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Previous: MERCK & CO INC, 8-K, 1995-07-19 |
Next: INTERGROUP CORP, 10QSB/A, 1995-07-19 |
<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): July 18, 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.)
<PAGE>
Item 5. Other Events
- ---------------------
Filed herewith are the Preliminary Unaudited Earnings Summaries, as
contained in a press release dated July 18, 1995, for Merrill Lynch & Co., Inc.
("ML & Co.") for the three- and six-month periods ended June 30, 1995. The
results of operations set forth therein for the three- and six-month periods
ended June 30, 1995 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.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
- ---------------------------------------------------------------------------
(c) Exhibits.
--------
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summaries for the three- and
six-month periods ended June 30, 1995.
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: July 18, 1995
3
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page
- --------------------------- --------------------------------------------- ----
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summaries 5-6
for the three- and six-month periods
ended June 30, 1995.
4
<PAGE>
EXHIBIT 99 (i)
MERRILL LYNCH & CO., INC.
-------------------------
PRELIMINARY UNAUDITED EARNINGS SUMMARY
--------------------------------------
FOR THE THREE MONTHS ENDED
--------------------------
<TABLE>
<CAPTION>
Q2 95 vs Q2 95 vs
Q1 95 Q2 94
(IN THOUSANDS, JUNE 30, MARCH 31, JULY 1, PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) 1995 1995 1994 INC (DEC) INC (DEC)
------------ ------------ ------------ --------- ---------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 765,012 $ 685,295 $ 690,533 12 % 11 %
INTEREST AND DIVIDENDS 3,295,255 3,029,519 2,317,691 9 42
PRINCIPAL TRANSACTIONS 614,677 674,756 560,867 (9) 10
INVESTMENT BANKING 335,346 248,497 322,006 35 4
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 464,495 448,437 431,930 4 8
OTHER 110,209 117,373 157,273 (6) (30)
------------ ------------ ------------ --- ---
TOTAL REVENUES 5,584,994 5,203,877 4,480,300 7 25
INTEREST EXPENSE 3,035,802 2,783,392 2,082,581 9 46
------------ ------------ ------------ --- ---
NET REVENUES 2,549,192 2,420,485 2,397,719 5 6
------------ ------------ ------------ --- ---
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,308,755 1,269,888 1,216,450 3 8
OCCUPANCY 109,473 109,889 108,574 -- 1
COMMUNICATIONS AND EQUIPMENT RENTAL 116,854 111,737 107,922 5 8
DEPRECIATION AND AMORTIZATION 88,638 85,999 80,595 3 10
ADVERTISING AND MARKET DEVELOPMENT 95,942 86,311 99,145 11 (3)
PROFESSIONAL FEES 105,448 98,830 87,225 7 21
BROKERAGE, CLEARING, AND EXCHANGE
FEES 93,888 83,845 87,465 12 7
OTHER 165,894 195,194 177,681 (15) (7)
------------ ------------ ------------ --- ---
TOTAL NON-INTEREST EXPENSES 2,084,892 2,041,693 1,965,057 2 6
------------ ------------ ------------ --- ---
EARNINGS BEFORE INCOME TAXES 464,300 378,792 432,662 23 7
INCOME TAX EXPENSE 181,504 151,517 180,853 20 --
------------ ------------ ------------ --- ---
NET EARNINGS $ 282,796 $ 227,275 $ 251,809 24 % 12 %
============ ============ ============ === ===
PREFERRED STOCK DIVIDENDS $ 11,913 $ 11,941 $ 1,539 -- N/M
============ ============ ============ === ===
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 270,883 $ 215,334 $ 250,270 26 % 8 %
============ ============ ============ === ===
EARNINGS PER COMMON SHARE:
PRIMARY $ 1.40 $ 1.08 $ 1.18 30 % 19 %
============ ============ ============ === ===
FULLY DILUTED $ 1.39 $ 1.08 $ 1.18 29 % 18 %
============ ============ ============ === ===
AVERAGE SHARES:
PRIMARY 193,267 199,178 212,489
============ ============ ============
FULLY DILUTED 195,159 199,178 212,489
============ ============ ============
</TABLE>
5
<PAGE>
EXHIBIT 99 (i)
(continued)
MERRILL LYNCH & CO., INC.
-------------------------
PRELIMINARY UNAUDITED EARNINGS SUMMARY
--------------------------------------
FOR THE SIX MONTHS ENDED
------------------------
<TABLE>
<CAPTION>
(IN THOUSANDS, PERCENT PERCENT PERCENT
EXCEPT PER SHARE AMOUNTS) JUNE 30, OF JULY 1, OF INCREASE
1995 REVENUES(A) 1994 REVENUES(A) (DECREASE)
----------- -------- ------------ -------- ----------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 1,450,307 13 % $ 1,558,777 17 % (7)%
INTEREST AND DIVIDENDS 6,324,774 59 4,517,227 49 40
PRINCIPAL TRANSACTIONS 1,289,433 12 1,227,544 13 5
INVESTMENT BANKING 583,843 5 766,401 8 (24)
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 912,932 9 876,158 10 4
OTHER 227,582 2 273,004 3 (17)
----------- --- ------------ --- ---
TOTAL REVENUES 10,788,871 100 9,219,111 100 17
INTEREST EXPENSE 5,819,194 54 3,989,564 43 46
----------- --- ------------ --- ---
NET REVENUES 4,969,677 46 5,229,547 57 (5)
----------- --- ------------ --- ---
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 2,578,643 52 2,646,967 51 (3)
OCCUPANCY 219,362 4 221,582 4 (1)
COMMUNICATIONS AND EQUIPMENT RENTAL 228,591 5 211,446 4 8
DEPRECIATION AND AMORTIZATION 174,637 3 154,766 3 13
ADVERTISING AND MARKET DEVELOPMENT 182,253 4 197,750 4 (8)
PROFESSIONAL FEES 204,278 4 181,302 3 13
BROKERAGE, CLEARING, AND EXCHANGE
FEES 177,733 4 173,955 3 2
OTHER 361,088 7 356,909 7 1
----------- --- ------------ --- ---
TOTAL NON-INTEREST EXPENSES 4,126,585 83 4,144,677 79 --
----------- --- ------------ --- ---
EARNINGS BEFORE INCOME TAXES 843,092 17 1,084,870 21 (22)
INCOME TAX EXPENSE 333,021 7 461,302 9 (28)
----------- --- ------------ --- ---
NET EARNINGS $ 510,071 10 % $ 623,568 12 % (18)%
=========== === ============ === ===
PREFERRED STOCK DIVIDENDS $ 23,854 $ 2,875 N/M
=========== ============ ===
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 486,217 $ 620,693 (22)%
=========== ============ ===
EARNINGS PER COMMON SHARE:
PRIMARY $ 2.48 $ 2.87 (14)%
=========== ============ ===
FULLY DILUTED $ 2.46 $ 2.87 (14)%
=========== ============ ===
AVERAGE SHARES:
PRIMARY 196,223 216,561
=========== ============
FULLY DILUTED 197,537 216,561
=========== ============
</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.
6
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