Zebra Technologies annuncia i risultati finanziari del quarto trimestre 2006
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Zebra Technologies Announces Record Sales for Fourth Quarter of 2006
Company achieves strong growth and record sales in North America; Results include reserve for insurance receivable
Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net sales increased 17.1% for the quarter ended December 31, 2006, to a record $209,903,000, compared with $179,294,000 for the same period a year ago. Net income for the period was $21,446,000, or $0.30 per diluted share, including a pretax charge of $12,543,000 for the reserve of an insurance receivable. This charge reduced 2006 fourth quarter diluted earnings by $0.12 per share. For the fourth quarter a year ago, net income was $26,845,000, or $0.38 per diluted share. Results for 2005 were restated to reflect the adoption of SFAS 123(R), Share-Based Payments.
“Zebra’s strong growth across all areas of our business benefited from programs to extend global reach and serve high-growth vertical markets with robust solutions,” stated Edward Kaplan, Zebra’s chairman and chief executive officer. “We enter 2007 with great optimism for further growth. We have continued favorable momentum in our core business, supported by increasing traction of recently introduced products. On top of this, our entry into real time locating systems (RTLS) with the acquisition of WhereNet in January adds another dimension of growth, access to active RFID and opportunity to build value for stockholders.”
Discussion and Analysis
For the fourth quarter of 2006 compared with the fourth quarter of 2005:
- High sales growth spanned geographies, products and channels. The North America, Latin America and EMEA regions achieved new quarterly sales records. Hardware sales increased 18.3%. Supplies sales increased 14.9%.
- Gross profit margin declined to 46.9% from 50.0%. During the quarter, profitability was affected by higher material costs, adjustments to inventory reserves, and labor and overhead charges related to the start-up of new and expanded label conversion facilities in three locations.
- The company took a pre-tax charge of $12,543,000 for the reserve of an insurance receivable that was related to the debt of a reseller customer. This debt was guaranteed by an insurance company doing business in the U.K. that defaulted on its guaranty obligation. Zebra has initiated legal action against the insurance company to enforce the guaranty.
- Higher personnel costs from increased staffing to support planned growth, and increased expenditures on activities in information systems also contributed to growth in operating expenses.
For the full year of 2006, the company had net sales of $759,524,000, up 8.2% from $702,271,000 for 2005. Annual net income was $70,946,000, or $1.00 per diluted share. Results include the settlement and license with Paxar Americas, Inc., that was recognized in the third quarter, as well as the receivable reserve in the fourth quarter. For 2005, net income was $106,184,000, or $1.47 per diluted share.
At December 31, 2006, Zebra had $559,189,000 in cash and investments, and no long-term debt. Net inventories were $81,190,000, and accounts receivable, net, were $122,540,000.
The company also announced that during the fourth quarter, it purchased 1.9 million shares of Zebra common stock against the 2.5 million shares authorized by Zebra’s Board of Directors. To date, Zebra has purchased 2.1 million shares under the current authorization.
First Quarter Outlook
Zebra also announced its financial forecast for the first quarter of 2007. Net sales are expected within a range of $195,000,000 and $205,000,000. Earnings are expected within a range of $0.33 and $0.37 per diluted 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 first quarter of 2007 stated in the paragraph directly above. 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 may elect to update forward-looking statements but expressly disclaims any obligation to do so, even if the company’s estimates change.
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 market conditions in North America and other geographic regions and market acceptance of Zebra’s printer and software products and competitors’ product offerings and the potential effects of technological changes. Other factors include U.S. and foreign regulations that pertain to electrical and electronic equipment, including European Union directives relating to the collection, recycling, treatment and disposal of products and the reduction or elimination of certain specified materials in such products. Zebra’s failure to comply with these regulations may subject Zebra to penalties, prevent Zebra from selling its products in a certain country, or increase the cost of supplying the products. Profits and profitability will be affected by the company’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 is involved, and particularly litigation or claims related to alleged infringement of third- party intellectual property rights, is another factor. In addition, the acquisitions of Swecoin, which was completed in October 2006, and WhereNet, which was completed in January 2007, have risks relating to integrating these companies’ businesses and operations with Zebra’s. These and other factors could have an adverse effect on Zebra’s revenues, 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, 2005, and the Risk Factors in Zebra’s Form 10-Q for the quarter ended September 30, 2006.