UNITED STATES SECURITIES AND
    EXCHANGE COMMISSIONWashington, D.C.
    20549
  Form 10-K/A
  þ

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES
    EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED NOVEMBER 30,
    2007oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934   Commission File Number: 000-20562
  COREL CORPORATION
 (Exact name of registrant as
    specified in its charter)
  Canada
 (State or other jurisdiction of
    incorporation and organization)
  98-0407194
 (I.R.S. Employer Identification No.)
     (Address of principal executive
    offices, including zip code)
  (Registrants telephone
    number, including area code)
  Securities registered pursuant to
    Section 12(b) of the Act:Common Shares, no par value
    (together with associated rights to
    purchase additional Common Shares)(Title of class)

Name of exchange on which registered:The Nasdaq Global Market   Securities registered pursuant to Section 12(g) of the
    Act:
  o þ
  o þ
  þ o
  Regulation S-K Form 10-K Form 10-K.  Yes þ o
  Rule 12b-2
  o þ o o
   Rule 12b-2 o þ




---



##### 





EXPLANATORY
    NOTE
  Form 10-K/A Form 10-K
  Form 10-K/A Form 10-K
  Form 10-K/A Form 10-K
  
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to revise the Off-Balance Sheet
    Arrangements section in Item 7.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to revise the second paragraph in Item 9A.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to revise the table in the Option Grants
    During the Fiscal Year Ended November 30, 2007, to Named
    Executive Officers section in Item 11.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to replace the text of Footnote 1 in the
    Option Grants During the Fiscal Year Ended
    November 30, 2007, to Named Executive Officers
    section in Item 11.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to revise the text of Footnote 2 in the
    Option Grants During the Fiscal Year Ended
    November 30, 2007, to Named Executive Officers
    section in Item 11.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to revise the text of the Compensation
    of Directors and Executive Officers section in
    Item 11.
    The Registrants Annual Report on
    Form 10-K
    is hereby amended to correct the middle initial of Daniel T.
    Ciporin.




---



##### 



ITEM 7.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  The following discussion and analysis should be read together
    with our audited consolidated financial statements for the years
    ended November 30, 2007, 2006 and 2005 and accompanying
    notes set forth elsewhere in this report. All financial
    information is presented in U.S. dollars.
  Some of the statements set forth in this section are
    forward-looking statements relating to our future results of
    operations. Our actual results may vary from the results
    anticipated by these statements. Please see Information
    Regarding Forward-Looking Statements.
  OVERVIEW
  e-Stores,
    Graphics
    and Productivity
  CorelDRAW Graphics Suite, Corel Painter, Corel DESIGNER,
    WinZip iGrafx WordPerfect Office Suite.
    CorelDRAW Graphics Suite Corel Painter ® Corel DESIGNER Technical
    Suite WinZip iGrafx WordPerfect
    Office Suite
  Digital
    Media
  Corel Paint Shop
    Pro Corel Media One WinDVD, VideoStudio, DVD Movie Factory, DVD
    Copy PhotoImpact. Corel Paint Shop Pro Corel Media One WinDVD, VideoStudio DVD Movie Factory DVD Copy Photo Impact
  Corporate
    History
  CorelDRAW WordPerfect




---



##### 



Corel Paint Shop Pro Corel
    Photo Album
  WinZip
        Industry
    and Business Trends
        Acquisition
    of InterVideo




---



##### 



WinDVD, VideoStudio, DVD Movie Factory, Photo Impact, DVD Copy
        Operating
    Performance
    InterVideo Corel Draw, Painter, WinZip, iGrafx, WordPerfect Digital Imaging products Paint Shop Pro Photo Photo Album.
    WordPerfect Digital Imaging InterVideo
    OPERATIONS
  Revenues
  CorelDRAW Graphics Suite Corel Painter,
    Corel Designer Technical Suite, WinZip, iGrafx Flow Charter WordPerfect Office Suite Paint Shop Pro, Media One InterVideo WinDVD, VideoStudio, DVD Movie Factory, DVD Copy PhotoImpact.




