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|Douglas A. Fox, CFA||Tim Dreyer|
|Director, Investor Relations||Manager, Public Relations|
|and Treasurer||+1 847 793 5677|
|+1 847 793 6735|| |
FOR IMMEDIATE RELEASE
Zebra Technologies Announces 2008 Fourth Quarter and Full-Year Financial Results
Including Non-Cash Asset Impairment Charges
Board authorizes three million share increase in stock buyback program
Vernon Hills, IL, February 17, 2009Zebra Technologies Corporation (NASDAQ: ZBRA) today announced net sales of $232,568,000 for the quarter ended December 31, 2008, versus $233,573,000 for the fourth quarter of 2007. Net loss for the period was $117,361,000, or $1.88 per basic and diluted share, compared with net income of $30,803,000, or $0.45 per diluted share, for the fourth quarter of 2007.
Included in the results for the fourth quarter of 2008 are the following significant items:
Pretax non-cash impairment charges of $157,600,000, or $2.20 per basic and diluted share after tax, for the write-down of assets related to acquisitions and intellectual property because of changes in valuations related to current economic conditions and the business outlook.
Pretax exit, restructuring and integration expenses of $7,791,000 which reduced earnings by $0.08 per basic and diluted share after tax.
For the full year, net sales increased 12.5% to a record $976,700,000 from $868,279,000 for 2007. Net loss totaled $38,421,000, or $0.60 per basic and diluted share, including the impairment charge and $20,009,000 in exit, restructuring and integration costs. For 2007, the company recorded net income of $110,113,000, or $1.60 per diluted share.
Zebra performed well under increasingly challenging business conditions. Our financial strength, clear brand leadership, diverse revenue base, and comprehensive go-to-market channels enabled us to extend our industry leadership, stated Anders Gustafsson, Zebras chief executive officer. During the quarter, we reduced operating costs and focused on activities that will deliver the highest return on our investments, including the buyback of Zebra stock. We remain cautious in our near-term outlook and nimble to respond to changing business conditions and opportunities. Zebra is well positioned to help our customers improve their business processes with innovative solutions that help them track assets smarter and improve supply chain efficiency.
At December 31, 2008, Zebra had $224,886,000 in cash and investments, and no long-term debt. Net inventories were $100,199,000, and accounts receivable, net, were $152,679,000, down from $106,261,000 and $171,928,000, respectively, at the end of the third quarter of 2008.
The following information was filed by Zebra Technologies Corp (ZBRA) on Tuesday, February 17, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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