Exhibit 99.1

 

Investment Corporation

 

Aames Investment Corporation Summary Fourth Quarter Results, Elimination of REIT Status and Cost Reduction Initiatives

 

4th Quarter Core EPS Equals $0.02

 

Net Cost to Originate Decreases to 1.75% with $1.9 Billion of Total Originations for the Quarter

 

Company Elects to End REIT Status to Increase Internal Capital Generation for Portfolio Growth

 

Consolidation of Wholesale Operations Expected to Reduce Net Cost to Originate Ratio Below 1.50%

 

Company Will File 2005 10-K and Release Full 4th Quarter Earnings on March 27th.

 

Los Angeles, California, March 16, 2006 – Aames Investment Corporation (NYSE: AIC)

, a nationwide subprime mortgage lender today announced summary 4th quarter 2005 financial results and an extension in the filing of its 10-K for 2005 due to the pending completion of a corporate cost reduction initiative. The Company’s Board of Directors has approved the elimination of its REIT status and a cost consolidation initiative in its wholesale operations in response to the current challenging market conditions. The Company requires additional time to finalize its estimate of the full financial benefit of these changes and to complete its 10-K.

 

The investor conference call schedule for 5:00 p.m. EST on March 16th has been rescheduled for 9:00 a.m. EST on March 17th to discuss the summary results and corporate actions. Aames will release full fourth quarter results and hold an extended investor conference call after the close of the market on Monday, March 27th.

 

Highlight for the fourth quarter include:

 

                                          A net cost to originate ratio for the quarter of 1.75%, compared to 2.08% for third quarter of 2005;

                                          Core EPS of $0.02;

                                          Total originations $1.9 billion, with its retail channel accounting for 43% of total.

 

The Board of Directors of Aames has authorized the Company to implement a cost reduction initiative, including the elimination of its REIT status. The election to end its REIT status is expected to allow the Company to retain its portfolio earnings, increase its book value and support future loan portfolio growth, while utilizing its $304 million of net operating loss carry-forward (NOLs). In addition to the change in tax status, Aames announced a significant cost reduction initiative designed to reduce the Company’s overhead expenses and its net cost to originate ratio. As part of this initiative, the Company will reduce

 

1


The following information was filed by Aames Investment Corp on Monday, March 20, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Aames Investment Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Aames Investment Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account