ALL 0.13% $37.12 aristocrat leisure limited

first half result - down 10.6%

  1. 4,756 Posts.
    Media Release
    Aristocrat Leisure Limited Announces First Half Result
    Sydney, 12th August, 2003: The Board of Aristocrat Leisure Limited today announced the company's half year results for the period ended 30 June 2003.
    Revenue for the period declined 10.6% to $392.6 million. This, combined with total restructuring costs of $37.2 million aftertax, has resulted in an after-tax loss of $32.9 million for the half year. Operating cash flow remained strong at $33 million.
    The Acting Chief Executive Officer, Mr David Creary, said that the result was due to problems encountered in South America and the United States, and a softer market in Australia, reflecting the challenging environment for gaming operators and suppliers during the period.
    "This is a disappointing result; howeverwe are confident about the result for the second half of 2003. Our problems were in specific areas and we have acted swiftly to fix them. The company is committed to and focused on core business and customers, and on improving operating performance, so as to restore value for shareholders," he said.
    Although segment revenue from the Americas fell by 37.3% to $108.8 million, this was almost entirely due to the absence of any contribution from South America. North American revenue was down 11.7% in A$ but was up 2.8% in US$.
    Australian segment revenue fell by 17.8% to $143.7 million. Segment revenue from Japan increased by 72.5% to $95.7 million, New Zealand revenue rose 38% to $24.6 million, and the combined revenues of Aristocrat's businesses in Europe, Africa and Asia rose 10.6% to $17.8 million.

    Compared to the same period last year:
    • Earnings before interest, tax, depreciation and amortisation (EBITDA) fell
    54% to $39.6 million (a loss of $13.8 million including the one -off items)
    • Earnings before interest and tax (EBIT) fell 71% to $20.1 million (a loss of
    $35.4 million including the one-off items)
    • Profit before tax (PBT) was $11.9 million (a loss of $43.6 million including
    the one-off items)
    The Board has approved an interim dividend in respect of the six months ended 30 June 2003 of 3.0 cents per share. The dividend will be fully franked and will be paid on 9th September 2003 to shareholders on the register as at 5pm, 26th August 2003.
    The Board noted that the payment of the interim dividend was indicative of its confidence in the future of the Company. The Dividend Reinvestment Plan remains in force, with the discount set at 5%. The plan is fully underwritten in respect of this dividend.


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