Corel Corporation Reports Fourth Quarter & Fiscal 2002 Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers OTTAWA--(BUSINESS WIRE)--Feb. 3, 2003 Corel Corporation (company) Corel Corporation - A software publisher best known for the CorelDraw application. Founded in June 1985 by Dr. Michael Cowpland, Corel Corporation was originally a systems integration company. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CORL CORL Corel Corporation (stock symbol) CORL Coalition of Reef Lovers CORL capital outlay revenue limit CORL change-orientated reflective listening (psychotherapy) CORL Central Ontario Ringette League ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :COR cor (kor) [L.] heart. acute cor pulmonale acute overload of the right ventricle due to pulmonary hypertension, usually due to acute pulmonary embolism. ) today announced results for its fourth quarter and fiscal 2002, ended November November: see month. 30, 2002. All figures are reported in US currency. For the fourth quarter ended November 30, 2002, Corel (Corel Corporation, Ottawa, Ontario, www.corel.com) A leading Canadian software company, founded in 1985 by Dr. Michael Cowpland. For many years, it has been widely known for its award-winning CorelDRAW graphics programs for Windows, Mac and Unix. reported revenues of $33.5 million, up $1.9 million, or 6%, from revenues of $31.6 million for the fourth quarter of 2001. Sequentially, fourth quarter 2002 revenues increased by $2.2 million over revenues in the third quarter of 2002, which were $31.3 million. Net loss for the fourth quarter of 2002 was $27.8 million or $(0.30) per share, which includes a charge to net income of $5.9 million for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal and $17.2 million for the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of non-tangible assets of technology and goodwill. This compares with a net loss of $10.7 million, or $(0.14) per share, for the same period in the previous year. Excluding the charge for severance and occupancy costs, technology and goodwill write-downs and the corresponding income tax recoveries, the Company's net loss was $13.5 million, or $(0.15) per share. For fiscal 2002, Corel achieved revenues of $126.7 million, down $7.6 million, or 6%, from the prior year, when the Company reported total revenues of $134.3 million. Net loss for fiscal 2002 was $96.4 million, or $(1.09) per share, which includes a charge to net income of $5.9 million for severance and occupancy costs and $67.7 million for the write-down of non-tangible assets of technology and goodwill. This compares with a net loss for fiscal 2001 of $7.3 million, or $(0.10) per share. Excluding the charge for severance and occupancy costs, technology and goodwill write-downs and the corresponding income tax recoveries, the Company's net loss was $31.6 million, or $(0.36) per share. Cash, cash equivalents, restricted cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments at the end of fiscal 2002 stood at $77.4 million, compared with $122.4 million at the end of fiscal 2001. Cash payments for fiscal 2002 include $16.3 million related to the purchase of Micrografx (Micrografx, Inc., Richardson, TX) A software company founded in 1982 by Paul and George Grayson that specialized in graphics software. With its award-winning Designer drawing program, which has been widely used by technical illustrators, Micrografx was the first company to bring the , Inc. Derek Burney Derek Hudson Burney (born 1939) is a Canadian businessman. He is also a former diplomat and political strategist for the Progressive Conservative government of Brian Mulroney. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Corel Corporation, commented: "The strategy for 2002 was to lay the foundation for growth and profitability by making investments in key areas of the Company. We executed on that strategy by establishing enterprise sales forces in both North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , by making R&D investments in new
enterprise solutions, and by enhancing the infrastructure in Europe to
support its success. We begin 2003 with a strong cash position, no
long-term debt Long-Term DebtLoans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and a clean balance sheet Clean Balance Sheet Refers to a company whose balance sheet has very little or no debt. Notes: A company is told to "clean up" its balance sheet if they are exposed to large amounts of debt. , having written off goodwill and a significant portion of our acquired technologies." "We expect our core business of established product lines, specifically CorelDRAW A drawing program for Windows and the Mac from Corel. Introduced in 1989, CorelDRAW has been Corel's flagship program, which became very popular due to its speed and features. CorelDRAW has been offered in various suites with other Corel programs, including at one time, the Corel VENTURA and WordPerfect See WordPerfect Office. 