12.350.2004 - Gateway Provides Fourth Quarter Update and 2005 Guidance

IRVINE, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Gateway, Inc. (NYSE: GTW) today announced that it has updated its fourth quarter revenue range to $1.0 billion to $1.025 billion, and raised its GAAP earnings per share estimate from a range of breakeven to a 1 cent profit, to a range of 22 to 24 cents. The improved GAAP earnings primarily reflect the 24 cent gain associated with the previously announced retirement of Series A and C preferred stock, a negative 3 to 4 cent impact due to acceleration of transformation, integration and restructuring activities, and a 2 cent gain on the retirement of liability associated with a recent outsourcing of extended service plans. As a result of the extended service plan liability retirement mentioned above, the company is raising its estimated fourth quarter non-GAAP earnings per share before restructuring, transformation and integration costs from a range of 1 to 2 cents to a range of 3 to 4 cents. The company also indicated that it expects to end the year with approximately $550 million to $575 million in cash. - View Press Release - Visit Gateway, Inc.