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GATEWAY COMMUNICATIONS ANNOUNCES HIGHER REVENUES AND NET INCOME FOR THE FIRST QUARTER

 GATEWAY COMMUNICATIONS ANNOUNCES HIGHER REVENUES
 AND NET INCOME FOR THE FIRST QUARTER
 IRVINE, Calif., April 23 /PRNewswire/ -- Gateway Communications Inc. (NASDAQ-NMS: GWAY) announced today the results of operations for the first quarter ended March 31, 1992. For the three months ended March 31, 1992, the company reported net income of $408,000, or $0.08 per share, on total revenues of $6.67 million. In the comparable quarter of 1991, net income was $331,000, or $0.07 per share, on total revenues of $6.35 million.
 "I am pleased with the 5 percent increase in revenues and the 19 percent increase in pre-tax profit this quarter over the first quarter of 1991," said Dr. Patrick F. Cadigan, chairman and chief executive officer. "These results are largely due to higher demand for our local area network (LAN) adapter and wiring hub products and the extraordinary efforts of all our employees to improve operating efficiency."
 Effective Jan. 1, 1992, Microdyne Corp. replaced Novell Inc. as the company's original equipment manufacturer (OEM) customer for its WNIM+(R) communications adapter. This product is used as the standard hardware platform for Novell's NetWare Access Server, NetWare Asynchronous Communications Server, and NetWare Asynchronous Remote Router software products. In addition, during the first quarter of 1992, Gateway Communications announced the availability of the WNIM+ through its global distribution network.
 Gateway Communications Inc. designs, develops, manufactures and markets local and wide area networking communications products for use in IBM and compatible personal computers. Corporate headquarters are located at 2941 Alton Ave., Irvine, CA 92714; telephone, 714-553-1555.
 GATEWAY COMMUNICATIONS INC.
 Summary of Unaudited Consolidated Financial Results
 (In thousands, except per share results)
 Three Months Ended March 31: 1992 1991
 Total revenues $6,668 $6,349
 Income before taxes $646 $545
 Net income $408 $331
 Net income per share $0.08 $0.07
 Weighted average number of shares
 and share equivalents used in
 computing per share amounts 4,935 4,766
 Balance Sheet Highlights as of March 31:
 Total assets $11,277 $11,055
 Working capital $7,526 $6,702
 Shareholders' equity $8,152 $7,883
 -0- 4/23/92
 /CONTACT: Kari Jo Bloomer (investors) of Gateway Communications, 714-553-1555/
 (GWAY) CO: Gateway Communications ST: California IN: CPR SU: ERN


AL -- LA034 -- 2064 04/23/92 15:50 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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