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Corel beats 3Q forecasts

    Corel (Nasdaq: CORL) beat analyst estimates in its first post-Cowpland quarterly report.

    After market close Wednesday, the vendor of graphics software, office productivity suites and Linux distributions reported a fiscal third quarter net loss of $10.7 million, or 15 cents per share. That figure includes $6.2 million in one-time charges that include restructuring costs, and $4.5 million in pre-tax investment gains.

    First Call's survey of two analysts predicted a loss of 28 cents per share for the quarter ended Aug. 31.

    Shares of Corel traded at 3.875 in afterhours activity on the Island electronic communications network, following the release of quarterly results. Corel stock closed Wednesday's regular Nasdaq trading at 3.59375, down 0.03125 for the session.

    Executives from Corel credited cost-cutting moves with improving third quarter results.

    Third quarter revenue of $36.4 million represents a 49 percent drop year-over-year, and a flat performance compared to the second quarter.

    "These numbers are encouraging," said Derek J. Burney, interim president and CEO. "They show we’re on the right track."

    Wednesday's report is Corel's first release of quarterly results following the resignation of founder Michael Cowpland from the company.

    The company completed the third quarter with $11.6 million in cash. However, since the quarter ended, Corel has gotten an injection of financing.>