---



##### 



Current


Quarter of


Quarter ofVersion


Current Release


Prior ReleaseProductGraphics and Productivity:CorelDRAW Graphics Suite


14



Q1 2008



Q1 2006Corel Painter


10



Q1 2007



Q4 2004Corel Designer Technical Suite


12



Q2 2005



Q3 2003WinZip


11



Q4 2006



Q4 2005iGrafx FlowCharter


12



Q2 2007



Q1 2006WordPerfect Office Suite


13



Q1 2006



Q2 2004Digital MediaPaint Shop Pro


12



Q4 2007



Q4 2006MediaOne


2



Q4 2007



Q4 2006WinDVD


8



Q4 2006



Q2 2005VideoStudio


11



Q2 2007



Q2 2006DVD Movie Factory


6



Q1 2007



Q1 2006DVD Copy


5



Q3 2006



Q1 2006PhotoImpact


12



Q3 2006



Q4 2005   Our
    quarterly operating results may fluctuate depending on the
    timing and success of product releases
  Cost
    of Revenues
    
    royalties paid and costs of licensing third party intellectual
    property;
    salaries, benefits, stock-based compensation and related costs
    of the manufacturing oversight staff;
    the cost of packaging and distribution of our packaged software
    products;
    the cost of related customer and technical support functions;
    credit card fees; and
    allocated facilities, depreciation and amortization and other
    related overhead.  e-Store,
    
    salaries, benefits, stock-based compensation and related costs
    of customer and technical support functions; and
    allocated facilities, depreciation and amortization and other
    related overhead.    Sales
    and Marketing
    
    salaries, commissions, benefits and stock-based compensation
    related to sales and marketing personnel;
    travel and living expenses;
    marketing, such as co-marketing programs with our resellers and
    OEMs, trade shows and advertising; and




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##### 




    allocated facilities, depreciation and amortization and other
    related overhead.  Research
    and Development
    
    salaries, benefits and stock-based compensation related to
    research and development personnel;
    allocated facilities, depreciation and amortization and other
    related overhead; and
    localization and contract development expenses.    General
    and Administrative
    
    salaries, benefits and stock-based compensation related to
    general and administrative personnel;
    accounting, legal and other professional fees;
    allocated facilities, depreciation and amortization and other
    related overhead; and
    insurance costs.  Taxes
        RESULTS
    OF OPERATIONS
  Comparison
    of Fiscal Year Ended November 30, 2007 to Fiscal Year Ended
    November 30, 2006




---



##### 



November 30,


Percentage2006


2007


2006


2007


Change(Dollars in thousands)RevenuesProduct

$
157,319


$
228,274



88.8
%


91.1
%


45.1
%Maintenance and services


19,872



22,206



11.2



8.9



11.7Total revenues


177,191



250,480



100.0



100.0



41.4Cost of revenuesCost of product(1)


21,339



49,775



13.6



21.8



133.3Cost of maintenance and services(1)


1,142



796



5.7



3.6



(30.3
)Amortization of intangible assets


14,366



26,119



8.1



10.4



81.8Total cost of revenues


36,847



76,690



20.8



30.6



108.1Gross margin


140,344



173,790



79.2



69.4



23.8Operating expensesSales and marketing


54,851



70,587



31.0



28.2



28.7Research and development


25,883



44,712



14.6



17.9



72.7General and administrative


24,285



37,083



13.7



14.8



52.7Acquired in-process research and development






7,831



0.0



3.1



n/aIntegration expense


358



5,220



0.2



2.1



1358.1Restructuring


810



1,447



0.5



0.6



78.6Total operating expenses


106,187



166,880



59.9



66.6



57.2Income from operations


34,157



6,910



19.3
%


2.8
%


(79.8
)%Other expenses (income)Loss on debt retirement


8,292








*



*



*Interest expense, net


11,331



16,254




*



*



*Amortization of deferred financing fees


1,180



1,074




*



*



*Other non-operating (income) expense


(565
)


(799
)



*



*



*Income (loss) before income tax expense (recovery)


13,919



(9,619
)



*



*



*Income tax expense


4,668



3,443




*



*



*Net income (loss)

$
9,251


$
(13,062
)



*



*



*     (1)
    
    Percentage reflects percentage of related revenues.*
    
    Not Meaningful  Revenues
  Year Ended November 30,


Percentage2006


2007


Change(Dollars in thousands)Product

$
157,319


$
228,274



45.1
%As a percent of revenue


88.8
%


91.1
%Maintenance and services


19,872



22,206



11.7
%As a percent of revenue


11.2
%


8.9
%Total


177,191



250,480



41.4
%   WinZip,
    CorelDraw, iGrafx, Corel Painter. WordPerfect Digital Imaging
  WordPerfect Digital Imaging , WinZip, CorelDRAW,
    iGrafx Corel Painter WordPerfect WordPerfect Office X3 Digital Imaging




