'From:
Robert and Frances Egan <egan263@nospam_allowed.ix.netcom.com>
vr 23:43
Subject:
Re: First stock casualty due to y2k
There's an important aspect to this story which makes it unique from all
the others in this thread.
Computer Associates is the first software company to report revenue loss
directly attributable to Y2K. In other words, they lost business because
of their customer's Y2K problems. This is the reason I mentioned
Diebold.
Look at the quarterly earnings reports coming out of the "techs" this
month. Everyone in software and hardware took some kind of hit, most of
them falling far short of analyst's expectations. To be sure, they're
all blaming Asia, but Y2K is in there as well. CA was simply the first
company to say so in a press release.
Cheers
Robert Egan
Jo Anne Slaven wrote:
>
> D. Scott Secor - Millennial Infarction Mitigator wrote:
> >
> > Robert and Frances Egan wrote in message
> > <35B7E9C1.F6C@nospam_allowed.ix.netcom.com>...
> > >x-no-archive: yes
> > >
> > >A month ago Diebold, a manufacturer of ATM machines, announced the
> > >layoff of 600 to 800 employees as a result of lagging sales. It seems
> > >banks consider ATMs a luxury when weighed against the necessity of
> > >staying in business.
>
> > What about Houghton-Mifflin, the dictionary software folks? They took a BIG
> > hit (30%-ish) when their Y2K remediation expenses hit their quarterly
> > reports. I think that this occurred last winter.
>
> And then there's Moore Corp.
>
> thestar.com
>
> "After posting a significant second-quarter loss, the world's largest
> manufacturer of business forms and labels says it will slash 4,800 jobs,
> or a quarter of its global work force."
>
> "Ed Tyler, president and chief executive, blamed the losses on lower
> volumes, the high cost structure in the forms business (which generates
> about 75 per cent of the company's $2.6 billion annual sales), seasonal
> weakness, and the $15 million expense of handling the Year 2000 computer
> problem."
> |
