EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE THREE MONTHS ENDED
-------------------------------------------------------
PERCENT OF
(IN MILLIONS, EXCEPT PERCENT PERCENT DOLLAR
PER SHARE AMOUNTS) DEC. 29, OF DEC. 30, OF CHANGE
1995 REVENUES(A) 1994 REVENUES(A) INCREASE
---------- ---------- -------- -------- --------
REVENUES:
COMMISSIONS $ 847 16 % $ 638 14 % 33 %
INTEREST AND DIVIDENDS 2,892 55 2,621 58 10
PRINCIPAL TRANSACTIONS 566 11 454 10 25
INVESTMENT BANKING 370 7 228 5 63
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 494 9 432 10 14
OTHER 124 2 111 3 12
--------- ---- ------- ---- ----
TOTAL REVENUES 5,293 100 4,484 100 18
INTEREST EXPENSE 2,680 51 2,391 53 12
--------- ---- ------- ---- ----
NET REVENUES 2,613 49 2,093 47 25
--------- ---- ------- ---- ----
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,299 50 1,126 54 15
OCCUPANCY 116 5 108 5 7
COMMUNICATIONS AND EQUIPMENT RENTAL 136 5 110 5 24
DEPRECIATION AND AMORTIZATION 100 4 87 4 14
ADVERTISING AND MARKET DEVELOPMENT 114 4 81 4 41
PROFESSIONAL FEES 107 4 97 5 10
BROKERAGE, CLEARING, AND EXCHANGE FEES 94 4 81 4 17
OTHER 165 6 148 7 11
--------- ---- ------- ---- ----
TOTAL NON-INTEREST EXPENSES 2,131 82 1,838 88 16
--------- ---- ------- ---- ----
EARNINGS BEFORE INCOME TAXES 482 18 255 12 89
INCOME TAX EXPENSE 179 6 93 4 91
--------- ---- ------- ---- ----
NET EARNINGS $ 303 12 % $ 162 8 % 88 %
========= ==== ======= ==== ====
PREFERRED STOCK DIVIDENDS $ 12 $ 8
========= =======
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 291 $ 154
========= ======
EARNINGS PER COMMON SHARE :
PRIMARY $ 1.49 $ 0.76
========= ======
FULLY DILUTED $ 1.49 $ 0.75
========= ======
AVERAGE SHARES:
PRIMARY 195.1 203.2
========= ======
FULLY DILUTED 195.1 203.6
========= ======
(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.
NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE YEAR ENDED
-------------------------------------------------------- PERCENT OF
DOLLAR
(IN MILLIONS, EXCEPT PERCENT PERCENT CHANGE
PER SHARE AMOUNTS) DEC. 29, OF DEC. 30, OF INCREASE
1995 REVENUES (A) 1994 REVENUES (A) (DECREASE)
----------- --------- -------- --------- -------------
REVENUES:
COMMISSIONS $ 3,126 14 % $ 2,871 16 % 9 %
INTEREST AND DIVIDENDS 12,221 57 9,578 52 28
PRINCIPAL TRANSACTIONS 2,519 12 2,335 13 8
INVESTMENT BANKING 1,308 6 1,240 7 5
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 1,890 9 1,739 9 9
OTHER 449 2 471 3 (5)
-------- ---- -------- ---- ----
TOTAL REVENUES 21,513 100 18,234 100 18
INTEREST EXPENSE 11,248 52 8,609 47 31
-------- ---- -------- ---- ----
NET REVENUES 10,265 48 9,625 53 7
-------- ---- -------- ---- ----
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 5,270 51 4,952 51 6
OCCUPANCY 449 4 436 5 3
COMMUNICATIONS AND EQUIPMENT RENTAL 487 5 432 4 13
DEPRECIATION AND AMORTIZATION 367 4 325 3 13
ADVERTISING AND MARKET DEVELOPMENT 398 4 375 4 6
PROFESSIONAL FEES 425 4 367 4 16
BROKERAGE, CLEARING, AND EXCHANGE FEES 361 3 338 4 7
OTHER 697 7 670 7 4
-------- ---- -------- ---- ----
TOTAL NON-INTEREST EXPENSES 8,454 82 7,895 82 7
-------- ---- -------- ---- ----
EARNINGS BEFORE INCOME TAXES 1,811 18 1,730 18 5
INCOME TAX EXPENSE 697 7 713 7 (2)
-------- ---- -------- ---- ----
NET EARNINGS $ 1,114 11 % $ 1,017 11 % 10 %
======== ==== ======== ==== ====
PREFERRED STOCK DIVIDENDS $ 48 $ 13
======== ========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 1,066 $ 1,004
======== ========
EARNINGS PER COMMON SHARE:
PRIMARY $ 5.44 $ 4.75
======== ========
FULLY DILUTED $ 5.42 $ 4.74
======== ========
AVERAGE SHARES:
PRIMARY 196.0 211.2
======== ========
FULLY DILUTED 196.7 211.7
======== ========
(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.
NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.