Printer Friendly

GATEWAY COMMUNICATIONS ANNOUNCES REDUCTION IN FORCE

 GATEWAY COMMUNICATIONS ANNOUNCES REDUCTION IN FORCE
 IRVINE, Calif., June 24 /PRNewswire/ -- Gateway Communications


Inc. (NASDAQ-NMS: GWAY) announced today that recent staff reductions have occurred representing approximately 20 people or 18 percent of its workforce.
 These staff reductions were implemented because of recessionary business conditions that have impacted the company during the second quarter of 1992. Costs associated with these staff reductions have not yet been finalized. Revenues are expected to be significantly under the levels experienced during the first quarter of 1992 because of intense price competition in the Ethernet LAN adapter market, resulting in a general slowdown in orders from distributors. In addition, a major OEM/distributor customer has recently experienced financial difficulties which have reduced planned shipments during the second quarter.
 The company this week introduced new competitive pricing on its principal Ethernet LAN adapter products. The company expects that gross margins on these products will be lower until planned product cost reductions, anticipated to occur later this year, are realized.
 The company has not yet closed its second quarter which ends June 30, 1992, and expects that operating results for this quarter will be announced during the latter half of July 1992.
 -0- 6/24/92
 /CONTACT: Kirk E. Andrews, VP-finance and CFO of Gateway Communications, 714-553-1555/
 (GWAY) CO: Gateway Communications ST: California IN: CPR SU: PER JL-SE -- LA036 -- 3535 06/24/92 20:01 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 24, 1992
Words:229
Previous Article:SIERRA SETS STAGE FOR SIZZLING SUMMER OF SLEUTHING
Next Article:SEVENSON ENVIRONMENTAL SERVICES, INC. ANNOUNCES $25 MILLION IN NEW CONTRACTS
Topics:


Related Articles
GATEWAY COMMUNICATIONS ANNOUNCES 1991 FOURTH QUARTER CHARGE AGAINST EARNINGS
GATEWAY COMMUNICATIONS ANNOUNCES 1991 RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES 1992 SECOND QUARTER RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES 1992 THIRD QUARTER RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES 1992 RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES FIRST QUARTER RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES SECOND QUARTER RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES THIRD QUARTER RESULTS
GATEWAY COMMUNICATIONS ANNOUNCES 1993 RESULTS
City of Portland, Oregon Selects Radio IP(TM) Mobile TCP/IP Gateway; Software to optimize TCP/IP traffic for over 300 mobile units utilizing a...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters