Hi Bill, check this excuse for loosing money (we have heard it many times of late).
Ottawa, Canada-- September 24, 1998- Corel Corporation today
reported fiscal 1998 third quarter results for the period ended August
31, 1998. Revenues for the third quarter of 1998 were $71.1 million, up 46% from $48.8 million from the same period in 1997, and up 13% from revenues of $63 million for the second quarter of fiscal 1998. Net loss for the third quarter of fiscal 1998 was $7.8 million, or $(0.13) per share, compared to a net loss of $8.3 million, or $(0.14) per share for the second quarter 1998.
Will make it up on volume. :-)
During the quarter, Corel recorded a non-recurring restructuring
charge of $15.9 million, attributable to the previously announced
consolidation of its Utah operations into its Ottawa operations. At
August 31, 1998, the Company's current asset position stood at
$90.2 million, including $19.9 million in cash and short-term
investments representing an increase of $2.6 million from the
previous quarter this year. All amounts are expressed in US
currency.
I have had clients who had these and went broke.
"We are pleased with the financial performance of the Company as
we move into the fourth quarter. Our business plan is working -
these results represent the third consecutive quarter of significant
improvement since we implemented it. We increased sales, we
remained focused on managing expenses and we maintained an
optimal level of product in our distribution channels," said Michael
O'Reilly, vice president finance and chief financial officer at Corel
Corporation.
That is the best line of the whole report.
Just thought it was interesting how "non-recurring" doesn't count. Not picking on Corel because most of the reports I have read in the last 9-12 months have said much of the same. I just find it humorous that investors find this bullish about a particular stock. :-)
Monty
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