GATEWAY 2000, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share amounts)
Three months ended March 31,
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1998 1997
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Net sales $1,727,927 $1,419,336
Cost of goods sold 1,391,433 1,153,543
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Gross profit 336,494 265,793
Selling, general and administrative
expenses 227,293 170,915
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Operating income 109,201 94,878
Other, net (9,347) (8,200)
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Income before income taxes 118,548 103,078
Provision for income
taxes 42,677 35,562
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Net income $75,871 $67,516
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Net income per share:
Basic $0.49 $0.44
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Diluted $0.48 $0.43
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Basic weighted average shares
outstanding 154,548 153,557
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Diluted weighted average shares
outstanding 157,575 157,291
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March 31, 1998 December 31, 1997
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ASSETS
Current assets:
Cash and cash equivalents $742,170 $593,601
Marketable securities 66,844 38,648
Accounts receivable, net 471,883 510,679
Inventory 185,405 249,224
Other 154,615 152,531
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Total current assets 1,620,917 1,544,683
Property, plant and equipment, net 361,072 336,469
Internal use software costs, net 37,546 39,998
Intangibles, net 78,583 82,590
Other assets 44,105 35,531
=============== ===============
$2,142,223 $2,039,271
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current maturities
of long-term obligations $10,391 $13,969
Accounts payable 462,091 488,717
Accrued liabilities 308,879 271,250
Accrued royalties 150,912 159,418
Income taxes payable 40,326 26,510
Other current liabilities 48,379 44,042
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Total current liabilities 1,020,978 1,003,906
Long-term obligations, net of
current maturities 2,768 7,240
Warranty and other liabilities 93,619 98,081
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Total liabilities 1,117,365 1,109,227
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Stockholders' equity
Common stock 1,550 1,541
Additional paid-in-capital 318,481 299,483
Retained earnings 710,381 634,509
Other (5,554) (5,489)
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Total stockholders' equity 1,024,858 930,044
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$2,142,223 $2,039,271
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