Zebra Technologies Announces Financial Results for the 2005 Fourth Quarter and Full Year

0% was affected by a mix-driven
decline in average unit prices, higher warranty expense, and
unfavorable movement in foreign exchange .
-- Quarterly operating expenses increased by 15.

2006 First Quarter Outlook
Zebra also announced its financial forecast for the first quarter of 2006.

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 2006 stated in the paragraph directly above . Specifically, these
risks include the timing of product introductions and the market's acceptance
of those and current products, the success of competitors' product offerings,
as well as the speed of adoption of the company's printing technologies and
competing technologies.5 100.
"Chevron has proven technical and financial capabilities to maximize the full
value of Unocal's world-class assets, and Unocal's talented employees
worldwide will enhance our organizational capability. The merger is expected to be accretive to
earnings per share in 2006. To date, the
company has confirmed the continued employment of more than 5,000 Unocal
employees.

contains regions

, Zebra Technologies
Corporation (Nasdaq: ZBRA) today announced that sales and earnings for the
fourth quarter of 2005 were at the top end of its forecasted range, with net
sales for the three months ended December 31, 2005, at a record $179,294,000,
compared with $174,874,000 for the same period in 2004.02 per diluted share for the expensing of stock
options as required under SFAS No. Actual results
may differ from those expressed or implied in the company's forward-looking
statements. 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.44 $1.66

Basic weighted average
shares outstanding 70,385 71,773 71,364 71,556
Diluted weighted
average and
equivalent shares
outstanding 70,923 72,719 72,022 72,539

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)

Year Ended December 31,
2005 2004
Cash flows from operating activities: (Unaudited)
Net income $111,603 $120,643
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Depreciation and amortization 13,104 12,255
Tax benefit from exercise of options 3,815 6,965
Acquired in-process technology - 22
Deferred income taxes (834) (2,358)
Changes in assets and liabilities, net
of businesses acquired:
Accounts receivable, net (20,422) (11,491)
Inventories (6,204) (15,456)
Other assets (8,523) (1,464)
Accounts payable 3,792 6,420
Accrued liabilities 196 1,974
Income taxes payable (5,170) 3,720
Other operating activities 1,233 54
Net cash provided by operating
activities 92,590 121,284

Cash flows from investing activities:
Purchases of property and equipment (14,286) (16,243)
Acquisition of Retail Systems International,
Inc .5
Shipping and handling 833 1,444 (42. 31, Percent Percent of
Geographic Region 2005 2004 Change Total Sales
Europe, Middle East
and Africa $59,942 $59,398 0.0

Sales by Product Category
Year Ended
Dec. The combined company is strengthened by
complementary assets, talented employees and synergies .
Chevron Corporation is one of the world's leading energy companies. You should not place undue reliance
on these forward-looking statements, which speak only as of the date of this
press release .

countries regions

2
Asia-Pacific 15,867 14,534 9.4 9.5
North America 362,054 359,074 0., Chevron Corporation
(NYSE: CVX) today announced that it has completed its merger with Unocal
Corporation (NYSE: UCL). In the Asia-Pacific region, which is
anticipated to be one of the world's strongest economic growth areas, the
combined company will generate more than 20 percent of its equivalent daily
crude oil and natural gas production.

countries sites

The conference call will be held at 11:00 AM Eastern Time
today.zebra. 31 , Dec.9
Supplies 33,581 30,901 8.3 77.0

this asia

For the full year, net sales were a record
$702,271,000, up 5.
-- Gross profit margin of 50.40 $0.4
North America 90,562 90,345 0.
Approximately 77. Gulf of Mexico, make a strong strategic fit with Chevron's
existing core areas of operations . With
more than 53,000 employees, Chevron subsidiaries conduct business in
approximately 180 countries around the world, producing and transporting crude
oil and natural gas, and refining, marketing and distributing fuels and other
energy products.chevron.

by health

Full-year net income was
$111,603,000, or $1.40 per diluted share,
including an estimated $0.com .

