Exhibit 99(ii)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
FOR THE YEAR 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)
----------- -------- ----------- ------- --------
(52 WEEKS) (53 WEEKS)
REVENUES:
COMMISSIONS $ 2,870,541 16 % $ 2,894,228 17 % (1)%
INTEREST AND DIVIDENDS 9,577,561 52 7,099,155 43 35
PRINCIPAL TRANSACTIONS 2,334,924 13 2,920,439 18 (20)
INVESTMENT BANKING 1,239,465 7 1,831,253 11 (32)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 1,739,452 9 1,557,778 9 12
OTHER 471,148 3 285,324 2 65
----------- -------- ----------- ------- --------
TOTAL REVENUES 18,233,091 100 16,588,177 100 10
INTEREST EXPENSE 8,608,570 47 6,029,947 36 43
----------- -------- ----------- ------- --------
NET REVENUES 9,624,521 53 10,558,230 64 (9)
----------- -------- ----------- ------- --------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 4,951,839 51 5,255,258 50 (6)
OCCUPANCY 436,168 5 572,936 5 (24)
COMMUNICATIONS AND EQUIPMENT RENTAL 432,214 4 385,809 4 12
DEPRECIATION AND AMORTIZATION 325,121 3 308,499 3 5
ADVERTISING AND MARKET DEVELOPMENT 374,619 4 376,881 3 (1)
PROFESSIONAL FEES 367,003 4 290,324 3 26
BROKERAGE, CLEARING, AND EXCHANGE FEES 337,512 4 280,712 3 20
OTHER 670,441 7 663,003 6 1
----------- -------- ----------- ------- --------
TOTAL NON-INTEREST EXPENSES 7,894,917 82 8,133,422 77 (3)
----------- -------- ----------- ------- --------
EARNINGS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 1,729,604 18 2,424,808 23 (29)
INCOME TAX EXPENSE 712,843 7 1,030,449 10 (31)
----------- -------- ----------- ------- --------
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 1,016,761 11 1,394,359 13 (27)
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (NET OF
APPLICABLE INCOME TAXES) (B) -- -- (35,420) -- N/M
----------- -------- ----------- ------- --------
NET EARNINGS $ 1,016,761 11 % $ 1,358,939 13 % (25)%
========== ======== =========== ======= ========
PREFERRED STOCK DIVIDENDS $ 12,711 $ 5,381
========== ===========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 1,004,050 $ 1,353,558
========== ===========
EARNINGS PER COMMON SHARE (C):
PRIMARY:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 4.75 $ 6.14
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
---------- -----------
NET EARNINGS $ 4.75 $ 5.98
========== ===========
FULLY DILUTED:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 4.74 $ 6.11
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
---------- -----------
NET EARNINGS $ 4.74 $ 5.95
========== ===========
AVERAGE SHARES (C):
PRIMARY 211,241 226,331
========== ===========
FULLY DILUTED 211,695 227,480
========== ===========
(A) - REVENUES AND INTEREST EXPENSE ARE PRESENTED AS A PERCENTAGE OF TOTAL
REVENUES. NON-INTEREST EXPENSES, CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE, AND EARNINGS ARE PRESENTED AS A PERCENTAGE OF NET
REVENUES.
(B) - 1993 RESULTS REFLECT THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING
STANDARDS NO. 112.
(C) - 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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