Corel has returned a net loss of $7.3 million for fiscal 2001 - a $48 million year-on-year improvement.

The company posted total revenue of $134.3 million, compared to $157.5 million for 2000 financial year, in which it returned losses of $55.3 million. This $48 million year-on-year gain to its bottom line is due to improved business management.

The company accrued $31.6 million in the fourth quarter, producing a net loss of $10.7 million; this compares to fourth quarter revenues of $40.4 million for a net loss of $8.6 million in 2000.

John Blaine, chief financial officer at Corel, explained: "The financial discipline we injected into the company resulted in three consecutive profitable quarters. While recent events and general economic conditions impacted our revenues during the fourth quarter of 2001, our strict cost controls, healthy cash position and strengthened balance sheet helped mitigate the impact of these external factors," he continued.

Corel CEO, Derek Burney said: "2001 was a turning point for Corel. We consistently met the milestones we laid out for the first phase of the three-year growth strategy we unveiled at the beginning of 2001."

Looking to the company's creative applications, including Painter 7 and KnockOut 2, Burney said: "We demonstrated we can operate the business profitably, and introduced an unprecedented number of new products, including procreate, a brand new line of software for creative professionals."