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Technology Stocks : Corel Corp.

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To: revbill who wrote (763)	6/24/1997 7:37:00 AM
From: A. Reader	of 9798

Tuesday, June 24, 1997 Corel sales up, but writedown swamps profit By JILL VARDY Technology Reporter The Financial Post canoe.com OTTAWA -- Corel Corp.'s second-quarter sales were pushed up by shipment of its new WordPerfect software, but a previously announced writedown wiped out the company's profit. ÿNet sales for the quarter ended May 31 were US$100.4 million, a 15% jump over US$87.5 million in second-quarter 1996. That gave Corel a net profit before the writedown of US$4.1 million (6› a share), up from US$506,000 (1›) in the second quarter of the previous year. ÿBut since Corel wrote down US$113.7 million, the actual net loss was US$105.7 million (US$1.49 a share). The writedown eliminated from Corel's books most of the cost of buying WordPerfect last year.

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