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AAMES FINANCIAL CORPORATION REPORTS 120 PERCENT INCREASE IN PRE-TAX INCOME ON RECORD REVENUE

 AAMES FINANCIAL CORPORATION REPORTS 120 PERCENT INCREASE
 IN PRE-TAX INCOME ON RECORD REVENUE
 LOS ANGELES, Aug. 6 /PRNewswire/ -- Aames Financial Corp. (NASDAQ: AAMS) today reported sharply increased operating results for its fiscal year and fourth quarter ended June 30, 1992.
 Net income for the year advanced 63 percent to $2,914,000 from $1,786,000 the prior year. Earnings per share, based on 24 percent more shares outstanding, increased to $1.01 from $.78. Revenue for fiscal 1992 achieved a new record, increasing 21 percent to $21,492,000 from $17,721,000 for the corresponding prior year period.
 For the fourth quarter ended June 30, 1992, net income rose 64 percent to $1,169,000, equal to $.35 per share, based on 43 percent more shares outstanding, from $712,000, or $.31 per share, a year earlier. Revenue for the fourth quarter also advanced 64 percent to $7,542,000 from $4,599,000 last year.
 Gary K. Judis, Aames' chief executive officer, attributed the positive results to increased lending activity, reflecting lower interest rates and the company's intensified advertising program, and the completion in June of Aames' first mortgage-backed investment pool. He noted that the company plans to complete additional investment pools in the future.
 On a pre-tax basis, Aames' income increased by 120 percent for fiscal 1992 to $4,026,000 from $1,834,000. The company's current 28 percent tax rate compared with .03 percent last year, reflects its change in status to a "C" corporation from an "S" corporation in December 1991. Also included in last year's income was approximately $1 million in proceeds from a legal settlement.
 "We are particularly pleased with the favorable comparative results for fiscal 1992, that were achieved despite the higher tax rate," said Judis. "From an operating perspective, the dramatic changes in the banking and thrift industries in recent years, combined with the present economic and interest rate environment, is helping fuel demand for home equity loans. With Aames' focus on arranging mortgage loans based primarily on equity, we believe the company is well positioned for the future," Judis added.
 At year end, the company's loan servicing portfolio had increased 18 percent to $204.6 million from $173.3 million. Aames completed its initial public offering of 1.35 million shares in December 1991.
 Aames Financial Corp. is the parent of Aames Home Loan, a mortgage brokerage founded in 1954, that arranges equity-backed first and junior trust deed financing on residential properties for consumers. The company operates 21 offices throughout California.
 AAMES FINANCIAL CORP. & SUBSIDIARIES
 Consolidated Statements of Income
 Fiscal Year Ended Fourth Quarter Ended
 June 30, June 30, June 30, June 30,
 1991 1992 1991 1992
 Revenue $17,721,000 $21,492,000 $4,599,000 $ 7,542,000
 Income
 before income
 taxes 1,834,000 4,026,000 732,000 1,977,000
 Provision for
 income taxes 48,000 1,112,000 20,000 808,000
 Net income 1,786,000 2,914,000 712,000 1,169,000
 Net income
 per share $.78 $1.01 $.31 $.35
 Weighted average
 number of shares
 outstanding 2,303,685 2,858,330 2,303,685 3,303,685
 -0- 8/6/92
 /CONTACT: Gregory J. Witherspoon of Aames Financial, 213-351-6100; or Keith H. Karpe or Roger S. Pondel of Pondel Parsons & Wilkinson, 310-207-9300, for Aames Financial/
 (AAMS) CO: Aames Financial Corp. ST: California IN: SU: ERN


AL -- LA006 -- 7434 08/06/92 09:02 EDT
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Date:Aug 6, 1992
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