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Technology Stocks : Forecross Corporation : Y/2000 -- Ignore unavailable to you. Want to Upgrade?

To: Ruyi who wrote (982)	5/8/1998 3:13:00 AM
From: AD	Respond to of 1654

Another positive article...Forecross has a lot of room to grow!!! MAY-98 YEAR 2000 DOWN TO THE WIRE 606 Days Misery, they say, loves company. One in seven organizations in Europe and the United States will not be able to complete Year 2000 work on time, according to the Millennium Index compiled by Cap Gemini, the largest European computer services and business consulting company. The latest Cap Gemini Millennium Index, conducted by researchers at Input, reveals the number of organizations in each country which could miss the Year 2000 deadline is at the top end in Germany, Finland, the Netherlands and Belgium. Although the problem in other countries, particularly France, Spain and Denmark, appears to be less severe, the Index shows that these countries could be in danger of underestimating the size and cost of the problem. The researchers now estimate the cost of fixing the Year 2000 glitch in the United States and Europe be $717 billion. The United States will account for over 70 percent of this figure at $520 billion. To date, only $199 billion (28 percent of the total) has been spent on fixing the Year 2000 problem, indicating that a significant amount of work still needs to be done in the remaining 20 months. This includes Year 2000 costs for personnel, software, hardware and embedded systems. Researchers also report major differences in how much work has been completed in each country. The United States is furthest ahead, having spent 30.9 percent of the expected Y2K budget, the United Kingdom 26.3 percent, Norway 22.3 percent and France 21 percent. One in seven (13.6 percent) companies and organizations surveyed, representing 33 percent of GDP, could be unable to complete the work in time. However, this figure conceals large differences between the individual countries. The Index shows that 74 percent of organizations in Germany could be unable to complete the work on time, due to late start-up. However, this figure reflects the high level of expenditure which German organizations expect to spend on Year 2000 work which, at $87.8 billion, is proportionally more than five times higher than the anticipated expenditure in France. In a separate study, a recent analysis of federal securities filings of the nation's 250 largest corporations found that 60 percent of the companies that supplied pertinent information have still not completed their Year 2000 computer assessment - one of the first phases of any Year 2000 project. Missoula, Mont.-based Triaxsys Research LLC, reviewed the 250 largest (ranked by revenue) U.S. companies' federal securities filings on the U.S. Securities and Exchange Commission's EDGAR database. Among the researchers' findings: these largest 250 companies will have total Year 2000 projected expenditures of at least $33 billion; only 20 percent of the total has been spent to date; approximately 45 percent of companies that discuss risk factors state they may suffer adverse material effects due to incomplete Year 2000 projects; nearly half of the surveyed companies either did not disclose their Year 2000 program status or supplied meaningless boilerplate information, giving investors very little on which to base Year 2000 investment judgments. -------------------------------------------------------------------------------- c 1998 Post-Newsweek Business Information, Inc. All rights reserved. --------------------------------------------------------------------------------