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##### 



Snapfire Paint Shop Pro Paint Shop Pro Photo X1 Photo Express Paint Shop Pro MediaOne Snapfire WinZip iGrafx CorelDRAW CorelDRAW Corel
    Painter e-store
    Total
    Revenues by Product Group
    Year Ended November 30,


Percentage2006


2007


Change(Dollars in thousands)Graphics and Productivity

$
137,741


$
141,692



2.9
%As a percent of revenue


77.7
%


56.6
%Digital Media


39,450



108,788



175.8
%As a percent of revenue


22.3
%


43.4
%   WordPerfect Office WinZip, CorelDRAW, iGrafx Corel Painter WinZip iGrafx CorelDRAW Corel Painter e-store WordPerfect WordPerfect
    Office X3
  Digital Imaging MediaOne, Paint Shop Pro Photo Impact MediaOne.




---



##### 



Total
    Revenues by Region
  Year Ended November 30,


Percentage2006


2007


2006


2007


Change(Dollars in thousands)Americas

$
104,447


$
125,979



58.9
%


50.3
%


20.6
%Europe, Middle East, and Africa (EMEA)


58,253



72,932



32.9



29.1



25.2Asia Pacific (APAC)


14,491



51,569



8.2



20.6



255.9Total

$
177,191


$
250,480



100.0
%


100.0
%


41.4
%   InterVideo WordPerfect digital imaging WordPerfect WordPerfect Office X3 digital imaging Digital Imaging Photo Impact MediaOne. Paint Shop Pro
  InterVideo CorelDRAW Graphics Suite WinZip WordPerfect Digital Imaging . CorelDRAW Graphics Suite
  InterVideo WinZip iGrafx. iGrafx WinZip
  Cost
    of Revenues
  Year Ended November 30,


Percentage2006


2007


Change(Dollars in thousands)Cost of product

$
21,339


$
49,775



133.3
%As a percent of product revenue


13.6
%


21.8
%Cost of maintenance and services


1,142



796



(30.3
)%As a percent of maintenance and service revenue


5.7
%


3.6
%Amortization of intangible assets


14,366



26,119



81.8
%As a percent of revenue


8.1
%


10.4
%   Cost of Product Revenues.
  Cost of Maintenance and Services
    Revenues. WinZips
  Amortization of Intangible
    Assets.




---



##### 



Operating
    Expenses
  Year Ended November 30,


Percentage2006


2007


Change(Dollars in thousands)Sales and marketing

$
54,851


$
70,587



28.7
%As a percent of revenue


31.0
%


28.2
%Research and development


25,883



44,712



72.7
%As a percent of revenue


14.6
%


17.9
%General and administrative


24,285



37,083



52.7
%As a percent of revenue


13.7
%


14.8
%Restructuring


810



1,447



78.6
%As a percent of revenue


0.5
%


0.5
%Acquired in-process research and development






7,831



n/aAs a percent of revenue


0.0
%


3.1
%InterVideo integration expenses


358



5,220



1358.1
%As a percent of revenue


0.2
%


2.1
%   Sales and Marketing.
  Research and Development.
  General and Administrative. Sarbanes-Oxley
  InterVideo Integration Expense:
  Acquired in-process Research and
    Development.
  Restructuring.




---



##### 



Non-Operating
    (Income) Expense
 Year Ended November 30,2006


2007(Dollars in thousands)Loss on debt retirement

$
8,292


$
Interest expense, net


11.331



16,254Amortization of deferred financing fees


1,180



1,074Other non-operating (income) expenses


(565
)


(799
)Total non-operating expenses

$
20,238


$
16,529   Loss on Debt Retirement.
  Interest (Income) Expense, Net.
  Amortization of Deferred Financing Fees.
  Other non-operating income:
  Income Tax Expense.
      Comparison
    of Fiscal Year Ended November 30, 2006 to Fiscal Year Ended
    November 30, 2005




---



##### 



Year Ended November 30,


Percentage2005


2006


2005


2006


Change(Dollars in thousands)RevenuesProduct

$
148,308


$
157,319



90.4
%


88.8
%


6.1
%Maintenance and services


15,736



19,872



9.6



11.2



26.3Total revenues


164,044



177,191



100.0



100.0



8.0Cost of revenuesCost of product(1)


