Corel Corp. cut 30 Ottawa engineering jobs on Tuesday as it seeks ways to slim down and cut costs for a return to profitability.
Spokewoman Ann Vis said the cuts came in Corel's product strategy and development divisions and stem from comments the company made when it reported its Q2 results late last month.
In the second quarter the software maker posted a loss of $6.3 million, or seven cents a share, compared to a profit of $2.3 million, or two cents a share, in the same period last year. Analysts were looking for a loss of only five cents a share, though such estimates do allow for a two-cent range of deviation.
Revenues slipped to $30.8 million from $36 million in last year's Q2 and from $31.2 million in the first quarter of 2002.
President and CEO Derek J. Burney said during the Q2 conference call that Corel would focus on its most promising products and continue to find ways to control costs. No layoffs were announced then, but he warned that the workforce would be "adjusted as necessary.”
Vis said Corel will continue to review its operations on an "ongoing basis,” leaving the door open for additional cuts.
Corel employs almost 900 staff in Ottawa. Earlier in the day the company said it will soon release Ventura 10, a publishing tool for creating graphically-intense business documents.
Spokewoman Ann Vis said the cuts came in Corel's product strategy and development divisions and stem from comments the company made when it reported its Q2 results late last month.
In the second quarter the software maker posted a loss of $6.3 million, or seven cents a share, compared to a profit of $2.3 million, or two cents a share, in the same period last year. Analysts were looking for a loss of only five cents a share, though such estimates do allow for a two-cent range of deviation.
Revenues slipped to $30.8 million from $36 million in last year's Q2 and from $31.2 million in the first quarter of 2002.
President and CEO Derek J. Burney said during the Q2 conference call that Corel would focus on its most promising products and continue to find ways to control costs. No layoffs were announced then, but he warned that the workforce would be "adjusted as necessary.”
Vis said Corel will continue to review its operations on an "ongoing basis,” leaving the door open for additional cuts.
Corel employs almost 900 staff in Ottawa. Earlier in the day the company said it will soon release Ventura 10, a publishing tool for creating graphically-intense business documents.
