-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FpLBpqi5T7LU2otXlf2gKeApwYxFWQkKXrfgEZocNMacF7tAEwl7hmyz2IDjzgbw lYLOlRqf4Rcu4iB+Eq2omA== 0000877212-97-000008.txt : 19971111 0000877212-97-000008.hdr.sgml : 19971111 ACCESSION NUMBER: 0000877212-97-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970927 FILED AS OF DATE: 19971110 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZEBRA TECHNOLOGIES CORP/DE CENTRAL INDEX KEY: 0000877212 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 366966580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19406 FILM NUMBER: 97711501 BUSINESS ADDRESS: STREET 1: 333 CORPORATE WOODS PKWY CITY: VERNON HILLS STATE: IL ZIP: 60061 BUSINESS PHONE: 7086346700 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 27, 1997 Commission File Number: O-19406 Zebra Technologies Corporation (Exact name of registrant as specified in its charter) Delaware 36-2675536 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 333 Corporate Woods Parkway, Vernon Hills, IL 60061 (Address of principal executive offices) (Zip Code) (847) 634-6700 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and has been subject to such filing requirements for the past 90 days. [ X ] Yes [ ] No As of November 6, 1997, there were the following shares outstanding: Class A Common Stock, $.01 par value: 19,383,340 Class B Common Stock, $.01 par value: 4,890,609 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES QUARTER ENDED SEPTEMBER 27, 1997 INDEX
PAGE PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Independent Auditors' Review Report 2 Consolidated Balance Sheets as of September 27, 1997 (unaudited) and December 31, 1996 3 Consolidated Statements of Earnings (unaudited) for the three and nine months ended September 27, 1997 and September 28, 1996 4 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 27, 1997 and September 28, 1996 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 11 SIGNATURES 14 Item 1. Consolidated Financial Statements Independent Auditors' Review Report The Board of Directors Zebra Technologies Corporation: We have reviewed the consolidated balance sheet of Zebra Technologies Corporation and subsidiaries as of September 27, 1997, and the related consolidated statements of earnings for the three-month and nine-month periods ended September 27, 1997 and September 28, 1996 and consolidated statements of cash flows for the nine month periods ended September 27, 1997 and September 28, 1996. These consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Zebra Technologies Corporation and subsidiaries as of December 31, 1996, and the related consolidated statements of earnings, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 7, 1997, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 1996 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Chicago, Illinois /s/KPMG Peat Marwick LLP October 14, 1997 ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data)
September 27, December 31, 1997 1996 ASSETS (Unaudited) Current assets: Cash and cash equivalents $9,749 $5,168 Investments and marketable securities 106,818 89,372 Accounts receivable, net of allowance 31,843 31,631 of $1,329 in 1997 and $960 in 1996 Inventories: Finished goods 8,919 10,428 Work-in-process 208 325 Raw materials 12,168 10,750 Total inventories 21,295 21,503 Prepaid expenses 2,245 690 Total current assets 171,950 148,364 Machinery and equipment at cost, less accumulated depreciation and 12,140 11,328 amortization Other assets 2,382 3,444 Deferred income taxes 2,318 147 Total assets $188,790 $163,283 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $10,002 $12,200 Accrued liabilities 7,593 4,180 Short-term note payable 137 1 Current portion of obligation under 64 62 capitalized lease with related party Income taxes payable 3,642 3,750 Total current liabilities 21,438 20,193 Obligation under capitalized lease with 67 115 related party, less current portion Long-term liability 212 2,211 Other 291 308 Total liabilities 22,008 22,827 Stockholders' equity: Preferred stock, $.01 par value, 10,000,000 shares authorized, none outstanding - - Class A Common Stock, $.01 par value; 35,000,000 shares authorized, 19,381,117 and 16,924,973 shares issued and outstanding in 1997 and 1996, respectively 194 169 Class B Common Stock, $.01 par value; 35,000,000 shares authorized, 4,890,609 and 7,315,404 shares issued and outstanding in 1997 and 1996, respectively 49 73 Paid-in capital 29,272 30,386 Retained earnings 137,086 108,624 Unrealized holding gain/(loss) on - (6) investments Cumulative translation adjustment 181 1,210 Total stockholders' equity 166,782 140,456 Total liabilities and stockholders' equity $188,790 $163,283
See accompanying notes to consolidated financial statements and Independent Auditors' Review Report. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) (Unaudited)
