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Aames Financial Corp

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BUSINESS
September 30, 1998
Aames Financial Corp. said directors Gerald Ford and Howard Gittis--who joined when financier Ronald Perelman and Ford bought 9.9% of the consumer finance company--quit last week. Los Angeles-based Aames also said in a Securities and Exchange Commission filing that the lender "is currently in discussions with several entities, including Golden State Bancorp Inc., concerning various alternatives." Perelman and Ford, partners in Golden State Bank, in March agreed to buy 2.
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BUSINESS
March 28, 2006 | E. Scott Reckard
Cutting costs in reaction to a tough mortgage market, Los Angeles-based sub-prime lender Aames Investment Corp. said Monday that it would close offices in Deerfield, Fla., and Parsippany, N.J., and eliminate 100 jobs in its wholesale lending division, which makes loans through mortgage brokers. Aames, a specialist in higher-cost loans to borrowers with imperfect credit, also is changing its corporate structure so the parent company is no longer a real estate investment trust.
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BUSINESS
December 25, 1998 | Bloomberg News
* Aames Financial Corp. (ticker: AAM; Thursday close: $2.56, up 6 cents) was raised to "hold" from "sell" by Prudential Securities and Sutro & Co. * Ameritrade Holding Corp. (AMTD; $29, down $3.13) was cut to "hold" from "buy" by Deutsche Bank Securities. * Biogen Inc. (BGEN; $79.31, down 50 cents) raised to "strong buy" from "outperform" by Morgan Stanley Dean Witter and rated "buy" in new coverage by BancBoston Robertson Stephens.
BUSINESS
October 26, 1999 | From Times Staff and Wire Reports
Aames Financial Corp. said its board appointed financial services veteran A. Jay Meyerson as chief executive of the subprime home-equity lender. "The appointment of Jay is the last phase of a management transition plan that ensured a seamless and orderly succession," said Mani Sadeghi, an Aames director who has been acting as interim chief executive since May. Meyerson, 52, most recently served as a managing director at KPMG national financial services' consulting practice.
BUSINESS
May 2, 1997 | (Bloomberg News)
Los Angeles-based Aames Financial Corp.'s shares plunged 20% after the lender indicated it may reduce its bulk purchases of sub-prime mortgage loans from third-party originators, hurting earnings in the near term. Aames makes mortgage loans to people with bad credit. The company makes loans itself and also buys loans in bulk from other lenders. If Aames cuts back, "They'll be making fewer loans, but fewer of the less-profitable loans," said Michael Abrahams of Sutro & Co.
BUSINESS
August 22, 1997 | Jesus Sanchez
Shares of Aames Financial Corp. rose $1.63 to $23.25 on the New York Stock Exchange after a published report said that two savings and loans were planning separate efforts to acquire the Los Angeles-based sub-prime lender. American Banker, a financial trade publication, said that California Federal Savings Bank of San Francisco and Seattle-based Washington Mutual Inc.
BUSINESS
May 9, 1997 | (Bloomberg News)
Aames Financial Corp. said it promoted Chief Operating Officer Cary Thompson to chief executive and named Vice Chairman Neil Kornswiet president to replace Chairman Gary Judis in those posts. Judis, 58, has been chairman, chief executive and president of the Los Angeles-based mortgage lender and financial services company since 1982. Aames said the moves allow Judis to focus his attention on the broader strategic issues confronting the company.
BUSINESS
September 4, 1997 | Bloomberg News
Aames Financial Corp. shareholders filed a lawsuit claiming insiders sold $24.3 million of Aames shares before announcing changes that prompted the stock to fall. The suit, filed in Superior Court in Los Angeles, claims that four Aames executives--including Chairman Gary Judis--sold a combined 608,050 shares in the company earlier this year after making a major change in corporate policy but before making it public several months later.
BUSINESS
May 1, 1998
* Hilton Hotels Corp. said its chairman, Barron Hilton, sold 24 million of the company's shares worth $773 million from a charitable trust he controls. Donaldson, Lufkin & Jenrette Securities Corp. paid about $32.21 a share for the stock, Hilton said in a Securities and Exchange Commission filing. * Corona-based Watson Pharmaceuticals Inc. reported record first-quarter net income, excluding charges, of $30.6 million, or 34 cents per diluted share, compared with $21.
BUSINESS
October 26, 1999 | From Times Staff and Wire Reports
Aames Financial Corp. said its board appointed financial services veteran A. Jay Meyerson as chief executive of the subprime home-equity lender. "The appointment of Jay is the last phase of a management transition plan that ensured a seamless and orderly succession," said Mani Sadeghi, an Aames director who has been acting as interim chief executive since May. Meyerson, 52, most recently served as a managing director at KPMG national financial services' consulting practice.