For Information, Contact:
Charles R.634.45 $1.4
Cash flow hedging
activities 875 (1,077) NM 0.9 7.6
Total sales $179,294 $174,874 2.5 18.4
Service and software 25,217 24,310 3.8 51.62
percent of those Unocal shares present and entitled to vote, were voted in
favor of the merger agreement.

sites links

40 per diluted share, versus $31,962,000, or
$0.55 per diluted share, for 2005, compared with
$120,643,000, or $1. Zebra's reputation for innovation and quality was evident in RFID,
where our broad range of printer/encoders and complementary media helped us
increase market leadership .
Accounts receivable were $111,551,000 and were affected by the timing of
orders and shipments during the quarter. Information about
Zebra bar code, card and RFID products can be found at http: //www.2545

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)

December 31, December 31,
2005 2004
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $25,621 $17,983
Investments and marketable securities 518,618 540,010
Accounts receivable, net 111,551 96,881
Inventories 63,638 59,255
Deferred income taxes 8,188 6,625
Prepaid expenses 5,098 3,884
Total current assets 732,714 724,638

Property and equipment at cost, net of
accumulated depreciation and amortization 49,643 46,283
Goodwill 69,097 61,793
Other intangibles, net 19,002 6,517
Other assets 41,743 22,991
Total assets $912,199 $862,222

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable $24,885 $24,130
Accrued liabilities 28,928 29,248
Current portion of obligation under
capital lease - 54
Income taxes payable 535 6,144
Total current liabilities 54,348 59,576
Obligation under capital lease, less
current portion - 117
Deferred income taxes 1,242 417
Deferred rent 574 564
Other long-term liability 5,521 3,894
Total liabilities 61,685 64,568

Stockholders' equity:
Preferred stock - -
Class A Common Stock 722 718
Additional paid-in capital 93,336 84,180
Treasury stock (64,013) -
Retained earnings 818,092 706,489
Accumulated other comprehensive income 2,377 6,267
Total stockholders' equity 850,514 797,654
Total liabilities and stockholders' equity $912,199 $862,222

ZEBRA TECHNOLOGIES CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share data)

Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2005 2004 2005 2004
(Unaudited) (Unaudited) (Unaudited )

Net sales $179,294 $174,874 $702,271 $663,054
Cost of sales 89,503 83,979 348,090 319,895
Gross profit 89,791 90,895 354,181 343,159

Operating expenses:
Selling and marketing 25,286 22,615 89,707 77,062
Research and
development 11,777 9,368 46,000 37,093
General and
administrative 13,665 11,998 59,910 49,240
Amortization of
intangible assets 798 647 2,341 2,569
Acquired in-process
technology - - - 22
Exit costs 71 146 2,012 2,100
Total operating
expenses 51,597 44,774 199,970 168,086

Operating income 38,194 46,121 154,211 175,073

Other income (expense):
Investment income 3,814 2,949 13,417 10,628
Interest expense (8) (5) (79) (44)
Foreign exchange gain 87 (9) 1,286 485
Other, net (74) (419) (370) (1,594)
Total other income 3,819 2,516 14,254 9,475

Income before income
taxes 42,013 48 ,637 168,465 184,548
Income taxes 13,720 16,675 56,862 63,905
Net income $28,293 $31,962 $111,603 $120,643

Basic earnings per
share $0.7
Asia-Pacific 62,974 52,302 20.

this health

9% over $663,054,000 for 2004. These and other accomplishments will have a greater effect on our
business as we progress through 2006.1% versus 52. 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. Whitchurch
Chief Financial Officer
Phone: 847.2 76.7
Service and software 6,202 6,077 2.9 33. Acquires High-Quality Operations in Asia-Pacific, the Caspian and the
U.
"This merger provides current and long-term investment value, and Unocal
is an excellent strategic fit with Chevron's assets and corporate culture,"
said David J."
O 'Reilly added, "This is an important milestone for Chevron, and I want to
welcome Unocal employees to our company. Chevron intends to make employment offers to many of the remaining
1,400 Unocal employees and to conclude the selection process by the end of
September.