Three Months Ended Nine Months Ended September September September September 27, 28, 27, 28, 1997 1996 1997 1996 Net sales $49,889 $41,858 $138,742 $117,301 Cost of sales 24,878 21,763 69,027 61,192 Gross profit 25,011 20,095 69,715 56,109 Operating Expenses: Sales and marketing 4,863 3,538 13,807 11,388 Research and development 2,767 2,156 7,935 7,541 General and administrative 3,730 2,648 10,620 8,331 Acquired in-process technology - 3 - 1,117 Total operating expenses 11,360 8,345 32,362 28,377 Income from operations 13,651 11,750 37,353 27,732 Other income (expense): Investment income 1,278 786 3,715 2,477 Gain on securities 583 565 7,276 1,633 Other, net 27 48 364 102 Total other income 1,888 1,399 11,355 4,212 Income from continuing operations before income taxes 15,539 13,149 48,708 31,944 Provision for income taxes 5,594 4,526 17,591 10,869 Income from continuing operations 9,945 8,623 31,117 21,075 Discontinued operations: Income (loss) from discontinued operation (less applicable income tax benefit) - 92 (1,692) (851) Loss on disposal of discontinued operation including provision for operating losses during the phase-out period (less applicable income tax benefit) - - (963) - Net income $9,945 $8,715 $28,462 $20,224 Net income per share from continuing operations $0.41 $0.36 $1.28 $0.87 Net income per share $0.41 $0.36 $1.17 $0.84 Average shares outstanding 24,257 24,203 24,247 24,197
See accompanying notes to consolidated financial statements and Independent Auditors' Review Report. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)
Nine Months Ended September September 27, 28, 1997 1996 Cash flows from operating activities: Net income $28,462 $20,224 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,694 2,193 Appreciation in market value of investments and marketable securities (468) 1,252 Acquired in-process technology - 1,117 Discontinued operations (3,371) - Increase in accounts receivable (212) (4,147) Decrease in inventories 208 351 Decrease in other assets 1,062 850 Decrease in accounts payable (2,198) (3,126) Increase in accrued liabilities and other 3,396 1,459 (Decrease) in income taxes payable (108) (108) Increase in deferred income taxes (2,171) (485) Net increase (decrease) in other operating activities (2,583) 427 Net purchases of investments and marketable securities (23,017) (19,426) Net cash provided by operating activities 1,694 581 Cash flows from investing activities: Purchases of machinery and equipment (3,506) (4,803) Net (purchases) sales of investments and marketable securities 6,044 (78) Net cash provided by (used in) investing activities 2,538 (4,881) Cash flows from financing activities: Proceeds from sale of stock 259 129 Issuance of (payment for) short-term notes payable 136 (35) Payments for obligation under capital lease (46) (44) Payment for acquisition - (962) Net cash provided (used in) by financing activities 349 (912) Net increase (decrease) in cash and cash equivalents 4,581 (5,212) Cash and cash equivalents at beginning of period 5,168 10,017 Cash and cash equivalents at end of period $9,749 $4,805 Supplemental disclosures of cash flow information: Interest paid 9 16 Income taxes paid $15,936 $10,145
See accompanying notes to consolidated financial statements and Independent Auditors' Review Report. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Basis of Presentation The consolidated financial statements included herein have been prepared by Zebra Technologies Corporation and subsidiaries (the "Company"), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's latest Annual Report on Form 10-K filed with the Securities and Exchange Commission. The consolidated balance sheet as of December 31, 1996 presented herein has been derived from the audited consolidated balance sheet contained in the Annual Report on Form 10-K. In the opinion of the Company, the consolidated financial statements reflect all adjustments necessary to present fairly the consolidated financial position of Zebra Technologies Corporation and subsidiaries as of September 27, 1997 and December 31, 1996, and the consolidated results of their operations for the three and nine months ended September 27, 1997 and September 28, 1996 and their cash flows for the nine months ended September 27, 1997 and September 28, 1996. The results of operations for such interim periods are not necessarily indicative of the results for the full year. Note 2 - Discontinued Business Operations As of June 28, 1997, the Company made the decision to discontinue the operations of its subsidiary, Zebra Technologies VTI ("VTI"). The discontinuance of VTI and the related PC retail channel was completed during the third quarter of 1997. A one- time charge of $2,363,000, before income tax benefits, was recorded in the second quarter and was related to the discontinuance of VTI and the Company's presence in the PC retail channel. The one-time charge includes a provision for expected product returns from present retail channel partners, provision for slow moving/obsolete product, and provisions for estimated contingent liabilities. Note 3 - Legal Proceedings As of June 28, 1997, the Company has settled the pending litigation between Zebra and Messrs. Carter and Flury, the former officers of VTI. The legal actions which were initiated in March of 1996 have been settled out of court. Terms are confidential and all payments have been completed. The settlement did not unfavorably impact the Company's net income. In connection with the settlement of the litigation, the Company reduced long-term liabilities by $1,999,000 and paid-in capital by $1,372,000. