Aames Financial Corporation Announces December 2003 Quarter Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 2, 2004 Aames Aames is a surname and may refer to:
This page or section lists people with the surname Aames. Financial Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMSF AMSF Australian Motor Sport Foundation AMSF Area Maintenance and Supply Facility (US Army) AMSF Army Morale Support Fund AMSF Area Maintenance Support Facility AMSF Army Maintenance Supply Facilities AMSF Alkali Metal Storage Facility ): -- Record quarterly loan production of $1.7 billion -- Net income of $17.2 million compared to $2.1 million a year ago -- Net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $17.4 million compared to $9.6 million a year ago Aames Financial Corporation (OTCBB:AMSF), a leader in subprime mortgage lending, today reported results of operations for the three and six months ended December December: see month. 31, 2003, announcing net income of $17.2 million and $45.8 million, respectively, compared to net income of $2.1 million and $12.0 million, respectively, during the comparable three and six month periods a year ago. During the three and six months ended December 31, 2003, diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income to common stockholders was $17.7 million and $46.7 million, respectively. In comparison, the diluted net income to common stockholders was $47.0 thousand and $12.0 million during the three and six months ended December 31, 2002, respectively. Diluted net income per common share was $0.17 and $0.45 for the three and six months ended December 31, 2003, respectively, compared to diluted net income per common share of $0.01 and $0.13 during the comparable three and six month periods in 2002, respectively. Net income during the three months ended December 31, 2003 and 2002 includes income tax provisions of $0.2 million and $1.6 million, respectively. Net income during the six months ended December 31, 2003 includes a tax benefit of $18.0 million compared to an income tax provision of $2.2 million during the comparable period a year ago. The income tax benefit recognized during the six months ended December 31, 2003 is due to the utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of a portion of the Company's available net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. . Net operating income during the three months ended December 31, 2003 was $17.4 million, an increase of $7.8 million, or 81.3% over net operating income of $9.6 million during the comparable three-month period a year ago. Net operating income excludes the $31.9 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. to the Company's residual interests Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. during the three and six months ended December 31, 2002, and excludes the $26.0 million and $27.0 million of debt forgiveness Forgiveness Angelica, Suor is forgiven by the Virgin Mary for ill-considered suicide. [Ital. Opera: Puccini, Suor Angelica, Westerman, 364] Bishop of Digne income recorded during the three and six months ended December 31, 2002, respectively. There were no residual interest write-downs or debt forgiveness income recorded during the three and six months ended December 31, 2003. During the six months ended December 31, 2003, net operating income was $27.9 million, an increase of $8.9 million, or 46.8%, over net operating income of $19.0 million reported during the comparable six month period in 2002, excluding the items in the 2002 period discussed above. As previously reported, in December 2003, the Company made dividend payments of $58.6 million on its Series B, C and D Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Also as previously reported, on November November: see month. 12, 2003, the Company called six securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. trusts with an unpaid principal balance of $274.8 million of mortgage loans. As a result of the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. and subsequent sale of the mortgage loans in the six securitization trusts, the Company received proceeds of $78.4 million on November 17, 2003. The Company used a portion of these proceeds to pay-down Pay-down In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that of those sold. In the context of general equities, paying a lower price in an accumulation of stock. Antithesis of pay-up. the financing facility secured by its residual interests and certain of its servicing advances (the "Financing Facility") by $34.6 million. At December 31, 2003, the balance outstanding under the Financing Facility was $22.8 million. In making the announcement, A. Jay Meyerson Meyerson can refer to:
Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased growth and record loan production in our wholesale and retail loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. channels. Moreover, our continued operating income, together with the pool calls, enabled us to pay the dividends on our preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. which had been previously accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. , thereby removing a significant liability from our balance sheet. In addition, at December 31, 2003, the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the Company's residual interests was $52.0 million compared to $129.2 million at June June: see month. 