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Exhibit 99.1
Investment Corporation
Contacts: | Ronald J. Nicolas, Jr. | |||
Jon D. Van Deuren | ||||
Investor Relations Department | ||||
Aames Investment Corporation | ||||
(323) 210-5311 |
AAMES INVESTMENT CORPORATION
ANNOUNCES 2004 YEAR-END RESULTS
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.
HIGHLIGHTS
| 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
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Aames Investment Corp provided additional information to their SEC Filing as exhibits
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