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Third Quarter of 1997 versus Third Quarter of 1996 and Year-to-date 1997 versus Year-to-date 1996 Net sales for the third quarter of 1997 increased 19.2% to $49,889,000 versus sales of $41,858,000 for the third quarter of 1996. On a year-to-date basis, 1997 sales increased 18.3% to $138,742,000 versus sales of $117,301,000 in the comparable period of 1996. This sales increase for the quarter and year-to- date is attributed to unit growth in all product categories rather than price increases, as the average unit price of printer products has decreased due to product mix changes. Printer sales increased by 25.0% while supplies sales decreased by 1.6% over the third quarter of 1996, bringing printer sales to 77.0% and supplies sales to 20.2% of consolidated net sales, respectively, for the third quarter of 1997 as compared to 73.4% and 24.5% for the third quarter of 1996. On a year-to-date basis, printer sales increased by 21.9% and supplies sales by 6.3% over 1996, bringing printer sales to 75.3% and supplies sales to 22.2% of consolidated net sales, respectively, for the first nine months of 1997 as compared to 73.1% to 24.7% for the comparable period of 1996. Approximately 45.8% of third quarter net sales were derived from international sources as compared to 42.9% during the third quarter of 1996. Similarly, 46.7% of year-to-date net sales were derived from international sources as compared to 44.6% in the comparable period of 1996. Gross profit increased to $25,011,000 for the third quarter of 1997, a 24.5% gain over the gross profit of $20,095,000 for the third quarter of 1996. As a percentage of net sales, gross profit increased 2.1% from 48.0% in the third quarter of last year to 50.1% in the third quarter of 1997. Year-to-date gross profit of $69,715,000 also increased as a percentage of net sales, from 47.8% last year to 50.2% this year. This increase for the quarter and year-to-date is principally due to decreased material costs of high volume printer parts plus a favorable product mix within the Company's printer products and a lower percentage of supplies sales. Sales and marketing expenses of $4,863,000 were up 37.5% in the third quarter of 1997 compared to $3,538,000 in the third quarter of 1996. As a percentage of net sales, third quarter sales and marketing expenses increased to 9.7% from 8.5% for the same period last year. Year-to-date sales and marketing expenses of $13,807,000 were up 21.2% over the comparable period last year, increasing as a percentage of net sales from 9.7% last year to 10.0%. Increased spending on a quarterly and year-to-date basis is principally due to increased staffing (sales staff was increased in Singapore, Germany, and France), advertising, bad debt expense, customer accommodation, public relations, outside consulting services, and trade show expenses. These expense increases were offset in part by reductions in warranty costs in comparison to last year on both a quarterly and year-to-date basis. Research and development expenses for the third quarter of 1997 increased by 28.3% to $2,767,000 (5.5% of net sales) versus $2,156,000 (5.2% of net sales) in the third quarter of 1996. Year-to-date research and development expenses increased by 5.2% to $7,935,000 (5.7% of net sales) versus $7,541,000 (6.4% of net sales) last year. Increases on a quarterly and year-to-date basis were primarily due to increased staffing in both of the Vernon Hills and European facilities. General and administrative expenses for the third quarter of 1997 increased by 40.9% to $3,730,000 (7.5% of net sales) as compared to $2,648,000 (6.3% of net sales) for the third quarter of 1996. On a year-to-date basis, general and administrative expenses increased by 27.5% to $10,620,000 (7.7% of net sales) compared to $8,331,000 (7.1% of net sales) last year. The increase in general and administrative expenses for the quarter and year-to- date on both a dollar and percentage basis was primarily the result of increases in staffing, depreciation, outside consulting services, and building expenses. Both the 1997 and 1996 periods include the amortization of intangible assets and goodwill for the acquisition of the assets of Fenestra Computer Services, as described in the Liquidity and Capital Resources section below. Income from operations for the third quarter of 1997 increased by $1,901,000 or 16.2% to $13,651,000 (27.4% of net sales) compared to $11,750,000 (28.1% of net sales) for the third quarter of 1996. Year-to-date income from operations increased by $9,621,000 or 34.7% to $37,353,000 (26.9% of net sales) compared to $27,732,000 (23.6% of net sales) in the previous year. This increase on a quarterly and year-to-date basis was due to higher gross profits, as previously indicated, offset in part by the non-recurring write-off of acquired in-process technology of $1,117,000 in the first quarter of 1996 as a result of the Company's acquisition of Fenestra Computer Services. Investment income for the third quarter of 1997 increased by $510,000 or 37.7% to $1,861,000 versus $1,351,000 for the third quarter of 1996. On a year-to-date basis, investment income increased by $6,881,000 or 167.4% to $10,991,000 versus $4,110,000 in 1996. On both a quarterly and year-to-date basis, the Company had larger cash balances invested and was able to earn a higher rate of return than in the comparable period from 1996. Cash and marketable securities increased to $116,567,000 as of September 27, 1997 from $94,540,000 as of December 31, 1996. Gain on securities includes a one-time gain of $5,458,000 during the first quarter of 1997 from the sale of 350,000 shares of Norand Corporation common stock which was purchased in October of 1995 when management briefly considered Norand a possible acquisition candidate. Income before income taxes was $15,539,000 in the third quarter of 1997 compared to $13,149,000 in the same quarter of last year, an increase of $2,390,000 or 18.2%. The provision for income taxes was 36.0% in the third quarter of 1997, resulting in net income from continuing operations of $9,945,000 or 19.9% of net sales and net income per share from continuing operations of $0.41 on 24,257,000 weighted average shares outstanding. In the third quarter of 1996, the provision for income taxes was 34.4% resulting in net income from continuing operations of $8,623,000 or 20.6% of net sales and net income per share from continuing operations of $0.36 on 24,203,000 weighted average shares outstanding. Year-to-date income from continuing operations before income taxes of $48,708,000 was $16,764,000 or 52.5% above the prior year amount of $31,944,000 for the same period. The provision for income taxes on a year-to-date basis was 36.1% in 1997, resulting in net income from continuing operations of $31,117,000 or 22.4% of net sales and net income per share from continuing operations of $1.28 on 24,247,000 weighted average shares outstanding. On a year-to-date basis, the provision for income taxes in 1996 was 34.0% resulting in net income from continuing operations of $21,075,000 or 18.0% of net sales and net income per share from continuing operations of $0.87 on 24,197,000 weighted average shares outstanding. The increase in the effective tax rate in 1997, on a quarterly and year-to-date basis, was due to a decrease in tax-exempt income in the 1997 period compared with the 1996 period. As of June 28, 1997, the Company made the decision to discontinue the operations of its VTI subsidiary. The discontinuance of VTI and the related PC retail channel was completed during the third quarter of 1997. A one-time charge of $2,363,000, before income tax benefits, was recorded in the second quarter and was related to the discontinuance of VTI and the Company's presence in the PC retail channel. The one-time charge includes a provision for expected product returns from present retail channel partners, provision for slow moving/obsolete product, and provisions for estimated contingent liabilities. As part of recording the provisions and charges, the related remaining goodwill and intangible assets were written off as part of the discontinued operation charge. The transition of remaining salable products and the business records and duties was made during the third quarter of 1997 to appropriate personnel at the Company's Vernon Hills facility. Liquidity and Capital Resources The Company's principal source of liquidity continues to be cash generated from operations and its cash and marketable securities balances. At September 1997, the Company had $116,567,000 in cash and marketable securities versus $94,540,000 at the end of 1996. Effective February 16, 1996, the Company purchased the assets of Fenestra Computer Services, a UK partnership, in exchange for $1,314,000 in cash and Zebra Class A common stock. The transaction has been accounted for under the purchase method of accounting. Assets and liabilities, including software and hardware technology, and trade names have been recorded at their respective fair market values with $1,117,000 assigned to acquired in-process technology based on an independent third- party appraisal. The entire amount of the acquired in-process technology was expensed in the first quarter of 1996. Management believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements. The Company has no commitments or agreements with respect to acquisitions or other significant capital expenditures. Recently Issued Accounting Pronouncement In February 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings per Share" ("EPS"). Implementation of SFAS No. 128 is required for the periods ending after December 15, 1997. The standard establishes new methods for computing and presenting EPS and replaces the presentation of primary and fully-diluted EPS with basic and diluted EPS. The new methods under this standard are not expected to have a significant impact on the Company's EPS amounts. Significant Customer Sales to The Peak Technologies Group, Inc. ("Peak") accounted