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Corel Reports $55 Million Net Loss for 2000

Monday, February 05, 2001

Press release from the issuing company

Ottawa, Canada – Feb 2, 2001 Corel Corporation (NASDAQ: CORL, TSE: COR) today announced results for its fourth quarter and fiscal year ended November 30, 2000. Revenues for the fourth quarter of fiscal year 2000 were $40.4 million, producing a net loss of $8.6 million or $(0.12) per share fully diluted. Corel reported revenues of $36.4 million for the third quarter of fiscal year 2000, producing a net loss of $10.7 million or $(0.15) per share fully diluted. Revenues for fiscal 2000 totalled $157.5 million, producing a net loss of $55.3 million or $(0.80) per share fully diluted. Cash and cash equivalents at the end of fiscal 2000 stood at $128.6 million. For fiscal 1999, Corel reported revenues of $243.1 million, with a net profit of $16.7 million or $0.26 per share fully diluted. All figures are reported in US currency. "Our Q4 and year-end results demonstrate that our financially-disciplined approach is paying off," said John Blaine, chief financial officer at Corel Corporation. "We've strengthened our balance sheet, eliminated all of our long-term debt and achieved the goals set out in our cost-restructuring plan by reducing our spending by $10 million per quarter. Our revenues are up from the third quarter, mainly due to early sales of CorelDRAW® 10 Graphics Suite which hit store shelves just a few weeks before the end of the fiscal year." "There was no shortage of exciting developments at Corel during the fourth quarter of 2000 and I'm particularly proud of the work we've done to put this company back on a more solid financial footing," said Derek Burney, president and CEO of Corel Corporation. "Our results-oriented management team announced a strategic alliance with Microsoft to deliver the full power of the Web to our customers. We released CorelDRAW 10 Graphics Suite – the best upgrade ever to our world-renowned graphics offering – and presented the worldwide preview of the next version of our flagship office suite, WordPerfect® Office 2002." "Most importantly, the executive team conducted a comprehensive review of all aspects of the company's operations with the goal of repositioning Corel for long-term growth and profitability. Properly executed, our new growth strategy, unveiled last week, gives us the opportunity to achieve a compounded annual growth rate of at least 20 per cent over the next three years. Together with our improved financial standing, as our latest results illustrate, we believe we have laid the foundation for a strong future for the company. We have identified our priorities, narrowed our focus and are moving quickly to achieve our stated goal of profitability by Q3 of this year."

 

 

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