Feeds

No Corel profit yet, but Cowpland optimistic

Sales are up, but a consolidation charge means profit escaped for another quarter

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Corel's sales for its Q3 increased by 46 per cent over the year earlier quarter and were sequentially up 13 per cent from the previous quarter. However, profit remained elusive. The loss reported yesterday was marginally down from the previous quarter and attributed to a one-time restructuring charge of $15.9 million for consolidation of Corel's Utah operations to its Ottawa HQ. Without this charge, the loss would have been changed to a $7.6 million gross profit. The cost of sales increased only 13 per cent, so the gross profit showed a 58 per cent increase over the year-earlier quarter. Expenses, apart from restructuring, were down significantly, mainly from a cut in advertising of $13 million over the year-earlier quarter. The cash and short-term investments are now $20 million, compared with $30 million at the end on November, when the financial year ended. Shares were unchanged at $2 1/16. The company said that despite the move, future product releases remain on schedule. Michael Cowpland, the CEO, said: "We anticipate a return to profitability by our fiscal year end. We believe that our results will continue to improve and are consequently targeting sustainable profitability beginning in the fourth quarter of fiscal 1998." Corel continues to experience a declining market share for its WordPerfect Suite and CorelDraw, although the growth in the market size provides some compensation. The worst may now be past. ® Click for more stories

Remote control for virtualized desktops

More from The Register

next story
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
BT said to have pulled patent-infringing boxes from DSL network
Take your license demand and stick it in your ASSIA
Right to be forgotten should apply to Google.com too: EU
And hey - no need to tell the website you've de-listed. That'll make it easier ...
prev story

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Mitigating web security risk with SSL certificates
Web-based systems are essential tools for running business processes and delivering services to customers.