The company sells products to consumers, businesses, government agencies and schools. Products include desktop computers, laptops, flat-screen TVs, software and accessories. Customers can buy Gateway products in retail stores or online.
In 2005, Gateway reported revenues of $3.85 billion and net income of $49.5 million. The company said it sold 1,359,000 computers in the fourth quarter of 2005.
Wayne Inouye unexpectedly resigned as CEO of the company in February and Richard Snyder was named interim CEO.
Founded in 1985 in an Iowa farmhouse, Gateway has grown into one of America's best known computer makers. Starting with a $10,000 loan guaranteed by his grandmother, a rented computer and a three-page business plan, Ted Waitt turned Gateway into a revolutionary company whose innovations helped shape the technology industry.
The company -- previously called Gateway 2000 -- received national acclaim in 1991 when it introduced its distinctive cow-spotted boxes, a tribute to its farm heritage. In 1993, it cracked the Fortune 500 and went public, trading on the NASDAQ before moving to the New York Stock Exchange in 1997. The following year, Gateway shifted its headquarters from North Sioux City, SD to the San Diego area.
In early 2004, the company acquired eMachines, one of the world's fastest growing and most efficient PC makers. The company moved its headquarters to Irvine, CA in September 2004.
Gateway operated a chain of more than 300 stores nationwide that focused exclusively on selling the company's products but was plagued by poor locations and heavy losses. The stores were closed in 2004.
Company Paid Benefits
Updated February 11, 2006