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Firm settles contract dispute

Wednesday, Aug. 6, 2003 | 9:24 a.m.

NEW SOUTH WALES, Australia -- Aristocrat Leisure Ltd., the world's second-largest slot-machine maker, said settling a contract dispute with a customer in Colombia would cost it $3.5 million.

As part of the settlement, 673 slot machines will be returned to Aristocrat and the customer will retain 647 of them, Aristocrat said in a statement to the Australian Stock Exchange. The customer reneged on an order for 3,000 of the machines.

The dispute led to a review of Aristocrat's American business, Las Vegas-based Aristocrat Technologies Inc., and a decision to revise its 2002 profit forecast less than two weeks before it was set to report its year-end result.

The cost of the contract settlement was included in A$16.2 million in charges announced in April, Aristocrat said Tuesday.

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