30, 2003." Summary of Three Month Financial Results Total revenues Total revenue during the three months ended December 31, 2003 increased $22.1 million to $86.1 million from $64.0 million during the comparable three-month period a year ago. During the three months ended December 31, 2002, the company recorded a $31.9 million write-down to the Company's residual interests and $26.0 million of debt extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. income. Excluding the $31.9 million write-down to the residual interests and the $26.0 million of debt extinguishment income during the three months ended December 31, 2002, operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. increased $16.2 million, or 23.3%, to $86.1 million during the three months ended December 31, 2003 over operating revenue of $69.9 million during the comparable three month period in 2002. The $16.2 million increase in operating revenue was comprised of increases of $18.1 million and $1.7 million in gain on sale of loans and origination fees A charge imposed by a lending institution or a bank for the service of processing a loan. For example, a bank might charge an individual who has applied for a student loan an origination fee of one percent for processing the application and granting the loan. , respectively, partially offset by declines of $3.4 million and $0.2 million in interest income and loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. , respectively. Total expenses Total expenses during the three months ended December 31, 2003 increased $8.4 million to $68.7 million from $60.3 million during the three months ended December 31, 2002. The increase in expenses during the three months ended December 31, 2003 from expenses reported during the comparable period a year ago was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to increases of $7.2 million, $2.7 million and $1.4 million in personnel, production and general and administrative expenses, respectively, partially offset by a $2.9 million decrease in interest expense. Summary of Six Month Financial Results Total revenues Total revenue increased $28.0 million to $159.4 million during the six months ended December 31, 2003 from $131.4 million during the six months ended December 31, 2002. Excluding the $31.9 million write-down to the residual interests and the $27.1 million of debt extinguishment income during the six months ended December 31, 2002, operating revenue increased $23.2 million, or 17.0%, during the three months ended December 31, 2003 over operating revenue of $136.2 million during the comparable six month period in 2002. The increase in operating revenue during the six months ended December 31, 2003 from the same period a year ago resulted primarily from a $26.0 million and $4.7 million increase in gain on sale of loans and origination fees, respectively, over amounts reported during the same period a year ago which was partially offset the decreases of $6.8 million and $0.9 million in interest income and loan servicing, respectively, from amounts reported in the comparable 2002 periods. Total expenses Total expenses increased $14.3 million to $131.5 million during the six months ended December 31, 2003 over $117.2 million during the six months ended December 31, 2002. The $14.3 million increase in total expense during the six months ended December 31, 2003 over total expense during the comparable six month period in 2002 was attributable to increases of $14.0 million, $4.0 million and $3.4 million in personnel, production and general and administrative expense, respectively, partially offset by a $7.1 million decline in interest expense. Loan Production Total Production. During the three months ended December 31, 2003, the Company originated a total of $1.7 billion of mortgage loans, an increase of $162.1 million, or 10.8%, over the $1.5 billion of total loan production reported during the three months ended September 30, 2003, and an increase of $352.8 million, or 27.0% over the $1.3 billion of total loan production during the three months ended December 31, 2002. Total loan production during the six months ended December 31, 2003 was $3.2 billion, an increase of $881.0 million, or 38.7%, over the $2.3 billion of total mortgage loans originated during the six months ended December 31, 2002. Total loan production during the three and six months ended December 31, 2003 increased due to the combination of the Company's adoption of new product guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , the continuation continuation - continuation passing style of a generally more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mortgage interest rate environment prevailing in the marketplace, demand for subprime products resulting from interest rate volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the prime mortgage market, and improved geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. in our broker channel. Total Retail Production. The Company's total retail production was $591.9 million during the three months ended December 31, 2003, an increase of $15.1 million, or 2.6%, over the $576.8 million reported during the three months ended September 30, 2003, and an increase of $75.6 million, or 14.7%, over the $516.2 million of total retail production during the three months ended December 31, 2002. During the six months ended December 31, 2003, total retail production increased $200.2 million, or 20.7%, to $1.2 billion over the $968.4 million of total retail production during the six months ended December 31, 2002. Total Broker Production. The Company's total broker loan production during the three months ended December 31, 2003 was $1.1 billion, an increase of $147.0 million, or 16.0%, over the $920.6 million of total broker production reported during the three months ended September 30, 2003, and an increase of $277.1 million, or 35.1%, over the $790.5 million of