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.
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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.
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