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Technology Stocks : Discuss Year 2000 Issues
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To: Hawkmoon who wrote (8482)8/30/1999 10:22:00 PM
From: Hawkmoon  Read Replies (1) of 9818
 
nimo.com

SEC filing for Niagra Mohawk 13 August, 1999:

Costs

Niagara Mohawk had previously estimated that total program costs would approximate $33.3 million. Niagara Mohawk is currently reevaluating this estimate and anticipates that it will be lower, since Niagara Mohawk has not found as many non-compliant components as had originally been anticipated. This finding is consistent with what other companies have experienced in the electric and gas utility industry. Total program costs incurred through June 30, 1999 are $18.8 million of which $13.2 million was expensed and $5.6 million was capitalized. Niagara Mohawk expects to fund the total program costs through operating cash flows. For a discussion of the costs of large computer projects that Niagara Mohawk recently implemented and were year 2000 compliant, see Niagara Mohawk's Form 10-K for the fiscal year ended December 31, 1998, Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - "Year 2000 Readiness Disclosure."
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