Exhibit 99.1

475 Half Day Road, Suite 500 Lincolnshire, IL 60069 USA T: +1 847 634 6700 F: +1 847 913 8766 www.zebra.com

FOR IMMEDIATE RELEASE

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
dfox@zebra.com	rkristopher@zebra.com

Zebra Technologies Announces 2012 Third Quarter Financial Results

Results include $9.1 million non-cash asset impairment charge;

Record sales in North America and Latin America offset weakness in Europe

Lincolnshire, IL, November 6, 2012—Zebra Technologies Corporation (NASDAQ: ZBRA) today announced 2012 third quarter continuing operations diluted earnings per share of $0.51, including a non-cash asset impairment charge of $9,114,000, which reduced earnings by $0.18 per share. Earnings from continuing operations for the third quarter of 2011 totaled $0.64 per share. Net sales for the quarter ended September 29, 2012, decreased 0.5% to $252,037,000 from $253,338,000 for the third quarter of 2011. Movements in foreign exchange rates decreased sales by $3,767,000, or 1.5 percentage points, from a weaker euro against the U.S. dollar, compared with a year ago.

Summary Financial Performance (Unaudited)

	3Q12		3Q11		Change
Net sales (in 000s)	$	252,037	$	253,338		-0.5	%
Gross margin (%)		50.4		48.8		1.6	pts.
Income from continuing operations (in 000s)	$	26,581	$	34,187		-22.2	%
Income from discontinued operations, net of tax (in 000s)	$	516	$	10,814		-95.2	%
Net income (in 000s)	$	27,097	$	45,001		-39.8	%
Diluted earnings per share:
Income from continuing operations	$	0.51	$	0.64		-20.3	%
Income from discontinued operations	$	0.01	$	0.20		-95.0	%
Net income	$	0.52	$	0.84		-38.1	%

“Zebra delivered strong results in a challenged environment on the basis of the diversity of our business,” stated Anders Gustafsson, Zebra’s chief executive officer. “Investments in sales resources and channel expansion have resulted in engagements with more customers in targeted markets. In addition, we are serving our customers with a broader array of innovative solutions from a more efficient and productive product development process. During the quarter, we also deployed $75 million on the acquisition of LaserBand and share buybacks. We remain confident in our ability to deliver increasing returns to enhance shareholder value over the long term.”

As of September 29, 2012, Zebra had $368,795,000 in cash and investments, and no long-term debt. Net inventories were $122,915,000, and net accounts receivable were $165,160,000.

Discussion and Analysis

• Net sales for the third quarter of 2012 included year-over-year growth of 6.9% in North America and 9.3% in Latin America, both records. This growth offset sales declines of 4.9% in Asia Pacific and 10.6% in the Europe, Middle East and Africa region.

• Gross profit of 50.4%, versus 48.8% 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 third quarter gross profit by $2,939,000.

• Operating expense growth of 18.1% included a non-cash asset impairment charge of $9,114,000, increased amortization costs, higher compensation costs, consulting fees, rent, and depreciation.

• The 2012 effective tax rate increase in the third quarter reflects the non-deductibility of the non-cash asset impairment charge, as well as a rate decrease related to the second quarter implementation of a new structure for Zebra’s international subsidiaries. The effect of the non-deductibility of the asset impairment charge increased the effective tax rate by 6.0% for the third quarter of 2012.

Stock Purchase Update

During the third quarter of 2012, Zebra returned $15.0 million to shareholders through the repurchase of 400,000 shares of Zebra Technologies Corporation Class A Common Stock. At September 29, 2012, the company had 2,422,336 shares remaining in its stock buyback authorization, and 51,252,384 shares of common stock were outstanding.

Fourth Quarter Outlook

Zebra announced its financial forecast for the fourth quarter of 2012. Net sales are expected within a range of $245,000,000 to $255,000,000. Diluted earnings per share are expected within a range of $0.62 to $0.70.

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 third 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 fourth quarter of 2012 stated in the paragraph above captioned “Fourth 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) 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.

