Aames FY Profits Surge

Aames Financial Corp., Los Angeles, has reported profits of $29.2 million for fiscal year 2003, up from $4.5 million for the previous fiscal year.The company's fiscal year ended on June 30. Taking into account $13.4 million of dividends accrued on convertible preferred stock, Aames common shareholders had net income of $15.7 million, or $2.39 per share. Preferred stock dividends of $13.8 million in fiscal 2002 caused Aames to report a loss to common shareholders of $9.2 million, or $7.11 per share. Company chief executive A. Jay Meyerson noted that this is the first time in five fiscal years that Aames' common shareholders have seen a profit. The most recent results included a residual interest writedown of $34.9 million, up from $27.0 million the previous year. However, the most recent year also included debt extinguishment income of $31.7 million. Aames originated a record $4.4 billion during the fiscal year, up from $3.2 billion a year earlier. Aames can be found online at http://www.aames.net.