Business News

Corel Corporation Reports Second Quarter 2009 Financial Results

Friday 10. July 2009 - Corel Corporation (NASDAQ:CREL) (TSX:CRE) today reported financial results for its second quarter ended May 31, 2009. Revenues in the second quarter of fiscal 2009 were $50.4 million, compared to $67.0 million in the second quarter of fiscal 2008.

GAAP net loss in the second quarter of fiscal 2009 was $4.1 million or $0.16 per basic and diluted share, compared to GAAP net income of $930,000, or $0.04 per basic and diluted share, in the second quarter of fiscal 2008.

Non-GAAP adjusted net income for the second quarter of fiscal 2009 was $5.6 million, or $0.22 per diluted share, compared to non-GAAP adjusted net income for the second quarter of fiscal 2008 of $9.5 million, or $0.36 per diluted share. Non-GAAP adjusted EBITDA in the second quarter of 2009 was $10.1 million, compared to $14.9 million in the second quarter of 2008.

A reconciliation of GAAP net income to non-GAAP adjusted net income and non-GAAP adjusted EBITDA is provided in the notes to the financial information included in this press release.

“While Corel continued to feel the effects of the economic climate, we took proactive steps to reduce expenses and were pleased by the industry recognition we received for our innovative efforts to improve user experience,” said Kris Hagerman, Interim CEO, Corel. “We continue to invest in the product strategies, distribution channels and regions that will further strengthen our competitive position and support our long term growth as the economy improves.”