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Corel delivers surprise profit

Struggling software developer Corel lived up to its promise Thursday, posting a slight profit in its first quarter despite weaker-than-expected sales.

Corel (Nasdaq: CORL) earned $534,000, or 1 cent a share, on sales of $32.5 million in the quarter.

First Call consensus pegged it for a loss of 1 cent a share on sales of $40 million.

Corel shares closed off 13 cents to $2.31 ahead of the earnings report.

Last week, company executives told analysts it would return a surprise profit in the quarter despite sagging sales of its WordPerfect software.

The $32.5 million in sales marks a 26 percent decline from the year-ago quarter when it lost $12.4 million, or 19 cents a share, on sales of $44.1 million.

Last quarter, it lost $8.6 million, or 12 cents a share, on sales of $40.4 million.

Corel shares moved up to a 52-week high of $12 last March before falling to a low of $1.25 in December.

More details to follow.