Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Gateway Posts Loss in 1st Quarter
Apr 21, 2003
 Printable format
 Email this Article
 Search
Computer maker Gateway Inc. posted a first-quarter net loss of U.S. $200 million, which it attributed to its restructuring efforts and the sluggish U.S. economy. For the quarter ending March 31, Gateway reported revenue of $844 million, down from $992 million for the first quarter of 2002. The net loss for the quarter amounted to $0.62 a share, compared to the net loss of $126 million, or $0.39 per share a year earlier. The loss for the latest quarter included a $78 million restructuring charge for store closings and job cuts. Gateway founder and chief executive Ted Waitt said "We're going through a major transformation of our business, but we are already seeing results — stronger sales of mid to high-end PCs, growth of higher margin, non-PC products and lower costs." Gateway, the U.S.'s No. 4 computer maker, has been working to cut costs and boost sales amid an industrywide downturn. Last month, it closed 80 stores and shed 1,900 jobs, or 17 percent of its work force, as part of an effort to save about $400 million a year. In the last 2 years, the company has eliminated about 10,000 jobs. The company said it still expects to be profitable and have more than $1 billion in cash and securities by the end of the year. Gateway sold 506,000 PCs in the first quarter, down 22 percent from the first quarter last year. It said the drop was largely due to its new focus on selling higher-end PCs. The average price of units sold rose to $1,670, the highest level in 2 years. Sales of non-PC services and products, such as plasma-screen televisions, accounted for 24 percent of revenue, up from 20 percent a year earlier. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Sep 25, 2014: Cub Cadet's new lawn tractor has Bluetooth and its own app

Sep 24, 2014: GE has the highest ranked appliance brand website; h.h. gregg ranked top appliance retailer website

Sep 24, 2014: Haier becomes first refrigerator maker to offer a lifetime compressor warranty

Sep 24, 2014: New condensing dishwasher from Whirlpool's plant in Wroclaw, Poland

Sep 24, 2014: Index points to growth in consumer spending on tech products in remaining months of 2014

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows