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For the fourth quarter of 2003, net income increased 20.0% to a record $24,395,000, or $0.51 per diluted share, from $20,328,000, or $0.43 per diluted share, for the same period a year ago. This performance was achieved on a 16.5% increase in net sales to $147,200,000 from $126,324,000 for the same period in 2002. Per-share figures have been adjusted for a three-for-two stock split paid on August 21, 2003, in the form of a 50% stock dividend.

"Sales growth greatly exceeded our expectation and is the tangible result of our growth strategy," stated Edward Kaplan, Zebra's chairman and chief executive officer. "Growth spanned nearly all product lines, channels, and geographies. We were very encouraged by the continuing positive business trend in North America, our largest sales region. International growth, notably in Asia Pacific, benefited from our ongoing global expansion program. We saw particularly strong deployments of mobile printing systems, as companies adopt productivity-enhancing wireless technologies in a wide range of applications."

Mr. Kaplan added, "Zebra is well positioned to extend its leadership in bar code labeling solutions and use an expanded technology portfolio to take advantage of substantial specialty digital imaging opportunities. The November 2003 acquisition of Atlantek enhanced the high-growth profile of our card printer division and helped us enter the emerging area of digital photo printing. Commercial shipments recently began of Zebra's UHF printer/encoders for the adoption of radio frequency identification. These initiatives are supplementing our greater focus on delivering targeted solutions for high- growth vertical markets, continued global expansion, and further deployments of mobile and wireless applications. All of these activities give us great optimism for further growth and development of stockholder value creation."

For 2003, net income advanced 28.1% to a record $91,696,000, or $1.92 per diluted share, from $71,595,000, or $1.53 per diluted share, for 2002. Net sales for 2003 were $536,397,000, up 12.8% and exceeding $500,000,000 for the first time in the company's history. For 2002, net sales totaled $475,611,000.

At December 31, 2003, Zebra had $449,964,000 in cash, investments and marketable securities, and no long-term debt. At year-end, inventories totaled $42,781,000 and accounts receivable were $81,867,000.
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