Corel reports Q4 profits drop

Canadian software vendor Corel has reported a drop in Q4 profits and revealed it is not going to make forecasts about the rest of the year.

The quarterly results also included a 4% drop in revenues for the three months ended 30 November although figures for the full year showed a 7% increase in sales.

Non-GAAP net income for the fourth quarter dropped to $11.4m compared to $13.4m for the period a year before.

In a statement Kris Hagerman, interim CEO of Corel said that it was facing tough economic conditions but revenues across all geographies held up.

“Looking ahead to 2009, we have an exciting slate of new product introductions that we believe will further enhance our market position,even in a challenging economy,” he added.

Despite that comment the company has indicated it would not provide guidance for Q1 of the full fiscal year ahead.