total broker loan production during the three months ended December 31, 2002. Total broker loan production during the six months ended December 31, 2003 was $2.0 billion an increase of $680.8 million, or 52.1%, over the $1.3 billion of total broker production reported during the six months ended December 31, 2002. Loans dispositions and loan servicing Loan Dispositions Total loan dispositions increased $538.7 million and $804.2 million, or 45.8% and 38.4%, to $1.7 billion and $2.9 billion, respectively, during the three and six months ended December 31, 2003 over $1.2 billion and $2.1 billion during the three and six months ended December 31, 2002, respectively. Total loan dispositions during the three months ended December 31, 2003 of $1.7 billion was a $528.5 million increase over total mortgage loan dispositions of $1.2 billion during the three months ended September 30, 2003, all of which were disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. in whole loan sales for cash. The Company's increased loan dispositions during the three and six months ended December 31, 2003 over the comparable periods a year ago are related to the Company's increased loan origination volumes during the 2003 periods over production levels reported during the comparable three and six month periods a year ago. During both the three and six months ended December 31, 2003, all of the Company's loan dispositions were whole loan sales for cash. The Company relied solely on whole loan sales during the three and six months ended December 2003 due to attractive pricing conditions prevailing in the whole loans markets during such periods. In comparison, during the three months ended December 31, 2002, of the $1.2 billion of total loan dispositions, the Company securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. $315.0 million mortgage loans and sold $861.0 million of mortgage loans in whole loan sales for cash. During the six months ended December 31, 2002, of the $2.1 billion of total mortgage loan dispositions, the Company securitized $315.0 million of mortgage loans and sold $1.8 billion of mortgage loans in whole loan sales for cash. All of the Company's loan dispositions during the three and six months ended December 31, 2003 and 2002 were sold on a servicing released basis. Loan servicing At December 31, 2003 and June 30, 2003 the Company's total servicing portfolio was $2.3 billion and $1.7 billion, respectively, of which $2.3 billion and $1.7 billion, respectively, or 97.1 % and 94.9%, respectively, was serviced in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. . Loans in securitization trusts serviced in-house declined to $291.0 million at December 31, 2003 from $741.0 million at June 30, 2003 due primarily to Company's call and sale of the mortgage loans in securitization trusts and, to a lesser extent, to mortgage loan run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → during the six months ended December 31, 2003. The Company's servicing portfolio at December 31, 2003 and June 30, 2003 included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.0 billion and $911.0 million, respectively, of loans serviced for others on an interim basis, which includes loans sold where servicing has yet to be transferred and loans held for sale. The Company's servicing portfolio was $2.5 billion at December 31, 2002, of which $2.4 billion, or 95.8 %, was serviced in-house. Other During the three months ended December 31, 2003, the Company renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. a $200.0 million revolving warehouse facility to a new maturity date of December 1, 2004. At December 31, 2003, total capacity under the Company's revolving warehouse and repurchase facilities was $1.2 billion, of which $1.1 billion and $100.0 million is committed and uncommitted, respectively. Aames Financial Corporation is a leading home equity lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. , and at December 31, 2003 operated 93 retail branches, 2 National Loan Centers and 5 regional broker operations centers The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . From time to time the Company may publish forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc such matters as anticipated financial performance, business prospects and similar matters. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. The risks and uncertainties that may affect the operations, performance and results of the Company's business include the following: increases in mortgage lending interest rates; adverse changes in the secondary market for mortgage loans; decline in real estate values; decreases in earnings from the Company calling securitization trusts; limited cash flow to fund operations; dependence on short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. financing facilities; obligations to repurchase mortgage loans and indemnify To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person. Insurance companies indemnify their policyholders against damage caused by such things as fire, theft, and flooding, which investors; concentration of operations in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and Texas; extensive government regulation; concentrated ownership of the Company by a single stockholder; losses in securitization trusts; and intense competition in the mortgage lending industry. For a more complete discussion of these risks and uncertainties, see "Item 7. Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Risk Factors" in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2003 and subsequent filings by the Company with the United States Securities and Exchange Commission.
