Corel Announces 2001 Results: Net Loss of $7.3 Million
Press release from the issuing company
OTTAWA, Canada--Feb. 4, 2002-- On Friday, Corel announced results for its fourth quarter and fiscal 2001, ended November 30, 2001. All figures are reported in US currency.
Revenues for fiscal 2001 totaled $134.3 million, producing a net loss of $7.3 million or $(0.10) per share. Included in those figures are a number of non-recurring costs totaling approximately $8.5 million in the fourth quarter. These results compare to fiscal 2000 revenues of $157.5 million, resulting in a net loss of $55.3 million or $(0.80) per share. While Corel's revenue for fiscal 2001 declined by $23.2 million from the previous year, the company achieved a $48-million positive gain to its bottom line, a direct result of measures instituted across all areas of its operations to reduce expenditures. EBITDA for fiscal 2001 was $10.5 million, compared to a loss before interest, taxes, depreciation and amortization of $43.1 million for fiscal 2000.
Revenues for the fourth quarter of fiscal 2001 were $31.6 million, producing a net loss of $10.7 million or $(0.14) per share. This compares to revenues of $40.4 million, producing a net loss of $8.6 million or $(0.12) per share for the same period in fiscal 2000.
Cash, cash equivalents, short-term investments and restricted cash amounts at the end of fiscal 2001 stood at $122.4 million, compared to $128.6 million at the end of fiscal 2000.
"As today's results indicate, we made significant improvements to our overall financial position during 2001,'' said John Blaine, chief financial officer at Corel Corporation. "The financial discipline we injected into the company resulted in three consecutive profitable quarters. While recent events and general economic conditions impacted our revenues during the fourth quarter of 2001, our strict cost controls, healthy cash position and strengthened balance sheet helped mitigate the impact of these external factors.''
"2001 was a turning point for Corel. We consistently met the milestones we laid out for the first phase of the three-year growth strategy we unveiled at the beginning of 2001,'' said Derek Burney, president and CEO of Corel. "We demonstrated we could operate the business profitably and introduced an unprecedented number of new products, including procreate, a brand new line of software for creative professionals.
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