Profits miss call

Corel Corp. records a heavier-than-expected loss in Q3, and anticipates a larger loss for the year than previously thought. However, the Ottawa-based firm, which posts in US$, saw revenue climb as Corel.bmpexpected to $60.4 million from $41.3 million. The company took a $6.8-million ($.27 a share) hit due in large part to a one-time tax charge associated with its acquisition of InterVideo last December. Net income for last year’s third quarter was $5.5 million ($.22 cents a share). In July, the company had forecast a net loss of $500,000 or a gain of up to $1 million, on revenue of between $60 million and $62 million. For the full year, the company has revised revenue estimates to between $244 million and $248, down from its previous forecast of $247 million to $253 million. Net loss is now pegged at $13.3 million ($.51 cents a share) to $11.3 million ($.44 cents a share), a steep drop from the company’s earlier call of between $2 million and $4 million.

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