8-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 17, 2003

ZEBRA TECHNOLOGIES CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware	00-19406	36-2675536
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
333 Corporate Woods Parkway, Vernon Hills, Illinois (Address of Principal Executive Offices)		60061 (Zip Code)

Registrant's telephone number, including area code:    847-634-6700

(Former Name or Former Address, if Changed Since Last Report)

Item 7.	Financial Statements, Pro Forma Financial Information and Exhibits.
	(c) Exhibits. The following Exhibit is being furnished herewith:

99.1
Registrant's Press Release dated April 17, 2003.

Item 9.	Regulation FD Disclosure (Information furnished in this Item 9 is furnished under Item 12).
	In accordance with Securities Exchange Commission Release No. 33-8216, the following information, which is intended to be furnished under Item 12, "Results of Operations and Financial Condition," is instead being furnished under Item 9, "Regulation FD Disclosure." This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
	On April 17, 2003, we announced our results of operations and financial position as of and for the three month period ended March 29, 2003. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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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 hereunto duly authorized.

	ZEBRA TECHNOLOGIES CORPORATION
Date April 17, 2003	By:	/s/  EDWARD L. KAPLAN Chairman of the Board and Chief Executive Officer

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SIGNATURES

EX-99.1

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Exhibit 99.1

Zebra Technologies Corporation
333 Corporate Woods Parkway
Vernon Hills, Illinois 60061.3109 U.S.A.
Telephone +1.847.634.6700
Facsimile +1.847.913.8766
www.zebra.com

FOR IMMEDIATE RELEASE

First Quarter Net Income Increases 47% to $0.70 Per Share for Zebra Technologies

Vernon Hills, IL, April 17, 2003-Zebra Technologies Corporation (Nasdaq: ZBRA) today announced that strong growth in net sales and gross profit margin combined with effective expense control resulted in 47.5% growth in net income for the first quarter of 2003 to a first-quarter record $22,040,000, or $0.70 per diluted share, from $14,940,000, or $0.48 per diluted share, for the first quarter of 2002. Net sales for the quarter that ended March 29, 2003, advanced 13.2% to $124,685,000, also a first quarter record, from $110,185,000 for the first quarter of 2002.

        The Company reported that quarterly sales growth, compared with the first quarter of 2002, occurred in all geographic territories, with higher growth rates in international regions. The company also had sales growth in all major product categories: hardware, supplies, service and software. Gross profit margin increased 4.4 percentage points from the first quarter of 2002 to 51.6%, a result of favorable currency translation, higher capacity utilization, and product cost reductions. Operating expenses increased 0.7%. Increases in selling and marketing, research and development, and general and administrative expenses were offset by reductions in costs related to a terminated acquisition and merger costs. For the first quarter of 2003, operating income increased 62.0% to 25.4% of net sales from 17.7% of net sales for the first quarter of 2002.

        Financial results for the first quarter of 2002 include $3,300,000 in expenses related to the terminated acquisition of Fargo Electronics, Inc. Results also include a $1,953,000 gain on the sale of Fargo common stock, as well as $73,000 in merger costs related to the acquisition of Comtec Information Systems in April 2000.

        "Investments we made in 2002 enabled sales and earnings growth, and helped the company to achieve these outstanding financial results," stated Edward Kaplan, Zebra's chairman and chief executive officer. "Last year, Zebra used its substantial resources to invest aggressively to gain global market share and competitive advantage. These actions were taken during a period of economic uncertainty for the long-term benefit of Zebra's stockholders. First quarter results demonstrate the success of these investments in sales and marketing, new product development, and global expansion."

        Mr. Kaplan added, "We continued to invest during the first quarter to support our growth goals and deliver stockholder value. We expanded global coverage by adding sales representatives in China, Mexico, and India. Our product development activities yielded new mobile and desktop products for current and targeted applications. More Zebra associates are now focused on delivering solutions to high-growth vertical markets, including life sciences. We anticipate that these investments will have an increasingly positive effect as the year progresses, making us optimistic about further growth this year and beyond."

