Software maker Corel posted a wider fourth-quarter loss this morning but said it will return to profit in 2003.
Best known for its WordPerfect and CorelDraw products, the company has cut 22 per cent of its staff as it struggles with weak customer spending and an aging product line.
Corel, which fights for market share against such technology leaders as Microsoft and Adobe, will unveil more than a dozen new products or upgrades this year and said it could see an increase in sales.
The Ottawa-based company posted a net loss of $27.8 million, or 30 cents per share, in the quarter ended on November 30th. That was up from a year-earlier loss of $10.7 million, or 14 cents a share.