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Corel Corporation Announces 1Q Results, Revenue Down, Profit Up

Press release from the issuing company

Ottawa, Canada – Mar 29, 2001 Corel Corporation (NASDAQ: CORL, TSE: COR) today announced results for its first quarter ended February 28, 2001. Revenues for the first quarter of fiscal year 2001 were $32.5 million, compared to $44.1 million in the first quarter of fiscal 2000. Net profit for the quarter was $534,000 or $0.01 per share fully diluted, compared to a net loss of $12.4 million or ($0.19) per share in the same period last year. Cash at the end of the quarter stood at $124.4 million. All figures are reported in US currency. "These results confirm our previously-announced expectations on the company's revenue and net income for Q1 2001," said John Blaine, chief financial officer at Corel Corporation. "We are managing the business for long-term, sustainable growth. Our goal is to ensure that the company has an exciting and prosperous future characterized by steady, predictable performance." "We're pleased with 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. "As our most recent results reflect, the actions taken over the past several months have paid off. I'm particularly proud of the fierce commitment that our employees have demonstrated in supporting our new strategic direction. Our early profit is, in part, a testament to how quickly and enthusiastically they have embraced the challenge of turning this company around. "Over the short term, we will work swiftly to capitalize on the revenue opportunities that we foresee with the release of WordPerfect Office 2002 in the spring. This will be followed in the summer with a full line of new creative products simultaneously released on both the Windows and Macintosh platforms. With exciting new technologies such as Mac OS X, Windows XP, .NET, HailStorm and others, we believe that customers have plenty to look forward to in the realm of personal desktop computing."

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