When specifying numeric formats, keep this in mind:
The first number specifies the whole length, including digits before the comma, digits after the comma, the comma itself, and any other characters that the format will produce. The second number specifies only the fractional digits. So 3.3 can never work, as the overall length doesn't even leave space for the comma.
See where this code (which works) differs from yours:
data schedules;
input event_time;
cards;
15.30
12.45
;
run;
proc sql;
create table events as
select input(translate(put(event_time,z5.2),':','.'),time5.) format time5. as event_time_converted
from schedules;
quit;
The Zw.d format forces leading blanks. A length of 5 is needed for 2 digits + comma + 2 digits.
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