Exhibit 99(i)
MERRILL LYNCH & CO., INC.
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PRELIMINARY UNAUDITED EARNINGS SUMMARY
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FOR THE THREE MONTHS ENDED PERCENT OF
------------------------------------------------------ DOLLAR
(IN THOUSANDS, PERCENT PERCENT CHANGE
EXCEPT PER SHARE AMOUNTS) APR. 1, OF MAR. 26, OF INCREASE
1994 REVENUES(A) 1993 REVENUES(A) (DECREASE)
---------- ------------ ---------- ----------- ----------
(13 WEEKS) (13 WEEKS)
REVENUES:
COMMISSIONS $ 868,244 18% $ 721,740 18% 20%
INTEREST AND DIVIDENDS 2,199,536 47 1,602,455 41 37
PRINCIPAL TRANSACTIONS 666,677 14 761,440 19 (12)
INVESTMENT BANKING 444,395 9 445,356 11 --
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 444,228 9 360,823 9 23
OTHER 115,731 3 67,170 2 72
---------- -------- ---------- --------- ---------
TOTAL REVENUES 4,738,811 100 3,958,984 100 20
INTEREST EXPENSE 1,906,983 40 1,346,868 34 42
---------- -------- ---------- --------- ---------
NET REVENUES 2,831,828 60 2,612,116 66 8
---------- -------- ---------- --------- ---------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,430,517 51 1,264,292 48 13
OCCUPANCY 113,008 4 223,311 8 (49)
COMMUNICATIONS AND EQUIPMENT RENTAL 103,524 4 93,792 4 10
DEPRECIATION AND AMORTIZATION 74,171 3 69,898 3 6
ADVERTISING AND MARKET DEVELOPMENT 98,605 3 81,053 3 22
PROFESSIONAL FEES 94,077 3 60,202 2 56
BROKERAGE, CLEARING AND EXCHANGE FEES 86,490 3 70,099 3 23
OTHER 179,228 6 159,148 6 13
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TOTAL NON-INTEREST EXPENSES 2,179,620 77 2,021,795 77 8
---------- -------- ---------- --------- ---------
EARNINGS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 652,208 23 590,321 23 10
INCOME TAX EXPENSE 280,449 10 247,935 10 13
---------- -------- ---------- --------- ---------
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 371,759 13 342,386 13 9
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE, (NET OF
APPLICABLE INCOME TAXES) (B) -- -- (35,420) (1) N/M
---------- -------- ---------- --------- ---------
NET EARNINGS $ 371,759 13% $ 306,966 12% 21%
========== ======== ========== ======== ========
PREFERRED STOCK DIVIDENDS $ 1,336 $ 1,396
========== ==========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 370,423 $ 305,570
========== ==========
EARNINGS PER COMMON SHARE (C):
PRIMARY:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 1.68 $ 1.51
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
---------- ----------
NET EARNINGS $ 1.68 $ 1.35
========== ==========
FULLY DILUTED:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 1.68 $ 1.51
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
---------- ----------
NET EARNINGS $ 1.68 $ 1.35
========== ==========
AVERAGE SHARES (C):
PRIMARY 220,633 225,914
========== ==========
FULLY DILUTED 220,633 225,914
========== ==========
(A) - REVENUES AND INTEREST EXPENSE ARE PRESENTED AS A PERCENTAGE OF TOTAL
REVENUES. NON-INTEREST EXPENSES, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE AND EARNINGS ARE PRESENTED AS A PERCENTAGE OF NET
REVENUES.
(B) - 1993 RESULTS REFLECT THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING
STANDARDS NO. 112.
(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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