Aames Investment Corp (1282552) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2004

Aames Investment Corp

CIK: 1282552


Exhibit 99.1



Investment Corporation


    Contacts:   Ronald J. Nicolas, Jr.
        Jon D. Van Deuren
        Investor Relations Department
        Aames Investment Corporation
        (323) 210-5311






LOS ANGELES, CALIFORNIA, February 16, 2005 – Aames Investment Corporation (NYSE: AIC)

, a mortgage real estate investment trust, today reported results of operations for the three and six months ended December 31, 2004, its new fiscal year end.




    Diluted net loss per share was $0.51 and $0.05 during the three and six months ended December 31, 2004, respectively.


    Dividends per share were $0.06 during the three months ended December 31, 2004.


    The portfolio of loans held for investment was $1.7 billion at December 31, 2004.


    Total mortgage loan production was $1.7 billion and $3.6 billion during the three and six months ended December 31, 2004, respectively.


    IPO and corporate reorganization into a REIT completed during the December 2004 quarter.


    $64.0 million of 5.5% convertible subordinated debentures due March 2006 fully redeemed on December 30, 2004.


Financial Summary. During the three months ended December 31, 2004, the Company had a net loss of $31.5 million compared to net income of $17.2 million during the comparable three month period a year ago. The decline in net income was attributable to a decline of approximately $37.0 million in gain on sale of loans due to the Company using its loan production to build a portfolio of loans held for investment rather than disposing of its loan production into the secondary markets in whole loans sales for cash, coupled with the Company incurring $22.0 million in noninterest expenses related to the REIT conversion and corporate reorganization. The $22.0 million was comprised of approximately $17.0 million of compensation related charges and $5.0 million of direct expenses related to the reorganization. The decline in net income partially


The following information was filed by Aames Investment Corp on Wednesday, February 16, 2005 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.

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Material Contracts, Statements, Certifications & more

Aames Investment Corp provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Amendment And Restatement
Exhibit 10.1: Amended And Restated Aames Investment Equity Incentive Plan.
Exhibit 10.2: Registration Rights And Governance Agreement Dated November 1, 2004
Exhibit 10.3: Employment Agreement Dated November 3, 2004
Exhibit 10.4: Form Of Aames Investment Corporation Indemnification Agreement
Exhibit 10.5(B): Amendment No. 1 Dated March 18, 2005 To Master Repurchase Agreement
Exhibit 10.7: Registration Rights Agreement Dated November 1, 2004
Exhibit 10.8(C): Amend No. 3 Dated As Of January 7, 2005 To The Master Land And Security Agmt
Exhibit 10.8(D): Amendment No. 4 Dated As Of March 14, 2005 To The Master Loan And Security
Exhibit 10.9(F): Amendment No. 7 Dated As Of October 31, 2004 To The Citigroup Loan And Security
Exhibit 10.10: Warehouse Loan And Security Agreement
Exhibit 10.11: Master Repurchase Agreement Governing Purchases And Sales
Exhibit 10.12(B): Amendment No. 3 To Revolving Credit And Security Agreement
Exhibit 10.17: 2005 Executive Management Incentive Compensation Plan Summary.
Exhibit 11.1: Computation Of Basic And Diluted Net Income Per Common Share
Exhibit 21.1: Subsidiaries Of Aames Investment Corporation
Exhibit 23.1: Consent Of Independent Registered Public Accounting Firm
Exhibit 31.1: Certification Of A. Jay Meyerson Pursuant To Section 302 Of The Sarbanes-Oxley
Exhibit 31.2: Certification Of Ronald J. Nicolas, Jr. Pursuant To Section 302
Exhibit 32.1: Certification Pursant To Section 906 Of The Sarbanes-Oxley Act Of 2002
CIK: 1282552
Form Type: 10-K Annual Report
Accession Number: 0001193125-05-066826
Submitted to the SEC: Thu Mar 31 2005 2:38:03 PM EST
Accepted by the SEC: Thu Mar 31 2005
Period: Friday, December 31, 2004
Industry: Real Estate Investment Trusts

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