Exhibit 99(i) 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) 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 ---------- -------- ---------- --------- --------- 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. -5-