Exhibit 99(i)
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For Three Months Ended Increase / (Decrease)
June 27, March 28, June 28, 2Q97 Versus
[In millions, except per share amounts] 1997 1997 1996 1Q97 2Q96
----------- ----------- ----------- ----------- ---------
Revenues:
Commissions $1,078 $1,115 $ 970 (3.3)% 11.2%
Interest and Dividends 4,330 3,848 3,040 12.5 42.4
Principal Transactions 1,151 1,063 908 8.2 26.7
Investment Banking 625 608 580 2.8 7.8
Asset Management and Portfolio Service Fees 670 646 553 3.7 21.2
Other 157 171 139 (8.2) 12.8
------ ------ ------ ------ ------
Total Revenues 8,011 7,451 6,190 7.5 29.4
Interest Expense 4,044 3,610 2,810 12.0 43.9
------ ------ ------ ------ ------
Net Revenues 3,967 3,841 3,380 3.3 17.3
------ ------ ------ ------ ------
Non-Interest Expenses:
Compensation and Benefits 2,004 1,988 1,741 0.8 15.1
Communications and Equipment Rental 170 158 137 7.8 24.2
Occupancy 124 120 113 3.4 9.8
Depreciation and Amortization 108 105 98 2.5 9.7
Professional Fees 197 198 140 (0.1) 40.6
Advertising and Market Development 156 144 124 7.9 25.3
Brokerage, Clearing, and Exchange Fees 112 118 101 (5.2) 10.7
Other 312 244 228 27.8 36.9
------ ------ ------ ------ ------
Total Non-Interest Expenses 3,183 3,075 2,682 3.5 18.6
------ ------ ------ ------ ------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 784 766 698 2.4 12.4
Income Tax Expense 290 291 265 (0.4) 9.7
Dividends on Preferred Securities Issued
by Subsidiaries 13 10 -- 30.1 N/M
------ ------ ------ ------ ------
Net Earnings $ 481 $ 465 $ 433 3.5 11.1
====== ====== ====== ====== ======
Preferred Stock Dividends $ 9 $ 10 $ 11 (8.9) (16.9)
------ ------ ------ ------ ------
Net Earnings Applicable to Common
Stockholders $ 472 $ 455 $ 422 3.8 11.9
====== ====== ====== ====== ======
Earnings per Common Share (A):
Primary $1.24 $1.17 $1.09 6.0 13.8
Fully Diluted $1.23 $1.17 $1.09 5.1 12.8
Average Shares (A):
Primary 379.4 389.1 385.9 (2.5) (1.7)
Fully Diluted 384.4 389.1 385.9 (1.2) (0.4)
(A) 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
May 30, 1997.
Note: Percentages are based on actual numbers before rounding.
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Exhibit 99(i)
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For Six Months Ended
June 27, June 28,
[In millions, except per share amounts] 1997 1996 Inc / (Dec)
--------- ---------- -----------
Revenues:
Commissions $ 2,193 $ 1,959 11.9%
Interest and Dividends 8,178 6,050 35.2
Principal Transactions 2,215 1,891 17.1
Investment Banking 1,233 958 28.8
Asset Management and Portfolio Service Fees 1,316 1,090 20.7
Other 327 261 25.5
------- ------- -------
Total Revenues 15,462 12,209 26.6
Interest Expense 7,654 5,568 37.5
------- ------- -------
Net Revenues 7,808 6,641 17.6
------- ------- -------
Non-Interest Expenses:
Compensation and Benefits 3,991 3,432 16.3
Communications and Equipment Rental 328 268 22.5
Occupancy 244 229 6.7
Depreciation and Amortization 213 196 8.5
Professional Fees 395 270 45.9
Advertising and Market Development 300 239 25.7
Brokerage, Clearing, and Exchange Fees 230 207 10.8
Other 556 431 28.8
------- ------- -------
Total Non-Interest Expenses 6,257 5,272 18.7
------- ------- -------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 1,551 1,369 13.3
Income Tax Expense 581 526 10.5
Dividends on Preferred Securities Issued
by Subsidiaries 23 -- N/M
------- ------- -------
Net Earnings $ 947 $ 843 12.3
======= ======= =======
Preferred Stock Dividends $ 20 $ 23 (13.3)
------- ------- -------
Net Earnings Applicable to Common
Stockholders $ 927 $ 820 13.1
======= ======= =======
Earnings per Common Share (A):
Primary $ 2.41 $ 2.11 14.2
Fully Diluted $ 2.40 $ 2.11 13.7
Average Shares (A):
Primary 384.2 388.7 (1.1)
Fully Diluted 386.8 389.2 (0.6)
(A) 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
May 30, 1997.
Note: Percentages are based on actual numbers before rounding.
7