1. (text, tool, product) WordPerfect - A word processor for a wide range of computers. The first version was sold in 1980 for Data General machines, and by the end of 1993 versions were on sale for MS-DOS, Microsoft Windows and Macintosh , will continue to generate the revenues we need to be profitable in 2003 as well as fund the investments we are making in new enterprise solutions. We will continue to expand our network of partnerships in order to increase our presence in the enterprise and serve markets where adoption is driven by the increasing reliance on mobile devices and the growth of Web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. ." Performance By Solution Category Corel offers solutions in four categories: graphics, office productivity, process management and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. . The company's graphics and office productivity solutions represent its core businesses while its process management and XML solutions represent areas targeted for investment and future growth. Beginning this quarter, the Company is providing segmented information on each solution category for reporting purposes. Historical information has been reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. to reflect this presentation format. Graphics Solutions Corel's graphics solutions decreased 10% on a year-to-year basis, from $73.9 million in fiscal 2001 to $66.4 million in fiscal 2002. The Company launched a new version of its flagship graphics solution, CorelDRAW Graphics Suite 11, late in the third quarter of fiscal 2002. Overall, sales of this new version were lower than anticipated in North America. However, strong sales of CorelDRAW Graphics Suite 11 in the Company's Europe, Middle East and Africa (EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. ) region helped to offset the lower-than-expected sales in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. Fourth quarter 2002 sales of Corel's graphics solutions increased by 5% over the fourth quarter of 2001. Office Productivity Solutions Revenues from Corel's office productivity solutions declined by 17% on a year-to-year basis, from $58.6 million in fiscal 2001 to $48.7 million in fiscal 2002, which is consistent with expectations as the current version of the Company's WordPerfect Office A suite of office applications for Windows from Corel that includes WordPerfect, Quattro Pro, Corel Presentations, Paradox and CorelCENTRAL (PIM, scheduling, etc.). It is the successor to Corel WordPerfect Suite, which was the successor to Corel Office. suite advanced towards the end of its version life cycle. However, on a sequential basis during 2002, reported revenues from Corel's office productivity solutions increased from $11.2 million in the second quarter to $11.6 million in the third quarter and to $13.8 million in the fourth quarter. During fiscal 2002, the Company secured bundling agreements with the industry's leading PC manufacturers - HP, Dell, Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) and Gateway - to pre-load its WordPerfect Office tools on select models of their consumer PCs. These agreements helped to increase the visibility of Corel's office productivity tools with future potential customers. Corel is preparing for the launch of the next version of its WordPerfect Office suite, scheduled for release in the first half of 2003. Process Management Solutions Revenue from Corel's process management solutions was $8.3 million for fiscal 2002. The Company acquired these technologies in October October: see month. 2001 when it purchased Micrografx, Inc. During fiscal 2001, Corel recognized only one month of revenue for this product line, totalling $220,000. The Company released new versions of the complete iGrafx An independent business unit of Corel that offers a suite of BPM applications for flowcharting, analyzing and modeling business processes (see BPM). iGrafx was originally a brand name of Micrografx that was coined in 1999. process management product line during the third and fourth quarters of fiscal 2002. XML Solutions(a) Corel's XML solutions, a new category for the Company, generated revenues of $1.7 million during fiscal 2002. This lineup A criminal investigation technique in which the police arrange a number of individuals in a row before a witness to a crime and ask the witness to identify which, if any, of the individuals committed the crime. of solutions includes XMetaL, an XML authoring solution acquired from SoftQuad, Software Ltd. in March 2002. Corel also introduced a new XML-enabled version of its Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. publishing solution specifically
designed for enterprise customers in the fourth quarter of 2002. A new
