EXHIBIT 99
MERRILL LYNCH & CO., INC. -------------------------------- PRELIMINARY UNAUDITED EARNINGS SUMMARY -------------------------------------- FOR THE THREE MONTHS ENDED ------------------------------------------------------------- PERCENT OF DOLLAR (IN THOUSANDS, PERCENT PERCENT CHANGE EXCEPT PER SHARE AMOUNTS) DEC. 31, OF DEC. 25, OF INCREASE 1993 REVENUES(A) 1992 REVENUES(A) (DECREASE) ---------- ----------- ---------- ------------ ---------- (14 WEEKS) (13 WEEKS) REVENUES: COMMISSIONS $ 805,675 18% $ 587,977 18% 37% INTEREST AND DIVIDENDS 2,042,969 45 1,473,573 45 39 PRINCIPAL TRANSACTIONS 675,047 15 418,307 13 61 INVESTMENT BANKING 519,886 12 358,976 11 45 ASSET MANAGEMENT AND PORTFOLIO SERVICE FEES 418,771 9 322,615 10 30 OTHER 63,788 1 102,270 3 (38) --------- ---------- --------- ------------ ---------- TOTAL REVENUES 4,526,136 100 3,263,718 100 39 INTEREST EXPENSE 1,768,139 39 1,186,796 36 49 --------- ---------- ---------- ------------ ---------- NET REVENUES 2,757,997 61 2,076,922 64 33 --------- ---------- ---------- ------------ ---------- NON-INTEREST EXPENSES: COMPENSATION AND BENEFITS 1,414,835 51 1,067,587 51 33 OCCUPANCY 116,302 4 118,375 6 (2) COMMUNICATIONS AND EQUIPMENT RENTAL 99,757 4 97,231 5 3 DEPRECIATION AND AMORTIZATION 91,680 3 73,252 4 25 BROKERAGE, CLEARING AND EXCHANGE FEES 71,044 3 75,378 4 (6) ADVERTISING AND MARKET DEVELOPMENT 105,678 4 70,703 3 49 PROFESSIONAL FEES 92,493 3 65,521 3 41 OTHER 168,928 6 147,770 7 14 --------- ---------- ---------- ----------- ---------- TOTAL NON-INTEREST EXPENSES 2,160,717 78 1,715,817 83 26 --------- ---------- ---------- ----------- ---------- EARNINGS BEFORE INCOME TAXES 597,280 22 361,105 17 65 INCOME TAX EXPENSE 250,041 9 139,664 6 79 --------- ---------- ---------- ----------- ---------- NET EARNINGS $ 347,239 13% $ 221,441 11% 57% --------- ---------- ---------- ----------- ---------- PREFERRED STOCK DIVIDENDS $ 1,436 $ 1,365 --------- --------- NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $ 345,803 $ 220,076 --------- --------- EARNINGS PER COMMON SHARE(B): PRIMARY $ 1.53 $ 0.99 --------- ---------- FULLY DILUTED $ 1.53 $ 0.98 --------- ---------- AVERAGE SHARES(B): PRIMARY 225,567 223,384 --------- ---------- FULLY DILUTED 225,567 225,058 --------- ----------
(A) - REVENUES AND INTEREST EXPENSE ARE PRESENTED AS A PERCENTAGE OF TOTAL REVENUES. NON-INTEREST EXPENSES AND EARNINGS ARE PRESENTED AS A PERCENTAGE OF NET REVENUES. (B) - ALL SHARE AND PER SHARE AMOUNTS HAVE BEEN RESTATED FOR THE TWO-FOR-ONE COMMON STOCK SPLIT, EFFECTED IN THE FORM OF A 100% STOCK DIVIDEND, PAID ON NOVEMBER 24, 1993. -6- EXHIBIT 99
