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.