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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 1994
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Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-7182 13-2740599
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
World Financial Center, North Tower, New York, New York 10281-1332
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events
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Filed herewith is the Preliminary Unaudited Earnings Summary, as contained
in a press release dated April 18, 1994, for Merrill Lynch & Co., Inc. ("ML &
Co.") for the three month period ended April 1, 1994, which will be superseded
by ML & Co.'s Report on Form 10-Q for the quarter ended April 1, 1994. The
results of operations set forth herein for the three month period ended April 1,
1994 are unaudited. All adjustments that are in the opinion of management
necessary for a fair presentation of the results of operations for the period
presented have been included. These adjustments consist of normal recurring
accruals. The nature of ML & Co.'s business is such that the results for any
interim period are not necessarily indicative of the results for a full year. As
previously reported, ML & Co. adopted effective as of the first quarter of 1993,
Statement of Financial Accounting Standards No. 112 (Employers' Accounting for
Postemployment Benefits) and restated first quarter 1993 financial statements to
reflect the $35.4 million cumulative effect adjustment, net of applicable income
taxes. In addition, the results for the first quarter of 1993 include a non-
recurring charge of $103 million related to ML & Co.'s decision not to occupy
certain space at its World Financial Center headquarters facility.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits.
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
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(Registrant)
By: /s/ Joseph T. Willett
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Joseph T. Willett
Senior Vice President,
Chief Financial Officer
Date: April 18, 1994
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EXHIBIT INDEX
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Exhibit No. Description Page
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary 5
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Exhibit 99(i)
MERRILL LYNCH & CO., INC.
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PRELIMINARY UNAUDITED EARNINGS SUMMARY
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<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED PERCENT OF
------------------------------------------------------ DOLLAR
(IN THOUSANDS, PERCENT PERCENT CHANGE
EXCEPT PER SHARE AMOUNTS) APR. 1, OF MAR. 26, OF INCREASE
1994 REVENUES(A) 1993 REVENUES(A) (DECREASE)
---------- ------------ ---------- ----------- ----------
(13 WEEKS) (13 WEEKS)
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 868,244 18% $ 721,740 18% 20%
INTEREST AND DIVIDENDS 2,199,536 47 1,602,455 41 37
PRINCIPAL TRANSACTIONS 666,677 14 761,440 19 (12)
INVESTMENT BANKING 444,395 9 445,356 11 --
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 444,228 9 360,823 9 23
OTHER 115,731 3 67,170 2 72
---------- -------- ---------- --------- ---------
TOTAL REVENUES 4,738,811 100 3,958,984 100 20
INTEREST EXPENSE 1,906,983 40 1,346,868 34 42
---------- -------- ---------- --------- ---------
NET REVENUES 2,831,828 60 2,612,116 66 8
---------- -------- ---------- --------- ---------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,430,517 51 1,264,292 48 13
OCCUPANCY 113,008 4 223,311 8 (49)
COMMUNICATIONS AND EQUIPMENT RENTAL 103,524 4 93,792 4 10
DEPRECIATION AND AMORTIZATION 74,171 3 69,898 3 6
ADVERTISING AND MARKET DEVELOPMENT 98,605 3 81,053 3 22
PROFESSIONAL FEES 94,077 3 60,202 2 56
BROKERAGE, CLEARING AND EXCHANGE FEES 86,490 3 70,099 3 23
OTHER 179,228 6 159,148 6 13
---------- -------- ---------- --------- ---------
TOTAL NON-INTEREST EXPENSES 2,179,620 77 2,021,795 77 8
---------- -------- ---------- --------- ---------
EARNINGS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 652,208 23 590,321 23 10
INCOME TAX EXPENSE 280,449 10 247,935 10 13
---------- -------- ---------- --------- ---------
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 371,759 13 342,386 13 9
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE, (NET OF
APPLICABLE INCOME TAXES) (B) -- -- (35,420) (1) N/M
---------- -------- ---------- --------- ---------
NET EARNINGS $ 371,759 13% $ 306,966 12% 21%
========== ======== ========== ======== ========
PREFERRED STOCK DIVIDENDS $ 1,336 $ 1,396
========== ==========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 370,423 $ 305,570
========== ==========
EARNINGS PER COMMON SHARE (C):
PRIMARY:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 1.68 $ 1.51
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
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NET EARNINGS $ 1.68 $ 1.35
========== ==========
FULLY DILUTED:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 1.68 $ 1.51
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
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NET EARNINGS $ 1.68 $ 1.35
========== ==========
AVERAGE SHARES (C):
PRIMARY 220,633 225,914
========== ==========
FULLY DILUTED 220,633 225,914
========== ==========
</TABLE>
(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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