Software vendor Corel has posted a worse than expected lossfor its first quarter and responded by talking up its cost cutting programme.
The Canadian company suffered a net loss of $1.5m for thequarter ended 28 February, which was a deeper loss than the $30,000 loss a yearago.
The finger was firmly pointed at the global downturn as thecause of the woes with the interim CEO of Corel Kris Hagerman promising to emergefrom the recession in a stronger position.
“We remain convinced that, through disciplined financialmanagement and a commitment to delivering innovative products that drive realvalue for our customers, Corel will emerge from this difficult periodfinancially sound and in an even stronger market position,” he said.
Part of that disciplined financial management involvescutting costs with a 10% salary reduction for senior executives and five unpaiddays leave for all employees to be taken in Q2.
The aim of that belt tightening the vendor expects to save$2m during the rest of its 2009 fiscal year.
"While these decisions are never easy, our goal is tomaintain a strong financial foundation to pursue our business strategy, whiledoing our best to minimize the impact on our employees,” added Hagerman.
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