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Software producer Corel reverses year-ago Q3 loss with US$1.6M profit |
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Written by THE CANADIAN PRESS
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Friday, 03 October 2008 |
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OTTAWA - Corel Corp. (TSX:CRE) reported Friday a third-quarter profit of US$1.6 million, reversing a year-ago loss of $6.8 million as the software producer saw revenue increases across its units.
The profit amounted to six cents per share, versus a year-earlier loss of 27 cents per share.
"Corel delivered a strong third quarter, posting revenue growth across all our key business units and geographies," interim CEO Kris Hagerman said in a statement.
"Corel's solid performance in a challenging economic environment is a testament to the commitment of our global team and to the quality and value our products deliver to millions of customers worldwide."
Revenue in the period ended Aug. 31 was $66.2 million, up from $60.4 million in the prior-year period.
Last month, Corel cut its global workforce by about eight per cent, affecting 90 employees, to increase operational efficiency and it will take a US$2.8-million restructuring charge in the fourth quarter due to the layoffs.
The Ottawa-based company said the move will allow it to increase investment in growth opportunities, including emerging markets and e-commerce.
Corel, which reports results and guidance in U.S. dollars, said it expects fourth-quarter profit between $4 million and $6 million, or between 15 cents and 22 cents per share.
Revenue in the September-November period is expected in a range of $71 million to $75 million.
For the full year, Corel expects to report revenue between $270 million and $274 million and a profit of $6.5 million to $8.5 million.
Shares in the Ottawa-based company were untraded at C$8.89 on the Toronto Stock Exchange.
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Last Updated ( Friday, 03 October 2008 )
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