18,461



21,339



12.4



13.6



15.6Cost of maintenance and services(1)


1,154



1,142



7.3



5.7



(1.0
)Amortization of intangible assets


26,139



14,366



15.9



8.1



(45.0
)Total cost of revenues


45,754



36,847



27.9



20.8



(19.5
)Gross margin


118,290



140,344



72.1



79.2



18.6Operating expenses:Sales and marketing


54,056



54,851



33.0



31.0



1.5Research and development


23,538



25,883



14.3



14.6



10.0General and administrative


19,851



24,285



12.1



13.7



22.3Other operating expense


3,125



358



1.9



0.2



(88.5
)Restructuring


834



810



0.5



0.5



(2.9
)Total operating expenses


101,404



106,187



61.8



59.9



4.7Income from operations


16,886



34,157



10.3
%


19.3
%


102.3
%Other expenses (income)Loss on debt retirement


3,937



8,292




*



*



*Interest expense, net


12,608



11,331




*



*



*Gain on disposal of investments


(125
)







*



*



*Amortization of deferred financing fees


1,756



1,180




*



*



*Other non-operating (income) expense


1,172



(565
)



*



*



*Income (loss) before income tax expense (recovery)


(2,462
)


13,919




*



*



*Income tax expense


6,291



4,668




*



*



*Net income (loss)

$
(8,753
)

$
9,251




*



*



*     (1)
    
    Percentage reflects percentage of related revenues.*
    
    Not Meaningful  Revenues
  Year Ended November 30,


Percentage2005


2006


ChangeProduct

$
148,308


$
157,319



6.1
%As a percent of revenue


90.4
%


88.8
%Maintenance and services


15,736



19,872



26.3
%As a percent of revenue


9.6
%


11.2
%Total


164,044



177,191



8.0
%   WinZip 10.0 Pro CorelDRAW iGrafx WordPerfect Corel Paint Shop Pro. WinZip WinZip




---



##### 



WinZip when-and-if-available
  Total
    Revenues by Product Group
  Paint Shop Pro, Snapfire,
    Photo Album, MediaOne CorelDRAW
    Graphics Suite WinZip, WordPerfect Office Suite iGrafx.
  Year Ended November 30,


Percentage2005


2006


2005


2006


Change(Dollars in thousands)Graphics and Productivity

$
123,126


$
137,741



75.1
%


77.7
%


11.9
%Digital Media


40,918



39,450



24.9



22.3



(3.6
)%Total

$
164,044


$
177,191



100.0
%


100.0
%


8.0
%   WinZip WinZip WinZip 10.0 WinZip 10.0 Pro WinZip iGrafx CorelDRAW CorelDRAW Graphics Suite
  WordPerfect WordPerfect WordPerfect Quattro Pro Presentations WordPerfect WordPerfect X3. WordPerfect CorelDRAW Paint Shop Pro WinZip. Corel Painter Corel Designer Suite
  Corel PaintShop
  Total
    Revenues by Region
  Year Ended November 30,


Percentage2005


2006


2005


2006


Change(Dollars in thousands)Americas

$
98,412


$
104,447



60.0
%


58.9
%


6.1
%EMEA


52,965



58,253



32.3



32.9



10.0Asia Pacific


12,667



14,491



7.7



8.2



14.4Total

$
164,044


$
177,191



100.0
%


100.0
%


8.0
%




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##### 



WinZip CorelDRAW WordPerfect
  e-stores.
  CorelDraw X3 WinZip.
  Cost
    of Revenues
  Year Ended November 30,


Percentage2005


2006


Change(Dollars in thousands)Cost of product

$
18,461


$
21,339



15.6
%As a percent of product revenue


12.4
%


13.6
%Cost of maintenance and services


1,154



1,142



(1.0
)%As a percent of maintenance and service revenue


7.3
%


5.7
%Amortization of intangible assets


26,139



14,366



(45.0
)%As a percent of revenue


15.9
%


8.1
%   Cost of Product Revenues.
  Cost of Maintenance and Services
    Revenues.
  Amortization of Intangible
    Assets.




