- Eight months after a major overhaul of its product offerings, graphics and office suite software vendor Corel last week announced financial progress in its third-quarter earnings.
Corel reported revenue of $US34.2 million for its third quarter ended August 31, compared with revenue of $US36.4 million for the same quarter last year. Net income for the quarter was $US500,000, compared with a net loss of $US10.7 million for the same period last year.
"The results of the past quarter indicate that our financially disciplined approach is working," John Blaine, chief financial officer at Ottawa-based Corel, said in a statement. "Despite the continuing economic uncertainty and the slowdown typically experienced in our third quarter, we were able to generate a profit."
Blaine expressed caution, however, about future quarters because of recent declines in consumer confidence after the terrorist attacks in the US.
Corel CEO Derek Burney said the company will continue to contain costs and seek ways to increase revenue.
Last month, following up on a plan announced earlier this year, Corel spun off its Linux operating system software line to focus on what it hopes are its more lucrative graphics and office suite software products, including CorelDraw, Corel Painter and Corel WordPerfect.
Corel licensed Corel Linux to Xandros, which will offer desktop and server versions of the operating system.
In January, Corel said it would leave the Linux market and base its business on its graphics software line for future revenue growth.