Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Cheeky Kid who wrote (4166)	2/27/1999 5:12:00 PM
From: C.K. Houston	Respond to of 9818

<There's always Fedex, UPS, etc....> Hmmm - Are you suggesting that social security, Medicare, welfare, child support, and unemployment checks be sent via FEDEX and/or UPS??? Maybe that's one of the U.S. Postal Service's contingency plans:-) Here's an interesting tidbit on FEDEX from recent SEC filing. They've spent $66 million over past 2 years on Y2K ... yet require an additional $72 million to complete! Less than 12 months to go, and they need to spend MORE than they've previously spent over past 2 years! I don't know how in the world Fedex is gonna make it. Think about it. All of these worldwide interconnections ... all of these vulnerabilities ... customs, airports, governments, transportation (beyond theirs). What will happen to fuel price with all of these global Y2K problems with oil production looming? How's it gonna impact FEDEX. Amazing. FDX Holding Corp (FDX) Transportation: Air Freight Fiscal Year End 5/31/99 Report 10-Q Filing Date 1/13/99 progsys.com Costs to Address Y2K Compliance Since 1996, the Company has incurred approximately $66 million in expense on Y2K compliance which includes internal and external software/hardware analysis, repair and related costs. The Company expects that its Y2K compliance efforts will require additional total costs of approximately $72 million, including capital expenditures of $12 million. In order to provide a consistent, objective method for identifying financial resources consumed for Y2K efforts, the Company classifies expenditures as Y2K costs for reporting purposes if they remedy only Y2K risks and would otherwise be unnecessary in the normal course of business ... Y2K Interfaces with Material Third Parties The Company is making concerted efforts to understand the Y2K status of third parties (including, among others, domestic and international government agencies, customs bureaus, U.S. and international airports and air traffic control systems, vendors and suppliers) whose Y2K non-compliance could either have a material adverse effect on the Company's business, financial condition or results of operations or involve a safety risk to employees or customers. The Company is actively encouraging Y2K compliance on the part of third parties and is developing contingency plans in the event of their Y2K non-compliance. ===================================================== Sound like a mighty over-whelming task to me. Lots more that's interesting in filing. This is a re-post. Guess you missed it, or passed it by. Cheryl