for more than 20% of the Company's total net sales in the fiscal year ended December 31, 1996 and 17% in the nine months ended September 27, 1997. Peak was recently acquired by Moore Corporation. The Company believes it has an excellent long-term relationship with Peak. However, the effect which the acquisition will have on the Company's relationship with this customer-positive or negative-is currently unknown. Safe Harbor Forward looking statements contained in this filing are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and are highly dependent upon a variety of important factors which could cause actual results to differ materially from those reflected in such forward looking statements. These factors include the acceptance of the Company's printer and software products by the market, and product offerings made by its competitors. Profits will be affected by the Company's ability to control manufacturing and operating costs. Due to the Company's large investment portfolio, interest rate conditions will also have an impact on results, as will foreign exchange rates due to the large percentage of the Company's sales in international markets. When used in this document 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. Readers of this release are referred to prior filings with the Securities and Exchange Commission, including Zebra's prospectus of September 4, 1997, for further discussions of factors that could affect Zebra's future results. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. 15. Acknowledgment of Independent Certified Public Accountants Regarding Independent Auditors' Review Report 27. Financial Data Schedule (b) Reports. No reports on Form 8-K have been filed by the Registrant for the quarterly period covered by this report. Exhibit 15 Acknowledgment of Independent Certified Public Accountants Regarding Independent Auditors' Review Report Zebra Technologies Corporation 333 Corporate Woods Parkway Vernon Hills, Illinois 60061-3109 Ladies and Gentlemen: With respect to the registration statements (No. 33-44706 and No. 33-72774) on Form S-8, we acknowledge our awareness of the incorporation by reference therein of our report dated October 14, 1997 related to our review of interim financial information. Pursuant to Rule 436(c) under the Securities Act of 1933, such report is not considered part of a registration statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of the Act. Very truly yours, /s/KPMG Peat Marwick LLP Chicago, Illinois November 5, 1997 Exhibit 27 The schedule contains summary financial information extracted from Zebra Technologies Corporation and subsidiaries consolidated balance sheet as of September 27, 1997 and consolidated statements of earnings for the nine months ended September 27, 1997 and is qualified in its entirety by reference to such financial statements. ZEBRA TECHNOLOGIES CORPORATION Appendix A to Item 601(c) of Regulation S-K Commercial and Industrial Companies Article 5 of Regulation S-X
Item Item Description Amount Number 5-02(1) cash and cash items 9,749 5-02(2) marketable securities 106,818 5-02(3)(a)(1) notes and accounts receivable-trade 33,172 5-02(4) allowances for doubtful accounts (1,329) 5-02(6) inventory 21,295 5-02(9) total current assets 171,950 5-02(13) property, plant and equipment 25,630 5-02(14) accumulated depreciation (13,490) 5-02(18) total assets 188,790 5-02(21) total current liabilities 21,438 5-02(22) bonds, mortgages and similar debt 0 5-02(28) preferred stock-mandatory redemption 0 5-02(29) preferred stock-no mandatory redemption 0 5-02(30) common stock 243 5-02(31) other stockholder's equity 166,539 5-02(32) total liabilities and stockholder's equity 188,790 5-03(b)1(a) net sales of tangible products 136,437 5-03(b)1 total revenues 138,742 5-03(b)2(a) cost of tangible goods sold 68,171 5-03(b)2 total costs and expenses applicable to sales and revenues 69,027 5-03(b)3 other costs and expenses 31,917 5-03(b)5 provision for doubtful accounts and notes 445 5-03(b)(8) interest and amortization of debt discount 9 5-03(b)(10) income before income taxes 48,708 5-03(b)11 income tax expense 17,591 5-03(b)(14) income/loss 31,117 5-03(b)(15) discontinued operations (2,655) 5-03(b)(17) extraordinary items 0 5-03(b)(18) cumulative effect-changes in accounting principles 0 5-03(b)(19) net income or loss 28,462 5-03(b)(20) earnings per share-primary 1.17 5-03(b)(20) earnings per share-fully diluted 1.17
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ZEBRA TECHNOLOGIES CORPORATION Date: November 6, 1997 By: /s/Edward L. Kaplan Edward L. Kaplan Chief Executive Officer Date: November 6, 1997 By: /s/Charles R. Whitchurch Charles R. Whitchurch Chief Financial Officer
EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS FOUND IN THE COMPANY'S FORM 10-Q FOR THE YEAR-TO-DATE, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1997 SEP-27-1997 9,749 106,818 33,172 (1,329) 21,295 171,950 25,630 (13,490) 188,790 21,438 0 0 0 243 166,539 188,790 136,437 138,742 68,171 69,027 31,917 445 9 48,708 17,591 31,117 (2,655) 0 0 28,462 1.17 1.17
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