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COREL CORPORATION REPORTS RECORD QUARTERLY RESULTS

 OTTAWA, Oct. 7 /PRNewswire/ -- Corel Corporation (NASDAQ-NMS: COSFF) today reported financial results for the third quarter ended Aug. 31, 1993.
 Dr. Michael Cowpland, Corel's president and CEO commented on the third quarter of 1993:
 "This quarter's results reflect the continued success of CorelDRAW. The acceptance of CorelDRAW 4 coupled with the continued success of the repositioned CorelDRAW 3 have increased our leadership position in the graphics software market."
 "Overall, these are our best quarterly results ever. Earnings were more than double those of the second quarter of this year."
 "The acquisition of Ventura Publisher and Ventura DataBase Publisher provides and excellent addition to our product line."
 Michael Slaunwhite, Corel's chief financial officer, provided a detailed accounting of the company's 1993 third quarter results:
 "Revenues for the third quarter of 1993 were $41.4 million, an increase of 43 percent over 1992's third quarter sales of $29.0 million."
 "After-tax net income was $9.6 million or $.63 per share in the third quarter of 1993, compared to $3.8 million or $.29 per share in the third quarter of 1992."
 "The company added $11.4 million to its cash balance during this quarter. As at Aug. 31, 1993, Corel had $118.4 million in current assets which included $71.1 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 (symbol COS) and the NASDAQ National Market System (symbol COSFF).
 COREL CORPORATION
 Consolidated Statements of Income
 (Canadian dollars, 000s omitted except per share data, unaudited)
 Periods Ended Quarter Nine months
 Aug. 31 1993 1992 1993 1992
 Sales $ 41,364 $ 28,989 $ 89,467 $ 63,081
 Cost of sales 9,639 10,098 20,686 19,136
 Gross profit 31,725 18,891 68,781 43,945
 Expenses:
 Advertising 7,101 5,647 18,279 13,793
 General and
 administration 6,225 4,132 16,455 11,384
 Research and
 development 2,012 1,824 6,133 4,608
 Depreciation and
 amortization 1,336 1,065 4,064 2,517
 Loss (gain) on
 foreign exchange (1,059) 70 (530) (991)
 Total 15,615 12,738 44,401 31,311
 Income from
 operations 16,110 6,153 24,380 12,634
 Interest and
 divided income 837 304 2,496 1,236
 Income before
 income taxes 16,947 6,457 26,876 13,870
 Income taxes 7,359 2,695 11,251 5,765
 Net income from
 continuing
 operations 9,588 3,762 15,625 8,105
 Loss from discontinued
 operations,
 net of income taxes --- --- --- (1,100)
 Net income $ 9,588 $ 3,762 $ 15,625 $ 7,005
 Earnings per Share:
 Net income from
 continuing
 operations
 Basic $0.69 $0.32 $1.13 $0.70
 Fully diluted $0.63 $0.29 $1.04 $.064
 Net income per
 common share
 Basic $0.69 $0.32 $1.13 $0.60
 Fully diluted $0.63 $0.29 $1.04 $0.55
 Average number of
 common shares
 outstanding
 Basic 13,971 11,830 13,790 11,593
 Fully diluted 15,191 12,977 15,089 12,652
 Consolidated Balance Sheets
 (Canadian dollars, 000s omitted, unaudited)
 As at Aug. 31 1993 1992
 Assets
 Current assets:
 Cash and short-term
 investments $ 71,094 $ 22,991
 Accounts receivable - Trade 36,435 29,047
 - Other 2,378 1,272
 Inventory 7,210 2,816
 Income taxes recoverable 425
 Prepaide expenses 1,244 934
 Total 118,361 57,485
 Capital assets 24,031 15,418
 Total $142,392 $ 72,903
 Liabilities and Shareholders'
 Equity
 Current liabilities:
 Accounts payable and accrued
 liabilities $ 9,074 $ 7,454
 Income taxes payable 5,306 ---
 Deferred income taxes 2,087 1,429
 Total 16,467 8,883
 Share capital 80,637 38,538
 Contributed surplus 470 470
 Retained earnings 44,818 25,012
 Total 125,925 64,020
 Total $142,392 $ 72,903
 -0- 10/7/93
 /CONTACT: John Hladkowicz, investor relations of Corel Corporation, 613-728-8200, ext. 1194/
 (COSFF)


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

TS -- NY073 -- 9911 10/07/93 17:01 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
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