Exhibit 99.1

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 Financial Results

for the 2012 Fourth Quarter and Full Year

Record sales in Latin America and ongoing strength in North America

lead to fourth consecutive sequential sales increase;

Acquisition and restructuring costs reduce 2012 fourth quarter earnings by $0.03 per share

Lincolnshire, IL, February 12, 2013—Zebra Technologies Corporation (NASDAQ: ZBRA) today announced 2012 fourth quarter diluted earnings from continuing operations of $0.68 per share, including acquisition and restructuring costs that reduced earnings by $0.03 per share. Earnings from continuing operations for the fourth quarter of 2011 totaled $0.63 per share. Net sales for the quarter ended December 31, 2012, increased 2.4% to $253,179,000 from $247,308,000 for the fourth quarter of 2011. Movements in foreign exchange rates decreased sales by $1,858,000 from a weaker euro against the U.S. dollar, compared with a year ago.

Summary Financial Performance (Unaudited)

	4Q12		4Q11		Change
Net sales (in 000s)	$	253,179	$	247,308		2.4	%
Gross margin (%)		49.2		49.1		0.1	pts.
Income from continuing operations (in 000s)	$	34,799	$	32,859		5.9	%
Income from discontinued operations, net of tax (in 000s)	$	191	$	2,185		N/M
Net income (in 000s)	$	34,990	$	35,044		N/M
Diluted earnings per share:
Income from continuing operations	$	0.68	$	0.63		7.9	%
Income from discontinued operations	$	0.00	$	0.04		N/M
Net income	$	0.68	$	0.67		1.5	%

“Results for the quarter and full year reflect the meaningful progress made on meeting more of our customers’ extended supply chain visibility needs,” stated Anders Gustafsson, Zebra’s chief executive officer. “We introduced a record 14 new printer products in 2012. This high development cadence led to a stronger complement of innovative products and solutions. More effective sales and marketing programs enabled a deeper level of engagement with customers in manufacturing, healthcare and retail. We enter 2013 mindful of the challenges in the current business environment, yet optimistic about Zebra’s opportunities for accelerating growth and improving profitability.”

For the full year, diluted earnings from continuing operations for 2012 totaled $2.35 per share, including acquisition and restructuring costs and an asset impairment charge that reduced earnings by $0.23 per share. For 2011, diluted earnings from continuing operations were $2.40, including acquisition and restructuring costs that reduced earnings by $0.03 per share. Net sales increased 1.3% to a record $996,168,000 for 2012 from $983,488,000 for 2011.

As of December 31, 2012, Zebra had $394,075,000 in cash and investments, and no long-term debt. Net inventories were $123,357,000, and net accounts receivable were $168,732,000.

Discussion and Analysis – Fourth Quarter

• Net sales for the fourth quarter of 2012 included record sales in Latin America, up 21.7%. North American sales increased 6.7%. This growth offset sales declines of 2.5% in Asia Pacific and 5.7% in the Europe, Middle East and Africa (EMEA) region. On a constant-currency basis, sales in EMEA declined 3.6%. Sales of supplies – thermal ribbons, labels, wristbands and receipts – increased by 24.9% to a new quarterly record.

• Gross profit of 49.2%, versus 49.1% 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 fourth quarter gross profit by $1,806,000.

• Operating expense growth of 1.2% included higher general and administrative expenses, increased amortization expense, higher acquisition costs, and higher exit and restructuring costs.

Stock Purchase Update

During the fourth quarter of 2012, Zebra returned $14.7 million to shareholders through the repurchase of 400,000 shares of Zebra Technologies Corporation Class A Common Stock at an average price of $36.69 per share. At December 31, 2012, the company had 2,022,336 shares remaining in its stock buyback authorization, and 50,908,267 shares of common stock were outstanding.

First Quarter Outlook

Zebra announced its financial forecast for the first quarter of 2013. Net sales are expected within a range of $240,000,000 to $252,000,000, which primarily reflects the company’s typical seasonality in sales. Diluted earnings per share are expected within a range of $0.55 to $0.65.

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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 fourth 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 first quarter of 2013 stated in the paragraph above captioned “First 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. The success of integrating acquisitions could also affect profitability, reported results and the company’s competitive position in it industry. 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.

