Corel' s year-to-date sales for the Europe, Middle East and Africa (EMEA) region have increased 20 per cent, the company announced in its second-quarter 2002 results, ending May 31, 2002.
Derek Burney, president and CEO of Corel, said: "The strength of the Corel brand and the growth in our European sales have provided a stabilized level of revenues despite the continued weakness in the economy, and our lack of new product releases for our core products.
"Year-to-date sales in EMEA are 20 per cent greater than the prior year, offsetting the decline in the North American market which reflects the fact that our established product lines are in the latter part of their life cycles."
Revenue target Corel met estimates for the quarter, capturing revenues of $30.8 million.
However, this compares with revenues of $31.2 million for the previous quarter, as well as revenues of $36.0 million for the second quarter of fiscal 2001.
For the year-to-date, revenues are $61.8 million compared to $68.6 million in the previous year.
Corel expects results for the third quarter of fiscal 2002 to be consistent with second quarter 2002 results.
Revenues are expected to increase by between 15 and 20 per cent over its third quarter as sales from new product releases have an impact for the fourth quarter of fiscal 2002.
Updated guidance on its fourth quarter results will be released in September.