Gaming machine maker Aristocrat Leisure Ltd
(ASX:ALL) has posted a loss of $157.8 million for 2009 compared to a profit of $101.21 million in 2008.
The company says the result was largely due to impairment charges and a provision of $187.3 million made in relation to a potential damages liability associated with a US convertible bonds litigation.
Revenue for the 12 months to December 31, 2009 fell 15.9% to $908.65 million.
Aristocrat says during the period the company faced adverse conditions across all major markets, with operators highly cautious about capital expenditure and limited new venue openings in North America and other markets.
CEO Jamie Odell says 2010 is expected to be another tough year for Aristocrat with its three to five year turnaround still in the early stages.
Due to the company’s full year loss the board has decided not to pay a final dividend.
In 2008 Aristocrat Leisure paid shareholders a total of 36 cents a share in dividends.