 
475 Half Day Road, Suite 500 Lincolnshire, IL 60069 USA T: +1 847 634 6700 F: +1 847 913 8766 www.zebra.com

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

	September 29, 2012			December 31, 2011
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	52,253		$	36,418
Investments and marketable securities		160,690			182,398
Accounts receivable, net		165,160			155,230
Receivable from buyer		0			27,580
Inventories, net		122,915			133,288
Deferred income taxes		15,506			13,931
Income tax receivable		0			13,111
Prepaid expenses and other current assets		14,454			22,917
Total current assets		530,978			584,873
Property and equipment at cost, less accumulated depreciation and amortization		102,537			97,822
Long-term deferred income taxes		7,536			11,866
Goodwill		95,345			79,703
Other intangibles, net		39,017			12,667
Long-term investments and marketable securities		155,852			107,879
Other assets		9,425			4,196
Total assets	$	940,690		$	899,006
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	28,180		$	33,273
Accrued liabilities		50,568			64,612
Deferred revenue		12,288			11,089
Income taxes payable		2,031			0
Total current liabilities		93,067			108,974
Deferred rent		1,406			1,592
Other long-term liabilities		13,188			11,515
Total liabilities		107,661			122,081
Stockholders’ equity:
Preferred Stock		—			—
Class A Common Stock		722			722
Additional paid-in capital		136,750			131,422
Treasury stock		(628,683	)		(596,622	)
Retained earnings		1,333,530			1,245,616
Accumulated other comprehensive loss		(9,290	)		(4,213	)
Total stockholders’ equity		833,029			776,925
Total liabilities and stockholders’ equity	$	940,690		$	899,006

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 29, 2012			October 1, 2011			September 29, 2012			October 1, 2011
Net sales:
Net sales of tangible products	$	239,786		$	241,686		$	706,970		$	700,568
Revenue from services and software		12,251			11,652			36,019			35,612
Total net sales		252,037			253,338			742,989			736,180
Cost of sales
Cost of sales of tangible products		118,751			122,529			357,764			351,042
Cost of services and software		6,362			7,256			18,041			19,889
Total cost of sales		125,113			129,785			375,805			370,931
Gross profit		126,924			123,553			367,184			365,249
Operating expenses:
Selling and marketing		32,321			31,942			96,593			91,420
Research and development		22,007			22,584			64,759			66,752
General and administrative		22,481			18,978			71,203			62,372
Amortization of intangible assets		1,670			843			3,210			2,514
Acquisition costs		566			188			2,072			188
Exit and restructuring costs		0			138			0			2,090
Asset impairment charge		9,114			0			9,114			0
Total operating expenses		88,159			74,673			246,951			225,336
Operating income		38,765			48,880			120,233			139,913
Other income (expense):
Investment income		541			134			1,959			1,350
Foreign exchange loss		(514	)		(173	)		(936	)		(1,300	)
Other, net		(294	)		(859	)		(1,144	)		(1,356	)
Total other income (expense)		(267	)		(898	)		(121	)		(1,306	)
Income from continuing operations before income taxes		38,498			47,982			120,112			138,607
Income taxes		11,917			13,795			33,014			41,123
Income from continuing operations		26,581			34,187			87,098			97,484
Income from discontinued operations, net of tax		516			10,814			816			42,115
Net income	$	27,097		$	45,001		$	87,914		$	139,599
Basic earnings per share:
Income from continuing operations	$	0.52		$	0.64		$	1.68		$	1.79
Income from discontinued operations		0.01			0.20			0.02			0.77
Net income	$	0.53		$	0.84		$	1.70		$	2.56
Diluted earnings per share:
Income from continuing operations	$	0.51		$	0.64		$	1.67		$	1.78
Income from discontinued operations		0.01			0.20			0.02			0.77
Net income	$	0.52		$	0.84		$	1.69		$	2.55
Basic weighted average shares outstanding		51,566			53,339			51,775			54,405
Diluted weighted average and equivalent shares outstanding		51,809			53,628			52,041			54,770

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 29, 2012			October 1, 2011			September 29, 2012			October 1, 2011
Net income	$	27,097		$	45,001		$	87,914		$	139,599
Other comprehensive income (loss):
Unrealized gains (losses) on hedging transactions, net of income taxes		(3,946	)		5,615			(6,192	)		2,838
Unrealized holding gains (losses) on investments, net of income taxes		392			(636	)		917			(303	)
Foreign currency translation adjustment		12			173			198			(630	)
Comprehensive income	$	23,555		$	50,153		$	82,837		$	141,504

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Nine Months Ended
	September 29, 2012			October 1, 2011
Cash flows from operating activities:
Net income	$	87,914		$	139,599
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		18,906			17,985
Equity-based compensation		11,485			11,060
Asset impairment charge		9,114			0
Impairment of investments		0			326
Excess tax benefit from equity-based compensation		(1,492	)		(1,265	)
Loss on sale of property and equipment		178			53
Gain on sale of business		(613	)		(66,753	)
Deferred income taxes		2,755			5,703
Changes in assets and liabilities:
Accounts receivable, net		(6,108	)		(10,112	)
Inventories, net		11,981			(6,635	)
Other assets		12,070			(10,150	)
Accounts payable		(10,843	)		(8,493	)
Accrued liabilities		(11,341	)		(14,917	)
Deferred revenue		2,644			(16,707	)
Income taxes		14,711			(7,087	)
Other operating activities		(6,378	)		2,116
Net cash provided by operating activities		134,983			34,723
Cash flows from investing activities:
Purchases of property and equipment		(17,140	)		(17,829	)
Proceeds from the sale of business		27,580			161,206
Acquisition of business, net of cash acquired		(59,874	)		0
Acquisition of intangible assets		(3,000	)		(200	)
Purchase of long-term equity investment		(5,000	)		0
Purchases of investments and marketable securities		(483,349	)		(791,811	)
Maturities of investments and marketable securities		324,139			493,649
Proceeds from sales of investments and marketable securities		133,863			253,377
Net cash provided by (used in) investing activities		(82,781	)		98,392
Cash flows from financing activities:
Purchase of treasury stock		(39,697	)		(146,373	)
Proceeds from exercise of stock options and stock purchase plan purchases		1,909			9,197
Excess tax benefit from equity-based compensation		1,492			1,265
Net cash used in financing activities		(36,296	)		(135,911	)
Effect of exchange rate changes on cash		(71	)		(899	)
Net increase in cash and cash equivalents		15,835			(3,695	)
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			46,175
Cash and cash equivalents at end of period	$	52,253		$	43,781
Supplemental disclosures of cash flow information:
Income taxes paid	$	16,773		$	53,512

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)

SALES BY PRODUCT CATEGORY

	Three Months Ended
	September 29,		October 1,		Percent			Percent of		Percent of
Product Category	2012		2011		Change			Net Sales - 2012		Net Sales – 2011
Hardware	$	183,053	$	193,214		(5.3	)		72.6		76.3
Supplies		55,423		47,110		17.6			22.0		18.6
Service and software		12,251		11,652		5.1			4.9		4.6
Subtotal products		250,727		251,976		(0.5	)		99.5		99.5
Shipping and handling		1,310		1,362		(3.8	)		0.5		0.5
Total net sales	$	252,037	$	253,338		(0.5	)		100.0		100.0

	Nine Months Ended
	September 29,		October,		Percent			Percent of		Percent of
Product Category	2012		2011		Change			Net Sales - 2012		Net Sales – 2011
Hardware	$	548,222	$	555,108		(1.2	)		73.9		75.4
Supplies		154,893		141,323		9.6			20.8		19.2
Service and software		36,019		35,612		1.1			4.8		4.8
Subtotal products		739,134		732,043		1.0			99.5		99.4
Shipping and handling		3,855		4,137		(6.8	)		0.5		0.6
Total net sales	$	742,989	$	736,180		0.9			100.0		100.0

SALES BY GEOGRAPHIC REGION

	Three Months Ended
	September 29,		October 1,		Percent			Percent of		Percent of
Geographic Region	2012		2011		Change			Net Sales - 2012		Net Sales - 2011
Europe, Middle East and Africa	$	75,637	$	84,597		(10.6	)		30.0		33.4
Latin America		26,188		23,968		9.3			10.4		9.5
Asia-Pacific		36,843		38,723		(4.9	)		14.6		15.3
Total International		138,668		147,288		(5.9	)		55.0		58.2
North America		113,369		106,050		6.9			45.0		41.8
Total net sales	$	252,037	$	253,338		(0.5	)		100.0		100.0

	Nine Months Ended
	September 29,		October 1,		Percent			Percent of		Percent of
Geographic Region	2012		2011		Change			Net Sales - 2012		Net Sales - 2011
Europe, Middle East and Africa	$	239,615	$	254,218		(5.7	)		32.3		34.5
Latin America		73,846		68,137		8.4			9.9		9.3
Asia-Pacific		105,912		109,518		(3.3	)		14.3		14.9
Total International		419,373		431,873		(2.9	)		56.5		58.7
North America		323,616		304,307		6.3			43.5		41.3
Total net sales	$	742,989	$	736,180		0.9			100.0		100.0

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

PRINTER UNITS and AVERAGE UNIT PRICES

(Unaudited)

	Three Months Ended
	September 29,		October 1,		Percent
	2012		2011		Change
Total printers shipped		310,972		315,743		(1.5	)
Average selling price of printers shipped	$	492	$	524		(6.1	)
	Nine Months Ended
	September 29,		October 1,		Percent
	2012		2011		Change
Total printers shipped		938,827		876,483		7.1
Average selling price of printers shipped	$	488	$	535		(8.7	)