medicine alternative

Quarterly net income
for 2005 was $28,293,000, or $0. During the fourth quarter, we introduced new
products that are being deployed to serve a wider range of specialty printing
solutions.0% resulted from the effect of placing
more Zebra sales representatives and other associates in high-growth
regions to generate more business in those territories. During the 2005 fourth quarter, income taxes were
reduced by $875,000 from the recognition of job creation tax credits
and the reversal of tax reserves resulting from the favorable
resolution of certain tax audits. Inventories totaled $63,638,000.
Investors are invited to listen to a live Internet broadcast of Zebra's
conference call discussing the company's financial results for the fourth
quarter of 2005.55 $1.5
Total sales $179,294 $174,874 2.2 8.5 100.0
Supplies 129,183 116,877 10.5
Total sales $702,271 $663,054 5. The addition of Unocal strengthens
our position as a global energy leader , and together we will be able to
accomplish great results.

oceania asia

"

Discussion and Analysis
For the fourth quarter of 2005:

-- International sales growth of 5.
-- The income tax rate was 32.

At December 31, 2005, Zebra had $544,239,000 in cash, investments and
marketable securities, and no long-term debt. These statements represent estimates only as of the date they were
made.7 18.4
Latin America 12,923 10,597 21.8
Total International 88,732 84,529 5.6
Shipping and handling 5,575 4,950 12. 31, Percent Percent of
Geographic Region 2005 2004 Change Total Sales
Europe, Middle East
and Africa $230,365 $213,559 7.03 shares of Chevron stock or a combination of $27. Chevron is based in San Ramon, Calif.

Cautionary Information Regarding Forward-Looking Statements
Except for the historical and factual information contained herein, the
matters set forth in this news release, including statements as to regulatory
approvals for the merger, timing expectations to complete the merger
integration and other statements identified by words such as "estimates,"
"expects," "projects," "plans," and similar expressions are forward-looking
statements within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995.

oceania europe

"We are pleased with our results , which reflect ongoing spending on
strategic business activities," stated Edward Kaplan, Zebra's chairman and
chief executive officer. The outlook for Zebra is positive and we
remain optimistic about our future. These
estimates do not take into consideration acquisitions, dispositions or other
significant corporate events or reorganizations that may occur in the first
quarter. In addition , the pace and success of the company's
geographic expansion activities, as well as the effectiveness of its current
and future sales and marketing initiatives to capture emerging business and
established business opportunities could also have an effect on the accuracy
of Zebra's estimates and forward -looking statements. More than 90 percent of Fortune 500 companies use
Zebra-brand printers. A broad range of applications benefit from Zebra-brand
thermal bar code, "smart" label, receipt, and card printers, resulting in
enhanced security, increased productivity, improved quality, lower costs, and
better customer service.6700
Fax: 847.40 $0.3) 0.2 50. 31, Dec .2
Total sales $702,271 $663,054 5.8
Latin America 46 ,878 38,119 23. The merger agreement was originally signed on
April 4, 2005, and amended on July 19, 2005. The merger will increase Chevron's proved reserves (based on
year-end 2004 reporting and including the company's share of equity
affiliates) by more than 15 percent. The company will also be a leading
resource holder in this region.
The strong strategic fit between the two companies will provide for a
rapid and efficient integration, for which planning is complete. He will be an
executive vice president of the corporation, assisting with the integration of
the two companies.

sites region

44 per diluted share, for 2004. "Our extended global reach generated sales growth in
emerging and under-served regions, including China, Eastern Europe and Latin
America.
These forward -looking statements are based on current expectations,
forecasts and assumptions and are subject to the risks and uncertainties
inherent in general industry and market conditions, of general domestic and
international economic conditions, and other factors. In particular, readers are referred to Zebra's Form 10-K
for the year ended December 31, 2004, and Form 10-Q reports. The company has sold nearly five million printers,
including RFID printer/encoders and wireless mobile solutions, and also offers
software, connectivity solutions and printing supplies.zebra.0
Total International 340,217 303,980 11.S.21 percent of Unocal shares outstanding, and 96. O'Reilly, Chevron 's chairman and chief executive officer.com.

countries oceania

Sales growth
in the company's Europe, Middle East, Africa region were affected by
unfavorable foreign exchange rates.2%, primarily because of
higher personnel costs supporting more business initiatives, product
development expenses, and legal fees associated with intellectual
property activities.7 3.9 100. 31, Dec.0 6.

