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Technology Stocks : Corel - Investors with no Humor
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To: A. Reader who wrote (694)6/25/1998 7:15:00 AM
From: A. Reader  Read Replies (1) of 1094
 
Corel to chop 20% of staff
...Indeed, if the cutbacks were already in place, Corel would have come very close to breaking even on its second-quarter revenue of $63-million. That performance is a sharp rebound from the first quarter, when Corel's sales were just $45.5-million.

But the second-quarter revenue this year is 28 per cent lower than in 1997, when Corel had sales of $87.4-million.

Corel is closing the WordPerfect operation in Orem, Utah, that it acquired two years ago, eliminating 530 jobs. The company is also disbanding Corel Computer Corp., its one-year-old Ottawa-based computer hardware subsidiary.

To offset the closing of the WordPerfect research offices, Corel will create 190 new positions elsewhere, including 150 in Ottawa. Most of the 70 Corel Computer employees will return to the parent company, although there is one notable exception: president Eid Eid will resign after the subsidiary he heads disappears.
globeandmail.com
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