Corel's second-quarter results for 2000 are as bad as the company feared – and it says its third-quarter results will be just as poor.

Corel returned a net loss of $23.6 million on $36.6 million revenues, or 32 cents per share. The company had $9.9 million cash at hand as the quarter closed. In the same period last year, Corel made $9.2 million profit on revenues of $70.5 million.

The company is engaged on a cost restructuring plan designed to save $40 million, earlier this month the company announced it would slash its workforce by 21 per cent as part of the plan.

The notes attached to Corel's financial statement made grim reading. The company emphasized its need to "secure additional equity or debt financing immediately, and to effect a significant cost reduction plan in the near future".