Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
LINCOLNSHIRE, Ill., Feb. 12, 2013 /PRNewswire/ -- 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.
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.
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
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
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
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-terminvestment
(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:
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New breakthroughs in cloud-based data management empower databases with the necessary elasticity they need to be truly responsive to the ebbs and tides of supply and demand.
Cloud computing allows all capital assets – computing power, memory and storage for example – to be exchanged a...
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“Trust is an ongoing journey and sits at the foundation of any vendor relationship – the companies that don’t consistently earn trust won’t be around long,” noted Henrik Rosendahl, Senior VP of Cloud Solutions at Quantum, in this exclusive Q&A with Cloud Expo Conference Chair Jeremy Ge...
Our more interconnected planet is accelerating the adoption and convergence of next-generation architectures, in the form of cloud, mobile and instrumented physical assets. Organizations that can effectively balance optimization and innovation, will be in a position to leverage new sys...
A recent study by analyst firm IDC reports that in 2012, 1.7 million cloud computing-related roles across the globe could not be filled due to the lack of training, certification and experience in the applicant pool. As the global demand for cloud and big data expertise increases, empl...
