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Aristocrat Shares Plummet

27 May 2003

MELBOURNE, Australia – As reported by Reuters: "Shares in Australia's Aristocrat Leisure Ltd, the world's second-largest slot machine maker, slumped almost 40 percent on Tuesday after the firm forecast a half-year loss partly blamed on lower American sales.

"Aristocrat, forecasting a loss as deep as A$37 million (AUD$24 million), also said its core Australian operations had suffered which would cut domestic profit by a third.

"Acting Chief Executive David Creary said he was confident Aristocrat would return to profit in the second half, but investors hammered the shares of the firm, which in the last four months has revealed problems in its Americas businesses and sacked its chief executive and chief financial officer.

"…The shares, trading at A$5.84 a year ago, have slumped 79 percent so far this year in sharp contrast to rival International Gaming Technology (NYSE:IGT), the world's biggest slot machine maker, which has gained 16 percent so far this year…"

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