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Paul-Son Gaming Reports Q4/Fiscal Year End Results

9 August 2000

LAS VEGAS, Nevada--(Press Release)--Aug. 9, 2000--Paul-Son Gaming Corporation (NASDAQ: PSON), a leading manufacturer and supplier of casino table game equipment in North America, today reported results for its fourth quarter and fiscal year ended May 31, 2000.

The company reported a net loss for its fourth quarter ended May 31, 2000, of approximately $179,000, or five cents per share, compared with net income of approximately $27,000, or one cent per share, for the prior fiscal year's fourth quarter. Sales for the three months ended May 31, 2000, were approximately $5,067,000 compared to approximately $6,726,000 for the same period of the prior fiscal year.

For the fiscal year ended May 31, 2000, the company incurred a net loss of approximately $1,171,000, or 34 cents per share, versus a net loss of $681,000, or 20 cents per share, for the fiscal year ended May 31, 1999.

Included in the net loss for the year ended May 31, 2000, is a tax provision of approximately $568,000, versus a tax benefit of $305,000 recorded in the fiscal year ended May 31, 1999, a difference of $873,000.

The tax provision in fiscal year 2000 was recorded due to uncertainties surrounding the company's ability to realize previously recorded future tax benefits.

Included in the net loss last year was an after-tax gain of approximately $220,000 (approximately $340,000 before income taxes), equal to six cents per share, from the sale of certain company-owned real estate in January 1999.

The company's loss from operations was $553,000 for the fiscal year ended May 31, 2000, compared to an operating loss of $1,159,000 for the year ended May 3l, 1999, an improvement of approximately $606,000. Sales for fiscal year 2000 were $22,662,000 compared with sales of $23,914,000 for the prior year.

Paul-Son's board of directors also announced the appointment of Paul S. Dennis as a member of its board of directors, subject to required regulatory approvals.

Mr. Dennis also serves as a director and officer with various other successful companies and business ventures, including hardware distribution, toy distribution and steel fabrication.

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