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For Immediate Release
AAMES FINANCIAL CORPORATION
Fiscal Year 2004 and Fourth Quarter 2004 Results
Fiscal Year 2004 net income of $90.7 million.
Fiscal Year 2004 loan production of $7.0 billion compared to $4.4 billion a year ago.
June 30, 2004 quarter net income of $24.0 million.
Quarter ended June 30, 2004 mortgage loan production of $2.0 billion
compared to $1.2 billion during the same quarter a year ago.
Los Angeles, California, September 2, 2004 Aames Financial Corporation (NASD OTC Bulletin Board: AMSF), a 50 year old national subprime mortgage lender, today reported net income of $90.7 million during the year ended June 30, 2004, compared to net income of $29.2 million a year ago. Net income during the years ended June 30, 2004 and 2003 included income tax benefits of $17.7 million and $1.8 million, respectively.
During the year ended June 30, 2004, basic and diluted net income to common stockholders were $77.7 million and $92.8 million, respectively, resulting in basic and diluted net income per common share of $11.02 and $0.89, respectively. In comparison, basic and diluted net income to common stockholders a year ago were $15.7 million and $29.2 million, respectively, resulting in basic and diluted net income per common share of $2.39 and $0.30, respectively. Dividends accrued on convertible preferred stock were $13.1 million and $13.5 million during the years ended June 30, 2004 and 2003, respectively. All dividends accrued through June 30, 2004 on convertible preferred stock were paid on June 30, 2004.
The Company experienced continued growth in its mortgage loan production, increasing loan production $2.5 billion, or 57.2%, to $7.0 billion during the year ended June 30, 2004, over $4.4 billion of total loan production a year ago. The Company sold $6.4 billion in mortgage loans during fiscal 2004, an increase of $1.9 billion, or 42.9%, over $4.5 billion sold in fiscal 2003.
The following information was filed by Aames Financial Corpde on Friday, September 3, 2004 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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