Corel - Investors with no Humor Message Board

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Technology Stocks : Corel - Investors with no Humor

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To: A. Reader who wrote (283)	12/11/1997 10:10:00 AM
From: A. Hayer	Read Replies (1) of 1094

Corel's share buyback update. Thursday Dec 11 1997 The Globe and Mail reports in its Thursday, December 11, edition that Corel spent 17 per cent of its cash buying back its stock in October and November after news of big losses sent its share price plummeting. The Globe's Patrick Brethour writes that in those two months, Corel spent $5.4 million to buy 1.3 million shares, or 2.2 per cent of its outstanding shares. Those purchases are in addition to the 200,000 shares Corel bought between April and October for $1.5 million. In total for the year ended November 30 Corel spent $6.9 million to repurchase 1.5 million shares. This is the first year Corel has bought back stock. Corel says it did so because it believes the stock was and is, undervalued. A Corel spokesperson said the buyback was the best use of the company's cash. canada-stockwatch.com ------------ If this report is accurate as far as the numbers are concerned, then cash on hand is something like 31.8M ( 5.4 million divided by 17% ). Doesn't seem right. If cash on hand at the end of Q3 was 22.5M, and they got something like 5M from IMSI, spent 5.4M on the buyback in Oct. and Nov., and with a cash burn rate of 2-7M per quarter (C. Norris recently reported this before his departure), then Corel should have between 15.1 to 20.1M at the end of Q4. ah

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