AAMES FINANCIAL CORP. ANNOUNCES EARNINGS
AAMES FINANCIAL CORP. ANNOUNCES EARNINGS LOS ANGELES, Feb. 3 /PRNewswire/ -- Aames Financial Corp.
(NASDAQ: AAMS) today reported financial results for its second fiscal quarter ended Dec. 31, 1991.
Net income for the three-month period amounted to $778,000, equal to $.31 per share, compared with a net loss of $314,000, or $.14 per share, for last year's second quarter. Revenues for the period rose to $4,639,000 from $4,568,000 last year. The company's net after-tax income reflects Aames being an "S" corporation from Oct. 1 until the completion of its public offering on Dec. 10, 1991. If the company had been a "C" corporation for the entire quarter, earnings per share would have been $.22. Included in the earnings for the most recently completed second quarter was an after- tax non-recurring gain of $279,000, relating to an adjustment in value of an officer's stock option. For the first half of the current fiscal year, the company reported net earnings of $1,516,000, equal to $.63 per share, compared with $544,000, or $.24 per share, a year ago. Revenues rose to $9,310,000 from $9,006,000 for the year-to-date period of the prior fiscal year. Gary K. Judis, chairman and chief executive officer, noted that operating earnings for the second quarter were impacted primarily by increased advertising expenditures. He said Aames took advantage of an opportunity to increase its advertising expenditures in December at a volume discount, and the company expects this will have a favorable impact on loan volume during the third quarter. "It was an active period for Aames in terms of loans that were recorded, up 16 percent from the prior year period," said Judis. "Total loan origination for the second quarter amounted to $19,849,000, compared with $17,111,000 last year. "We are in the process of placing our first $10 million pool of mortgage-backed loans," added Judis. "This should have a positive effect on the company's future performance by decreasing transaction costs, as well as generating additional revenue." Aames completed its initial public offering on Dec. 10, 1991. Through 18 branch offices located throughout California, the company arranges mortgage loans between lenders and real property owners. At Dec. 31, 1991, Aames serviced a loan portfolio exceeding $185 million. AAMES FINANCIAL CORP. & SUBSIDIARIES Combined Statement of Income (unaudited) Second Quarter Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 1991 1990 1991 1990 Revenues $4,639,000 $4,568,000 $9,310,000 $9,006,000 Income (loss) before income taxes 921,000 (325,000) 1,678,000 556,000 Provision for income taxes 143,000 (11,000) 162,000 12,000 Net income (loss) 778,000(a) (314,000) 1,516,000 544,000 Net income (loss) per share .31 (.14) .63 .24 Weighted average number of shares outstanding 2,531,946 2,303,685 2,417,815 2,303,685 (a) Includes non recurring gain of $279,000, relating to an adjustment in value of an officer's stock option. -0- 2/3/92 /CONTACT: Gregory J. Witherspoon of Aames Financial, 213-351-6100; or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Aames Financial/ (AAMS) CO: Aames Financial Corp. ST: California IN: FIN SU: ERN
KJ -- LA009 -- 6012 02/03/92 09:08 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 3, 1992|
|Previous Article:||VIKING OFFICE PRODUCTS ANNOUNCES EARNINGS|
|Next Article:||COMMUNITY PSYCHIATRIC CENTERS ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS|