Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:
Investors:	Media:
Douglas A. Fox, CFA	Kerry Kelly-Guiliano
Vice President, Investor Relations	Vice President, Strategic Communications
and Treasurer	F T I Consulting
+1 847 793 6735	+1 617 747 3603
dfox@zebra.com	kerry.guiliano@fticonsulting.com

Zebra Technologies Announces 2012 First Quarter Financial Results

Lincolnshire, IL, April 27, 2012—Zebra Technologies Corporation (NASDAQ: ZBRA) today announced 2012 first quarter diluted earnings per share of $0.58, up 7.4% from $0.54 from continuing operations for the first quarter of 2011. Net sales for the quarter ended March 31, 2012, increased 2.8% to $243,875,000 from $237,301,000 for the first quarter of 2011.

Summary Financial Performance (Unaudited)

	1Q12		1Q11		Change
Net sales (in 000s)	$	243,875	$	237,301		2.8	%
Gross margin (%)		49.1		50.6		-1.5	pts.
Operating margin (%)		17.2		18.7		-1.5	pts.
Income from continuing operations (in 000s)	$	30,164	$	30,128		0.1	%
Income from discontinued operations, net of tax (in 000s)		—	$	31,506		NM
Net income (in 000s)	$	30,164	$	61,634		-51.1	%
Diluted earnings per share:
Income from continuing operations	$	0.58	$	0.54		7.4	%
Income from discontinued operations		—	$	0.56		-100.0	%
Net income	$	0.58	$	1.10		-47.3	%

“Strategically-driven activities to gain share, penetrate targeted industries more deeply and extend geographic reach led to sales growth in all geographic regions,” stated Anders Gustafsson, Zebra’s chief executive officer. “Our formidable product line, extensive global channel relationships and business diversity enabled us to win more business with customers in a broad range of industries. In a challenged business environment, we matched excellent execution with effective control over operating expenses.

We continued to invest in those areas critical to Zebra’s long-term success. This year, we are on target to deliver a record number of innovative new printer products. These and other solutions are enabling our customers to gain greater visibility into assets, transactions and people across their value chains. We remain confident in Zebra’s future and our ability to accelerate growth and deliver higher returns for our shareholders.”

As of March 31, 2012, Zebra had $362,244,000 in cash and investments, and no long-term debt. Net inventories were $126,119,000, and net accounts receivable were $157,114,000.

Discussion and Analysis

• Net sales for the first quarter of 2012 included year-over-year growth in all four of the company’s geographic regions. Sales growth of supplies and card printers were notably strong. The impact of movements in foreign exchange, net of hedges, was not material to sales growth.

• Gross margin of 49.1%, versus 50.6% a year ago, primarily reflects movements in product mix.

• Operating expense growth of 2.9% includes a modest increase in administrative expenses, as well as higher sales and marketing expenses which were principally related to activities supporting the company’s geographic expansion and market development activities. This growth was partially offset by a decline in engineering expenses. Operating profit margin decreased from 18.7% to 17.2%.

Stock Purchase Update

During the first quarter of 2012, Zebra repurchased 264,567 shares of Zebra Technologies Corporation Class A Common Stock. At March 31, 2012, the company had 3,231,632 shares remaining in its stock buyback authorization, and 51,908,000 shares of common stock were outstanding.

Second Quarter Outlook

Zebra announced its financial forecast for the second quarter of 2012. Net sales are expected within a range of $250,000,000 to $260,000,000. Diluted earnings per share are expected within a range of $0.58 to $0.63.

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 first 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.

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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 second quarter of 2012 stated in the paragraph above captioned “Second 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) provides enabling technologies that allow customers to take smarter actions. Our extensive portfolio of bar code, receipt, card, kiosk and RFID printers and supplies, as well as real-time location solutions give a digital voice to assets, people and transactions that provides greater visibility into mission-critical information. For more information about Zebra’s solutions, visit http://www.zebra.com.

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ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

	March 31, 2012			December 31, 2011
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	41,943		$	36,418
Investments and marketable securities		175,169			182,398
Accounts receivable, net		157,114			155,230
Receivable from buyer		13,790			27,580
Inventories, net		126,119			133,288
Deferred income taxes		14,194			13,931
Income tax receivable		6,917			13,111
Prepaid expenses and other current assets		15,036			22,917
Total current assets		550,282			584,873
Property and equipment at cost, less accumulated depreciation and amortization		101,985			97,822
Long-term deferred income taxes		11,995			11,866
Goodwill		79,703			79,703
Other intangibles, net		11,897			12,667
Long-term investments and marketable securities		145,132			107,879
Other assets		4,092			4,196
Total assets	$	905,086		$	899,006
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	33,019		$	33,273
Accrued liabilities		47,769			64,612
Deferred revenue		12,065			11,089
Total current liabilities		92,853			108,974
Deferred rent		1,496			1,592
Other long-term liabilities		11,674			11,515
Total liabilities		106,023			122,081
Stockholders’ equity:
Preferred Stock		—			—
Class A Common Stock		722			722
Additional paid-in capital		134,472			131,422
Treasury stock		(603,705	)		(596,622	)
Retained earnings		1,275,780			1,245,616
Accumulated other comprehensive loss		(8,206	)		(4,213	)
Total stockholders’ equity		799,063			776,925
Total liabilities and stockholders’ equity	$	905,086		$	899,006

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ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)

