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GATEWAY COMMUNICATIONS ANNOUNCES FIRST QUARTER RESULTS

 IRVINE, Calif., April 30 /PRNewswire/ -- Gateway Communications Inc. (NASDAQ-NMS: GWAY) announced today the results of operations for the first quarter ended March 31, 1993. For the three months ended March 31, 1993, the company reported a net loss of ($474,000), or ($0.09) per share, on total revenues of $3.30 million. In the comparable quarter of 1992, net income was $408,000, or $0.08 per share, on total revenues of $6.67 million. In the most recent preceding quarter ended Dec. 31, 1992, the company reported net income of $94,000, or $0.02 per share, on total revenues of $4.35 million.
 "The results for the first quarter of 1993 are disappointing and reflect a reduction in demand along with a continuation of tremendous price competition and margin pressure in the LAN adapter market," stated Dr. Patrick F. Cadigan, chairman and chief executive officer. "In addition, our operating results reflect higher than normal legal and professional fees associated with defending and settling pending and threatened litigation, and restructuring costs associated with additional staff reductions."
 Gateway Communications Inc. develops, manufactures, and markets a full range of networking and communications products for IBM and compatible PCs. Gateway products are sold in more than 45 countries worldwide. Corporate and international headquarters are located at 2941 Alton Avenue, Irvine, California 92714; telephone 714-553-1555.
 GATEWAY COMMUNICATIONS INC.
 Summary of Unaudited Consolidated Financial Results
 (In thousands, except per-share results)
 March 31, 1993 March 31, 1992
 Three Months Ended:
 Total revenues $3,297 $6,666
 Operating costs and expenses 3,847 6,022
 Restructuring charge 128 ---
 (Loss) income before taxes (677) 646
 Net (loss) income (474) 408
 Net (loss) income per share ($0.09) $0.08
 Weighted average number
 of shares and share
 equivalents used in
 computing per-share amounts 5,011 4,935
 March 31, 1993 Dec. 31, 1992
 Balance Sheet Highlights:
 Total assets $10,304 10,848
 Working capital 7,508 7,948
 Shareholders' equity 8,257 8,672
 -0- 4/30/93
 /CONTACT: Kirk E. Andrews, CFO of Gateway Communications, 714-553-1555/
 (GWAY)


CO: Gateway Communications Inc. ST: California IN: CPR SU: ERN

LS-JF -- LA039 -- 3502 04/30/93 20:56 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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