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Aristocrat Warns of Loss

27 May 2003

SYDNEY, Australia – As reported by the Dow Jones: "Troubled gaming machine maker Aristocrat Leisure Ltd. warned Tuesday that it will report a first half loss of between A$32 million (US$21 million) and A$37 million (US$24.3 million) due to a sharp drop in revenue and a one-off loss of A$41.8 million (US$27.5 million) from its Americas operations.

"Aristocrat said revenue is expected to be down 15% to 20% in the six months ending June 30 from a year before.

"The Sydney-based company, which issued a profit warning in February that resulted in the departure of several senior executives in Australia and overseas, will also cut its interim dividend, though it didn't provide a specific figure.

"…Aristocrat expects revenue from its South America operations to be about 40% lower in the first half and, as a result, this unit will book a loss of between A$30 million and A$40 million.

"…Acting Chief Executive David Creary said the U.S. remains a key market for the group, which is now undertaking a consolidation and rebuilding program including a reduction in inventories and outstanding debtors…"

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