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Here are a few extracts on Omega's Y2K fix for TS 4 taken from Omega SEC
quarterly report (Form 10-Q). These extracts are from the section
"MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS" from Omega's SEC Form 10-Q for the three months ended March 31,
1999.
"YEAR 2000 COMPLIANCE"
"The 2000I versions of the Company's products are year 2000 compliant."
. . .
"During the second quarter of 1999, the Company expects to utilize internal
resources having an approximate aggregate value of under $100,000 to provide all
requisite Year 2000 solutions."
"As stated above, the Company expects to complete its Year 2000 solution for
TRADESTATION 4, OPTIONSTATION 1.2, TRADESTATION PROSUITE 4, SUPERCHARTS 4 and
PORTFOLIO MAXIMIZER by no later than June 30, 1999."
"TOTAL NET REVENUES. The Company's total net revenues increased 34% from $7.0 in
the three months ended March 31, 1998 to $9.4 million in the comparable period
of 1999."
Here are my calculations for the Percentage Cost of the Y2K fix for the Version
4 Product Line (not in the 10-Q filing). According to Omega estimates the
long-awaited Y2K solution for all of Omega's previous product line, including TS
4, is estimated to cost about 1% of Omega's Licensing fees for the quarter ended
March 30, 1999. Even in terms of total net revenue for the first three months
of 1998, the estimated cost is less than 1.5%.
Clearly Omega's statements about why Omega couldn't complete the Y2K fix for
their previous product line in a timely manner are typical Omega B.S.
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