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Gateway Reports a Loss

August 16, 1994

IRVINE — Gateway Communications Inc. reported a net loss of $2.6 million, or 50 cents a share, for the second quarter, which included provision of nearly $1.8 million for a loss on the sale of substantially all of the company's inventory, property, equipment and intellectual property rights to Microdyne Corp.

Completion of the sale requires the approval of the company's shareholders at a special meeting scheduled for Sept. 9. The quarterly loss compares to a loss of $586,000, or 12 cents a share, for the 1993 second quarter. Revenue fell to $236,000 from $2.5 million.

The first-half loss was $3.4 million, or 65 cents a share, compared to a loss of $1.1 million, or 21 cents a share, for the comparable six months of 1993. Revenue was down to $1.5 million from $5.8 million.

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