Exhibit 99.1

 

LOGO

 

Investment Corporation

 

AAMES INVESTMENT CORPORATION REPORTS FIRST QUARTER 2005 FINANCIAL RESULTS

 

LOS ANGELES, CA – May 10, 2005

Aames Investment Corporation (NYSE: AIC), a mortgage real estate investment trust, today reported financial results for the first quarter of 2005. Total loans held for investment increased to $2.9 billion, the Company declared a $0.27 per share dividend for the quarter and diluted net loss per share equaled $0.01. During the quarter, the Company reported a mark-to-market derivative gain under FASB 133 of $9.5 million, or $0.16 per share. Excluding this gain, core diluted loss per share totaled $0.17.

 

First Quarter Highlights

 

  Loans held for investment in the REIT portfolio increased by 66% over December 31, 2004 to $2.9 billion;

 

  The Company generated a 4.6% net interest margin on average loans;

 

  Total REIT portfolio delinquencies equaled 1.1%;

 

  Total mortgage loan production of $1.4 billion, of which 62% was wholesale and 38% retail.

 

Mr. A. Jay Meyerson, Chairman and CEO of Aames, commented, “Our results for the first quarter of 2005 demonstrate our ability to successfully execute our strategy as a mortgage REIT. We continued to build our mortgage portfolio through the origination of loans that meet our underwriting standards and our yield requirements. Pursuing a portfolio strategy enables Aames to produce more stable and predictable earnings and a dividend stream that is less sensitive to quarterly changes in production compared to a reliance on one-time gains produced through whole-loan sales”

 

Meyerson continued, “In addition, we have begun to see the benefits from our efficiency initiatives and are making solid progress in achieving our long-term cost cutting goals while maintaining a sound production platform. We continue to review our product offering and pricing to assure that we remain competitive. We will not, however, focus simply on lending volume, but will manage to maximize the returns on and quality of our loan portfolio.”

 

Page 1 of 12


The following information was filed by Aames Investment Corp on Tuesday, May 10, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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