That CORL looks like a fraud:
First it shot up to 26+ on the initial surprise positive earnings release.
But it is deflating when people digested the 2nd, updated release which reveals of which quality that one-time gain is. Otherwise CORL would have shown a loss, actually. And, fundamentals are deteriorating....
And more:
COREL CORPORATION
CONSOLIDATED FINANCIAL STATEMENTS
QUARTER AND YEAR ENDED NOVEMBER 30, 1999
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT (US Dollars,
000s omitted except per share data)
Quarter ended Year Ended
November 30 November 30
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1999 1998 1999 1998
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Sales $ 60,932 $ 67,242 $ 243,051 $ 246,827
Cost of sales 18,398 14,879 59,516 51,561
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Gross profit 42,534 52,363 183,535 195,266
Expenses:
Advertising 15,606 11,454 47,964 41,826
Selling, general and
administrative 22,295 20,504 82,229 77,736
Research and development 3,523 12,024 40,049 71,935
Depreciation and
amortization 2,046 1,923 6,443 12,368
Restructuring charge - - - 15,880
Settlement proceeds - - (6,342) -
Loss (gain) on foreign
exchange (511) 236 (246) 911
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42,959 46,141 170,097 220,656
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Income (loss) from operations (425) 6,222 13,438 (25,390)
Interest expense (income) (93) 118 190 1,112
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Income (loss) before the
undernoted (332) 6,104 13,248 (26,502)
Income tax expense
(recovery) (5,221) (678) (3,946) 3,946
Loss on equity investment 307 - 478 -
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Net income (loss) 4,582 6,782 16,716 (30,448)
Deficit beginning
of period (163,470) (182,386) (175,604) (145,156)
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Deficit end of period $(158,888) $(175,604) $(158,888) $(175,604)
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Earnings per share:
Net income (loss)
per common share
- Basic $ 0.07 $ 0.11 $ 0.27 $ (0.51)
- Fully diluted 0.07 0.10 0.26 (0.51)
Average number of
common shares
outstanding (000s)
- Basic 64,213 59,401 62,194 59,433
- Fully diluted 66,337 67,755 65,100 59,433
actually, the R&D was cut back to 3Mil in this quarter. Does CORL stop developing?
Revenues and the gross profit declined by 10Mil...???
No way Corel trades up .... |
