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Canada.com: Software firm Corel issues another profit warning

Jun 15, 2000, 16:07 (4 Talkback[s])

"Corel Corp. (CORL) issued another earnings warning Thursday, saying the software company will post a higher-than-expected loss in its second quarter. Earlier this year, Corel said it expected losses in the second and third quarter that mirrored its first-quarter operating loss of $18.7 million US on revenues of $44.1 million."

"But the company says it will lose between $22 million and $24 million US for the period ended May 31, on revenue of just under $38 million. That compares with operational profit of $9.7 million and revenue of $70.5 million in the same 1999 quarter."

"While the revenue is less than originally expected, the company's expenses are also reduced from the first-quarter levels," said John Blaine, Corel's chief financial officer. "The company is making progress towards its goal of realigning its cost structure."

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