March 26, 1997 6:15 PM ET
Corel in the black for Q1
By Margaret Kane

  Corel Corp. managed to pull itself into the black for the first quarter, turning a profit of about $1 million.

Sales for the quarter ended Feb. 28 were $93.7 million, up from $36.4 million a year ago.

The company also confirmed that it will spin off its Video and Networking Computing groups into a new company to be called Corel Computer Corp., which will operate as a wholly owned subsidiary. The new company will focus on offering "a complete hardware and software solution to the corporate environment," officials said.

Corel has had a rocky couple of quarters, switching between losses and gains over the past year. The company earned $6.5 million in the fourth quarter of 1996 on sales of $125.4 million.

This quarter, the Ottawa company came in near analysts' expectations.

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