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<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): January 23, 1995
-----------------------------
Merrill Lynch & Co., Inc.
- -------------------------------------------------------------------------------
(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
- -------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
---------------------------
- -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
-1-
<PAGE>
Item 5. Other Events
- ---------------------
Filed herewith are the Preliminary Unaudited Earnings Summaries, as
contained in a press release dated January 23, 1995, for Merrill Lynch & Co.,
Inc. ("ML & Co.") for the three month period and the year ended December 30,
1994. The results of operations set forth therein 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 periods 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.
For the three and twelve month periods ended December 30, 1994, ML & Co.
repurchased in the open market 12.5 million and 29.9 million shares of common
stock, respectively.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
- ---------------------------------------------------------------------------
(c) Exhibits.
--------
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary for the three
month period ended December 30, 1994.
(ii) Preliminary Unaudited Earnings Summary for the year
ended December 30, 1994.
-2-
<PAGE>
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.
---------------------------
(Registrant)
By: /s/ Joseph T. Willett
---------------------
Joseph T. Willett
Senior Vice President,
Chief Financial Officer
Date: January 23, 1995
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<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page
- -------------------- ------------------------------------------ ----
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary for 5
the three month period ended December 30,
1994.
(ii) Preliminary Unaudited Earnings Summary for 6
the year ended December 30, 1994.
-4-
<PAGE>
<TABLE>
<CAPTION>
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)
<S> <C> <C> <C> <C> <C>
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
========== ===========
</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.
5
<PAGE>
<TABLE>
<CAPTION>
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)
<S> <C> <C> <C> <C> <C>
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
========== ===========
</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.
6
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