         Total assets

$       967,748


$     899,006





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$         23,045


$       33,273

Accrued liabilities

57,234


64,612

Deferred revenue

13,326


11,089

Income taxes payable

1,609


0

Total current liabilities

95,214


108,974

Deferred rent

1,303


1,592

Other long-term liabilities

14,229


11,515

                         Total liabilities

110,746


122,081





Stockholders' equity:




Preferred Stock

-


-

Class A Common Stock

722


722

Additional paid-in capital

139,523


131,422

Treasury stock

(641,438)


(596,622)

Retained earnings

1,368,520


1,245,616

Accumulated other comprehensive loss

(10,325)


(4,213)

                         Total stockholders' equity

857,002


776,925

                         Total liabilities and stockholders' equity

$       967,748


$     899,006

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)






Three Months Ended


Twelve Months Ended


December 31, 2012


December 31,

2011


December 31, 2012


December 31,

2011

Net sales:








  Net sales of tangible products

$      241,257


$        235,714


$      948,227


$     936,282

  Revenue from services and software

11,922


11,594


47,941


47,206

Total net sales

253,179


247,308


996,168


983,488









Cost of sales








  Cost of sales of tangible products

121,869


118,792


479,633


469,834

  Cost of services and software

6,850


6,996


24,891


26,885

Total cost of sales

128,719


125,788


504,524


496,719









Gross profit

124,460


121,520


491,644


486,769









Operating expenses:








   Selling and marketing

33,313


36,377


129,906


127,797

   Research and development

22,605


23,174


87,364


89,926

   General and administrative

20,964


18,973


92,167


81,345

   Amortization of intangible assets

1,463


806


4,673


3,320

   Acquisition costs

1,037


116


3,109


304

   Exit and restructuring costs

960


(49)


960


2,041

   Asset impairment charge

0


0


9,114


0

Total operating expenses

80,342


79,397


327,293


304,733









Operating income

44,118


42,123


164,351


182,036









Other income (expense):








   Investment income

526


594


2,485


1,944

   Foreign exchange loss

(5)


(706)


(941)


(2,006)

   Other, net

(577)


(899)


(1,721)


(2,255)

Total other income (expense)

(56)


(1,011)


(177)


(2,317)









Income from continuing operations before income taxes

44,062


41,112


164,174


179,719

Income taxes

9,263


8,253


42,277


49,376

Income from continuing operations

34,799


32,859


121,897


130,343

Income from discontinued operations, net of tax

191


2,185


1,007


44,300

Net income

$        34,990


$          35,044


$      122,904


$     174,643









Basic earnings per share:








   Income from continuing operations

$            0.69


$             0.63


$          2.36


$          2.42

   Income from discontinued operations

0.00


0.04


0.02


0.82

      Net income

$            0.69


$             0.67


$          2.38


$          3.24

Diluted earnings per share:








   Income from continuing operations

$            0.68


$             0.63


$          2.35


$          2.40

   Income from discontinued operations

0.00


0.04


0.02


0.82

      Net income

$            0.68


$             0.67


$          2.37


$          3.22









Basic weighted average shares outstanding

50,968


52,108


51,566


53,854

Diluted weighted average and equivalent shares outstanding

51,262


52,354


51,843


54,191

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)






Three Months Ended


Twelve Months Ended


December 31, 2012


December 31, 2011


December 31, 2012


December 31, 2011









Net income

$       34,990


$       35,044


$     122,904


$     174,643









Other comprehensive income (loss):








   Unrealized gain (loss) on hedging transactions, net of income taxes

(1,048)


3,371


(7,241)


6,209

   Unrealized holding gain (loss) on investments, net of income taxes

(30)


(82)


887


(385)

   Foreign currency translation adjustment

42


(59)


242


(688)









Comprehensive income

$       33,954


$       38,274


$     116,792


$     179,779

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)




Twelve Months Ended


December 31, 2012


December 31, 2011

Cash flows from operating activities:




        Net income

$      122,904


$       174,643

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







                Depreciation and amortization

26,177


24,000

                Equity-based compensation

14,727


14,095

                Asset impairment charge

9,114


0

                Impairment of investments

0


219

                Excess tax benefit from equity-based compensation

(1,578)


(1,392)

                Loss on sale of property and equipment

311


284

                Gain on sale of business

(930)


(68,745)

                Deferred income taxes

8,067


10,796

                Changes in assets and liabilities:




                        Accounts receivable, net

(8,647)


(3,269)

                        Inventories, net

11,530


(19,545)

                        Other assets

7,304


(12,721)

