AMD SAVING $.....WHAT A NOVEL IDEA!!!
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Advanced Micro lowers Y2K cost estimates by $5 mln
WASHINGTON, Nov 1 (Reuters) - Computer chip maker Advanced Micro Devices Inc. <AMD.N> said Monday in its latest quarterly report that its Y2K costs will be $20 million, or $5 million lower than previously projected.
Actual costs incurred through the end of the third quarter of 1999 were about $15 million, most of which were expensed, the Sunnyvale, Calif.-based company said in a Securities and Exchange Commission filing.
Expenses for its Year 2000 project, which involve modifications to software and manufacturing systems, are being funded through operating cash flows, said AMD, whose Y2K readiness plan covers four major areas, including information technology, manufacturing and product design.
The company said it has modified or replaced major portions of its application software so that systems will function properly next year and in following years. Application software consists of business software for accounts payable and receivable, payroll and shipping.
AMD also reported that it believes all critical year 2000-related manufacturing areas will be ready for the new year by the end of 1999.
AMD shares closed Friday at 19-13/16 on the New York Stock Exchange.
10:22 11-01-99
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