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

To: Guaranteed who wrote (6058)	1/20/1999 9:20:00 PM
From: Wizzer	Read Replies (1) \| Respond to of 9798

I'm betting a sell off tomorrow or flat. Bet you a bottle of cyberbeer.<eom>

To: Guaranteed who wrote (6058)	1/20/1999 10:52:00 PM
From: Marc	Respond to of 9798

(COMTEX) B: Corel posts quarterly profit, sells hardware division B: Corel posts quarterly profit, sells hardware division OTTAWA, Jan 20, 1999 (The Canadian Press via COMTEX) -- Corel Corp. has returned to profitability and to its roots as a software company, announcing Wednesday the sale of its hardware division and its first quarterly profit in almost two years. Corel reported net income of $6.8 million US, or 11 cents a share, in its fourth quarter ended Nov. 30 on revenue of $67.2 million US. That is worlds away from a loss of $66.9 million US, or $1.10 a share, on revenue of $43.6 million US in the fourth quarter of 1997. Corel has also decided to hive off its Corel Computer NetWinder division, which has since the summer been building and selling computers, to Ottawa company Hardware Canada Computing for a 25 per cent stake in HCC. That deal will close by the end of February. ''Overall, we're very positive about the prospects ahead,'' said Michael Cowpland, Corel's chief executive. ''There's no need to add many adjectives to these great numbers.'' For all of 1998, Corel lost $30.4 million US, or 51 cents a share, on revenue of $246.8 million. In fiscal 1997, the company lost $231.7 million US, or $3.84 a share, on revenue of $260.6 million US. Michael O'Reilly, Corel's chief financial officer, said the company has shaved its long-term debt and substantially reduced operating expenses. He said it sharpened its focus for 1999 by spinning off its j-Bridge server technology to GraphOn Corp. in December and, more recently, its hardware computer division to HCC. Analysts in a conference call Wednesday night congratulated Corel on its return to profits and its renewed focus on core product lines. O'Reilly said analysts and the news media still have inaccurate expectations of Corel because analysts have not updated their forecasts. He said Corel's research and development will climb 10 to 15 per cent this year above the $12 million spent in the fourth quarter. Other costs will resemble those reached in the fourth quarter of 1998. O'Reilly noted the fourth quarter was the fourth consecutive one with no new releases of Corel's flagship software products. No new major products will be released in the first quarter, either. ''I would expect the first quarter to be the most challenging quarter in terms of revenue for fiscal 1999,'' he said, but added 1999 will be a more ''robust sales year for Corel.'' Cowpland said test versions of new WordPerfect and CorelDRAW products are already out to ''rave reviews.'' On the Toronto Stock Exchange, Corel shares rose 20 cents to $7.40 on Wednesday. On the Nasdaq stock market, they were unchanged at $4.75 US. Copyright (c) 1998 The Canadian Press (CP), All rights reserved. -0- By Jill Vardy * end of story *