AAMES FINANCIAL CORPORATION and SUBSIDIARIES
Condensed consolidated financial statements
(In thousands, except per share data)
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, June 30,
2003 2003
--------- ---------
(Unaudited) (Audited)
Cash and cash equivalents $11,611 $23,860
Loans held for sale, at
lower of cost or market 690,868 401,001
Advances and other
receivables 21,183 41,315
Residual interests, at
estimated fair value 51,979 129,232
Deferred income taxes 16,206 --
Other assets 24,337 26,604
--------- ---------
Total assets $816,184 $622,012
========= =========
Borrowings $87,217 $138,512
Revolving warehouse and
repurchase facilities 603,051 343,675
Accrued dividends on
convertible preferred stock -- 51,232
Other liabilities 34,553 35,619
--------- ---------
Total liabilities 724,821 569,038
Stockholders' equity 91,363 52,974
--------- ---------
Total liabilities and
stockholders' equity $816,184 $622,012
========= =========
CONDENSED CONSOLIDATED INCOME STATEMENTS
Three Months Ended Six Months Ended
December 31, December 31,
2003 2002 2003 2002
-------- -------- -------- --------
(Unaudited) (Unaudited)
Revenue:
Gain on sale of loans $50,624 $32,527 $90,145 $64,059
Write-down of residual
interests -- (31,923) -- (31,923)
Origination fees 15,996 14,315 32,436 27,690
Loan servicing 2,177 2,329 4,177 5,084
Debt extinguishment income -- 26,005 -- 27,092
Interest 17,317 20,743 32,596 39,357
-------- -------- -------- --------
Total revenue,
including write-down
of residual interests 86,114 63,996 159,354 131,359
Expenses:
Personnel 42,864 35,655 80,893 66,877
Production 8,347 5,652 15,774 11,815
General and administrative 12,322 10,919 24,974 21,596
Interest 5,184 8,122 9,846 16,891
-------- -------- -------- --------
Total expenses 68,717 60,348 131,487 117,179
-------- -------- -------- --------
Income before income taxes 17,397 3,648 27,867 14,180
Provision (benefit) for
income taxes 217 1,568 (17,976) 2,186
-------- -------- -------- --------
Net income $17,180 $2,080 $45,843 $11,994
======== ======== ======== ========
Net income to common shareholders
Basic $13,342 $47 $38,527 $6,138
======== ======== ======== ========
Diluted $17,702 $47 $46,888 $11,994
======== ======== ======== ========
Net income per common share:
Basic $1.90 $0.01 $5.54 $0.94
======== ======== ======== ========
Diluted $0.17 $0.01 $0.45 $0.13
======== ======== ======== ========
Weighted average number of
common shares outstanding:
Basic 7,030 6,513 6,954 6,498
======== ======== ======== ========
Diluted 104,642 6,513 104,387 92,045
======== ======== ======== ========
AAMES FINANCIAL CORPORATION and SUBSIDIARIES
Supplemental Information
The following table sets forth information regarding basic and
diluted net income to common stockholders and basic and diluted
net income per common share for the three and six months ended
December 31, 2003 and 2002 (amounts in thousands, except per share
data):
Three Months Ended Six Months Ended
December 31, December 31,
2003 2002 2003 2002
-------- -------- -------- --------
Basic net income per common share:
Net income $17,180 $2,080 $45,843 $11,994
Less: Accrued dividends on
Series B, C and D Convertible
Preferred Stock (3,838) (2,033) (7,316) (5,856)
-------- -------- -------- --------
Basic net income to common
stockholders $13,342 $47 $38,527 $6,138
======== ======== ======== ========
Basic weighted average number
of common shares outstanding 7,030 6,513 6,954 6,498
======== ======== ======== ========
Basic net income per
common share $1.90 $0.01 $5.54 $0.94
======== ======== ======== ========
Diluted net income per common share:
Basic net income to common
stockholders $13,342 $47 $38,527 $6,138
Plus: Accrued dividends on
Series B, C and D Convertible
Preferred Stock 3,838 -- 7,316 5,856
Interest on 5.5%
Convertible Preferred
Debentures 522 -- 1,045 --
-------- -------- -------- --------
Diluted net income to common
stockholders $17,702 $47 $46,888 $11,994
======== ======== ======== ========
Basic weighted average number
of common shares outstanding 7,030 6,513 6,954 6,498
Plus incremental shares from:
Assumed conversion of:
Series B, C and D Convertible
Preferred Stock 85,136 -- 85,439 85,547
5.5% Convertible
Subordinated Debentures 824 -- 824 --
Assumed exercise of:
Warrants 3,515 -- 3,365 --
Common stock options 8,137 -- 7,805 --
-------- -------- -------- --------
Diluted weighted average
number of common shares
outstanding 104,642 6,513 104,387 92,045
======== ======== ======== ========
Diluted net income per
common share $0.17 $0.01 $0.45 $0.13
======== ======== ======== ========
The terms 'operating revenue' and 'net operating income' are used
in the accompanying press release. This table reconciles total
revenue in conformity with generally accepted accounting
principles ("GAAP") to operating revenue and reconciles net
operating income to GAAP net income.