        At March 29, 2003, Zebra had $375,927,000 in cash and investments, total stockholders' equity of $558,355,000, and total assets of $611,293,000. During the quarter, both inventories and accounts receivable increased modestly from the levels recorded at December 31, 2002, because of the timing of product orders and shipments.

        The company announced its financial forecast for the second quarter of 2003. Net sales are expected within a range of $123,000,000 and $128,000,000, with diluted earnings between $0.64 and $0.69 per share.

        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 second quarter of 2003 stated in the paragraph directly above. These statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in general industry and market conditions, of general domestic and international economic conditions, and other factors. Specifically, these factors include market acceptance of the company's products and product lines and competitors' product offerings, as well as the speed of adoption of the company's printing technologies and competing technologies. 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, 2002.

        Zebra Technologies Corporation delivers innovative and reliable on-demand printing solutions for business improvement and security applications in about 100 countries around the world. More than 90% of Fortune 500 companies use Zebra®-brand printers. A broad range of applications benefit from Zebra-brand thermal bar code, "smart" label and receipt printers, and Eltron®-brand card printers, resulting in enhanced security, increased productivity, improved quality, lower costs, and better customer service. The company has an installed base of approximately three million printers, including RFID printer/encoders and wireless mobile solutions, and also offers software, connectivity solutions, and printing supplies. Information about Zebra Technologies can be found at www.zebra.com.

        Investors are invited to listen to a live Internet broadcast of Zebra's conference call discussing the company's financial results for the first quarter of 2003. The conference call will be held at 11:00 Eastern Time today. To listen to the call, visit the company's Web site at www.zebra.com.

For Information, Contact:
Charles R. Whitchurch
Chief Financial Officer
Phone: 847.634.6700
Fax: 847.821.2545

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)

				March 29, 2003			December 31, 2002
				(Unaudited)
ASSETS
Current assets:
	Cash and cash equivalents			$	26,509		$	18,418
	Investments and marketable securities				349,418			330,159
	Accounts receivable, net				78,281			71,299
	Inventories				40,221			38,066
	Deferred income taxes				4,730			4,107
	Prepaid expenses				5,017			2,531
		Total current assets			504,176			464,580
Property and equipment at cost, less accumulated depreciation and amortization					38,738			39,462
Long-term deferred income taxes					1,168			1,722
Excess of cost over fair value of net assets acquired					54,455			54,455
Other intangibles					3,184			3,556
Other assets					9,572			9,313
			Total assets	$	611,293		$	573,088
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable			$	18,272		$	15,447
	Accrued liabilities				16,190			17,661
	Short-term note payable				288			275
	Current portion of obligation under capital lease with related party				158			145
	Income taxes payable				15,940			3,376
			Total current liabilities		50,848			36,904
Obligation under capital lease with related party, less current portion					416			605
Deferred rent					441			416
Other long-term liability					1,233			1,008
			Total liabilities		52,938			38,933
Stockholders' equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, none outstanding					—			—
Class A Common Stock, $.01 par value; 50,000,000 shares authorized, 27,862,841 and 27,660,466 shares issued, and 27,574,818 and 27,282,087 shares outstanding in 2003 and 2002, respectively					278			276
Class B Common Stock, $.01 par value; 28,358,189 shares authorized, 3,683,675 and 3,886,050 shares issued and outstanding in 2003 and 2002, respectively					37			39
Additional paid-in capital					55,637			56,478
Treasury stock, at cost (288,023 shares and 378,379 shares, respectively)					(12,902	)		(16,760	)
Retained earnings					516,190			494,150
Accumulated other comprehensive loss					(885	)		(28	)
			Total stockholders' equity		558,355			534,155
			Total liabilities and stockholders' equity	$	611,293		$	573,088

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share data)
(Unaudited)

		Three Months Ended
		March 29, 2003			March 30, 2002
Net sales		$	124,685		$	110,185
Cost of sales			60,336			58,173
Gross profit			64,349			52,012
Operating expenses:
	Selling and marketing		14,504			11,950
	Research and development		7,579			7,455
	General and administrative		10,251			9,329
	Amortization of intangible assets		371			367
	Costs related to terminated acquisition		—			3,300
	Merger costs		—			73
Total operating expenses			32,705			32,474
Operating income			31,644			19,538
Other income (expense):
	Investment income		2,439			4,167
	Interest expense		(38	)		(55	)
	Other, net		(137	)		(313	)
Total other income			2,264			3,799
Income before income taxes			33,908			23,337
Income taxes			11,868			8,397
Net income		$	22,040		$	14,940
Basic earnings per share		$	0.71		$	0.49
Diluted earnings per share		$	0.70		$	0.48
Basic weighted average shares outstanding			31,198			30,799
Diluted weighted average and equivalent shares outstanding			31,494			31,076

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

					Three Months Ended
					March 29, 2003			March 30, 2002
Cash flows from operating activities:
	Net income				$	22,040		$	14,940
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
		Depreciation and amortization				2,909			3,005
		Appreciation in market value of investments and marketable securities				—			(271	)
		Deferred income taxes				(66	)		(873	)
		Changes in assets and liabilities:
			Accounts receivable, net			(7,684	)		(5,406	)
			Inventories			(2,416	)		2,971
			Other assets			(258	)		2,639
			Accounts payable			3,281			1,192
			Accrued liabilities			(1,413	)		(3,115	)
			Income taxes payable			12,642			5,975
			Other operating activities			(2,598	)		1,011
			Investments and marketable securities			—			(26,995	)
				Net cash provided by (used in) operating activities		26,437			(4,927	)
Cash flows from investing activities:
	Purchases of property and equipment					(1,935	)		(2,314	)
	Purchases of investments and marketable securities					(326,683	)		—
	Sales of investments and marketable securities					307,424			—
				Net cash used in investing activities		(21,194	)		(2,314	)
Cash flows from financing activities:
	Proceeds from exercise of stock options					3,017			882
	Issuance of notes payable					236			373
	Payments for obligation under capital lease, with related party					(184	)		(152	)
				Net cash provided by financing activities		3,069			1,103
Effect of exchange rate changes on cash						(221	)		(185	)
Net increase (decrease) in cash and cash equivalents						8,091			(6,323	)
Cash and cash equivalents at beginning of period						18,418			26,328
Cash and cash equivalents at end of period					$	26,509		$	20,005
Supplemental disclosures of cash flow information:
Interest paid					$	38		$	55
Income taxes paid						1,478			2,360
Supplemental disclosures of non-cash transactions:
Conversion of Class B Common Stock to Class A Common Stock						2			—

ZEBRA TECHNOLOGIES CORPORATION
SUPPLEMENTAL SALES INFORMATION
(Amounts in thousands)
(Unaudited)

		Sales by Product Category
		Three Months Ended
		March 29, 2003		March 30, 2002		Percent Change		Percent of Total Sales
Hardware		$	94,552	$	82,172	15.1		75.8
Supplies			23,139		20,898	10.7		18.6
Service and software			6,037		5,736	5.2		4.8
Freight revenue			957		1,379	(30.6	)	0.8
	Total sales	$	124,685	$	110,185	13.2		100.0

		Sales by Geographic Region
		Three Months Ended
		March 29, 2003		March 30, 2002		Percent Change	Percent of Total Sales
International		$	55,127	$	45,739	20.5	44.2
North America			69,558		64,446	7.9	55.8
	Total sales	$	124,685	$	110,185	13.2	100.0

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Exhibit 99.1

First Quarter Net Income Increases 47% to $0.70 Per Share for Zebra Technologies
ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data)
ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) (Unaudited)
ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited)
ZEBRA TECHNOLOGIES CORPORATION SUPPLEMENTAL SALES INFORMATION (Amounts in thousands) (Unaudited)