EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE THREE MONTHS ENDED
Q3 95 vs Q3 95 vs
Q2 95 Q3 94
(IN THOUSANDS, SEPT. 29, JUNE 30, SEPT. 30, PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) 1995 1995 1994 INC (DEC) INC (DEC)
------------ ------------ ------------ ---------- ----------
REVENUES:
COMMISSIONS $ 829,125 $ 765,012 $ 673,551 8 % 23 %
INTEREST AND DIVIDENDS 3,003,864 3,295,255 2,438,760 (9) 23
PRINCIPAL TRANSACTIONS 663,139 614,677 653,691 8 1
INVESTMENT BANKING 353,760 335,346 245,489 5 44
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 484,056 464,495 431,374 4 12
OTHER 97,202 110,209 87,358 (12) 11
------------ ------------ ------------ ---------- ----------
TOTAL REVENUES 5,431,146 5,584,994 4,530,223 (3) 20
INTEREST EXPENSE 2,748,708 3,035,802 2,227,978 (9) 23
------------ ------------ ------------ ---------- ----------
NET REVENUES 2,682,438 2,549,192 2,302,245 5 17
------------ ------------ ------------ ---------- ----------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,392,445 1,308,755 1,179,031 6 18
OCCUPANCY 113,461 109,473 106,366 4 7
COMMUNICATIONS AND EQUIPMENT RENTAL 122,474 116,854 110,945 5 10
DEPRECIATION AND AMORTIZATION 92,707 88,638 83,301 5 11
ADVERTISING AND MARKET DEVELOPMENT 102,012 95,942 96,321 6 6
PROFESSIONAL FEES 113,832 105,448 88,799 8 28
BROKERAGE, CLEARING, AND EXCHANGE FEES 88,663 93,888 82,690 (6) 7
OTHER 171,367 165,894 165,270 3 4
------------ ------------ ------------ ---------- ----------
TOTAL NON-INTEREST EXPENSES 2,196,961 2,084,892 1,912,723 5 15
------------ ------------ ------------ ---------- ----------
EARNINGS BEFORE INCOME TAXES 485,477 464,300 389,522 5 25
INCOME TAX EXPENSE 185,121 181,504 157,943 2 17
------------ ------------ ------------ ---------- ----------
NET EARNINGS $ 300,356 $ 282,796 $ 231,579 6 % 30 %
============ ============ ============ ========== ==========
PREFERRED STOCK DIVIDENDS $ 11,771 $ 11,913 $ 1,718 (1)% N/M
============ ============ ============ ========== ==========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 288,585 $ 270,883 $ 229,861 7 % 26 %
============ ============ ============ ========== ==========
EARNINGS PER COMMON SHARE:
PRIMARY $ 1.47 $ 1.40 $ 1.10 5 % 34 %
============ ============ ============ ========== ==========
FULLY DILUTED $ 1.46 $ 1.39 $ 1.10 5 % 33 %
============ ============ ============ ========== ==========
AVERAGE SHARES:
PRIMARY 196,395 193,267 209,030
=========== ============ ============
FULLY DILUTED 197,157 195,159 209,030
=========== ============ ============
EXHIBIT 99(i)
(continued)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE NINE MONTHS ENDED
(IN THOUSANDS, PERCENT PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) SEPT. 29, OF SEPT. 30, OF INCREASE
1995 REVENUES (A) 1994 REVENUES (A) (DECREASE)
------------ -------- ------------ -------- ----------
REVENUES:
COMMISSIONS $ 2,279,432 14 % $ 2,232,328 16 % 2 %
INTEREST AND DIVIDENDS 9,328,638 57 6,955,987 51 34
PRINCIPAL TRANSACTIONS 1,952,572 12 1,881,235 14 4
INVESTMENT BANKING 937,603 6 1,011,890 7 (7)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 1,396,988 9 1,307,532 9 7
OTHER 324,784 2 360,362 3 (10)
------------ -------- ------------ -------- ----------
TOTAL REVENUES 16,220,017 100 13,749,334 100 18
INTEREST EXPENSE 8,567,902 53 6,217,542 45 38
------------ -------- ------------ -------- ----------
NET REVENUES 7,652,115 47 7,531,792 55 2
------------ -------- ------------ -------- ----------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 3,971,088 52 3,825,998 51 4
OCCUPANCY 332,823 4 327,948 4 1
COMMUNICATIONS AND EQUIPMENT RENTAL 351,065 5 322,391 4 9
DEPRECIATION AND AMORTIZATION 267,344 4 238,067 3 12
ADVERTISING AND MARKET DEVELOPMENT 284,265 4 294,071 4 (3)
PROFESSIONAL FEES 318,110 4 270,101 4 18
BROKERAGE, CLEARING, AND EXCHANGE FEES 266,396 3 256,645 3 4
OTHER 532,455 7 522,179 7 2
------------ -------- ------------ -------- ----------
TOTAL NON-INTEREST EXPENSES 6,323,546 83 6,057,400 80 4
------------ -------- ------------ -------- ----------
EARNINGS BEFORE INCOME TAXES 1,328,569 17 1,474,392 20 (10)
INCOME TAX EXPENSE 518,142 6 619,245 9 (16)
------------ -------- ------------ -------- ----------
NET EARNINGS $ 810,427 11 % $ 855,147 11 % (5)%
============ ======== ============ ======== ==========
PREFERRED STOCK DIVIDENDS $ 35,625 $ 4,594 N/M
============ ============ ==========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 774,802 $ 850,553 (9)%
============ ============ ==========
EARNINGS PER COMMON SHARE:
PRIMARY $ 3.95 $ 3.98 (1)%
============ ============ ==========
FULLY DILUTED $ 3.90 $ 3.97 (2)%
============ ============ ==========
AVERAGE SHARES:
PRIMARY 196,280 213,935
============ ============
FULLY DILUTED 198,755 214,050
============ ============
(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.