October 1, 2009 / 8:25 PM / 8 years ago

UPDATE 1-Corel profit slumps amid "difficult" economy

* EPS $0.02 vs $0.06 a year earlier

* Revenue down to $47.4 mln from $66.2 mln (In U.S. dollars unless noted)

TORONTO, Oct 1 (Reuters) - Consumer software maker Corel Corp CRE.TO CREL.O posted a drop in quarterly profit on Thursday as its revenue slumped in what is described as a difficult economic environment.

Corel said it earned $500,000, or 2 cents a share, in the three months ended Aug. 31. That was down from $1.6 million, or 6 cents a share, a year earlier.

Revenue dropped to $47.4 million from $66.2 million in the same quarter of 2008.

The Ottawa-based company said its adjusted income was 27 cents a share, down from 39 cents a share a year earlier.

Corel makes word, photo and video processing software, with brands that include WinZip, WordPerfect and CorelDraw.

The quarter marked a “difficult period,” Chief Executive Kris Hagerman said in a statement, adding: “By delivering a better user experience and superior value, we believe we will be well positioned as the economy improves and consumer confidence returns.”

The company reported its results after markets closed. During the day, its thinly traded shares closed unchanged at C$3.15 on the Toronto Stock Exchange.

$1=$1.08 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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