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Technology Stocks : Corel - Investors with no Humor -- Ignore unavailable to you. Want to Upgrade?

To: A. Reader who wrote (694)	6/25/1998 7:13:00 AM
From: A. Reader	Respond to of 1094

Corel to cut jobs after posting more losses ...Michael Cowpland, the company's chief executive, said the decision to shut down the Orem operation came with the realization that WordPerfect had "matured" in the software market. "It took us quite a while to digest that," he said during a conference call. "We now understand the technology totally." The consolidation will lead to the creation of 190 new jobs - 150 in Ottawa, 30 at Corel's Dublin, Ireland, office, and 10 in New Hampshire. Only about 10 of those working in Orem will be transferred to Ottawa, Corel executives said. The total net job loss represents a 20 per cent cut to Corel's workforce, which will soon include a total of 1,150 working in Ottawa. Corel expects the restructuring to cost about $5.5 million in one-time charges. "This decision was not taken lightly, rather with the best interests of our customers and shareholders in mind," Cowpland said in a statement. "We'll see increased R and D synergies across product lines and substantial cost savings from this consolidation." southam.com

To: A. Reader who wrote (694)	6/25/1998 7:14:00 AM
From: A. Reader	Respond to of 1094

COREL MOVES UTAH JOBS HERE ...ÿÿ"It's obviously not nice to close down a plant," a subdued Corel chief executive Michael Cowpland said during a conference call. ÿTwo-thirds of the $5.5-million restructuring costs will likely show up in Corel's third quarter with the balance in 1999. The move is meant to help turn around the ailing software firm, saving an estimated $33 million a year. ÿCorel expects the plan, which represents a 20% cut to its workforce, will be complete by March 1. canoe.com

To: A. Reader who wrote (694)	6/25/1998 7:15:00 AM
From: A. Reader	Read Replies (1) \| Respond to 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