Some rather large companies named here.

http://biz.yahoo.com/bw/990726/fl_weiss_r_1.html

-- C (eating@nm.com), July 27, 1999

Answers

Downgrades:
    --       AT&T                from "average" to   "below average"
    --       SBC Communications  from "average" to   "below average"
    --       US West             from "average" to   "below average"

Hear that Flint? Hear that Maria? It couldn't be any clearer if it flew down from heaven on stone tablets.

-- a (a@a.a), July 27, 1999.

"Oh, it's the big one!" (holding chest) - Fred Sanford...

On a serious note, this ain't nothin' new. The budget goes UP UP UP, the number of "critical systems" goes DOWN DOWN DOWN, and the deadline goes NEXT WEEK, NEXT MONTH, NEXT QUARTER NEXT YEAR! Can somebody give me a hint here? A clue maybe? I gotta be careful here, but how about a "prediction?"...

Keeping my truce in mind, come on pollys, what's the story... ENLIGHTEN ME! <:)=

-- Sysman (y2kboard@yahoo.com), July 27, 1999.

I reeeeaaaalllllllyyyyyy like that 36.6 percent of insufficient data.

Talk about a BIG GAPING HOLE!!!!

What was that Bump-in-the-Road scenario again?

-- DJ (reality@check.com), July 27, 1999.

A 2 minute check found that the OGE Energy Corporation did NOT have a "486%" increase in their Y2K budget. The actual quotes from their 10Q reports are:

11/13/98 "As described above, with the mainframe conversion, the enterprise software installations and the EMS replacement, a number of Y2K issues were addressed as part of the Company's normal course upgrades to the information technology systems. These upgrades were already contemplated and provided additional benefits or efficiencies beyond the Year 2000 aspect. Other than the costs associated with the mainframe conversion, the enterprise software installations and the EMS replacement, the Company's costs to date for Y2K issues have been less than $1 million. The Company expects to spend less than $5 million in 1999."

5/14/99 "In addition to the $1 million spent to date for Y2K issues, since 1995 the Company has spent in excess of $29 million on the mainframe conversion, the enterprise software installations and the EMS replacement. The Company expects to spend slightly less than $5 million in 1999."

The "In addition" is the key phrase here. Their Y2K budget remains unchanged at $6 million. The only change in their reporting was that they included a dollar amount for the previously done mainframe upgrades. Could it be that Weiss is a little "careless" in their analysis methods?

-- Ken Winters (kwinters@olympus.net), July 27, 1999.

I million spent and 5 million to go in 1999. 80% of money to be spent in one year.

From the same source:

"In particular, the Company's Energy Management System ("EMS") that monitors transmission interconnections and automatically signals generation output changes, has been contracted for replacement in 1999. Equipment is currently being installed and software is being configured."

None of this matters. They are not compliant and are months and months behind the schedule they set. Notice that the cannot give a date.

-- Mike Lang (webflier@erols.com), July 27, 1999.

Where I work, we have two million+ development projects being kicked off and they expect them to be done in 12 months (impossible). These have nothing to do with y2k, but are upgrades for OS and hardware obsolescence. Just to put things in perspective, remember y2k is only one of our technology problems.

-- a (a@a.a), July 27, 1999.

Gee, Weiss misinterpreted the reports?

Naw, couldn't be.

As for a date, Mike, how about June 30th?

OG&E Says It's Ready for Y2k

BTW, for 'a', here's another SAP installation, as well.

-- Hoffmeister (hoff_meister@my-deja.com), July 27, 1999.

And how about Kroger?

Weiss states:

Similarly, Kroger Company, based in Cincinnati (not rated due to insufficient data), boosted its budget by 158% from $31 million to $80 million

But checking their reports:

From 1998 10-K, projected costs are indeed 30.9 M.

But from 1999 Q2 10-Q, total estimated cost is 29 M. Where did Weiss get 80 M??

-- Hoffmeister (hoff_meister@my-deja.com), July 27, 1999.

Or USX-US Steel?

Weiss states:

USX-U.S. Steel Group, among the nation's 100 largest corporations, nearly doubled its Y2K budget to $71 million at the end of the first quarter of 1999, after budgeting only $36 million at year-end 1998, according to its filings with the SEC.

Again, from their 1998 10-K, the estimate is indeed 36 M.

But from their 1999 Q1 10-Q, the estimate is 42 M. An increase, yes, but where did Weiss get 71 M?

C'mon, people, help me out here. Am I missing something? Where did Weiss' numbers come from? They sure don't appear to be from the SEC reports.

-- Hoffmeister (hoff_meister@my-deja.com), July 27, 1999.

And another:

FirstEnergy. Weiss lists current budget of 191M, up from 92M.

But from 1999 Q1 10-Q, the estimate is only 93M.

Seriously, somebody actually has paid for these ratings?

-- Hoffmeister (hoff_meister@my-deja.com), July 28, 1999.

Well, well.

One down, still quite a few to go...

-- Hoffmeister (hoff_meister@my-deja.com), July 30, 1999.