Chevron Enhances Growth Strategies With Unocal Merger

60 in cash and
0.

health medicine

VERNON HILLS, Ill.66 per diluted share, for 2004. In North America, lower mobile
printer sales to large retailers offset sales growth in non-retail
sectors.
Earnings are expected within a range of $0.35 and $0. We may elect to update forward-looking statements but expressly disclaim
any obligation to do so, even if our estimates change.69
Diluted earnings per
share $0. 31, Percent Percent of
Product Category 2005 2004 Change Total Sales
Hardware $137,803 $137,529 0. 31, Percent Percent of
Product Category 2005 2004 Change Total Sales
Hardware $540,679 $518,556 4.9 100.S. Unless legally required, Chevron undertakes no obligation to
update publicly any forward-looking statements herein, whether as a result of
new information, future events or otherwise.

This category contains links to Regions, Countries and Localities with alternative health and medicine sites.

category countries

We will also build on this foundation by
continuing to invest where we see opportunities to create even greater value
for stockholders over the long term.7%, compared with 34.
Zebra Technologies Corporation delivers innovative and reliable on-demand
printing solutions for business improvement and security applications in 100
countries around the world.821. (7 ,657) -
Acquisition of intangible assets (13,754) -
Purchases of investments and marketable
securities (1 ,021,813) (1,297,416)
Maturities of investments and marketable
securities 664,064 861,249
Sales of investments and marketable
securities 369,113 319,711
Net cash used in investing activities (24,333) (132,699)

Cash flows from financing activities:
Purchase of treasury shares (70,421) -
Proceeds from exercise of stock options
and stock purchase plan purchases 11,753 15 ,531
Payments for obligation under capital lease (171) (434)
Other financing activities - (238)
Net cash provided by (used in) financing
activities (58,839) 14,859

Effect of exchange rate changes on cash (1,780) 273

Net increase in cash and cash equivalents 7,638 3,717
Cash and cash equivalents at beginning of year 17 ,983 14,266
Cash and cash equivalents at end of year $25,621 $17,983

Supplemental disclosures of cash flow information:
Interest paid $79 $44
Income taxes paid 61,453 56,055

ZEBRA TECHNOLOGIES CORPORATION
SUPPLEMENTAL SALES INFORMATION
(Amounts in thousands)
(Unaudited)

Sales by Product Category
Three Months Ended
Dec.0

Sales by Geographic Region
Three Months Ended
Dec. 31, Dec.0 49.9 32. Gulf of Mexico

SAN RAMON , Calif."
The combined company will produce approximately 2.
Charles Williamson, Unocal 's chairman and chief executive officer, will
join Chevron in a transition role until later this year .

alternative category

Effective channel programs strengthened
distribution, and we built important business alliances with integrators for
vertical market applications.3% for the fourth
quarter of 2004.
Net sales are expected within a range of $175,000,000 and $185,000,000. 123 (R), Share-Based Payment. To listen to the call, visit the company's Web site at
http://www.com .6 0.9 48. Under terms of the agreement,
Unocal stockholders had the option to receive for each Unocal share either $69
in cash, 1.618 of a share of Chevron stock, with the all-cash and all-stock elections
subject to proration.8 million barrels of
oil-equivalent per day, including production from oil sands, production under
operating service agreements and the company's share of production by equity
affiliates . These forward-looking statements
are subject to risks and uncertainties that may cause actual results to differ
materially, including the satisfaction of other closing conditions contained
in the merger agreement and other risk factors relating to our industry as
detailed from time to time in each of Chevron's and Unocal's reports filed
with the Securities and Exchange Commission, including each such company's
most recent Annual Report on Form 10-K.