BUSINESS
February 23, 1999
Other earnings, excluding one-time gains and charges unless noted: * Home improvement retailer Lowe's Cos. said its earnings jumped a better-than-expected 48% in the fiscal fourth quarter to $106.2 million, or 30 cents a share, 3 cents higher than forecasts. Sales at stores open at least a year grew 8.2%, and total revenue jumped 22% to $2.92 billion. * Nordstrom Inc. said fiscal fourth-quarter profit rose 13% to $66.
BUSINESS
January 7, 1999 | From Times Staff and Wire Reports
In what Labor Secretary Alexis M. Herman heralded Wednesday as a "wake-up call" for employers, Texaco Inc. agreed to pay $3.1 million to 186 female managers who earned less than men doing similar work. The agreement set a record for Labor Department "glass ceiling" investigations involving sexual discrimination, although it is smaller than some other recent landmark cases, including a $176-million settlement that White Plains, N.Y.
BUSINESS
December 25, 1998 | Bloomberg News
* Aames Financial Corp. (ticker: AAM; Thursday close: $2.56, up 6 cents) was raised to "hold" from "sell" by Prudential Securities and Sutro & Co. * Ameritrade Holding Corp. (AMTD; $29, down $3.13) was cut to "hold" from "buy" by Deutsche Bank Securities. * Biogen Inc. (BGEN; $79.31, down 50 cents) raised to "strong buy" from "outperform" by Morgan Stanley Dean Witter and rated "buy" in new coverage by BancBoston Robertson Stephens.
BUSINESS
September 30, 1998
Aames Financial Corp. said directors Gerald Ford and Howard Gittis--who joined when financier Ronald Perelman and Ford bought 9.9% of the consumer finance company--quit last week. Los Angeles-based Aames also said in a Securities and Exchange Commission filing that the lender "is currently in discussions with several entities, including Golden State Bancorp Inc., concerning various alternatives." Perelman and Ford, partners in Golden State Bank, in March agreed to buy 2.
BUSINESS
August 13, 1998 | From Bloomberg News
Aames Financial Corp. on Wednesday said it had net income of $9.8 million, or 29 cents a diluted share, in the quarter ended June 30, contrasted with a loss in the year-ago period, as it made more home loans to consumers. The Los Angeles-based home lender, which specializes in lending to consumers with tarnished credit records, was expected to earn 27 cents a share, the average estimate from five analysts surveyed by First Call Corp. Aames reported a loss of $14.
BUSINESS
May 1, 1998
* Hilton Hotels Corp. said its chairman, Barron Hilton, sold 24 million of the company's shares worth $773 million from a charitable trust he controls. Donaldson, Lufkin & Jenrette Securities Corp. paid about $32.21 a share for the stock, Hilton said in a Securities and Exchange Commission filing. * Corona-based Watson Pharmaceuticals Inc. reported record first-quarter net income, excluding charges, of $30.6 million, or 34 cents per diluted share, compared with $21.
BUSINESS
August 13, 1996 | DEBORA VRANA, TIMES STAFF WRITER
Leading home-equity lender Aames Financial Corp. said Monday it will acquire One Stop Mortgage Inc., a rapidly growing Costa Mesa firm specializing in riskier mortgages, in a deal worth about $129 million. One Stop will become a subsidiary of Los Angeles-based Aames as part of the transaction, another sign of continuing consolidation in the "nonbank" lending industry.
BUSINESS
February 23, 1999
Other earnings, excluding one-time gains and charges unless noted: * Home improvement retailer Lowe's Cos. said its earnings jumped a better-than-expected 48% in the fiscal fourth quarter to $106.2 million, or 30 cents a share, 3 cents higher than forecasts. Sales at stores open at least a year grew 8.2%, and total revenue jumped 22% to $2.92 billion. * Nordstrom Inc. said fiscal fourth-quarter profit rose 13% to $66.
BUSINESS
September 4, 1997 | Bloomberg News
Aames Financial Corp. shareholders filed a lawsuit claiming insiders sold $24.3 million of Aames shares before announcing changes that prompted the stock to fall. The suit, filed in Superior Court in Los Angeles, claims that four Aames executives--including Chairman Gary Judis--sold a combined 608,050 shares in the company earlier this year after making a major change in corporate policy but before making it public several months later.
BUSINESS
August 27, 1997 | From Times Wire Services
Home equity lender Aames Financial Corp.'s stock fell about 6% Tuesday after the company posted a wider-than-expected fiscal fourth-quarter loss and failed to announce a widely expected merger agreement. Shares of the Los Angeles-based company slid $1.25 to close at $19.25 on the New York Stock Exchange, after trading as low as $18.81. Aames reported after the close of trading Monday that it lost $14 million, or 48 cents a share, in its fourth quarter.
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