Version: 1.4,9 (using KDE KDE 3.5.6)
Installed from: Ubuntu Packages
An alarm template created to run at a specific time of day will work correctly until the system is rebooted. (The same fault occurs under Centos 5.0 and Ubuntu 7.04 and earlier versions.)
After a system reboot, the alarm time is set back to 00:00, which if used after midnight will of course default to the following day.
Fixed (SVN commits 666061 and 666062), unfortunately too late for KDE 3.5.7. The fix will be in version 1.4.13 which will soon be available from the KAlarm website.
Thanks for reporting the bug.