---



##### 



Operating
    Expenses
  Year Ended November 30,


Percentage2005


2006


Change(Dollars in thousands)Sales and marketing

$
54,056


$
54,851



1.5
%As a percent of revenue


33.0
%


31.0
%Research and development


23,538



25,883



10.0
%As a percent of revenue


14.3
%


14.6
%General and administrative


19,851



24,285



22.3
%As a percent of revenue


12.1
%


13.7
%Restructuring


834



810



(2.9
)%As a percent of revenue


0.5
%


0.5
%Other operating expenses


3,125



358



(88.5
)%As a percent of revenue


1.9
%


0.2
%   Sales and Marketing. WordPerfect CorelDRAW Graphics Suite
  Research and Development.
  General and Administrative.
  Other Operating Expense.
  Restructuring.




---



##### 



Non-Operating
    (Income) Expense
  Year Ended November 30,2005


2006(Dollars in thousands)Loss on debt retirement

$
3,937


$
8,292Interest expense, net


12,608



11,331Amortization of deferred financing fees


1,756



1,180Other non-operating (income) expenses


1,172



(565
)Total non-operating expenses

$
19,473


$
20,238   Loss on Debt Retirement.
  Interest (Income) Expense, Net.
  Amortization of Deferred Financing Fees.
  Other Non-Operating (Income) Expense.
  Income Tax Expense.
        LIQUIDITY
    AND CAPITAL RESOURCES




---



##### 



Risk Factors
    Working
    Capital
        Cash
    Flows
  Year Ended November 30,2005


2006


2007(In thousands)Cash provided by operating activities

$
40,459


$
36,225


$
26,499Cash provided by (used in) financing activities


(38,552
)


(3,885
)


71,808Cash provided by (used in) investing activities


7,301



(1,906
)


(124,760
)   Year
    ended November 30, 2007 compared to year ended
    November 30, 2006.




---



##### 



Indebtedness
            
    a maximum total leverage ratio, which is defined as the ratio of
    total debt to trailing four quarter consolidated Adjusted
    EBITDA, as defined in the credit agreement, to be less than
    specified amounts over the term of the facility as follows:  Period

RatioThrough to November 29, 2007


3.50November 30, 2007 through November 29, 2008


3.25November 30, 2008 through November 29, 2009


3.00November 30, 2009 through November 29, 2010


2.75November 30, 2010 through November 29, 2011


2.50November 30, 2011, thereafter


2.25




---



##### 




    a minimum fixed charge coverage ratio, which is defined as the
    ratio of trailing four quarter consolidated Adjusted EBITDA to
    fixed charges as follows:  Period

RatioThrough to Nov 29, 2010


2.00November 30, 2010 through November 29, 2011


2.25November 30, 2011, thereafter


2.50     Principal


Interest


Total2008

$
2,249


$
13,914


$
16,1632009


1,596



13,772



15,3682010


1,596



13,631



15,2272011


1,596



13,489



15,0852012


151,571



4,491



156,062Total

$
158,608


$
59,297


$
217,905       Year-Ended November 302005


2006


2007(In thousands)Cash flow provided by operations

$
40,459


$
36,225


$
26,499Change in operating assets and liabilities


(10,440
)


3,736



5,238Interest expense, net


12,608



11,331



16,254Income tax expense


6,291



4,668



3,443Provision for bad debts


(529
)


(195
)


(252
)Unrealized foreign exchange losses on forward contracts


(263
)


(150
)


(147
)Deferred income taxes


(830
)


(876
)


83Loss on interest rate swap recorded at fair value






(810
)


(392
)Gain (Loss) on disposal of fixed assets


20







(102
)Restructuring


834



810



1,447Integration costs






358



5,220Reorganization costs


883



117



Adjusted EBITDA

$
49,033


$
55,214


$
57,291   Contractual
    Obligations and Commitments




---



##### 



Less than








More than1 Year


2-3 Years


4-5 Years


5 Years


Total(In thousands)Long-term debt

$
16,163


$
30,595



171,147


$



$
217,905Capital Leases


966



1,785



549







3,300Operating leases


4,420



7,882



6,362



8,349



27,013Total

$
21,549


$
40,262


$
178,058


$
8,349


$
248,218     Off-Balance
    Sheet Arrangements
  Accounting for
    Contingencies, Guarantors Accounting and Disclosure Requirements for
    Guarantees, Including Indirect Guarantees of Indebtedness of
    Others
  CRITICAL
    ACCOUNTING POLICIES AND ESTIMATES
      Revenue
    Recognition
  97-2, Software Revenues Recognition, SOP 98-9, Modification of
    97-2,
    Software Recognition with Respect to Certain Transactions Revenues Recognition in Financial Statements,
  SOP 97-2 when-and-if-available




