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Technology Stocks : Corel Corp. -- Ignore unavailable to you. Want to Upgrade?

To: James P Shaw who wrote (8265)	12/22/1999 8:21:00 AM
From: Kip518	Read Replies (2) \| Respond to of 9798

Is this why the CFO quit? Premarket already down $4. December 22, 1999 08:00 Corel Corporation Announces Preliminary Fourth Quarter and Fiscal Year-end 1999 Results: Teleconference with senior executives scheduled at 11 a.m. OTTAWA, ONTARIO--Corel Corporation today announced that based on apreliminary analysis of its results for the fourth quarter ended November 30, 1999, it expects to report revenues of approximately $61 million. This revenue level will likely result in a net loss of approximately $0.14 per share. That compares with sales of $67.2 million and net earnings of $0.10 per share in the fourth quarter of fiscal 1998. For the full 1999 fiscal year, the Companyexpects to report overall income of approximately $0.05 per share.All figures are reported in US currency. "While we are disappointed by the preliminary results for the quarter, we are pleased that we are still able to deliver a profitable year," said Dr. Michael Cowpland, Corel's president and chief executive officer. "We are confident that our leadership in the exciting, fast-growth Linux market and new Web-based initiatives will put us in good standing for the year ahead." The Company was surprised by the shortfall in revenue for the quarter following reasonably strong sales into the distribution channel of approximately $77 million. "Detailed analysis of channel sell-through necessitated taking substantial reserves on anumber of product lines. This resulted in a reduction of reportable revenue to the indicated level," said Michael O'Reilly,Corel's executive vice president of finance and chief financial officer. "We also appear to have incurred higher than anticipated costs in some of the Company's operations and activities during the quarter." A brief teleconference for analysts and media to discuss the preliminary results will be held this morning at 11 a.m. E.S.T. with senior executives of the Company. The extent of the discussions will be limited by the preliminary nature of the results. For analysts and media who want to participate in the call, pleasedial 1-800-736-2760. A replay of the call will be available for a period of 24 hours. To access the replay, dial 1-416-695-5800 and give pass code 376678. The conference call will also be available for replay through Corel's web site www.corel.com later in the day. Following the teleconference, Company officials will not be commenting further until the release of the final results scheduled for January 18, 2000. The preliminary revenue and earnings results in this news release are estimates and may changeupon completion of the closing cycle for the quarter. This press release may contain certain statements that are forwardlooking as that term is defined by the US Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that are subject to risks and uncertainties. Actual results will differ due to factors such as customer demand,product ship schedules, PC shipment growth, product mix, competitive products and pricing, technological shifts and other issues discussed in the company's Report on Form 10-K.