version of XMetaL will be available by the end of this quarter.Performance by Region Fiscal 2002 revenues for Corel's EMEA operation were $38.7 million, up $6.4 million, or 20% higher than fiscal 2001 revenues (including approximately 4% attributable to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. exchange rate variances). Revenues generated in the EMEA region in fiscal 2002 represented 31% of the Company's total revenues, up from 24% in fiscal 2001. Growth in this key market is the result of strong sales of the Company's CorelDRAW and iGrafx solutions and overall investments Corel made in this operation in November 2001 to strengthen its global reach. Revenues generated in Corel's other primary markets (North America, Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of and Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). ) decreased from $90.6 million in fiscal 2001 to $80.5 million in fiscal 2002. In the fourth quarter of 2002, Corel realigned its geographical segments to be more comparable with its competitors. The Company removed OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and revenue from traditional geographic regions as its customers for OEM products are global companies and are not specific to one geography. Comparative figures have been reclassified accordingly. Expenses Sales expenses during fiscal 2002 were higher than the prior year, resulting from the Company's investments to establish an enterprise sales force. Marketing expenses for fiscal 2002 also increased when compared with last year due to numerous product launches, including the introduction of CorelDRAW Graphics Suite 11, the launch of Ventura 10 and new versions of Corel's iGrafx process management solutions. Included in the sales, marketing, research and development and general and administration expenses were costs related to the expansion of Corel's EMEA infrastructure as well as $5.9 million in severance and occupancy costs incurred during the fourth quarter of fiscal 2002. Outlook During fiscal 2003, Corel will continue to introduce new enterprise solutions based on open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced such as XML and SVG (Scalable Vector Graphics) A vector graphics format from the W3C for the Web that is expressed in XML. Introduced in 2001, SVG was designed to become the standard vector format just as GIFs and JPEGs have become the standard bitmaps for the Web. (scalable vector graphics (graphics, World-Wide Web) Scalable Vector Graphics - A W3C standard for vector graphics, based on XML. http://w3.org/Graphics/SVG/. ), while releasing new versions of its established products, including the latest version of its flagship WordPerfect Office suite. The company expects to have positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become in fiscal 2003. Mr. Burney Bur·ney , Frances Known as "Fanny." 1752-1840. British writer best known for her witty and sophisticated letters and diaries covering the years from 1768 until her death. added: "We are committed to growing our revenues and running our business profitably in 2003, regardless of the prevailing economic climate. We will maintain strong financial controls and efficient, flexible operations. In order to lay the foundation for longer-term recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue streams, we will continue to invest in the development of new technologies and increase the number of enterprise-focused partners selling Corel's solutions. Growing our enterprise partner base, which includes strong partners such as Documentum and Interwoven in·ter·weave v. in·ter·wove , in·ter·wo·ven , inter·weav·ing, inter·weaves v.tr. 1. To weave together. 2. To blend together; intermix. v.intr. , is key to our success in serving more enterprise customers with our XML and process management solutions. While our primary focus will be on addressing the needs of business customers with our enterprise solutions, we will also work closely with our channel partners to increase the visibility of the Corel brand and deliver valuable solutions that excite (Excite.com, Irvington, NY, www.excite.com) One of the major search engines on the Web founded in 1995 and part of IAC Search & Media. Excite was acquired by Ask Jeeves, Inc. in 2004, which was acquired by IAC in 2005. See Web search engines. customers." Conference Call Information Corel's fourth quarter and fiscal 2002 conference call and Webcast to discuss results, corporate strategy and outlook is scheduled for 10:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Monday, February 3, 2003. To access the live or archived Webcast, please visit www.corel.com/investor. Please access the site at least 10-15 minutes prior to the call to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. any necessary audio or plug-in software. (a)XML Solutions is part of the "other" category in the segmented information provided by the Company in its Statement of Operations See Income statement. . "Other" also includes technical support revenues from all of Corel's solution categories along with other miscellaneous revenue. About Corel Corporation Founded in 1985, Corel Corporation (www.corel.com) is a leading technology company specializing in content creation tools, business process management and XML-enabled enterprise solutions. The company's goal is to give consumers and enterprise customers the ability to create, exchange and instantly interact with visual content that is always relevant, accurate and available. With its headquarters in Ottawa, Canada, Corel's common stock trades on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CORL and on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol COR. