Tuesday, specialty printing device maker Zebra Technologies Corp. (ZBRA), reported a fourth-quarter net loss from a profit in the year-ago period, primarily due to asset impairment charges. The company also issued earnings guidance for first quarter of fiscal year 2009.
The Vernon Hills, Illinois-based company reported a fourth-quarter net loss of $117.36 million or $1.88 per share, compared to a profit of $30.80 million or $0.45 per share in the corresponding quarter last year. On average, nine analysts polled by Thomson Reuters estimated earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the fourth-quarter decreased marginally to $232.57 million from $233.57 million in the similar period last year.
Total operating expenses for the fourth quarter increased to $243.24 million from $76.44 million in the comparable period of 2007.
Included in total operating expenses are write-down of assets related to acquisitions and intellectual property due to changes in valuations related to current economic conditions and business outlook of $157.60 million for the quarter, compared to none in the prior-year similar period. Expenses also included pretax exit, restructuring and integration expenses of $7.79 million, reducing earnings by $0.08 per share after tax.
During the fourth quarter of 2008, the company repurchased 2.63 million shares of its Class A Common Stock out of an authorization to purchase up to 5.00 million of its common stock. The company's Board of Directors recently authorized an additional 3.00 million share repurchase under its stock buyback program.
For the fiscal year 2008, net loss was $38.42 million or $0.60 per share, compared to a profit of $110.11 million or $1.60 per share in the corresponding period last year.
Net sales for the full year 2008 increased to $976.70 million from $868.28 million in the fiscal year 2007.
The company anticipates first quarter 2009 earnings in the range of $0.11 to $0.20 per share. Analysts currently estimate earnings of $0.30 per share for the quarter.
Zebra also expects net sales between $195.0 million and $210.0 million for the first quarter of fiscal year 2009, while analysts currently estimate net sales of $220.49 million.
The company said its forecast includes expected exit and restructuring costs of $3.00 million.
Zebra is currently trading at $16.95, down $0.24 or 1.40%, on a volume of 0.29 million shares on the Nasdaq.
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