Corel has announced a net loss of $10.7 million during its third fiscal quarter.

Corel blames the losses on employee redundancy costs, advertising-related expenditure, marketing and development costs. Revenues for the third quarter were $36.4 million. However, the results are an improvement on the second quarter of 2000.

Employee-severance pay cost $2.5 million, and approximately $1.1 million was spent on asset write-offs and other costs associated with Corel’s restructuring plans.

John Blaine, Corel’s chief financial officer, said: "Our third-quarter results demonstrate that our previously-announced cost-restructuring plan is already having an impact on our bottom line.

"Our revenues held firm from the previous quarter, our costs are down and we continue to make progress towards putting the company on a more solid financial footing."