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, involving the company's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of the company's future business. Specifically, this release contains forward-looking statements regarding the likely benefits from new product introductions and the need by the marketplace for the products under development; the programs being undertaken by the Company and expectations regarding the ability of the Company to increase sales and return to profitability and results in future quarter and for the next fiscal year. The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate" and similar expressions identify forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results of operations to differ materially from historical results or current expectations. In particular, there can be no assurance that the Company's cost reductions will be adequate or that the Company will achieve a level of revenue that will allow the Company to return to profitability, that the company will be able to produce and launch new products or that the Company will be able to successfully implement or complete the short-term and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. programs being undertaken by the Company. Risk factors include shifts in customer demand, product shipment schedules, product mix, competitive products and pricing, technological shifts, the Company's effectiveness at executing its sales, marketing and development plan, the market acceptance of new products and other variables. Readers are referred to Corel's most recent reports filed with the Securities and Exchange Commission for a more complete discussion of the other risks and uncertainties. The factors underlying forecasts are dynamic and subject to change. As a result, forecasts speak only as of the date they are given and do not necessarily reflect the company's outlook at any other point in time. The company does not undertake to update or review these forward-looking statements (C) 2002 Corel Corporation. All rights reserved. Corel and the Corel logo are trademarks or registered trademarks of Corel Corporation and/or its subsidiaries. All other product, font font or typeface or type family Assortment or set of type (alphanumeric characters used for printing), all of one coherent style. Before the advent of computers, fonts were expressed in cast metal that was used as a template for printing. and company names and logos are trademarks or registered trademarks of their respective companies.
Corel Corporation
Consolidated Balance Sheets
(in thousands of US$)
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As at November 30
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2002 2001
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Assets
Current assets:
Cash and cash equivalents $18,874 $24,924
Restricted cash 1,558 19,367
Short-term investments 56,952 78,076
Accounts receivable
Trade 19,958 18,689
Other 250 1,272
Inventory 191 799
Prepaid expenses 2,786 1,779
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Total current assets 100,569 144,906
Investments 8,590 9,886
Deferred financing charges - 250
Capital assets 21,768 43,123
Goodwill - 37,534
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Total assets $130,927 $235,699
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Liabilities and shareholders' equity
Current liabilities:
Accounts payable and accrued liabilities $22,552 $27,862
Participation rights obligation - 16,338
Income taxes payable 5,685 4,749
Deferred revenue 8,875 9,450
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Total current liabilities 37,112 58,399
Long-term deferred revenue 879 710
Future income tax liabilities 806 4,967
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Total Liabilities $38,797 $64,076
Commitments and contingencies
Shareholders' equity
Share capital
Issued and outstanding (000's):
91,818 common shares
(80,709 in 2001);
24,000 Series A preferred
shares (24,000) $405,124 $388,193
Contributed surplus 4,990 4,990
Deficit (317,984) (221,560)
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Total shareholders' equity $92,130 $171,623
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Total liabilities and
shareholders' equity $130,927 $235,699
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Corel Corporation
Consolidated Statement of Operations
(in thousands of US$ except share and per share data)
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For the three months For the year
ended November 30, ended November 30,
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2002 2001 2002 2001
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Revenue $33,474 $31,619 $126,701 $134,320
Cost of sales 5,155 4,038 14,543 17,895
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Gross profit 28,319 27,581 112,158 116,425
Expenses:
Sales 13,795 8,168 43,629 29,079
Marketing 8,155 6,093 23,626 18,360
