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The following is quoted from the Omega Research form 10-Q filed today.
"The Company expects to offer, on or before June 30, 1999, to all
registered customers in good-payment standing of the current shipping
versions, an appropriate solution to such year 2000 issues. It is possible
that such solution may eliminate a user's ability to analyze data prior to
1920. Interim solutions that may be useful to the Company's customers until
such final solution is delivered (commonly referred to as "work-arounds")
are available for customers."
To view the full document, go to:
http://www.edgar-online.com/quotecom/full/?doc=0001042814-0000950170-98-002219
For other Edgar reports on OMEGA RESEARCH INC (OMGA), go to:
http://www.edgar-online.com/quotecom/search/?sym=OMGA
Bob Fulks
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The full text of the section is attached below:
YEAR 2000 COMPLIANCE
The next versions of the Company's products, which include TradeStation 5,
OptionStation 5 and Omega Research ProSuite 5, a product which integrates
TradeStation 5 and OptionStation 5 (all of which are currently scheduled to
be released in the first quarter of 1999), and SuperCharts 5 (which is
scheduled to be released sometime after the releases of the above-named
products), will be year 2000 compliant. This will be the case because both
the Omega Research GlobalServer on which such applications run, and the
applications themselves, will recognize and utilize century mark or 3 or
4-digit, rather than 2-digit, dates.
The current shipping versions of the Company's products, TradeStation 4,
OptionStation 1.2, TradeStation ProSuite 4 and SuperCharts 4, all utilize
Julian dating, in which each day is identified sequentially, as opposed to
being identified as a 2-digit date for a particular year. The use of Julian
dating, accordingly, does not raise any year 2000 issues. However, these
current shipping versions do permit users to enter dates using the 2-digit
year format. Therefore, 2-digit years, such as 01 and 02, that are input
are currently read by the software as 1901 and 1902, even though 2001 and
2002 is what is likely intended. Further, futures contracts with expiration
dates beyond December 31, 1999 are not currently identified as post year
2000 dates by the programs. The Company expects to offer, on or before June
30, 1999, to all registered customers in good-payment standing of the
current shipping versions, an appropriate solution to such year 2000
issues. It is possible that such solution may eliminate a user's ability to
analyze data prior to 1920. Interim solutions that may be useful to the
Company's customers until such final solution is delivered (commonly
referred to as "work-arounds") are available for customers. The Company
does not believe that its anticipated development of year 2000
modifications will involve material expenditures of funds or material use
of internal resources.
The Company intends to use commercially reasonable efforts to complete the
year 2000 solution for the current shipping versions of the above-specified
products no later than June 30, 1999. However, there can be no assurance
that unanticipated difficulties will not delay the Company's year 2000
efforts, or that modifications made will not adversely affect existing
functionality of the products in ways not currently anticipated by the
Company. There will be no year 2000 modifications or solutions for any
versions of the Company's products introduced prior to the current shipping
versions, or for any products not specifically named above.
The Company implemented a new customer integrated support and general
ledger system at the beginning of the fourth quarter of 1998 which complies
with year 2000 requirements. In addition, the Company is in the process of
implementing a new telephone system which is also year 2000 compliant.
Although the Company has not undertaken an evaluation of year 2000
compliance issues with respect to its vendors, the Company does not believe
that it will encounter significant difficulties with respect to year 2000
compliance issues that its major vendors may experience because the
products that the Company obtains from its major vendors are generally not
year 2000 date sensitive. Nevertheless, to the extent the Company's vendors
experience year 2000 difficulties with their internal billing and shipping
systems, the Company may face delays in obtaining certain products and
services. The Company does not expect that its vendors' year 2000
difficulties, to the extent they exist, will have a significant effect on
the Company's business or operations.
Beyond what has been discussed herein, the Company has not undertaken an
analysis of (nor does it currently intend to analyze) the effect of a worst
case year 2000 scenario on the Company's business, operations or financial
condition and, accordingly, the materiality of such effect, if any, is
uncertain and the Company does not have a contingency plan and currently
does not intend to create one.
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