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AAMES FINANCIAL CORP. REPORTS FIRST QUARTER RESULTS

 LOS ANGELES, Oct. 28 /PRNewswire/ -- Aames Financial Corp. (NASDAQ: AAMS) today reported net income of $976,000, or $0.17 per share, for its first fiscal quarter ended Sept. 30, 1993. The company reported net income of $1,219,000, equal to $0.28 per share, for the comparable prior-year period. The per share amount for 1993 was calculated on 33 percent more shares outstanding, reflecting the effect of the company's secondary public stock offering in July 1993.
 Revenue for the first quarter advanced to $8,049,000 from $7,446,000 a year ago.
 Gary K. Judis, chairman and chief executive officer, said the decline in first quarter earnings, as previously announced, reflected a lower average loan size, which decreased loan recordings to $36.4 million from $41.3 million a year earlier and led to reductions in the company's fees and commissions. Additionally, Judis said results were impacted by increased advertising and marketing costs, along with higher general and administrative expenses, including payroll, in line with supporting the growth Aames has achieved in the past year.
 At quarter's end, Aames operated 26 branch offices, compared with 22 a year ago. The company's loan servicing portfolio at Sept. 30, 1993, had increased to $273 million, up 22 percent from a year earlier.
 During the first quarter, Aames opened an office in Las Vegas, its first operation outside California. The company also successfully sold its sixth mortgage investment pool, comprising 360 mortgages valued at $14.4 million.
 "In the course of just two months since its opening, Las Vegas has become one of our top producing offices," said Judis. "We are looking at additional geographic expansion opportunities to help fuel future growth."
 Aames Financial Corp.'s subsidiary, Aames Home Loan, has arranged equity-backed first and junior trust deed financing since 1954. Through its subsidiaries, the company operates 25 offices in California and one office in Nevada.
 AAMES FINANCIAL CORP. & SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited)
 First Quarter Ended Sept. 30,
 1993 1992
 Revenue:
 Commissions $4,215,000 $4,520,000
 Loan service 1,202,000 829,000
 Fees and other 1,218,000 1,345,000
 Excess servicing gain 1,414,000 752,000
 Total revenue 8,049,000 7,446,000
 Expenses:
 Compensation and
 related expenses 3,228,000 2,647,000
 Sales and advertising costs 1,913,000 1,685,000
 General and administrative
 expenses 1,209,000 1,048,000
 Interest expense 42,000 31,000
 Total expenses 6,392,000 5,411,000
 Income before income taxes 1,657,000 2,035,000
 Provision for income taxes 681,000 816,000
 Net income $976,000 $1,219,000
 Net income per share $0.17 $0.28
 Weighted average number of
 shares outstanding 5,858,789 4,404,865
 -0- 10/28/93
 /CONTACT: Gregory J. Witherspoon of Aames Financial, 213-351-6100; or Cecilia A. Wilkinson or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300/
 (AAMS)


CO: Aames Financial Corp. ST: California IN: FIN SU: ERN

LS-JL -- LA012 -- 7728 10/28/93 09:01 EDT
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Date:Oct 28, 1993
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