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Gateway Posts Wider Quarterly Loss
Oct 24, 2003
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Gateway Inc. posted its 11th quarterly loss in three years as the company lost money in its core personal computer business and struggled to reinvent itself as a consumer electronics store that sells a broad range of products.

The company offered a forecast for the holiday sales-driven fourth quarter that was in line with cautiously more positive Wall Street expectations. But gross margins were hammered by pricing pressure in the PC market, rising component costs, and the cost of remodeling 185 of its Gateway retail stores.

Six months ago, Gateway co-founder, Chairman, and Chief Executive Ted Waitt announced the company's plan to become what he called a "branded integrator." Gateway has since expanded to sell digital cameras, plasma and flat-panel TVs, and digital home media centers, all integrated with its PCs.

Gateway, which said it has now introduced 72 products and services in 16 new categories, posted a net loss of U.S. $138.8 million, or $0.43 a share, compared with a year-ago net loss of $49.7 million, or $0.15 a share. Revenue fell to $883.1 million from $1.12 billion. Excluding restructuring charges and other expenses, Gateway said it made a loss of $66.1 million, or $0.20 a share.

Gateway said it sold 558,000 personal computers in the quarter, up 14 percent sequentially, but down 24 percent from a year earlier. It cited improved seasonal demand and its reentry into the low end of the PC market in early August for the sequential rise in PC sales. (AP)

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