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

	December 31, 2012			December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents	$	64,740		$	36,418
Investments and marketable securities		324,140			182,398
Accounts receivable, net		168,732			155,230
Receivable from buyer		0			27,580
Inventories, net		123,357			133,288
Deferred income taxes		13,484			13,931
Income tax receivable		0			13,111
Prepaid expenses and other current assets		16,410			22,917
Total current assets		710,863			584,873
Property and equipment at cost, less accumulated depreciation and amortization		101,349			97,822
Long-term deferred income taxes		2,602			11,866
Goodwill		94,942			79,703
Other intangibles, net		39,151			12,667
Long-term investments and marketable securities		5,195			107,879
Other assets		13,646			4,196
Total assets	$	967,748		$	899,006
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	23,045		$	33,273
Accrued liabilities		57,234			64,612
Deferred revenue		13,326			11,089
Income taxes payable		1,609			0
Total current liabilities		95,214			108,974
Deferred rent		1,303			1,592
Other long-term liabilities		14,229			11,515
Total liabilities		110,746			122,081
Stockholders’ equity:
Preferred Stock		—			—
Class A Common Stock		722			722
Additional paid-in capital		139,523			131,422
Treasury stock		(641,438	)		(596,622	)
Retained earnings		1,368,520			1,245,616
Accumulated other comprehensive loss		(10,325	)		(4,213	)
Total stockholders’ equity		857,002			776,925
Total liabilities and stockholders’ equity	$	967,748		$	899,006

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Net sales:
Net sales of tangible products	$	241,257		$	235,714		$	948,227		$	936,282
Revenue from services and software		11,922			11,594			47,941			47,206
Total net sales		253,179			247,308			996,168			983,488
Cost of sales
Cost of sales of tangible products		121,869			118,792			479,633			469,834
Cost of services and software		6,850			6,996			24,891			26,885
Total cost of sales		128,719			125,788			504,524			496,719
Gross profit		124,460			121,520			491,644			486,769
Operating expenses:
Selling and marketing		33,313			36,377			129,906			127,797
Research and development		22,605			23,174			87,364			89,926
General and administrative		20,964			18,973			92,167			81,345
Amortization of intangible assets		1,463			806			4,673			3,320
Acquisition costs		1,037			116			3,109			304
Exit and restructuring costs		960			(49	)		960			2,041
Asset impairment charge		0			0			9,114			0
Total operating expenses		80,342			79,397			327,293			304,733
Operating income		44,118			42,123			164,351			182,036
Other income (expense):
Investment income		526			594			2,485			1,944
Foreign exchange loss		(5	)		(706	)		(941	)		(2,006	)
Other, net		(577	)		(899	)		(1,721	)		(2,255	)
Total other income (expense)		(56	)		(1,011	)		(177	)		(2,317	)
Income from continuing operations before income taxes		44,062			41,112			164,174			179,719
Income taxes		9,263			8,253			42,277			49,376
Income from continuing operations		34,799			32,859			121,897			130,343
Income from discontinued operations, net of tax		191			2,185			1,007			44,300
Net income	$	34,990		$	35,044		$	122,904		$	174,643
Basic earnings per share:
Income from continuing operations	$	0.69		$	0.63		$	2.36		$	2.42
Income from discontinued operations		0.00			0.04			0.02			0.82
Net income	$	0.69		$	0.67		$	2.38		$	3.24
Diluted earnings per share:
Income from continuing operations	$	0.68		$	0.63		$	2.35		$	2.40
Income from discontinued operations		0.00			0.04			0.02			0.82
Net income	$	0.68		$	0.67		$	2.37		$	3.22
Basic weighted average shares outstanding		50,968			52,108			51,566			53,854
Diluted weighted average and equivalent shares outstanding		51,262			52,354			51,843			54,191

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31, 2012			December 31, 2011			December 31, 2012			December 31, 2011
Net income	$	34,990		$	35,044		$	122,904		$	174,643
Other comprehensive income (loss):
Unrealized gain (loss) on hedging transactions, net of income taxes		(1,048	)		3,371			(7,241	)		6,209
Unrealized holding gain (loss) on investments, net of income taxes		(30	)		(82	)		887			(385	)
Foreign currency translation adjustment		42			(59	)		242			(688	)
Comprehensive income	$	33,954		$	38,274		$	116,792		$	179,779

