Exhibit 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
For Three Months Ended Increase / (Decrease)
September 26, June 27, September 27, 3Q97 Versus
[In millions, except per share amounts] 1997 1997 1996 2Q97 3Q96
------------- ------------ ------------- -------------- ----------
Revenues:
Commissions $ 1,244 $ 1,078 $ 860 15.4% 44.7%
Interest and Dividends 4,397 4,330 3,357 1.6 31.0
Principal Transactions 951 1,151 818 (17.4) 16.2
Investment Banking 691 625 471 10.5 46.7
Asset Management and Portfolio Service Fees 722 670 570 7.7 26.6
Other 141 157 125 (10.0) 13.0
------------- ------------ -------------- ------------ ----------
Total Revenues 8,146 8,011 6,201 1.7 31.4
Interest Expense 4,153 4,044 3,108 2.7 33.6
------------- ------------ -------------- ------------ ----------
Net Revenues 3,993 3,967 3,093 0.7 29.1
------------- ------------ -------------- ------------ ----------
Non-Interest Expenses:
Compensation and Benefits 2,008 2,004 1,612 0.2 24.6
Communications and Equipment Rental 175 170 141 2.9 24.1
Occupancy 124 124 116 (0.2) 6.6
Depreciation and Amortization 115 108 104 6.5 10.9
Professional Fees 211 197 152 7.2 39.2
Advertising and Market Development 145 156 125 (7.2) 15.9
Brokerage, Clearing, and Exchange Fees 137 112 103 22.9 32.9
Other 307 312 218 (1.6) 40.5
------------- ------------ -------------- ------------ ----------
Total Non-Interest Expenses 3,222 3,183 2,571 1.3 25.3
------------- ------------ -------------- ------------ ----------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 771 784 522 (1.7) 47.7
Income Tax Expense 266 290 191 (8.5) 38.8
Dividends on Preferred Securities Issued
by Subsidiaries 12 13 - (2.9) N/M
------------- ------------ -------------- ------------ ----------
Net Earnings $ 493 $ 481 $ 331 2.4 49.0
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------------- ------------ -------------- ------------ ----------
Preferred Stock Dividends $ 9 $ 9 $ 12 - (17.1)
------------- ------------ -------------- ------------ ----------
Net Earnings Applicable to Common
Stockholders $ 484 $ 472 $ 319 2.5 51.4
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Earnings per Common Share (A):
Primary $1.25 $1.24 $0.84 0.8 48.8
Fully Diluted $1.24 $1.23 $0.84 0.8 47.6
Average Shares (A):
Primary 387.6 379.4 378.4 2.2 2.4
Fully Diluted 389.7 384.4 381.3 1.4 2.2
(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 Nine Months Ended
September 26, September 27,
[In millions, except per share amounts] 1997 1996 Inc / (Dec)
--------------- -------------- -------------
Revenues:
Commissions $ 3,437 $ 2,819 21.9%
Interest and Dividends 12,575 9,407 33.7
Principal Transactions 3,166 2,709 16.8
Investment Banking 1,924 1,428 34.7
Asset Management and Portfolio Service Fees 2,038 1,661 22.7
Other 468 386 21.4
-------------- -------------- ------------
Total Revenues 23,608 18,410 28.2
Interest Expense 11,807 8,675 36.1
-------------- -------------- ------------
Net Revenues 11,801 9,735 21.2
-------------- -------------- ------------
Non-Interest Expenses:
Compensation and Benefits 6,000 5,044 19.0
Communications and Equipment Rental 503 409 23.1
Occupancy 368 345 6.7
Depreciation and Amortization 328 300 9.3
Professional Fees 606 422 43.5
Advertising and Market Development 445 364 22.3
Brokerage, Clearing, and Exchange Fees 367 310 18.2
Other 862 650 32.7
-------------- -------------- ------------
Total Non-Interest Expenses 9,479 7,844 20.9
-------------- -------------- ------------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 2,322 1,891 22.8
Income Tax Expense 847 717 18.0
Dividends on Preferred Securities Issued
by Subsidiaries 35 - N/M
-------------- -------------- ------------
Net Earnings $ 1,440 $ 1,174 22.7
-------------- -------------- ------------
-------------- -------------- ------------
Preferred Stock Dividends $ 30 $ 35 (14.5)
-------------- -------------- ------------
Net Earnings Applicable to Common
Stockholders $ 1,410 $ 1,139 23.8
-------------- -------------- ------------
-------------- -------------- ------------
Earnings per Common Share (A):
Primary $3.66 $2.96 23.6
Fully Diluted $3.62 $2.95 22.7
Average Shares (A):
Primary 385.4 385.3 -
Fully Diluted 389.5 386.5 0.8
(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