Corel has announced a net loss of $8.6 million for the fourth quarter of 2000.

The company recorded $40.4 million revenues. Revenues for the full fiscal year totalled $157.5 million for a net loss of $55.3 million.

John Blaine, Corel's chief financial officer, said: "Our results demonstrate that our financially-disciplined approach is paying off. We've strengthened our balance sheet, eliminated all our long-term debt and achieved the goals set out in our cost-restructuring plan by reducing our spending by $10 million per quarter."

Microsoft alliance Derek Burney (pictured), Corel's CEO, said: "I'm proud of the work we've done to put this company on a more solid financial footing. Our results-orientated management team announced a strategic alliance with Microsoft to deliver the full power of the Web to our customers.

"Our new growth strategy gives us the opportunity to achieve a compounded annual growth of at least 20 per cent over the next three years.

"We believe we have laid the foundation for a strong future for the company – we have identified our priorities, narrowed our focus and are moving quickly to achieve our stated goal of profitability by Q3 this year."

Corel's new corporate strategy for growth promises a wide variety of products for Corel's Macintosh customers. These include CorelDraw 10 Graphics Suite, Corel KnockOut and new versions of Painter, Bryce and Kai's Power Tools. Corel will also be Carbonizing its apps to run under Mac OS X – with beta versions of Bryce 4.1.1 for OS X and KnockOut 1.5.1 for OS X undergoing public testing now.