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Aames Investment Corp.(AIC)

 
123Jump Rating: - Avoid   Underwriters: Friedman, Billings, Ramsey & Co., Inc
     
Status: Priced  
 
Address: 350 S. Grand Ave.
Los Angeles,
 FiledDate: 2004-03-24 00:00:00
  Los Angeles,
    
  CA 90071
 Filed Price Range ($): $9.00-11.00
       
Telephone: 323-210-5000 Filed Offer Amount ($ Million): $555.00
       
Fax: 323-210-4535 Shares Offered (Millions):
       
Websites: www.aames.net Shares Outstanding (Millions): 56
       
Management: Jay Meyerson, Chair/CEO
 IPO Date: 11/02/2004
  James Fullen, EVP/COO
    
  Jon Van Deuren, EVP/CFO
 Final Offer Price ($): $8.00
       
Industry: REIT Final Offer Size (Millions of Shares): 35.00
       
Employees: 2,240 Final Offer Amount ($ Million): $280.00
       
Competitors: HSBC Finance
 S-1 Forms:
  New Century Financial
    
  NovaStar Financial
  
       
     
     
     
       
 
- Avoid        - Value Gap        - Short-Term Growth        - Long-Term Growth        - Long-Term Value

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Business Environment

The residential mortgage loan market is the largest consumer finance market in the United States. According to the March 15, 2004 report of the Mortgage Bankers Association of America, single family mortgage loan originations totaled $3.8 trillion in 2003. The subprime mortgage market is estimated to be approximately ten percent (10%) of the overall residential mortgage market; according to the Quarterly Data Report of The National Mortgage News for the fourth quarter of 2003, subprime residential mortgage loan originations totaled $384 billion in 2003.

Due to projected increases in mortgage loan interest rates in 2004, the March 15, 2004 forecast of the Mortgage Bankers Association of America projects single family mortgage loan originations to decline to approximately $2.5 trillion in 2004. However, subprime loan originations are less interest rate-sensitive than prime mortgages primarily because subprime borrowers tend to focus more on reducing their total borrowing costs by consolidating unsecured debts with higher interest rates and monthly payments, and less on the mortgage interest rate they are paying.

Company Strategy
The Company was formed in February 2004 for the purpose of building and managing a portfolio of high yielding subprime mortgage loans in order to offer its stockholders the opportunity for attractive dividend yields and earnings growth.
Product/Services Portfolio
Income Data 
Year Revenues Costs Oper Income Taxes Net Income EPS
2001 188731 217366 0.00 1889 -30524 -44445
2002 220139 212506 0.00 3087 4546 -9242
2003 263641 236314 0.00 -1839 29166 15697

Balance Sheet Data

Year

 Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2002 17391 61276 0.00 0.00 729413 10936 766598 0.00 37185
2003 23860 41315 0.00 0.00 569038 8928 622012 0.00 52974

Cash Flow Summary

Year

 Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2001 -5936 -5048 28388 17404
2002 9390 -4192 -15390 -10192
2003 141692 -2124 -133099 6469
 
 
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites.
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