EXHIBIT 99 (i)
MERRILL LYNCH & CO., INC.
-------------------------
PRELIMINARY UNAUDITED EARNINGS SUMMARY
--------------------------------------
FOR THE THREE MONTHS ENDED
--------------------------
Q2 95 vs Q2 95 vs
Q1 95 Q2 94
(IN THOUSANDS, JUNE 30, MARCH 31, JULY 1, PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) 1995 1995 1994 INC (DEC) INC (DEC)
------------ ------------ ------------ --------- ---------
REVENUES:
COMMISSIONS $ 765,012 $ 685,295 $ 690,533 12 % 11 %
INTEREST AND DIVIDENDS 3,295,255 3,029,519 2,317,691 9 42
PRINCIPAL TRANSACTIONS 614,677 674,756 560,867 (9) 10
INVESTMENT BANKING 335,346 248,497 322,006 35 4
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 464,495 448,437 431,930 4 8
OTHER 110,209 117,373 157,273 (6) (30)
------------ ------------ ------------ --- ---
TOTAL REVENUES 5,584,994 5,203,877 4,480,300 7 25
INTEREST EXPENSE 3,035,802 2,783,392 2,082,581 9 46
------------ ------------ ------------ --- ---
NET REVENUES 2,549,192 2,420,485 2,397,719 5 6
------------ ------------ ------------ --- ---
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,308,755 1,269,888 1,216,450 3 8
OCCUPANCY 109,473 109,889 108,574 -- 1
COMMUNICATIONS AND EQUIPMENT RENTAL 116,854 111,737 107,922 5 8
DEPRECIATION AND AMORTIZATION 88,638 85,999 80,595 3 10
ADVERTISING AND MARKET DEVELOPMENT 95,942 86,311 99,145 11 (3)
PROFESSIONAL FEES 105,448 98,830 87,225 7 21
BROKERAGE, CLEARING, AND EXCHANGE
FEES 93,888 83,845 87,465 12 7
OTHER 165,894 195,194 177,681 (15) (7)
------------ ------------ ------------ --- ---
TOTAL NON-INTEREST EXPENSES 2,084,892 2,041,693 1,965,057 2 6
------------ ------------ ------------ --- ---
EARNINGS BEFORE INCOME TAXES 464,300 378,792 432,662 23 7
INCOME TAX EXPENSE 181,504 151,517 180,853 20 --
------------ ------------ ------------ --- ---
NET EARNINGS $ 282,796 $ 227,275 $ 251,809 24 % 12 %
============ ============ ============ === ===
PREFERRED STOCK DIVIDENDS $ 11,913 $ 11,941 $ 1,539 -- N/M
============ ============ ============ === ===
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 270,883 $ 215,334 $ 250,270 26 % 8 %
============ ============ ============ === ===
EARNINGS PER COMMON SHARE:
PRIMARY $ 1.40 $ 1.08 $ 1.18 30 % 19 %
============ ============ ============ === ===
FULLY DILUTED $ 1.39 $ 1.08 $ 1.18 29 % 18 %
============ ============ ============ === ===
AVERAGE SHARES:
PRIMARY 193,267 199,178 212,489
============ ============ ============
FULLY DILUTED 195,159 199,178 212,489
============ ============ ============
5
EXHIBIT 99 (i)
(continued)
MERRILL LYNCH & CO., INC.
-------------------------
PRELIMINARY UNAUDITED EARNINGS SUMMARY
--------------------------------------
FOR THE SIX MONTHS ENDED
------------------------
(IN THOUSANDS, PERCENT PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) JUNE 30, OF JULY 1, OF INCREASE
1995 REVENUES(A) 1994 REVENUES(A) (DECREASE)
----------- -------- ------------ -------- ----------
REVENUES:
COMMISSIONS $ 1,450,307 13 % $ 1,558,777 17 % (7)%
INTEREST AND DIVIDENDS 6,324,774 59 4,517,227 49 40
PRINCIPAL TRANSACTIONS 1,289,433 12 1,227,544 13 5
INVESTMENT BANKING 583,843 5 766,401 8 (24)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 912,932 9 876,158 10 4
OTHER 227,582 2 273,004 3 (17)
----------- --- ------------ --- ---
TOTAL REVENUES 10,788,871 100 9,219,111 100 17
INTEREST EXPENSE 5,819,194 54 3,989,564 43 46
----------- --- ------------ --- ---
NET REVENUES 4,969,677 46 5,229,547 57 (5)
----------- --- ------------ --- ---
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 2,578,643 52 2,646,967 51 (3)
OCCUPANCY 219,362 4 221,582 4 (1)
COMMUNICATIONS AND EQUIPMENT RENTAL 228,591 5 211,446 4 8
DEPRECIATION AND AMORTIZATION 174,637 3 154,766 3 13
ADVERTISING AND MARKET DEVELOPMENT 182,253 4 197,750 4 (8)
PROFESSIONAL FEES 204,278 4 181,302 3 13
BROKERAGE, CLEARING, AND EXCHANGE
FEES 177,733 4 173,955 3 2
OTHER 361,088 7 356,909 7 1
----------- --- ------------ --- ---
TOTAL NON-INTEREST EXPENSES 4,126,585 83 4,144,677 79 --
----------- --- ------------ --- ---
EARNINGS BEFORE INCOME TAXES 843,092 17 1,084,870 21 (22)
INCOME TAX EXPENSE 333,021 7 461,302 9 (28)
----------- --- ------------ --- ---
NET EARNINGS $ 510,071 10 % $ 623,568 12 % (18)%
=========== === ============ === ===
PREFERRED STOCK DIVIDENDS $ 23,854 $ 2,875 N/M
=========== ============ ===
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 486,217 $ 620,693 (22)%
=========== ============ ===
EARNINGS PER COMMON SHARE:
PRIMARY $ 2.48 $ 2.87 (14)%
=========== ============ ===
FULLY DILUTED $ 2.46 $ 2.87 (14)%
=========== ============ ===
AVERAGE SHARES:
PRIMARY 196,223 216,561
=========== ============
FULLY DILUTED 197,537 216,561
=========== ============
(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.
6