Research &
Development 8,253 7,298 29,994 27,165
General &
Administration 12,096 9,543 34,269 34,157
Depreciation and
amortization 5,975 3,342 20,216 13,609
Impairment of
goodwill (612) - 49,896 -
Write down of
technology 17,781 - 17,781 -
Loss (gain) on
foreign exchange (737) (282) (1,797) (71)
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64,706 34,162 217,614 122,299
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Loss from operations (36,387) (6,581) (105,456) (5,874)
Loss on investments 15 1,358 149 2,359
Interest revenue 478 981 1,790 5,420
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Loss before the under
noted (35,924) (6,958) (103,815) (2,813)
Income tax expense
(recovery) (8,389) 3,599 (8,581) 4,039
Share of loss in
equity investments 259 125 1,190 472
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Net Loss $(27,794) $(10,682) $(96,424) $(7,324)
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Income (loss) per share:
Basic $(0.30) $(0.14) $(1.09) $(0.10)
Diluted $(0.30) $(0.14) $(1.09) $(0.10)
Weighted average number of common
shares outstanding (000's):
Basic 91,785 76,184 88,627 74,325
Diluted 91,785 76,184 88,627 74,325
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Corel Corporation
Consolidated Statements of Cash Flows
(in thousands of US$)
Year ended November 30
2002 2001
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Operating activities:
Net loss $(96,424) $(7,324)
Items which do not involve cash
or cash equivalents:
Depreciation 6,359 5,652
Amortization 16,027 10,695
Bad debt expense 596 3,197
Impairment of Goodwill 49,896
Write down of assets 17,781
Future income taxes (10,148) 1,444
Loss (gain) on investments 149 2,359
Gain (loss) on disposal of assets 136 (306)
Share of loss of equity investments 1,190 472
Changes in operating assets
and liabilities:
Restricted cash 1,473 (1,893)
Accounts receivable (221) 10,277
Inventory 608 2,836
Prepaid expenses (998) 430
Accounts payable and accrued
liabilities (6,696) (9,897)
Income taxes payable 936 (2,051)
Deferred revenue (406) (747)
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Net cash provided by (used in)
operating activities (19,742) 15,144
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Financing activities:
Issuance of common shares 97 265
Reduction of Novell obligations (10,000)
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Net cash provided by (used in)
financing activities 97 (9,735)
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Investing activities:
Proceeds on sale of investments
Purchase of investments (43) (909)
Redemption (purchase) of
short-term investments 21,185 (78,076)
Purchase of capital assets (3,236) (7,817)
Cash restricted for participation
rights obligation (16,338)
Proceeds on disposal of assets 818
Acquisition of SoftQuad Inc. (3,631)
Acquisition of Micrografx, Inc., (680) (5,593)
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Net cash provided by (used in)
investing activities 13,595 (107,915)
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Increase (decrease) in cash
and cash equivalents (6,050) (102,506)
Cash and cash equivalents
at beginning of year 24,924 127,430
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Cash and cash equivalents
at end of year $18,874 $24,924
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Supplemental non-cash information:
Purchase of SoftQuad Inc. $16,897
Purchase of Micrografx, Inc. $16,038
(See accompanying Notes to Consolidated Financial Statements.)
Segmented information
The Company has only one global operating segment as detailed in
the consolidated financial statements included herein.
The company sells its products worldwide from four geographic
regions. A summary of sales by product, channel and by region from
consolidated operations is as follows:
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For the three months ended For the Year Ended
November 30 November 30
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2002 2001 2002 2001
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By product
Graphic Solutions $16,991 $16,186 $66,428 $73,950
Office Productivity
Solutions 13,843 14,783 48,716 58,638
Process Management
Solutions 1,634 220 8,326 220
Other 1,006 430 3,231 1,512
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Total sales $33,474 $31,619 $126,701 $134,320
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By sales channel
Retail packaged
products $16,939 $15,944 $68,743 $77,838
OEM licenses 1,615 2,678 7,439 11,475
Corporate licenses 14,920 12,997 50,519 45,007
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Total sales $33,474 $31,619 $126,701 $134,320
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By region
United States $16,045 $16,590 $61,693 $69,016
Canada 2,579 1,776 9,119 7,485
EMEA 11,351 8,183 38,740 32,288
Other international 1,884 2,392 9,710 14,056
OEM 1,615 2,678 7,439 11,475
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Total sales $33,474 $31,619 $126,701 $134,320
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