	Three Months Ended
	March 31, 2012			April 2, 2011
Net sales:
Net sales of tangible products	$	232,476		$	226,120
Revenue from services and software		11,399			11,181
Total net sales		243,875			237,301
Cost of sales
Cost of sales of tangible products		119,053			110,781
Cost of services and software		4,959			6,522
Total cost of sales		124,012			117,303
Gross profit		119,863			119,998
Operating expenses:
Selling and marketing		32,114			28,528
Research and development		20,419			21,681
General and administrative		24,551			22,706
Amortization of intangible assets		770			835
Exit and restructuring costs		—			1,886
Total operating expenses		77,854			75,636
Operating income		42,009			44,362
Other income (expense):
Investment income		592			560
Foreign exchange loss		(342	)		(294	)
Other, net		(364	)		(254	)
Total other income (expense)		(114	)		12
Income from continuing operations before income taxes		41,895			44,374
Income taxes		11,731			14,246
Income from continuing operations		30,164			30,128
Income from discontinued operations, net of tax		—			31,506
Net income	$	30,164		$	61,634
Basic earnings per share:
Income from continuing operations	$	0.58		$	0.54
Income from discontinued operations		—			0.57
Net income	$	0.58		$	1.11
Diluted earnings per share:
Income from continuing operations	$	0.58		$	0.54
Income from discontinued operations		—			0.56
Net income	$	0.58		$	1.10
Basic weighted average shares outstanding		51,998			55,353
Diluted weighted average and equivalent shares outstanding		52,301			55,774

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ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

	Three Months Ended
	March 31, 2012			April 2, 2011
Net income	$	30,164		$	61,634
Other comprehensive income (loss):
Unrealized losses on hedging transactions, net of income taxes		(4,646	)		(2,756	)
Unrealized holding gains (losses) on investments, net of income taxes		570			(14	)
Foreign currency translation adjustment		83			(553	)
Comprehensive income	$	26,171		$	58,311

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Three Months Ended
	March 31, 2012			April 2, 2011
Cash flows from operating activities:
Net income	$	30,164		$	61,634
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		5,959			5,932
Equity-based compensation		3,800			4,488
Excess tax benefit from equity-based compensation		(66	)		(645	)
Loss on sale of property and equipment		83			9
Gain on sale of business		—			(67,213	)
Deferred income taxes		(391	)		2,540
Changes in assets and liabilities:
Accounts receivable, net		(1,862	)		12,563
Inventories, net		7,169			(7,136	)
Other assets		9,395			(1,690	)
Accounts payable		(3,378	)		(7,150	)
Accrued liabilities		(16,881	)		(17,120	)
Deferred revenue		1,151			(15,749	)
Income taxes		6,135			27,732
Other operating activities		(4,725	)		(3,364	)
Net cash provided by (used in) operating activities		36,553			(5,169	)
Cash flows from investing activities:
Purchases of property and equipment		(7,654	)		(3,922	)
Proceeds from the sale of business		13,790			164,008
Purchases of investments and marketable securities		(132,390	)		(382,410	)
Maturities of investments and marketable securities		81,189			209,509
Proceeds from sales of investments and marketable securities		21,748			88,304
Net cash provided by (used in) investing activities		(23,317	)		75,489
Cash flows from financing activities:
Purchase of treasury stock		(9,775	)		(41,567	)
Proceeds from exercise of stock options and stock purchase plan purchases		1,998			2,757
Excess tax benefit from equity-based compensation		66			645
Net cash used in financing activities		(7,711	)		(38,165	)
Effect of exchange rate changes on cash		—			336
Net increase in cash and cash equivalents		5,525			32,491
Cash balance of discontinued operations at beginning of period		—			1,301
Less: Cash balance of discontinued operations at end of period		—			282
Cash and cash equivalents at beginning of period		36,418			46,175
Cash and cash equivalents at end of period	$	41,943		$	79,685
Supplemental disclosures of cash flow information:
Income taxes paid	$	7,956		$	8,958

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ZEBRA TECHNOLOGIES CORPORATION

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)

SALES BY PRODUCT CATEGORY

	Three Months Ended
Product Category	March 31, 2012		April 2, 2011		Percent Change			Percent of Net  Sales - 2012		Percent of Net  Sales –2011
Hardware	$	181,196	$	180,136		0.6			74.3		75.9
Supplies		49,962		44,635		11.9			20.5		18.8
Service and software		11,399		11,181		1.9			4.7		4.7
Subtotal products		242,557		235,952		2.8			99.5		99.4
Shipping and handling		1,318		1,349		(2.3	)		0.5		0.6
Total net sales	$	243,875	$	237,301		2.8			100.0		100.0

SALES BY GEOGRAPHIC REGION

	Three Months Ended
Geographic Region	March 31, 2012		April 2, 2011		Percent Change		Percent of Net  Sales - 2012		Percent of Net  Sales - 2011
Europe, Middle East and Africa	$	86,121	$	84,230		2.2		35.3		35.5
Latin America		22,287		20,104		10.9		9.1		8.5
Asia-Pacific		33,148		32,495		2.0		13.6		13.7
Total International		141,556		136,829		3.5		58.0		57.7
North America		102,319		100,472		1.8		42.0		42.3
Total net sales	$	243,875	$	237,301		2.8		100.0		100.0

ZEBRA TECHNOLOGIES CORPORATION

PRINTER UNITS and AVERAGE UNIT PRICES

(Unaudited)

	Three Months Ended
	March 31, 2012		April 2, 2011		Percent Change
Total printers shipped		297,669		284,177		4.7
Average selling price of printers shipped	$	503	$	524		(4.0	)

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