Business
Corel Corporation Reports Fourth Quarter and Fiscal Year End 2006 Results
Corel Corporation Reports Fourth Quarter and Fiscal Year End 2006 Results.
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"\n\n\n\nOTTAWA, January 18 /CNW/ - Corel Corporation (NASDAQ:CREL) (TSX:CRE)\ntoday reported financial results for its fourth quarter and year ended\nNovember 30, 2006. Revenues in the fourth quarter of fiscal 2006 were $47.4\nmillion, an increase of 4% over revenues of $45.6 million in the fourth\nquarter fiscal 2005. GAAP net income in the fourth quarter of fiscal 2006 was\n$9.4 million, or $0.37 per diluted share, compared to a GAAP net loss of $3.4\nmillion, or $(0.17) per share in the fourth quarter of fiscal 2005.\n\n\nNon-GAAP adjusted net income for the fourth quarter fiscal 2006 was $13.1\nmillion, or $0.52 per diluted share, an increase of 90% compared to non-GAAP\nadjusted net income for the fourth quarter of fiscal 2005 of $6.9 million, or\n$0.35 per diluted share. Non-GAAP adjusted EBITDA increased 11% in the fourth\nquarter to $14.7 million, compared to $13.3 million in the fourth quarter of\nfiscal 2005.\n\n\nIn fiscal year 2006, Corel achieved revenue of $177.2 million, an\nincrease of 8%, compared to $164.0 million in fiscal 2005. GAAP net income for\nthe year was $9.3 million, or $0.40 per diluted share, compared to a GAAP net\nloss of $8.8 million, or $(0.45) per share, for fiscal year 2005.\n\n\nNon-GAAP adjusted net income for fiscal year 2006 was $37.6 million, or\n$1.62 per diluted share, an increase of 31% from fiscal year 2005 of $28.6\nmillion, or $1.47 per diluted share. Non-GAAP adjusted EBITDA for 2006 was\n$55.2 million, a 13% increase over 2005 non-GAAP adjusted EBITDA of $49.0\nmillion.\n\n\nA reconciliation of GAAP net income to non-GAAP adjusted net income and\nnon-GAAP adjusted EBITDA is provided in the notes to the financial statements\nincluded in this press release.\n\n\n\"Corel closed a busy 2006 with a solid fourth quarter, delivering strong\nresults on both revenue and earnings and continuing to execute against all\nfacets of our strategy,\" said David Dobson, CEO of Corel Corporation. \"As we\nenter 2007, we are very excited about the acquisition of InterVideo, which we\nclosed in December. This combination creates the broadest digital media\nportfolio in the industry, and will further our core strategy of expanding our\npartner ecosystem, delivering new products and growing in new and emerging\nmarkets. We expect that over the course of 2007, we will improve InterVideo's\ngross margins,...