                        Accounts payable

(14,605)


(5,439)

                        Accrued liabilities

(4,193)


(11,086)

                        Deferred revenue

4,351


(14,131)

                        Income taxes

16,335


(14,983)

                        Other operating activities

(7,536)


5,582

                             Net cash provided by operating activities

183,331


78,308





Cash flows from investing activities:




     Purchases of property and equipment

(22,443)


(26,918)

     Proceeds from the sale of business

27,580


161,206

     Acquisition of business, net of cash acquired

(59,876)


0

     Acquisition of intangible assets

(3,500)


(1,232)

     Purchase of long-term investment

(9,125)


0

     Purchases of investments and marketable securities

(347,609)


(991,633)

     Maturities of investments and marketable securities

145,028


607,996

     Proceeds from sales of investments and marketable securities

164,410


303,801

                          Net cash provided by (used in) investing activities

(105,535)


53,220





Cash flows from financing activities:




    Purchase of treasury stock

(54,373)


(160,200)

    Proceeds from exercise of stock options and stock purchase plan purchases

3,361


13,009

    Excess tax benefit from equity-based compensation

1,578


1,392

                         Net cash used in financing activities

(49,434)


(145,799)





Effect of exchange rate changes on cash

(40)


1,835





Net increase in cash and cash equivalents

28,322


(12,436)

   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


47,553

Cash and cash equivalents at end of period

$        64,740


$         36,418





Supplemental disclosures of cash flow information:




Income taxes paid

$        20,059


$         65,364

 



ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)


SALES BY PRODUCT CATEGORY









Three Months Ended






Product Category

December 31,

2012


December 31,

2011


Percent

Change


Percent of

Net Sales - 2012


Percent of

Net Sales – 2011

Hardware

$   182,267


$    188,198


(3.2)


72.0


76.1

Supplies

57,607


46,135


24.9


22.8


18.6

Service and software

11,922


11,594


2.8


4.7


4.7

   Subtotal products

251,796


245,927


2.4


99.5


99.4

Shipping and handling

1,383


1,381


0.1


0.5


0.6

   Total net sales

$   253,179


$    247,308


2.4


100.0


100.0
















Twelve Months Ended






Product Category

December 31,

2012


December 31,

2011


Percent

Change


Percent of

Net Sales - 2012


Percent of

Net Sales – 2011

Hardware

$   730,489


$   743,308


(1.7)


73.4


75.5

Supplies

212,499


187,457


13.4


21.3


19.1

Service and software

47,941


47,206


1.6


4.8


4.8

   Subtotal products

990,929


977,971


1.3


99.5


99.4

Shipping and handling

5,239


5,517


(5.0)


0.5


0.6

   Total net sales

$   996,168


$   983,488


1.3


100.0


100.0

 

SALES BY GEOGRAPHIC REGION









Three Months Ended






Geographic Region

December 31,

2012


December 31,

2011


Percent

Change


Percent of

Net Sales - 2012


Percent of

Net Sales - 2011

Europe, Middle East and Africa

$ 83,355


$ 88,360


(5.7)


32.9


35.7

Latin America

26,255


21,578


21.7


10.4


8.7

Asia-Pacific

31,665


32,470


(2.5)


12.5


13.1

  Total International

141,275


142,408


(0.8)


55.8


57.5

North America

111,904


104,900


6.7


44.2


42.5

  Total net sales

$ 253,179


$ 247,308


2.4


100.0


100.0
















Twelve Months Ended






Geographic Region

December 31,

2012


December 31,

2011


Percent

Change


Percent of

Net Sales - 2012


Percent of

Net Sales - 2011

Europe, Middle East and Africa

$ 322,970


$ 342,578


(5.7)


32.4


34.8

Latin America

100,101


89,715


11.6


10.0


9.1

Asia-Pacific

137,577


141,987


(3.1)


13.8


14.5

  Total International

560,648


574,280


(2.4)


56.2


58.4

North America

435,520


409,208


6.4


43.8


41.6

  Total net sales

$ 996,168


$ 983,488


1.3


100.0


100.0

 

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

PRINTER UNITS and AVERAGE UNIT PRICES

(Unaudited)




Three Months Ended


December 31,


December 31,


Percent


2012


2011


Change

Total printers shipped

321,314


312,409


2.9

Average selling price of printers shipped

$477


$506


(5.7)








Twelve Months Ended


December 31,


December 31,


Percent


2012


2011


Change

Total printers shipped

1,260,141


1,188,892


6.0

Average selling price of printers shipped

$485


$527


(7.9)

 

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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Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
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Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...