Corel Chops Exec Paychecks As Revenues Shrink

Corel (CREL) this morning posted revenue for its fiscal first quarter ended February 28 of $56.2 million, down 14% from the $65.5 million reported a year earlier. The software company posted a non-GAAP profit for the quarter of 21 cents a share; on a GAAP basis Corel lost $1.5 million or 6 cents a share.

In a statement, Corel CEO Kris Hagerman said that the company “clearly felt the effects of a deep and persistent global economic slowdown.” The software provider said that to reduce costs, it will immediately cut salaries 10% for senior executives, require all employees to take 5 unpaid days off in Q2 and accelerate the timing for mandatory use of unused vacation time.

CREL today is off 2 cents, or 1%, to $1.90.