Exhibit 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
For Three Months Ended Percent Inc/(Dec)
December 26, September 26, December 27, 4Q97 vs. 4Q97 vs.
[In millions, except per share amounts] 1997 1997 1996 3Q97 4Q96
------------ ------------- ------------ -------- --------
Revenues:
Commissions $ 1,230 $ 1,244 $ 967 (1.1)% 27.2 %
Interest and Dividends 4,512 4,397 3,492 2.6 29.2
Principal Transactions 603 951 744 (36.6) (19.0)
Investment Banking 825 691 517 19.4 59.7
Asset Management and Portfolio Service Fees 751 722 601 4.1 25.1
Other 202 141 280 42.8 (28.2)
------------ ------------- ------------
Total Revenues 8,123 8,146 6,601 (0.3) 23.1
Interest Expense 4,255 4,153 3,219 2.5 32.2
------------ ------------- ------------
Net Revenues 3,868 3,993 3,382 (3.1) 14.4
------------ ------------- ------------
Non-Interest Expenses:
Compensation and Benefits 1,962 2,008 1,660 (2.3) 18.2
Communications and Equipment Rental 166 175 151 (5.2) 10.1
Occupancy 122 124 163 (1.4) (24.9)
Depreciation and Amortization 118 115 111 2.9 6.3
Professional Fees 206 211 160 (2.4) 29.0
Advertising and Market Development 153 145 150 5.5 1.6
Brokerage, Clearing, and Exchange Fees 138 137 103 0.3 34.1
Other 274 307 209 (10.7) 31.2
------------ ------------- ------------
Total Non-Interest Expenses 3,139 3,222 2,707 (2.6) 16.0
------------ ------------- ------------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 729 771 675 (5.5) 7.9
Income Tax Expense 250 266 230 (5.8) 8.7
Dividends on Preferred Securities Issued
by Subsidiaries 13 12 - - N/M
------------ ------------- ------------
Net Earnings $ 466 $ 493 $ 445 (5.5) 4.7
------------ ------------- ------------
------------ ------------- ------------
Preferred Stock Dividends $ 10 $ 9 $ 12 - (16.7)
------------ ------------- ------------
Net Earnings Applicable to Common
Stockholders $ 456 $ 484 $ 433 (5.6) 5.3
------------ ------------- ------------
------------ ------------- ------------
Earnings per Common Share (A)(B):
Basic $1.37 $1.46 $1.32 (6.2) 3.8
Diluted $1.17 $1.25 $1.14 (6.4) 2.6
Average Shares (A):
Basic 333.9 331.0 328.8 0.9 1.5
Diluted 390.8 387.6 378.9 0.8 3.1
(A) 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.
(B) Effective December 1997, basic and diluted earnings per share replaced the
primary and fully diluted calculations in accordance with Statement of
Financial Accounting Standards No. 128.
Note: Percentages are based on actual numbers before rounding.
7
Exhibit 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
For the Year Ended
[In millions, except per share amounts] December 26, December 27, Percent
1997 1996 Inc / (Dec)
------------ ------------ -----------
Revenues:
Commissions $ 4,667 $ 3,786 23.3 %
Interest and Dividends 17,087 12,899 32.5
Principal Transactions 3,769 3,454 9.1
Investment Banking 2,749 1,945 41.3
Asset Management and Portfolio Service
Fees 2,789 2,261 23.3
Other 670 666 0.6
------------ ------------
Total Revenues 31,731 25,011 26.9
Interest Expense 16,062 11,895 35.0
------------ ------------
Net Revenues 15,669 13,116 19.5
------------ ------------
Non-Interest Expenses:
Compensation and Benefits 7,962 6,704 18.8
Communications and Equipment Rental 669 559 19.6
Occupancy 491 508 (3.5)
Depreciation and Amortization 446 411 8.5
Professional Fees 813 582 39.6
Advertising and Market Development 597 514 16.3
Brokerage, Clearing, and Exchange Fees 505 413 22.1
Other 1,136 859 32.3
------------ ------------
Total Non-Interest Expenses 12,619 10,550 19.6
------------ ------------
Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by
Subsidiaries 3,050 2,566 18.9
Income Tax Expense 1,097 947 15.7
Dividends on Preferred Securities Issued
by Subsidiaries 47 - N/M
------------ ------------
Net Earnings $ 1,906 $ 1,619 17.8
------------ ------------
------------ ------------
Preferred Stock Dividends $ 39 $ 47 (15.1)
------------ ------------
Net Earnings Applicable to Common
Stockholders $ 1,867 $ 1,572 18.7
------------ ------------
------------ ------------
Earnings per Common Share (A)(B):
Basic $5.63 $4.65 21.1
Diluted $4.83 $4.11 17.5
Average Shares (A):
Basic 331.5 337.8 (1.9)
Diluted 386.7 382.3 1.2
(A) 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.
(B) Effective December 1997, basic and diluted earnings per share replaced the
primary and fully diluted calculations in accordance with Statement of
Financial Accounting Standards No. 128.
Note: Percentages are based on actual numbers before rounding.
8