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Twelve Months Ended
	December 31, 2012			December 31, 2011
Cash flows from operating activities:
Net income	$	122,904		$	174,643
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		26,177			24,000
Equity-based compensation		14,727			14,095
Asset impairment charge		9,114			0
Impairment of investments		0			219
Excess tax benefit from equity-based compensation		(1,578	)		(1,392	)
Loss on sale of property and equipment		311			284
Gain on sale of business		(930	)		(68,745	)
Deferred income taxes		8,067			10,796
Changes in assets and liabilities:
Accounts receivable, net		(8,647	)		(3,269	)
Inventories, net		11,530			(19,545	)
Other assets		7,304			(12,721	)
Accounts payable		(14,605	)		(5,439	)
Accrued liabilities		(4,193	)		(11,086	)
Deferred revenue		4,351			(14,131	)
Income taxes		16,335			(14,983	)
Other operating activities		(7,536	)		5,582
Net cash provided by operating activities		183,331			78,308
Cash flows from investing activities:
Purchases of property and equipment		(22,443	)		(26,918	)
Proceeds from the sale of business		27,580			161,206
Acquisition of business, net of cash acquired		(59,876	)		0
Acquisition of intangible assets		(3,500	)		(1,232	)
Purchase of long-term investment		(9,125	)		0
Purchases of investments and marketable securities		(347,609	)		(991,633	)
Maturities of investments and marketable securities		145,028			607,996
Proceeds from sales of investments and marketable securities		164,410			303,801
Net cash provided by (used in) investing activities		(105,535	)		53,220
Cash flows from financing activities:
Purchase of treasury stock		(54,373	)		(160,200	)
Proceeds from exercise of stock options and stock purchase plan purchases		3,361			13,009
Excess tax benefit from equity-based compensation		1,578			1,392
Net cash used in financing activities		(49,434	)		(145,799	)
Effect of exchange rate changes on cash		(40	)		1,835
Net increase in cash and cash equivalents		28,322			(12,436	)
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			47,553
Cash and cash equivalents at end of period	$	64,740		$	36,418
Supplemental disclosures of cash flow information:
Income taxes paid	$	20,059		$	65,364

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)

SALES BY PRODUCT CATEGORY

	Three Months Ended
	December 31,		December 31,		Percent			Percent of		Percent of
Product Category	2012		2011		Change			Net Sales-2012		Net Sales-2011
Hardware	$	182,267	$	188,198		(3.2	)		72.0		76.1
Supplies		57,607		46,135		24.9			22.8		18.6
Service and software		11,922		11,594		2.8			4.7		4.7
Subtotal products		251,796		245,927		2.4			99.5		99.4
Shipping and handling		1,383		1,381		0.1			0.5		0.6
Total net sales	$	253,179	$	247,308		2.4			100.0		100.0

	Twelve Months Ended
	December 31,		December 31,		Percent			Percent of		Percent of
Product Category	2012		2011		Change			Net Sales-2012		Net Sales-2011
Hardware	$	730,489	$	743,308		(1.7	)		73.4		75.5
Supplies		212,499		187,457		13.4			21.3		19.1
Service and software		47,941		47,206		1.6			4.8		4.8
Subtotal products		990,929		977,971		1.3			99.5		99.4
Shipping and handling		5,239		5,517		(5.0	)		0.5		0.6
Total net sales	$	996,168	$	983,488		1.3			100.0		100.0

SALES BY GEOGRAPHIC REGION

	Three Months Ended
	December 31,		December 31,		Percent			Percent of		Percent of
Geographic Region	2012		2011		Change			Net Sales-2012		Net Sales-2011
Europe, Middle East and Africa	$	83,355	$	88,360		(5.7	)		32.9		35.7
Latin America		26,255		21,578		21.7			10.4		8.7
Asia-Pacific		31,665		32,470		(2.5	)		12.5		13.1
Total International		141,275		142,408		(0.8	)		55.8		57.5
North America		111,904		104,900		6.7			44.2		42.5
Total net sales	$	253,179	$	247,308		2.4			100.0		100.0

	Twelve Months Ended
	December 31,		December 31,		Percent			Percent of		Percent of
Geographic Region	2012		2011		Change			Net Sales-2012		Net Sales-2011
Europe, Middle East and Africa	$	322,970	$	342,578		(5.7	)		32.4		34.8
Latin America		100,101		89,715		11.6			10.0		9.1
Asia-Pacific		137,577		141,987		(3.1	)		13.8		14.5
Total International		560,648		574,280		(2.4	)		56.2		58.4
North America		435,520		409,208		6.4			43.8		41.6
Total net sales	$	996,168	$	983,488		1.3			100.0		100.0

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

PRINTER UNITS and AVERAGE UNIT PRICES

(Unaudited)

	Three Months Ended
	December 31,		December 31,		Percent
	2012		2011		Change
Total printers shipped		321,314		312,409		2.9
Average selling price of printers shipped	$	477	$	506		(5.7	)
	Twelve Months Ended
	December 31,		December 31,		Percent
	2012		2011		Change
Total printers shipped		1,260,141		1,188,892		6.0
Average selling price of printers shipped	$	485	$	527		(7.9	)

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