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COREL CORPORATION REPORTS 1993 FIRST QUARTER RESULTS

 OTTAWA, Canada, April 1 /PRNewswire/ -- Corel Corporation (NASDAQ-NMS: COSFF) today reported financial results for the first quarter ended Feb. 28, 1993.
 Dr. Michael Cowpland, Corel's president and CEO commented on the first quarter of 1993:
 "Overall, I feel the company achieved its objectives for the quarter. We grew the CorelDRAW installed base to approximately 450,000 users, added to the number of localized versions, and through additional strategic alliances reinforced CorelSCSI as the industry standard software for connecting and managing SCSI peripherals. The remainder of 1993 promises to be very exciting for Corel, beginning with the imminent release of CorelDRAW 4.0."
 Michael Slaunwhite, Corel's chief financial officer, provided a detailed accounting of the company's 1993 first quarter results:
 "Revenues for the first quarter of 1993 were $20.7 million, an increase of 56 percent over 1992's first quarter sales of $13.3 million. After-tax net income was $1.5 million or $.10 per share in the first quarter of 1993, compared to $1.6 million or $1.3 per share in the first quarter of 1992. As at Feb. 28, 1993, Corel had $84.0 million in current assets which included $51.8 million in cash and short-term investments."
 Corel Corporation is a graphics and SCSI products development company. It was founded in June 1985 by Dr. Michael Cowpland. Corel is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol COS and the NASDAQ National Market System under the symbol COSFF.
 COREL CORPORATION
 Financial Statements,
 Statement of income:
 (Unaudited, in Canadian dollars,
 000's omitted except per share data, unaudited)
 Quarter ended Feb. 28 1993 1992
 Sales $ 20,723 $ 13,306
 Cost of sales 4,946 2,989
 Gross profit 15,777 10,317
 Expenses:
 Advertising 5,390 3,313
 General and administration 4,709 3,229
 Research and development 1,997 1,093
 Depreciation and amortization 1,202 640
 Loss (gain) on foreign exchange 902 (802)
 Total 14,200 7,473
 Income from operations 1,577 2,844
 Interest and dividend income 834 530
 Income before income taxes 2,411 3,374
 Income taxes 897 1,400
 Net income from continuing operations 1,514 1,974
 Loss from discontinued operations,
 net of income taxes -- (381)
 Net income 1,514 1,593
 Earnings Per Share:
 Net income from continuing
 operations:
 Basic $.11 $.17
 Fully diluted $.10 $.16
 Net income per common share
 Basic $.11 $.14
 Fully diluted $.10 $.13
 Average number of common shares
 outstanding
 Basic 13,680 11,449
 Fully diluted 15,031 12,382
 BALANCE SHEET
 (Canadian dollars, 000's omitted, unaudited)
 2/28/93 2/28/92
 Assets:
 Current assets:
 Cash and short-term investments $ 51,831 $ 20,009
 Accounts receivable - Trade 23,672 16,979
 - Other 1,115 1,365
 Inventory 5,025 9,347
 Income taxes recoverable 1,291 249
 Prepaid expenses 1,042 1,696
 Total 83,976 49,645
 Capital assets 21,676 8,645
 Total $ 105,652 $ 58,290
 Liabilities and Shareholders' Equity
 Current liabilities:
 Accounts payable and accrued
 liabilities $ 4,084 $ 3,568
 Deferred income taxes 1,114 1,193
 Deferred revenue -- 293
 Total 5,198 5,054
 Share capital 69,277 33,166
 Contributed surplus 470 470
 Retained earnings 30,707 19,600
 Sub-Total 100,454 53,236
 Total $ 105,652 $ 58,290
 -0- 4/1/93
 /CONTACT: John Hladkowicz, investor relations of Corel Corporation, 613-728-8200 ext. 1194/
 (COSFF)


CO: Corel Corporation ST: Ontario IN: SU: ERN

TS -- NY110 -- 2275 04/01/93 17:29 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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