Struggling software maker Corel has warned that its second-quarter financial results will be worse than feared.
The company now expects to report a loss of up to $24 million for its second fiscal quarter ended May 31, on revenue of about $38 million.
In March, the company said its second-quarter results would reflect those of the first quarter, when it suffered an $18.7 million loss on revenue of $44.1 million.
In recent months, Corel has laid off 320 workers, suffered a major cash shortage and been hit by a failed acquisition/merger agreement with Inprise/Borland.
Corel reported $9.7 million in profits on $70.5 million revenue in last year's second quarter. The company is due to report the final results for the just-finished quarter next Tuesday. In today’s announcement, the company said only that it "is making progress towards its goal of realigning its cost structure" through the workforce cuts and other restructuring actions.
Corel recently purchased the Painter, Kai’s Power Tools, Bryce and KPT Vector Effects software packages from Metacreations.