---



##### 



Allowance
    for Product Returns and Rebate Programs
      Accounting
    for Income Taxes




---



##### 



Business
    Combinations
  Business Combinations
        Impairment
    of Goodwill
  Goodwill and Other Intangible Assets
    (
  Long-lived
    Assets
  Accounting for
    the Impairment or Disposal of Long-Lived Assets
  Stock
    Option Accounting
  Share BasedPayment




---



##### 



RECENTLY
    ISSUED ACCOUNTING PRONOUNCEMENTS
  Accounting for
    Uncertainty in Income Taxes  An Interpretation of
    FASB Statement 109
  Fair Value Measurements
  The Fair Value Option for Financial
    Assets and Financial Liabilities
  Business Combinations.
  Noncontrolling Interests in Consolidated
    Financial Statements  an amendment of ARB
    No. 51.




---



##### 



QUARTERLY
    FINANCIAL DATA
  Quarter Ended2006

Feb. 28


May. 31


Aug. 30


Nov. 30


Total Year(Dollars in thousands,except number of shares and per share amounts)Revenue:Product

$
39,498


$
39,151


$
36,362


$
42,308


$
157,319Maintenance and service


4,789



5,059



4,892



5,132



19,872Total revenue


44,287



44,210



41,254



47,440



177,191Cost of revenues:Cost of products


5,005



5,049



5,338



5,947



21,339Cost of maintenance and services


314



276



287



265



1,142Amortization of intangible assets


6,627



2,648



2,712



2,379



14,366Total cost of revenues


11,946



7,973



8,337



8,591



36,847Gross margin


32,341



36,237



32,917



38,849



140,344Operating expenses:Sales and marketing


14,504



14,023



11,810



14,514



54,851Research and development


6,181



6,640



6,379



6,683



25,883General and administration


5,395



6,193



5,833



6,864



24,285InterVideo integration costs














358



358Restructuring


560



251







(1
)


810Total operating expenses


26,640



27,107



24,022



28,418



106,187Income from operations


5,701



9,130



8,895



10,431



34,157Other expenses (income):Loss on debt retirement






8,275



17







8,292Interest expense, net


3,863



3,207



2,334



1,927



11,331Amortization of deferred financing fees


444



357



188



191



1,180Other non-operating (income) expense


(120
)


(528
)


377



(294
)


(565
)Income (loss) before taxes


1,514



(2,181
)


5,979



8,607



13,919Income tax expense


3,152



1,791



485



(760
)


4,668Net (loss)

$
(1,638
)

$
(3,972
)

$
5,494


$
9,367


$
9,251Other comprehensive income (loss):Unrealized (loss) gain on securities


(48
)


(23
)


(36
)


(24
)


(131
)Total comprehensive loss

$
(1,686
)

$
(3,995
)

$
5,458


$
9,343


$
9,120Net income (loss) per share:BasicWinZip common

$
105.85



N/A



N/A



N/A



N/ACorel common

$
(0.25
)

$
(0.19
)

$
0.22


$
0.38


$
0.41Fully dilutedWinZip common

$
92.04



N/A



N/A



N/A



N/ACorel common

$
(0.25
)

$
(0.19
)

$
0.22


$
0.37


$
0.40




---



##### 



Quarter Ended2007

Feb. 28


May. 31


Aug. 30


Nov. 30


Total Year(Dollars in thousands,except number of shares and per share amounts)Revenue:Product

$
47,304


$
59,553


$
55,018


$
66,399


$
228,274Maintenance and service


5,330



5,479



5,352



6,045



22,206Total revenue


52,634



65,032



60,370



72,444



250,480Cost of revenues:Cost of products


8,487



14,010



12,143



15,135



49,775Cost of maintenance and services


198



221



244



133



796Amortization of intangible assets


5,757



6,373



6,925



7,064



26,119Total cost of revenues


14,442



20,604



19,312



22,332



76,690Gross margin


38,192



44,428



41,058



50,112



173,790Operating expenses:Sales and marketing


17,104



17,492



17,231



18,760



70,587Research and development


11,344



10,697



11,282



11,389



44,712General and administration


9,095



9,187



8,803



9,998



37,083Acquired in-process research and development


7,831















7,831InterVideo integration expense


785



860



2,220



1,355



5,220Restructuring














1,447



1,447Total operating expenses


46,159



38,236



39,536



42,949



166,880Income from operations


(7,967
)


