Corel loses $US21 million in first quarter

Corel loses $US21 million in first quarter


Canadian software vendor Corel today reported a net loss of $US21 million for the first quarter of fiscal 1998, nearly doubling its loss of $US11 million for the same period last year.

Meanwhile, the company's net sales for the quarter were $US45.5 million, down from $US80.8 million for the same quarter in 1997. The loss per share for the current quarter was 36 cents.

A company statement released on Thursday, emphasised a $US9 million reduction in liabilities during the quarter, and a current asset position of $US73.1 million, including $US18.9 million in cash and short-term investments.

"We're coming out of a difficult transition year and clearly this takes time," said Michael Cowpland, president and CEO of Corel, in the statement. He pointed to what he called improved distribution methods, strengthened North American and international sales forces and "innovative results" from research and development investments in graphics, business applications and Java.

In its 1997 fiscal year, Corel lost $US231.8 million on revenues of $US260.6 million.

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