Software firm Corel Corporation (CREL, CRE.TO), reported Thursday a wider first-quarter net loss, as the global slump hurt revenues.
For the first quarter, net loss widened to $1.5 million from $30 thousand in the previous year. On a per share basis, net loss for the quarter was $0.06, compared to breakeven earnings in the year-ago period.
Excluding special items like amortization related charges and stock-based compensations net income for the period in 2009 slid to $5.4 million, or $0.21 per share, from $6.7 million, or $0.26 per share, in the past year.
Revenues in the quarter declined 14% to $56.2 million from $65.5 million in the same period last year.
Total operating expenses for the quarter reduced to $31.13 million from $40.76 million, as sales and marketing costs were curtailed to $15.22 million from $19.69 million, research and development outlay shrinking to $9.22 million from $12.09 million, and general and administration expenses declining to $6.48 million from $8.81 million in the prior-year period.
The company also revealed that it would execute a series of initiatives to cut costs, such as 10% salary reduction for all senior executives, 5 unpaid days off for all employees in the second quarter, and accelerated timing for the compulsory use of any unused vacation time. Corel expects these steps to reduce costs by about $2 million through the remainder of fiscal 2009.
CREL is currently trading at $2.00, up $0.08 or 4.17%, on the Nasdaq.
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