6,192



1,522



7,163



6,910Other expenses (income):Interest expense, net


3,921



3,718



4,195



4,420



16,254Amortization of deferred financing fees


265



269



270



270



1,074Other non-operating (income) expense


(632
)


479



(497
)


(149
)


(799
)Income (loss) before taxes


(11,521
)


1,726



(2,446
)


2,622



(9,619
)Income tax (recovery) provision


355



(587
)


4,314



(639
)


3,443Net income (loss)

$
(11,876
)

$
2,313


$
(6,760
)

$
3,261


$
(13,062
)Other comprehensive (loss) income










56



(731
)


(675
)Total comprehensive (loss) income

$
(11,876
)

$
2,313


$
(6,704
)

$
2,530


$
(13,737
)Net income (loss) per share:Basic

$
(0.48
)

$
0.09


$
(0.27
)

$
0.13


$
(0.52
)Fully Diluted

$
(0.48
)

$
0.09


$
(0.27
)

$
0.13


$
(0.52
)




---



##### 



ITEM 9A.
    CONTROLS
    AND PROCEDURES  Evaluation of Disclosure Controls and
    Procedures. Rule 13a-15(e)
  Form 10-K,
  Managements Report on Internal Control over Financial
    Reporting. Rule 13a-15(f)
  Internal Control  Integrated Framework.
  Form 10-K.
  Changes in Internal Control over Financial
    Reporting.
  
    Migration from InterVideo financial reporting system to our
    financial reporting system
    Additional review and sign-offs of subsidiary workbooks
    Hired additional staff to ensure adequate oversight of financial
    functions




---



##### 



ITEM 11.
    EXECUTIVE
    COMPENSATION  Regulation S-K, Form 20-F
  Summary
    Compensation Table
    Long Term CompensationSecurities


UnitsAnnual Compensation(1)


Underlying


Subject toName And Principal










Other Annual


Options


Resale


LTIP


All OtherPosition

Fiscal Year


Salary


Bonus


Compensation


Granted


Restrictions


Payments


CompensationDavid Dobson(2)(3)


2007


$
385,566


$
323,700


$
56,051



200,000











Chief Executive Officer


2006



376,820



369,284


$
679,676















2005



140,754



203,500







413,971











Douglas McCollam


2007



232,269



178,800







30,000











Chief Financial Officer


2006



227,000



245,160



















2005



203,500



183,150







8,540











Randall Eisenbach


2007



300,000



169,500







20,000











Executive Vice President, Operations


2006



260,000



181,400



















2005



260,000



97,500







61,910











Amanda Bedborough(4)


2007



344,972



367,826







40,000











Executive VP, International Operations


2006



305,688



203,254



















2005



398,805



85,937







44,831











104,772Patrick Morley


2007



300,000



240,000







50,000











Former Chief Operating Officer


2006



300,000



175,500



















2005



52,308



50,000







85,394











     (1)
    
    Excludes perquisites and other benefits because such
    compensation did not exceed the lesser of C$50,000 and 10% of
    the total annual salary and bonus for any of the Named Executive
    Officers.(2)
    
    Mr. Dobson received other annual compensation of $56,051
    relating to housing benefits of $35,482, vehicle allowance of
    $7,519, and travelling allowances of $13,050 for travel between
    his primary residence and our corporate head office during the
    year.(3)
    
    Mr. Dobson received other annual compensation of $252,324
    relating to loans forgiven in our fiscal year ended
    November 30, 2006, and $4,844 for retirement plan payments.
    In addition, during fiscal 2006, we repurchased options from
    Mr. Dobson that were previously granted to him pursuant to
    the terms of his employment agreement, for an aggregate amount
    of $427,352, of which half was applied as a repayment against a
    loan and half to help defray additional expenses incurred in
    connection with his relocation to Canada. See
    Item 13  Certain Relationships and
    Related Transactions.(4)
    
    Ms. Bedboroughs salary for our fiscal year ended
    November 30, 2005 includes $19,532 of retirement plan
    payments and $85,240 of insurance premiums  Option
    Grants During the Fiscal Year Ended November 30, 2007 to
    Named Executive Officers
    % of Total





