Business
Corel Corporation Reports Second Quarter Results; Revenues Increase 11%; GAAP Net Loss of $(0.19) Per Share; Non-GAAP Adjusted Net Income of $0.38 Per Diluted Share
Corel Corporation Reports Second Quarter Results; Revenues Increase 11%; GAAP Net Loss of $(0.19) Per Share; Non-GAAP Adjusted Net Income of $0.38 Per Diluted Share.
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":"\n\n\n\n\nOTTAWA, June 28 /CNW/ - Corel Corporation (NASDAQ:CREL)(TSX:CRE) today\nreported financial results for its second quarter ended May 31, 2006.\nRevenues in the second quarter of fiscal 2006 were $44.2 million, an\nincrease of 11% over revenues of $40.0 million in the second quarter of fiscal\n2005. GAAP net loss in the second quarter of fiscal 2006, which includes a one\ntime charge of $8.3 million related to the early retirement of debt, was\n$(4.0) million, or $(0.19) per share. This compares to net income of $158,000,\nor $0.01 per share in the second quarter of fiscal 2005.\nNon-GAAP adjusted net income for the second quarter of fiscal 2006 was\n$8.4 million, an increase of 11% compared to non-GAAP adjusted net income for\nthe second quarter of fiscal 2005 of $7.5 million, remaining constant at $0.38\nper diluted share. Non-GAAP adjusted EBITDA in the second quarter of fiscal\n2006 was $13.7 million, a 6% increase compared to $13.0 million in the second\nquarter of fiscal 2005. A reconciliation of GAAP net income to non-GAAP\nadjusted net income and non-GAAP adjusted EBITDA is provided in the notes to\nthe financial statements included in this press release.\nDuring the quarter, Corel completed its initial public offering and\nrefinanced its credit facilities. Net proceeds to Corel from the offering were\n$72.5 million. As a result of the offering and related transactions, Corel\nreduced its outstanding debt at the end of the quarter from $140.0 million to\n$90.0 million and ended the quarter with $33.0 million in cash and cash\nequivalents.\n\"Corel's second quarter performance demonstrates the continued strength\nof our business model and the results we are able to achieve by remaining\nfocused on the needs of our customers and partners,\" said David Dobson, CEO of\nCorel Corporation. \"With strong revenue performance, new global partnerships,\nand increasing traction in developing and emerging markets, Corel is\nsuccessfully executing its strategy to deliver long-term, shareholder value.\nWinZip's contribution further illustrates the benefits of the Corel\nacquisition model as we leverage operating efficiencies to drive incremental\nearnings.\"\nDobson continued, \"Corel has proven itself to be a leader in delivering\nhigh-value, affordable software that is easy to learn and use. We remain\ncommitted to that visi...