<PAGE>
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): October 18, 1994
------------------------------
Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-7182 13-2740599
----------------- ----------- ------------------
(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 October 18, 1994, for Merrill Lynch & Co., Inc. ("ML &
Co.") for the three- and nine-month periods ended September 30, 1994. The
results of operations set forth therein for the three- and nine-month periods
ended September 30, 1994 are unaudited. All adjustments, consisting only of
normal recurring accruals, that are in the opinion of management necessary for a
fair presentation of the results of operations for the period presented have
been included. 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.
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 Summaries
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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: October 18, 1994
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EXHIBIT INDEX
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Exhibit No. Description Page
- ----------- ----------- ----
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summaries 5
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
---------------------------
PRELIMINARY UNAUDITED EARNINGS SUMMARY
----------------------------------------
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
----------------------------------------------------------------- PERCENT OF
DOLLAR
(IN THOUSANDS, PERCENT PERCENT CHANGE
EXCEPT PER SHARE AMOUNTS) SEPT. 30, OF SEPT. 24, OF INCREASE
1994 REVENUES (A) 1993 REVENUES (A) (DECREASE)
-------------- ----------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 673,551 15 % $ 696,036 17 % (3)%
INTEREST AND DIVIDENDS 2,438,760 54 1,765,784 43 38
PRINCIPAL TRANSACTIONS 653,691 14 740,539 18 (12)
INVESTMENT BANKING 245,489 5 452,165 11 (46)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 431,374 10 396,458 9 9
OTHER 87,358 2 89,066 2 (2)
-------------- ----------- ------------- ----------- ----------
TOTAL REVENUES 4,530,223 100 4,140,048 100 9
INTEREST EXPENSE 2,227,978 49 1,506,428 36 48
-------------- ----------- ------------- ----------- ----------
NET REVENUES 2,302,245 51 2,633,620 64 (13)
-------------- ----------- ------------- ----------- ----------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,179,031 51 1,296,829 49 (9)
OCCUPANCY 106,366 5 116,862 4 (9)
COMMUNICATIONS AND EQUIPMENT RENTAL 110,945 5 98,140 4 13
DEPRECIATION AND AMORTIZATION 83,301 4 73,780 3 13
ADVERTISING AND MARKET DEVELOPMENT 96,321 4 98,900 4 (3)
PROFESSIONAL FEES 88,799 4 70,807 3 25
BROKERAGE, CLEARING, AND EXCHANGE FEES 82,690 3 68,283 3 21
OTHER 165,270 7 167,720 6 (1)
-------------- ----------- ------------- ----------- ----------
TOTAL NON-INTEREST EXPENSES 1,912,723 83 1,991,321 76 (4)
-------------- ----------- ------------- ----------- ----------
EARNINGS BEFORE INCOME TAXES 389,522 17 642,299 24 (39)
INCOME TAX EXPENSE 157,943 7 282,612 10 (44)
-------------- ----------- ------------- ----------- ----------
NET EARNINGS $ 231,579 10 % $ 359,687 14 % (36)%
============== =========== ============= =========== ==========
PREFERRED STOCK DIVIDENDS $ 1,718 $ 1,271
============== =============
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 229,861 $ 358,416
============== =============
EARNINGS PER COMMON SHARE (B):
PRIMARY $ 1.10 $ 1.57
============== =============
FULLY DILUTED $ 1.10 $ 1.56
============== =============
AVERAGE SHARES (B):
PRIMARY 209,030 228,380
============== =============
FULLY DILUTED 209,030 229,619
============== =============
</TABLE>
(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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MERRILL LYNCH & CO., INC.
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PRELIMINARY UNAUDITED EARNINGS SUMMARY
--------------------------------------
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED
---------------------------------------------------------------- PERCENT OF
DOLLAR
(IN THOUSANDS, PERCENT PERCENT CHANGE
EXCEPT PER SHARE AMOUNTS) SEPT. 30, OF SEPT. 24, OF INCREASE
1994 REVENUES (A) 1993 REVENUES (A) (DECREASE)
------------ ------------ ------------ ------------- -----------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 2,232,328 16 % $ 2,088,553 17 % 7 %
INTEREST AND DIVIDENDS 6,955,987 51 5,056,186 42 38
PRINCIPAL TRANSACTIONS 1,881,235 14 2,245,392 19 (16)
INVESTMENT BANKING 1,011,890 7 1,311,367 11 (23)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 1,307,532 9 1,139,007 9 15
OTHER 360,362 3 221,536 2 63
----------- ------- ----------- ------- ------
TOTAL REVENUES 13,749,334 100 12,062,041 100 14
INTEREST EXPENSE 6,217,542 45 4,261,808 35 46
----------- ------- ----------- ------- ------
NET REVENUES 7,531,792 55 7,800,233 65 (3)
----------- ------- ----------- ------- ------
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 3,825,998 51 3,840,423 49 --
OCCUPANCY 327,948 4 456,634 6 (28)
COMMUNICATIONS AND EQUIPMENT RENTAL 322,391 4 286,052 4 13
DEPRECIATION AND AMORTIZATION 238,067 3 216,819 3 10
ADVERTISING AND MARKET DEVELOPMENT 294,071 4 271,203 3 8
PROFESSIONAL FEES 270,101 4 197,831 3 37
BROKERAGE, CLEARING, AND EXCHANGE FEES 256,645 3 209,668 3 22
OTHER 522,179 7 494,075 6 6
----------- ------- ----------- ------- ------
TOTAL NON-INTEREST EXPENSES 6,057,400 80 5,972,705 77 1
----------- ------- ----------- ------- ------
EARNINGS BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 1,474,392 20 1,827,528 23 (19)
INCOME TAX EXPENSE 619,245 9 780,408 10 (21)
----------- ------- ----------- ------- ------
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 855,147 11 1,047,120 13 (18)
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE, (NET OF
APPLICABLE INCOME TAXES) (B) -- -- (35,420) -- N/M
----------- ------- ----------- ------- ------
NET EARNINGS $ 855,147 11 % $ 1,011,700 13 % (15)%
=========== ======= =========== ======= ======
PREFERRED STOCK DIVIDENDS $ 4,594 $ 3,945
=========== ===========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 850,553 $ 1,007,755
=========== ===========
EARNINGS PER COMMON SHARE (C):
PRIMARY:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 3.98 $ 4.61
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
----------- -----------
NET EARNINGS $ 3.98 $ 4.45
=========== ===========
FULLY DILUTED:
EARNINGS BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ 3.97 $ 4.58
CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (B) -- (0.16)
----------- -----------
NET EARNINGS $ 3.97 $ 4.42
=========== ===========
AVERAGE SHARES (C):
PRIMARY 213,935 226,635
=========== ===========
FULLY DILUTED 214,050 228,144
=========== ===========
</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.