Market ValueNumber of Shares


Options Granted


Exercise Price


of SecuritiesUnderlying Options


to Employees


Per Share


Underlying


ExpirationName

Granted(1)


in Fiscal Year(2)


($/Security)


Options(3)


DateDavid Dobson


200,000



9.0



13.73



Nil



July 17, 2017Douglas McCollam


30,000



1.4



13.03



Nil



April 24, 2017Randall Eisenbach


30,000



1.4



0.00



334,200



Jan 3, 2017Amanda Bedborough


40,000



1.8



6.52



222,800



April 24, 2017Patrick Morley


50,000



2.3



13.03



Nil



Dec 1, 2007     (1)
    
    Some Named Executive Officers received grants of restricted
    stock units which are included in the totals above. Randall
    Eisenbach and Amanda Bedborough received restricted stock units
    in the amounts of 30,000 and 20,000 restricted stock units,
    respectively. The options granted to Amanda Bedborough vest as
    to 25% on the first anniversary of the date of grant and as to
    an additional 6.25% at the completion of each
    three-month
    period thereafter. The options granted to Randall Eisenbach vest
    in




---



##### 



increments of 16.67% at the completion of each three-month
    period beginning September 1, 2007 and ending
    December 1, 2008, but vesting is subject to acceleration,
    in part, in the event that certain performance targets are
    achieved.(2)
    
    The total amount of options granted of 2,210,765 units,
    includes 150,000 restricted stock units.(3)
    
    Based on the difference between the exercise price per share and
    the market price per share as at November 30, 2007 of
    $11.14.  Aggregate
    Options Exercised During the Fiscal Year Ended November 30,
    2007, Most Recently Completed Financial Year and Option Values
    at November 30, 2007 for Named Executive Officers
    Value of UnexercisedUnexercised Options at


In-the-Money Options as atShares Acquired


Aggregate Value


November 30, 2007


November 30, 2007(1)Name

on Exercise


Realized


Exercisable


Unexercisable


Exercisable


UnexercisableDavid Dobson


174,379


$
1,981,262



157,365



259,531


$
1,568,929


$
593,534Douglas McCollam


Nil



Nil



78,684



39,234



784,479



92,063Randall Eisenbach


51,503



610,097



23,143



30,073



230,736



326,153Amanda Bedborough


Nil



Nil



72,606



51,915



723,882



341,593Patrick Morley


42,698



486,323



Nil



Nil



Nil



Nil     (1)
    
    Based on the difference between the exercise price per share and
    the market price per share as at November 30, 2007 of
    $11.14.  Compensation
    Committee Interlocks and Insider Participation
    Compensation
    of Directors and Executive Officers
        Material
    Terms and Conditions of Employment Agreements
    David Dobson. Certain Relationships and
    Related Party Transactions  Other Related Party
    Transactions




---



##### 



Douglas McCollam.
  Randall Eisenbach.
  Amanda Bedborough.
  Patrick Morley.
  Composition
    of the Compensation Committee
      Report on
    Executive Compensation
    
    oversee the Companys compensation and benefits policies
    generally;
    oversee and set compensation for the Companys executive
    officers;
    evaluate executive officer performance and review the
    Companys management succession plan; and
    review compensation related disclosure to be filed or submitted
    by the Company.  http://investor.corel.com/documents.cfm (613) 728-0826.




---



##### 



Performance
    Graphs
    Candian Dollar

US Dollar(GRAPH)

(GRAPH)   Indebtedness
    of Directors, Officers and Others
  Certain Relationships and Related Transactions




---



##### 



SIGNATURES
      By:
    /s/  KRIS
    HAGERMAN       SIGNATURE

TITLES/s/  KRIS
    HAGERMANKris
    Hagerman

Interim Chief Executive Officer (principal executive officer)/s/  DOUGLAS
    McCOLLAMDouglas
    McCollam

Chief Financial Officer (principal financial and accounting
    officer)/s/  DANIEL
    T. CIPORINDaniel
    T. Ciporin

Director/s/  STEVEN
    COHENSteven
    Cohen

Director/s/  J.
    IAN GIFFENJ.
    Ian Giffen

Director/s/  AMISH
    MEHTAAmish
    Mehta

Director (authorized representative in the United States)/s/  ALEXANDER
    SLUSKYAlexander
    Slusky

Director