Aames Financial (AAM) - Undervalued or what??? Message Board

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Non-Tech : Aames Financial (AAM) - Undervalued or what???

AAM 10.60

+0.4%

3:54 PM EST

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To: WEBNATURAL who wrote (491)	2/23/1999 12:55:00 AM
From: Greg Butcher	Read Replies (1) of 510

Aames Has 2nd-Qtr Loss of $195.7 Mln; Hires Ernst as Auditor Los Angeles, Feb. 22 (Bloomberg) -- Aames Financial Corp., a home-equity lender, said fiscal second-quarter earnings widely missed expectations as it was hurt by market conditions and moved to stop selling securities. Aames had a loss of $195.7 million, or $6.27 a share, compared with net income of $9.2 million, or 29 cents, a year earlier. It was expected to lose $1.08 a share, the average estimate of two analysts surveyed by First Call Corp. The Los Angeles-based company, which specializes in lending to consumers with tarnished credit records, also said it hired accounting firm Ernst & Young LLP as its auditor to replace PriceWaterhouseCoopers LLP. Aames' loss reflects ''the extraordinarily negative market conditions that existed throughout the quarter,'' said Chief Executive Cary H. Thompson. Aames said it had a loss in valuation of its interest-only strips -- or separately traded registered and interest principal securities -- of $192 million. In November, the company said it would stop selling its loans as securities as funding for mortgages dries up. Aames' shares were unchanged at 2 1/8. The loss was announced after the close of U.S. markets. 23:58:44 02/22/1999 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P.

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