MERRILL LYNCH & CO., INC. -------------------------- PRELIMINARY UNAUDITED EARNINGS SUMMARY -------------------------------------- FOR THE YEAR ENDED ------------------------------------------------------ PERCENT OF DOLLAR (IN THOUSANDS, PERCENT PERCENT CHANGE EXCEPT PER SHARE AMOUNTS) DEC. 31, OF DEC. 25, OF INCREASE 1993 REVENUES(A) 1992 REVENUES(A) (DECREASE) ----------- --------- --------- --------- ---------- (53 WEEKS) (52 WEEKS) REVENUES: COMMISSIONS $ 2,894,228 17% $ 2,422,084 18% 19% INTEREST AND DIVIDENDS 7,099,155 43 5,806,710 43 22 PRINCIPAL TRANSACTIONS 2,920,439 18 2,165,725 16 35 INVESTMENT BANKING 1,831,253 11 1,484,067 11 23 ASSET MANAGEMENT AND PORTFOLIO SERVICE FEES 1,557,778 9 1,252,829 10 24 OTHER 285,324 2 281,253 2 1 ----------- --------- ---------- --------- ---------- TOTAL REVENUES 16,588,177 100 13,412,668 100 24 INTEREST EXPENSE 6,029,947 36 4,835,267 36 25 ----------- --------- ---------- --------- ---------- NET REVENUES 10,558,230 64 8,577,401 64 23 ----------- --------- ---------- --------- ---------- NON-INTEREST EXPENSES: COMPENSATION AND BENEFITS 5,255,258 50 4,364,454 51 20 OCCUPANCY 572,936 5 477,754 6 20 COMMUNICATIONS AND EQUIPMENT RENTAL 385,809 4 366,161 4 5 DEPRECIATION AND AMORTIZATION 308,499 3 281,228 3 10 BROKERAGE, CLEARING AND EXCHANGE FEES 280,712 2 277,166 3 1 ADVERTISING AND MARKET DEVELOPMENT 376,881 4 301,146 4 25 PROFESSIONAL FEES 290,324 3 256,887 3 13 OTHER 663,003 6 631,216 7 5 ----------- --------- ---------- --------- ---------- TOTAL NON-INTEREST EXPENSES 8,133,422 77 6,956,012 81 17 ----------- --------- --------- --------- ---------- EARNINGS BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES 2,424,808 23 1,621,389 19 50 INCOME TAX EXPENSE 1,030,449 10 668,984 8 54 ---------- --------- --------- --------- ---------- EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES 1,394,359 13 952,405 11 46 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES, (NET OF APPLICABLE INCOME TAXES) (B) (35,420) -- (58,580) (1) N/M ---------- --------- --------- --------- ---------- NET EARNINGS $1,358,939 13% $ 893,825 10% 52% ---------- --------- --------- --------- ---------- PREFERRED STOCK DIVIDENDS $ 5,381 $ 6,339 ---------- --------- NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $1,353,558 $ 887,486 ---------- --------- EARNINGS PER COMMON SHARE(C): PRIMARY: EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES $ 6.14 $ 4.18 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES (B) (0.16) (0.26) ----------- ----------- NET EARNINGS $ 5.98 $ 3.92 ----------- ----------- FULLY DILUTED: EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES $ 6.11 $ 4.17 CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES(B) (0.16) (0.26) ----------- ----------- NET EARNINGS $ 5.95 $ 3.91 ----------- ----------- AVERAGE SHARES(C): PRIMARY 226,331 226,402 ----------- ----------- FULLY DILUTED 227,480 226,854 ----------- -----------
(A) - REVENUES AND INTEREST EXPENSE ARE PRESENTED AS A PERCENTAGE OF TOTAL REVENUES. NON-INTEREST EXPENSES, CUMULATIVE EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES AND EARNINGS ARE PRESENTED AS A PERCENTAGE OF NET REVENUES. (B) - 1993 RESULTS REFLECT THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 112. 1992 RESULTS REFLECT THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NOS. 106 AND 109. (C) - ALL SHARE AND PER SHARE AMOUNTS HAVE BEEN RESTATED FOR THE TWO-FOR-ONE COMMON STOCK SPLIT, EFFECTED IN THE FORM OF A 100% STOCK DIVIDEND, PAID ON NOVEMBER 24, 1993. -7-