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Gateway adjusts 2001 annual report

    Gateway on Monday amended its fiscal 2001 annual report to reflect previously disclosed changes related to the company's relationship with AOL Time Warner as well as a new change to the way the company accounted for the sale of its financing portfolio. The newly disclosed change reduces the company's 2000 profit by $2.9 million and boosts its year 2001 results by the same amount.

    Gateway said it has "kept the SEC's staff fully apprised of its accounting determinations in connection with the restatement" and does not expect to have to make any more restatements. In the opinion of management, all material adjustments necessary to correct the previously issued historical financial statements have been made. Gateway said it will file its annual report for fiscal 2002 on Tuesday with no changes to the results that it announced in January.