March 20, 1998 |
Aames Financial Corp. said financier Ronald Perelman and thrift executive Gerald Ford will buy a 9.9% stake in the consumer finance company for about $38 million, possibly signaling an eventual move to buy the company. Perelman and Ford, his partner in California Federal Bank, have agreed to buy 2.78 million newly issued Aames shares for $13.76 a share, Aames said. Ford and Howard Gittis, Perelman's lieutenant at his holding company, MacAndrews & Forbes Holdings Inc.
October 30, 1997 |
Aames Financial Corp. said Wednesday that fiscal first-quarter earnings fell 6% as it used more conservative accounting for recording revenue. The Los Angeles-based mortgage lender said it had net profit of $13.1 million, or 45 cents a share, in the quarter ended Sept. 30, compared with $14 million, or 56 cents a share, excluding a $28-million charge, for the same period a year ago. That exceeded the average estimate by analysts of 40 cents a share. The decline in earnings reflected an 11.
September 4, 1997 |
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.
August 27, 1997 |
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.
August 22, 1997 |
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.
May 9, 1997 |
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.
May 2, 1997 |
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.
August 23, 1996 |
In a boost for the struggling downtown Los Angeles office market, fast-growing Aames Financial Corp. said Thursday that it will move its headquarters into a gleaming Bunker Hill skyscraper, one of the largest corporate relocations into the area in recent years. The 15-year lease for seven floors of space at Two California Plaza will bring an estimated 700 workers to downtown Los Angeles, which has lost numerous corporate headquarters over the years as a result of mergers and cutbacks.
August 13, 1996 |
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.