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ZDNet UK/Reuters: Corel's widening second-quarter loss reflects a need for further cutbacks

Jun 21, 2000, 13:29 (0 Talkback[s])

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"Struggling Canadian software developer Corel said on Tuesday its widening second-quarter loss reflects sinking sales for mature products and that dramatic cost-cutting measures are still needed to stem the flow of red ink. The loss was in line with a recent warning from the Ottawa-based company."

"Corel said the latest results included a one-time loss of $1.1m from equity investments and a $1.2m gain from the sale of 560,000 shares in GraphOn, in which it has a remaining stake of about 1.6m shares. The weak performance once again raises questions about Corel's future and how the company will cut sufficient costs to stay afloat."

"Analysts suggest that meeting the $40m target will be difficult. "They have miles to go before they sleep," said Duncan Stewart, fund manager at Tera Capital, which has held Corel shares at several times but does not own the stock at present. "There's a limited number of places one can get money..."

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