Corel opts out of gloomy outlook

Reporting fourth quarter revenues that were down 4% year over year, Corel closed out fiscal 2008 with full year revenues up 7% over 2007, with $268.2 million.

Corel's interim CEO Kris Hagerman said, "Despite facing a tough economic climate as we closed out the fourth quarter, revenues for the full year were up across all geographies and business units...Looking ahead to 2009, we have an exciting slate of new product introductions that we believe will further enhance our market position, even in a challenging economy."

Hagerman's belief was not reflected by the company as a whole, however, as Corel opted to not provide guidance for the first quarter of 2009, nor for the full fiscal year.