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BW: Corel Announces Second Quarter Results

Jun 21, 2000, 01:14 (0 Talkback[s])

Corel today announced results for its second quarter ended May 31, 2000. Revenues for the second quarter of fiscal year 2000 were $36.6 million, producing a net loss of $23.6 million or ($0.36) per share. Cash at the end of the quarter stood at $9.9 million. During the same period last year, Corel reported revenues of $70.5 million, with a net profit of $ 9.2 million or $0.14 per share fully diluted. All figures are reported in US currency."

"These final numbers are consistent with what we reported last week during the release of our preliminary second quarter results," said John Blaine, executive vice president of finance and chief financial officer at Corel Corporation. "The results include some non-recurring costs associated with our proposed merger with Inprise/Borland Corporation and also losses of our equity investments, offset by a gain on the sale of GraphOn shares. We continue to work diligently towards finalizing our cost-reduction plan but it is not complete at this time."

"We've faced some challenges over the past three months but we've also enjoyed some noteworthy product successes," said Dr. Michael Cowpland, president and chief executive officer of Corel Corporation. "We are continuing our tradition of innovative product development, forging strong partnerships, acquiring complementary technologies and earning praise from the industry for our efforts."

Press Release