MERRILL LYNCH & CO., INC. Exhibit 99(i)
PRELIMINARY UNAUDITED EARNINGS SUMMARY
For the Three Months Ended Percent Inc / (Dec)
June 26, March 27, June 27, 2Q98 vs. 2Q98 vs.
[In millions, except per share amounts] 1998 1998 1997 1Q98 2Q97
-------- --------- -------- -------- --------
Revenues:
Commissions $ 1,386 $ 1,377 $ 1,078 0.7 % 28.6 %
Interest and Dividends 4,948 4,742 4,330 4.3 14.3
Principal Transactions 972 1,152 1,151 (15.6) (15.6)
Investment Banking 869 801 625 8.5 39.0
Asset Management and Portfolio Service Fees 1,022 970 670 5.3 52.5
Other 184 124 157 48.9 17.6
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Total Revenues 9,381 9,166 8,011 2.3 17.1
Interest Expense 4,672 4,564 4,044 2.4 15.5
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Net Revenues 4,709 4,602 3,967 2.3 18.7
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Non-Interest Expenses (A):
Compensation and Benefits 2,378 2,375 2,004 0.1 18.7
Communications and Technology 408 365 294 12.0 38.6
Occupancy and Related Depreciation 207 192 174 7.8 19.1
Professional Fees 151 165 131 (8.6) 15.5
Advertising and Market Development 195 172 156 13.0 25.1
Brokerage, Clearing, and Exchange Fees 161 150 112 7.7 44.4
Goodwill Amortization 56 55 16 0.5 N/M
Other 246 254 296 (3.1) (16.8)
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Total Non-Interest Expenses 3,802 3,728 3,183 2.0 19.5
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Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 907 874 784 3.8 15.6
Income Tax Expense 336 332 290 1.0 15.7
Dividends on Preferred Securities Issued
by Subsidiaries 26 24 13 13.4 106.3
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Net Earnings $ 545 $ 518 $ 481 5.1 13.1
======= ======= ======
Preferred Stock Dividends $ 10 $ 9 $ 9 -- --
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Net Earnings Applicable to Common
Stockholders $ 535 $ 509 $ 472 5.2 13.4
======= ======= ======
Earnings per Common Share:
Basic $ 1.55 $ 1.49 $ 1.43 4.0 8.4
Diluted $ 1.33 $ 1.30 $ 1.25 2.3 6.4
Average Shares:
Basic 346.3 340.6 329.9 1.7 5.0
Diluted 402.0 390.9 378.9 2.8 6.1
(A) Certain prior period non-interest expenses have been reclassified to
conform to the current period presentation.
Note: Percentages are based on actual numbers before rounding.
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MERRILL LYNCH & CO., INC. Exhibit 99(i)
PRELIMINARY UNAUDITED EARNINGS SUMMARY
For the Six Months Ended
June 26, June 27, Percent
[In millions, except per share amounts] 1998 1997 Inc/(Dec)
-------- -------- ---------
Revenues:
Commissions $ 2,763 $ 2,193 26.0 %
Interest and Dividends 9,690 8,178 18.5
Principal Transactions 2,123 2,215 (4.1)
Investment Banking 1,670 1,233 35.4
Asset Management and Portfolio Service Fees 1,993 1,316 51.4
Other 308 327 (5.9)
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Total Revenues 18,547 15,462 20.0
Interest Expense 9,236 7,654 20.7
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Net Revenues 9,311 7,808 19.3
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Non-Interest Expenses (A):
Compensation and Benefits 4,753 3,991 19.1
Communications and Technology 773 571 35.2
Occupancy and Related Depreciation 399 344 16.2
Professional Fees 316 265 19.5
Advertising and Market Development 367 300 22.4
Brokerage, Clearing, and Exchange Fees 311 230 35.5
Goodwill Amortization 111 31 N/M
Other 500 525 (4.8)
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Total Non-Interest Expenses 7,530 6,257 20.4
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Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 1,781 1,551 14.8
Income Tax Expense 668 581 14.9
Dividends on Preferred Securities Issued
by Subsidiaries 50 23 119.5
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Net Earnings $ 1,063 $ 947 12.3
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Preferred Stock Dividends $ 19 $ 20 (4.7)
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Net Earnings Applicable to Common
Stockholders $ 1,044 $ 927 12.6
======= =======
Earnings per Common Share:
Basic $ 3.04 $ 2.80 8.6
Diluted $ 2.63 $ 2.41 9.1
Average Shares:
Basic 343.4 330.5 3.9
Diluted 396.5 384.3 3.2
(A) Certain prior period non-interest expenses have been reclassified to
conform to the current period presentation.
Note: Percentages are based on actual numbers before rounding.
8