After posting steep losses in 2000, cost cutting by management at Corel has resulted in a better balance sheet for fiscal 2001, according to the company's earnings statement.
In fiscal 2001, which ended November 30, Corel posted a net loss of $7.3 million (10 cents per share) on revenues of $134.3 million. That's a far cry better than the $55.3 million net loss (80 cents per share) the company reported last year, which came on revenues of $157.5 million. "As today's results indicate, we made significant improvements to our overall financial position during 2001," said John Blaine, chief financial officer at Corel Corporation. "The financial discipline we injected into the company resulted in three consecutive profitable quarters."
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