The Register: Corel tells SEC we'll run out of cash next month
Jul 20, 2000, 11:00 (8 Talkback[s])
(Other stories by Tony Smith)
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"Corel has issued its second cash-flow warning in as many
months. The software company yesterday admitted it will run out of
money by the end of August if extreme measures are not taken."
"Only last week CEO Michael Cowpland told Canada's CBC that the
company's financial worries were over. He told CBC that Corel had
$25 million in the bank. "Basically, we're a very resilient
company," he boasted."
"That doesn't quite tally with a filing Corel has made with the
US Securities and Exchange Commission that notes the company's cash
pile will be $500,000 in the red by 31 August, the last day of the
business' current fiscal quarter."
"...Meanwhile, Corel's SEC filing also notes gloomily that
there's no guarantee that any of its key applications - CorelDraw,
WordPerfect Office and Corel Linux OS - will do much for the
company's revenues, which have been declining throughout the last
nine months or so."