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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): May 2, 1995
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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 Consolidated Balance Sheet as of
March 31, 1995 for Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co.").
Also filed is a statement re: the computation of ratio of earnings to fixed
charges derived from preliminary unaudited consolidated information filed with
the Securities and Exchange Commission on April 18, 1995.
During the three-month period ended March 31, 1995, ML & Co. repurchased in the
open market 9.3 million shares of its common stock.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits.
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(12) Statement re: computation of ratios
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet for ML &
Co. as of March 31, 1995.
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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: May 2, 1995
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EXHIBIT INDEX
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Exhibit No. Description Page
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(12) Statement re: computation of ratios 5
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated 6
Balance Sheet of ML & Co. as of
March 31, 1995.
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EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(Dollars In Thousands)
For the Three Months
Ended
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March 31, April 1,
1995 1994
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Pretax earnings from continuing operations... $ 378,792 $ 652,208
Deduct equity in undistributed net earnings
of unconsolidated subsidiaries........... - (3,048)
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Total pretax earnings from continuing
operations............................... 378,792 649,160
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Add: Fixed Charges(A)
Interest.......................... 2,781,009 1,899,427
Amortization of debt expense...... 709 797
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Total interest...................... 2,781,718 1,900,224
Interest factor in rents............ 32,355 33,564
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Total fixed charges.......................... 2,814,073 1,933,788
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Pretax earnings before fixed charges......... $3,192,865 $2,582,948
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Ratio of earnings to fixed charges........... 1.13 1.34
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(A) There was no capitalized interest for the 1995 and 1994 first quarters.
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EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Thousands, Except Per Share Amounts) MARCH 31,
ASSETS 1995
- --------------------------------------------------------- ------------
CASH AND CASH EQUIVALENTS............................... $ 2,961,691
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS.............. 5,556,700
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MARKETABLE INVESTMENT SECURITIES........................ 2,409,826
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TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock...................... 15,028,545
Contractual agreements.................................. 13,571,199
U.S. Government and agencies............................ 7,090,127
Non-U.S. governments and agencies....................... 8,269,381
Equities and convertible debentures..................... 6,271,017
Mortgages and mortgage-backed........................... 5,173,279
Municipals.............................................. 808,796
Money markets........................................... 1,364,647
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Total................................................... 57,576,991
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RESALE AGREEMENTS....................................... 45,089,532
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SECURITIES BORROWED..................................... 25,199,020
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RECEIVABLES
Customers (net of allowance for doubtful accounts of
$49,562).............................................. 13,117,075
Brokers and dealers..................................... 9,189,202
Interest and other...................................... 4,450,954
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Total................................................... 26,757,231
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INVESTMENTS OF INSURANCE SUBSIDIARIES................... 5,735,410
LOANS, NOTES, AND MORTGAGES (NET OF ALLOWANCE FOR
LOAN LOSSES OF $167,934).............................. 1,529,007
OTHER INVESTMENTS....................................... 1,007,575
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(NET OF ACCUMULATED DEPRECIATION AND AMORTIZATION
OF $1,954,115)........................................ 1,592,630
OTHER ASSETS............................................ 1,317,380
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TOTAL ASSETS............................................ $176,732,993
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MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Thousands, Except Per Share Amounts) MARCH 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1995
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LIABILITIES
REPURCHASE AGREEMENTS................................. $ 57,110,193
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COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS...... 30,486,399
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TRADING LIABILITIES, AT FAIR VALUE
U.S. Government and agencies.......................... 13,170,544
Contractual agreements................................ 12,817,798
Non-U.S. governments and agencies..................... 5,722,599
Equities and convertible debentures................... 3,477,125
Corporate debt and preferred stock.................... 2,522,924
Municipals............................................ 97,531
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Total................................................. 37,808,521
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CUSTOMERS............................................. 10,986,016
INSURANCE............................................. 5,643,839
BROKERS AND DEALERS................................... 7,179,582
OTHER LIABILITIES AND ACCRUED INTEREST................ 7,329,772
LONG-TERM BORROWINGS.................................. 14,484,523
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TOTAL LIABILITIES..................................... 171,028,845
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY........................ 618,800
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COMMON STOCKHOLDERS' EQUITY
Common stock, par value $1.33 1/3 per share;
authorized: 500,000,000 shares;
issued: 236,330,162 shares.......................... 315,105
Paid-in capital....................................... 1,226,730
Foreign currency translation adjustment............... 17,025
Net unrealized losses on investment securities
available-for-sale (net of applicable income tax
benefit of $18,580)................................. (34,593)
Retained earnings..................................... 5,778,548
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Subtotal............................................ 7,302,815
Less:
Treasury stock, at cost: 54,501,770 shares......... 1,892,155
Unallocated ESOP reversion shares, at cost:
5,306,924 shares.................................. 83,625
Employee stock transactions......................... 241,687
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TOTAL COMMON STOCKHOLDERS' EQUITY..................... 5,085,348
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TOTAL STOCKHOLDERS' EQUITY............................ 5,704,148
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY............ $176,732,993
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