Exhibit 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE THREE MONTHS ENDED PERCENT OF
---------------------------------------------------------------- DOLLAR
(IN THOUSANDS, PERCENT PERCENT CHANGE
EXCEPT PER SHARE AMOUNTS) DEC. 30, OF DEC. 31, OF INCREASE
1994 REVENUES (A) 1993 REVENUES (A) (DECREASE)
------------ -------- ----------- -------- ----------
(13 WEEKS) (14 WEEKS)
REVENUES:
COMMISSIONS $ 638,213 14 % $ 805,675 18 % (21)%
INTEREST AND DIVIDENDS 2,621,574 58 2,042,969 45 28
PRINCIPAL TRANSACTIONS 453,689 10 675,047 15 (33)
INVESTMENT BANKING 227,575 5 519,886 12 (56)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 431,920 10 418,771 9 3
OTHER 110,786 3 63,788 1 74
---------- ------ ----------- ------ -------
TOTAL REVENUES 4,483,757 100 4,526,136 100 (1)
INTEREST EXPENSE 2,391,028 53 1,768,139 39 35
---------- ------ ----------- ------ -------
NET REVENUES 2,092,729 47 2,757,997 61 (24)
---------- ------ ----------- ------ -------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,125,841 54 1,414,835 51 (20)
OCCUPANCY 108,220 5 116,302 4 (7)
COMMUNICATIONS AND EQUIPMENT RENTAL 109,823 5 99,757 4 10
DEPRECIATION AND AMORTIZATION 87,054 4 91,680 3 (5)
ADVERTISING AND MARKET DEVELOPMENT 80,548 4 105,678 4 (24)
PROFESSIONAL FEES 96,902 5 92,493 3 5
BROKERAGE, CLEARING, AND EXCHANGE FEES 80,867 4 71,044 3 14
OTHER 148,262 7 168,928 6 (12)
---------- ------ ----------- ------ -------
TOTAL NON-INTEREST EXPENSES 1,837,517 88 2,160,717 78 (15)
---------- ------ ----------- ------ -------
EARNINGS BEFORE INCOME TAXES 255,212 12 597,280 22 (57)
INCOME TAX EXPENSE 93,598 4 250,041 9 (63)
---------- ------ ----------- ------ -------
NET EARNINGS $ 161,614 8 % $ 347,239 13 % (53)%
========== ====== =========== ====== =======
PREFERRED STOCK DIVIDENDS $ 8,118 $ 1,436
========== ===========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 153,496 $ 345,803
========== ===========
EARNINGS PER COMMON SHARE (B):
PRIMARY $ 0.76 $ 1.53
========== ===========
FULLY DILUTED $ 0.75 $ 1.53
========== ===========
AVERAGE SHARES (B):
PRIMARY 203,157 225,567
========== ===========
FULLY DILUTED 203,618 225,567
========== ===========
(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.
(B) - 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 NOVEMBER 24, 1993.
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