Imperial Credit Industries

Nature of business: Mortgage banking; parent company of Southern Pacific Thrift & Loan

Total employees: 780 In Orange County: 310

Stock listing in The Times: On Nasdaq “ImpCrd” Ticker symbol: “ICII”

Friday’s stock close: $11.88

One-week change: Down $0.37

Analyst review: “Imperial Credit is a good little company and very well positioned. It has added a higher margin business to keep revenues up after the drop in refinancings. The stock remains inexpensive on both a reported and value added earnings basis. Our price target over the next 12 months remains $20. During third quarter 1993, the company originated $1.8 billion vs. $800 million last year, an increase of 225% . We expect originations to remain strong during the remainder of the year. The servicing portfolio, however, grew to only $2.9 billion vs. $2.3 billion last year, an increase of only 26%. The much slower growth in the portfolio is due to the company’s high level of servicing rights sales.” --Steven Eisman, analyst, Oppenheimer & Co., New York

SALES VS. PROFITS

In millions of dollars

3 quarters 1990 1991 1992 1992 1993 Revenue $11.5 $20.7 $47.5 $33.3 $60.0 Profits $1.8 $5.6 $13.6 $9.8 $13.3

Corporate outlook: “The company’s competitive strategy is, in part, to be one of the lowest-cost national originators and acquirers of mortgage loans. A key feature of this approach is its use of regional wholesale origination offices. , which source mortgage loan originations through a large network of independent mortgage brokers.” --H. Wayne Snavely, chairman/CEO

RETURN ON INVESTMENT 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 3 qtrs. 1990 1991 1992 1992 52-week high* N/A N/A $14.06 $14.06 52-week low* N/A N/A $6.28 $6.28 Book value per share N/A N/A $5.18 $4.79 Price per share* N/A N/A $11.36 $10.06 Net earnings (loss) per share N/A N/A $1.66 $1.25 Price-to-earnings ratio N/A N/A 8:1 8:1 Avg. return on investor equity 20% 48% 67% 64%

Fiscal year ending 3 qtrs. 1993 52-week high* $19.77 52-week low* $10.06 Book value per share $6.57 Price per share* $13.86 Net earnings (loss) per share $1.42 Price-to-earnings ratio 8:1 Avg. return on investor equity 36%

* At its initial public offering May 18, 1992, Imperial Credit Industries sold 2.3 million shares, net proceeds $17.1 million.

For more information call or write, Imperial Credit Industries Inc.: 20371 Irvine Ave. Suite 104, Santa Ana, CA 92707. (714) 438-2195

Source: Imperial Credit Industries; Bloomberg Business News.