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) SEPT. 30, OF SEPT. 24, OF INCREASE 1994 REVENUES (A) 1993 REVENUES (A) (DECREASE) -------------- ----------- ------------- ----------- ---------- REVENUES: COMMISSIONS $ 673,551 15 % $ 696,036 17 % (3)% INTEREST AND DIVIDENDS 2,438,760 54 1,765,784 43 38 PRINCIPAL TRANSACTIONS 653,691 14 740,539 18 (12) INVESTMENT BANKING 245,489 5 452,165 11 (46) ASSET MANAGEMENT AND PORTFOLIO SERVICE FEES 431,374 10 396,458 9 9 OTHER 87,358 2 89,066 2 (2) -------------- ----------- ------------- ----------- ---------- TOTAL REVENUES 4,530,223 100 4,140,048 100 9 INTEREST EXPENSE 2,227,978 49 1,506,428 36 48 -------------- ----------- ------------- ----------- ---------- NET REVENUES 2,302,245 51 2,633,620 64 (13) -------------- ----------- ------------- ----------- ---------- NON-INTEREST EXPENSES: COMPENSATION AND BENEFITS 1,179,031 51 1,296,829 49 (9) OCCUPANCY 106,366 5 116,862 4 (9) COMMUNICATIONS AND EQUIPMENT RENTAL 110,945 5 98,140 4 13 DEPRECIATION AND AMORTIZATION 83,301 4 73,780 3 13 ADVERTISING AND MARKET DEVELOPMENT 96,321 4 98,900 4 (3) PROFESSIONAL FEES 88,799 4 70,807 3 25 BROKERAGE, CLEARING, AND EXCHANGE FEES 82,690 3 68,283 3 21 OTHER 165,270 7 167,720 6 (1) -------------- ----------- ------------- ----------- ---------- TOTAL NON-INTEREST EXPENSES 1,912,723 83 1,991,321 76 (4) -------------- ----------- ------------- ----------- ---------- EARNINGS BEFORE INCOME TAXES 389,522 17 642,299 24 (39) INCOME TAX EXPENSE 157,943 7 282,612 10 (44) -------------- ----------- ------------- ----------- ---------- NET EARNINGS $ 231,579 10 % $ 359,687 14 % (36)% ============== =========== ============= =========== ========== PREFERRED STOCK DIVIDENDS $ 1,718 $ 1,271 ============== ============= NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $ 229,861 $ 358,416 ============== ============= EARNINGS PER COMMON SHARE (B): PRIMARY $ 1.10 $ 1.57 ============== ============= FULLY DILUTED $ 1.10 $ 1.56 ============== ============= AVERAGE SHARES (B): PRIMARY 209,030 228,380 ============== ============= FULLY DILUTED 209,030 229,619 ============== =============
(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. MERRILL LYNCH & CO., INC. -------------------------------------- PRELIMINARY UNAUDITED EARNINGS SUMMARY --------------------------------------
FOR THE NINE MONTHS ENDED ---------------------------------------------------------------- PERCENT OF DOLLAR (IN THOUSANDS, PERCENT PERCENT CHANGE EXCEPT PER SHARE AMOUNTS) SEPT. 30, OF SEPT. 24, OF INCREASE 1994 REVENUES (A) 1993 REVENUES (A) (DECREASE) ------------ ------------ ------------ ------------- ----------- REVENUES: COMMISSIONS $ 2,232,328 16 % $ 2,088,553 17 % 7 % INTEREST AND DIVIDENDS 6,955,987 51 5,056,186 42 38 PRINCIPAL TRANSACTIONS 1,881,235 14 2,245,392 19 (16) INVESTMENT BANKING 1,011,890 7 1,311,367 11 (23) ASSET MANAGEMENT AND PORTFOLIO SERVICE FEES 1,307,532 9 1,139,007 9 15 OTHER 360,362 3 221,536 2 63 ----------- ------- ----------- ------- ------ TOTAL REVENUES 13,749,334 100 12,062,041 100 14 INTEREST EXPENSE 6,217,542 45 4,261,808 35 46 ----------- ------- ----------- ------- ------ NET REVENUES 7,531,792 55 7,800,233 65 (3) ----------- ------- ----------- ------- ------ NON-INTEREST EXPENSES: COMPENSATION AND BENEFITS 3,825,998 51 3,840,423 49 -- OCCUPANCY 327,948 4 456,634 6 (28) COMMUNICATIONS AND EQUIPMENT RENTAL 322,391 4 286,052 4 13 DEPRECIATION AND AMORTIZATION 238,067 3 216,819 3 10 ADVERTISING AND MARKET DEVELOPMENT 294,071 4 271,203 3 8 PROFESSIONAL FEES 270,101 4 197,831 3 37 BROKERAGE, CLEARING, AND EXCHANGE FEES 256,645 3 209,668 3 22 OTHER 522,179 7 494,075 6 6 ----------- ------- ----------- ------- ------ TOTAL NON-INTEREST EXPENSES 6,057,400 80 5,972,705 77 1 ----------- ------- ----------- ------- ------ EARNINGS BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 1,474,392 20 1,827,528 23 (19) INCOME TAX EXPENSE 619,245 9 780,408 10 (21) ----------- ------- ----------- ------- ------ EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 855,147 11 1,047,120 13 (18) CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, (NET OF APPLICABLE INCOME TAXES) (B) -- -- (35,420) -- N/M ----------- ------- ----------- ------- ------ NET EARNINGS $ 855,147 11 % $ 1,011,700 13 % (15)% =========== ======= =========== ======= ====== PREFERRED STOCK DIVIDENDS $ 4,594 $ 3,945 =========== =========== NET EARNINGS APPLICABLE TO COMMON STOCKHOLDERS $ 850,553 $ 1,007,755 =========== =========== EARNINGS PER COMMON SHARE (C): PRIMARY: EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $ 3.98 $ 4.61 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (B) -- (0.16) ----------- ----------- NET EARNINGS $ 3.98 $ 4.45 =========== =========== FULLY DILUTED: EARNINGS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $ 3.97 $ 4.58 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (B) -- (0.16) ----------- ----------- NET EARNINGS $ 3.97 $ 4.42 =========== =========== AVERAGE SHARES (C): PRIMARY 213,935 226,635 =========== =========== FULLY DILUTED 214,050 228,144 =========== ===========
(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.