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Globe and Mail: Corel posts modest quarterly profit

Jun 28, 2001, 19:00 (18 Talkback[s])
(Other stories by Simon Tuck)

Leaving the Linux space and refocusing on its core markets -- graphics products and word processing -- helped the firm post a profit for the second consecutive quarter. Plus, CEO Derek Burney confirmed that Corel had not received an adequate offer for its Linux products, so a sale is still on hold.

"Corel said it made a profit of $2.3-million (U.S.) or 2 cents a share on revenue of $36-million for the three months ended May 31, compared with a loss of $23.6-million or 36 cents on $36.6-million a year earlier."

"A survey by Thomson Financial/First Call found that two analysts expected Corel to post a second-quarter loss of 6 cents a share...."

"Corel, best-known for its WordPerfect office suite and its CorelDraw graphics package, also said Wednesday that it has not yet received a suitable offer for its Linux business. Derek Burney, the company's chief executive officer, said late last year that Corel might sell the product line that, only months earlier, had been viewed as the company's great hope for the future."

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