April 2, 2009 / 12:40 PM / in 9 years

UPDATE 1-Corel net loss widens, announces cost-saving steps

(All details in U.S. dollars, unless otherwise noted)

TORONTO, April 2 (Reuters) - Corel Corp CRE.TO CREL.O posted a wider quarterly net loss on Thursday as its software sales declined due to the impact of the global economic slowdown, and it announced new cost-saving measures.

In the fiscal first quarter ended Feb. 28, the software developer posted a net loss of $1.5 million, or 6 cents a share, compared with a year-ago loss of $30,000, or break-even on a per share basis.

Excluding items, the company posted earnings of $5.4 million, or 21 cents a share, down from $6.7 million, or 26 cents a share, a year earlier.

The company also said it will implement a series of initiatives to further reduce costs.

Corel said the new cost-saving initiatives include an immediate 10 percent salary reduction for all senior executives, five unpaid days off for all employees to be taken in the second quarter and an accelerated timing for the mandatory use of any unused vacation time.

The company, which makes software like CorelDRAW, WinZip and WordPerfect, expects the initiatives to cut costs by about $2 million through the remainder of fiscal 2009. ($1= $1.24 Canadian) (Reporting by Euan Rocha, editing by Dave Zimmerman)

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