Three Months Ended Six Months Ended
December 31, December 31,
2003 2002 2003 2002
-------- -------- -------- --------
(Amounts in thousands)
GAAP revenue $86,114 $63,996 $159,354 $131,359
Add: Write-down of residual
interests -- 31,923 -- 31,923
Less: Debt extinguishment income -- (26,005) -- (27,092)
-------- -------- -------- --------
Operating revenue 86,114 69,914 159,354 136,190
GAAP expenses 68,717 60,348 131,487 117,179
-------- -------- -------- --------
Net operating income $17,397 $9,566 $27,867 19,011
Less: Write-down of residual
interests -- (31,923) -- (31,923)
Add: Debt forgiveness income -- 26,005 -- 27,092
Provision (benefit) for
income taxes 217 1,568 (17,976) 2,186
-------- -------- -------- --------
GAAP net income $17,180 $2,080 $45,843 $11,994
======== ======== ======== ========
AAMES FINANCIAL CORPORATION and SUBSIDIARIES
Supplemental Information
MORTGAGE LOAN PRODUCTION:
(In thousands)
Three Months Ended Six Months Ended
--------------------------------- ---------------------
Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31,
2003 2002 2003 2003 2002
----------- ---------- ---------- ---------- ----------
Broker
production(1) $1,067,627 $790,502 $920,595 $1,988,222 $1,307,446
Retail production 591,861 516,233 576,814 1,168,675 968,447
---------- ---------- ---------- ---------- ----------
Total mortgage loan
production $1,659,488 $1,306,735 $1,497,409 $3,156,897 $2,275,893
========== ========== ========== ========== ==========
(1) Includes the purchase of closed loans on a flow basis from
correspondents of $0.2 million, $0.9 million and and $3.9 million
during the three months ended December 31, 2003 and 2002, and
September 30, 2003, respectively, and $4.1 million and $4.2
million during the six months ended December 31, 2003 and 2002,
respectively.
LOAN DISPOSITIONS
(In thousands)
Three Months Ended Six Months Ended
--------------------------------- ---------------------
Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31,
2003 2002 2003 2003 2002
----------- ---------- ---------- ---------- ----------
Whole loan
sales $1,714,640 $860,969 $1,186,157 $2,900,797 $1,781,673
Loans pooled
and sold in
securitizations -- 314,958 -- -- 314,958
---------- ---------- ---------- ---------- ----------
Total loan
dispositions $1,714,640 $1,175,927 $1,186,157 $2,900,797 $2,096,631
========== ========== ========== ========== ==========
LOAN SERVICING:
At
---------------------------------
December 31, June 30,
--------------------- -----------
2003 2002 2003
---------- ---------- -----------
(In millions)
Mortgage loans serviced:
Loans serviced
on an interim
basis $1,975.0 $953.0 $911.0
Loans in
securitization
trusts 291.0 1,417.0 741.0
---------- ---------- ----------
Serviced
in-house 2,266.0 2,370.0 1,652.0
Loans serviced
by others 68.0 105.0 88.0
---------- ---------- ----------
Total servicing
portfolio $2,334.0 $2,475.0 $1,740.0
========== ========== ==========
Percentage
serviced
in-house 97.1% 95.8% 94.9%
========== ========== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion