From Dow Jones..
Corel Corp. (COSFF) said sales of its graphics software declined before the
release of a new version because its users are more technically demanding.
Users of the office software tend to upgrade more slowly to new versions, Corel
executive said. New versions of both types of software will be released next
month.
Graphics retail sales totaled $15.1 million in the first quarter, compared
with $39 million in the fourth quarter and $38 million in the third quarter.
Total retail sales for graphics and office software declined to $17.2 million
in the first quarter, from $45.3 million in the fourth quarter and $47.2
million in the third quarter. Office productivity software totaled $24.9
million in the first quarter, down from $27.5 in the fourth quarter, Corel
said.
Cash in the first quarter fell to $14.1 million, from $24.5 million in the
fourth quarter. Corel chief financial officer Michael O'Reilly said he's
comfortable with the company's cash position and doesn't expect to have to
borrow money to get the company through the current quarter.
When asked if he expects Corel to be profitable this fiscal year, O'Reilly
said: "I think I stated previously that our outlook for the balance of the
year, taking into account our scheduled releases of both our major products
commencing in this quarter, is for success. I was asked if I thought that meant
profitability, I answered in the affirmative and I'm still of that view."
He declined to give specific revenue projections.
(END) DOW JONES NEWS 03-24-99
06:24 PM
In my opinion if these guys have any credibility left at all (and I doubt that very much) we should trend a little higher (3.90 - 4.00 cdn) and then move up to $4.75 - 5.00 cdn before next earnings if the software is released on schedule.
Also, the annual meeting will be fun (for us)!
All my opinion.
Frank |
