Gateways International Tailor-made Tours history

In 1986 TIPC Network experimented with assembling its own computers, and even sold them to local customers.

In 1987 the company had revenues of $1.5 million.

In the company's first full-page ad, run in computer magazines in 1988, Gateway displayed a picture of Waitt's father's cattle herd, with the Sioux City water tower looming in the background.

Spurred by these promotional efforts, which consumed only 2.5 percent of company revenues, Gateway sales continued their meteoric rise, reaching $70.6 million in 1989.

By the end of 1990, Gateway's revenues had nearly quadrupled from the previous year, to $275 million.

In the fall of 1991, the company began to run ads that showed a group of conservative executives huddled around a Gateway computer, with the slogan, "because we've stood the test of time."

By the end of 1992, Gateway's sales had reached $1.1 billion, an increase of 76 percent over the previous year.

In December 1993, Gateway went public, raising $150 million through the sale of 10.9 million shares, which accounted for 15 percent of the company.

Revenues for the year were up again, to $3.7 billion, an increase of $1 billion over 1994.

In 1995 Gateway continued to grow, announcing plans to build an $18 million manufacturing plant in Hampton, Virginia, and acquiring 80 percent of an Australian computer maker, Osborne Computer Corporation.

In December 1999 Waitt stepped down as CEO, remaining chairman, while Weitzen was promoted to president and CEO. For the year, Gateway posted record profits of $427.9 million on record revenues of $9.6 billion.

In addition to restating downward the financial results for 2000, Waitt launched a thorough restructuring, brought back a number of old-timers, and adopted a "back to basics" approach reemphasizing Gateway's core business of selling PCs directly to consumers and businesses.

2001: Massive restructuring is launched involving significant consolidation and closures of facilities and the elimination of 9,400 jobs; net loss of $1.03 billion is recorded.

As the price war and decline in home-PC shipments continued, sales plummeted further in 2002, dropping to $4.17 billion.

In January 2003 Gateway launched yet another restructuring to close 76 of its remaining 268 retail stores, resulting in the dismissal of 1,900 more employees.

When completed in March 2004 the deal was valued at nearly $300 million.

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