Corel's restatement of its financial results mean that its fourth quarter loss has been reduced to $66.9 million from an expected $95 million, although the results were still disappointing.
The desktop applications supplier generated profits of $6.5 million in the same period last year, and its revenues also crashed to $43.6 million compared with sales of $125.4 million last time.
The original loss estimate included a $28 million charge for the unamoritized costs of Java technology purchased during the first three quarters of fiscal 1997, but this will now be written off througout the coming financial year.
For the full fiscal year, Corel turned in revenues of $260.6 million compared with turnover of $334.2 million last time, on losses of $231.7 million up from losses of $2.75 million in the comparable period last year.
The company hopes sales of its CorelDraw graphics package and its WordPerfect family of desktop applications will help pull it out of trouble in the year ahead.
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