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Gateway net rises 21 percent

Rise in quarterly profit is helped by tax gain as the company released reserves set aside for an audit.

Gateway, the third largest U.S. personal computer maker, on Thursday reported a 21 percent gain in quarterly profit, helped by a tax gain as the company released reserves set aside for an audit, according to Reuters.

Net income in the third quarter rose to $18.2 million, or 5 cents per share, from $15.1 million, or 4 cents per share, a year earlier. Net sales slipped to $963.2 million from $1.02 billion, Reuters reported.