The Press Release from 9/10
alread posted on Corel thread. Here for quick reference.
certainly no humor in this.
Wednesday September 10 9:43 AM EDT
Company Press Release
Corel Pre-Announces Third Quarter Results
OTTAWA--(BUSINESS WIRE)--Sept. 10, 1997--Corel Corporation (TSE:COS., NASDAQ:COSFF.) Corel
Corporation announced today that notwithstanding having received and shipped orders for $96 million US, it would recognize
revenue for reporting purposes of $54 million US for its third quarter of 1997.
The revenue recognition is consistent with industry practice, generally accepted accounting principles and current draft
guidelines issued by the American Institute of Certified Public Accountants and is based on historical run rates. As a result, the
company will recognize a loss for reporting purposes of approximately $32 million US. Cash levels, however, remain at
approximately $20 million US, which is the same position as at the end of the second quarter of 1997.
Corel expects increased sales-out activity in the fourth quarter, traditionally an active time period in the year with fall and
Christmas sales, as a result of new product releases, aggressive market promotion and a concentrated focus on significant
strategic alliances.
Over the past nine months, Corel has purposefully realigned its development and sales efforts to concentrate on its core
capabilities in Graphics and Business Productivity Applications. Corporate sales have grown nearly 35 percent in the last 12
months and Corel is currently engaged in a number of pilot programs involving companies with 100,000+ seats. Within the last
year, Corel has secured over 2 million new licenses for Corel Business Applications within corporate environments.
Dr. Michael Cowpland, Corel president and CEO stated, ``Over the last three quarters we have been repositioning the
company from its retail focus to an expanded concentration on the corporate marketplace. Products such as Corel
WordPerfect Suite 8 are an immediate loyalty reward for WordPerfect users. In the near future, our Java technology
leadership, combined with our business application expertise, will position Corel to deliver on the promise of Java. In fact, in
preliminary discussions with customers, we are finding strong corporate interest in our enterprise Java strategy. Our
Java-based client server version of the Corel WordPerfect office suite will soon provide organizations with a ''breakthrough``
opportunity to greatly reduce their IT total cost of ownership.''
To continue this corporate sales momentum, Corel has recently appointed Don Sylvester, former Director of Commercial
Sales at Dell Computer Corporation, Canada, as its Senior Vice-President of Sales. Mr. Sylvester brings 20 years of
corporate sales experience to Corel. Plans for the immediate future are to enhance the corporate sales and marketing effort to
support the ``Corel: Corporate Compatible'' strategy. Activities will include expanding the sales force worldwide while
leveraging partnerships with industry leaders. Corel will continue to strengthen its commitment to the vertical markets it
dominates including legal, government and academic. Corel's mission in the corporate marketplace is to be positioned as the
strong alternative vendor who offers compatible solutions which reduce the IT total cost of ownership.
Forward looking statements in this release are made under the Safe Harbor Reform Act of 1996. These statements are based
on current expectations and actual results may differ materially due to risks, uncertainties, and other factors. Additional
information covering factors that could cause results to differ materially from projected statements can be found in Corel's
10-K and 10-Q filings, as well as the annual report.
Further information on Corel's Java Enterprise solutions is posted on Corel's web site at www.corel.com . Corel Corporation
Incorporated in 1985, Corel Corporation is recognized internationally as an award-winning developer and marketer of
productivity applications, graphics and Internet software. Corel's product line includes CorelDRAW(TM), Corel(R)
WordPerfect(R) Suite, Corel(R) Office Professional, Corel(R) WebMaster Suite and CorelCAD(TM). Corel's products run
on most operating systems, including: Windows(R), Macintosh(R), UNIX, MS-DOS, and OpenVMS and are consistently
rated among the strongest in the industry. The company ships its products in over 17 languages through a network of more
than 160 distributors in 70 countries worldwide. Corel is traded on the Toronto Stock Exchange (symbol - COS) and the
NASDAQ -- National Market System (symbol - COSFF). For more information visit Corel's home page on the Internet at
corel.com .
Note to Editors: Corel, WordPerfect, Paradox, Presentations, CorelDRAW and CorelCAD are registered trademarks or
trademarks of Corel Corporation or Corel Corporation Limited. Java is a trademark of Sun Microsystems Inc., in the United
States and other countries. Windows is a trademark or registered trademark of Microsoft Corporation. All other product and
company names are trademarks or registered trademarks of their respective companies. |
