|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MERRILL LYNCH & CO INC, SC 13G/A, 1996-01-22 |
Next: METROPOLITAN MORTGAGE & SECURITIES CO INC, S-2, 1996-01-22 |
<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 22, 1996
- --------------------------------------------------------------------------------
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 January 22, 1996 for Merrill Lynch & Co., Inc. ("ML &
Co.") for the three- and twelve- month periods ended December 29, 1995. The
results of operations set forth therein for such periods 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 29, 1995, ML & Co.
repurchased in the open market 5.4 million and 20.0 million shares of its common
stock, respectively.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
- ---------------------------------------------------------------------------
(c) Exhibits
--------
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summaries for the three- and
twelve-month periods ended December 29, 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: January 22, 1996
3
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page
- ----------- ----------- ----
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings 5
Summaries for the three- and
twelve-month periods ended December 29,
1995.
4
<PAGE>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED
-------------------------------------------------------
PERCENT OF
(IN MILLIONS, EXCEPT PERCENT PERCENT DOLLAR
PER SHARE AMOUNTS) DEC. 29, OF DEC. 30, OF CHANGE
1995 REVENUES(A) 1994 REVENUES(A) INCREASE
---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 847 16 % $ 638 14 % 33 %
INTEREST AND DIVIDENDS 2,892 55 2,621 58 10
PRINCIPAL TRANSACTIONS 566 11 454 10 25
INVESTMENT BANKING 370 7 228 5 63
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 494 9 432 10 14
OTHER 124 2 111 3 12
--------- ---- ------- ---- ----
TOTAL REVENUES 5,293 100 4,484 100 18
INTEREST EXPENSE 2,680 51 2,391 53 12
--------- ---- ------- ---- ----
NET REVENUES 2,613 49 2,093 47 25
--------- ---- ------- ---- ----
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,299 50 1,126 54 15
OCCUPANCY 116 5 108 5 7
COMMUNICATIONS AND EQUIPMENT RENTAL 136 5 110 5 24
DEPRECIATION AND AMORTIZATION 100 4 87 4 14
ADVERTISING AND MARKET DEVELOPMENT 114 4 81 4 41
PROFESSIONAL FEES 107 4 97 5 10
BROKERAGE, CLEARING, AND EXCHANGE FEES 94 4 81 4 17
OTHER 165 6 148 7 11
--------- ---- ------- ---- ----
TOTAL NON-INTEREST EXPENSES 2,131 82 1,838 88 16
--------- ---- ------- ---- ----
EARNINGS BEFORE INCOME TAXES 482 18 255 12 89
INCOME TAX EXPENSE 179 6 93 4 91
--------- ---- ------- ---- ----
NET EARNINGS $ 303 12 % $ 162 8 % 88 %
========= ==== ======= ==== ====
PREFERRED STOCK DIVIDENDS $ 12 $ 8
========= =======
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 291 $ 154
========= ======
EARNINGS PER COMMON SHARE :
PRIMARY $ 1.49 $ 0.76
========= ======
FULLY DILUTED $ 1.49 $ 0.75
========= ======
AVERAGE SHARES:
PRIMARY 195.1 203.2
========= ======
FULLY DILUTED 195.1 203.6
========= ======
</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.
NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.
<PAGE>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
<TABLE>
<CAPTION>
FOR THE YEAR ENDED
-------------------------------------------------------- PERCENT OF
DOLLAR
(IN MILLIONS, EXCEPT PERCENT PERCENT CHANGE
PER SHARE AMOUNTS) DEC. 29, OF DEC. 30, OF INCREASE
1995 REVENUES (A) 1994 REVENUES (A) (DECREASE)
----------- --------- -------- --------- -------------
<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 3,126 14 % $ 2,871 16 % 9 %
INTEREST AND DIVIDENDS 12,221 57 9,578 52 28
PRINCIPAL TRANSACTIONS 2,519 12 2,335 13 8
INVESTMENT BANKING 1,308 6 1,240 7 5
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 1,890 9 1,739 9 9
OTHER 449 2 471 3 (5)
-------- ---- -------- ---- ----
TOTAL REVENUES 21,513 100 18,234 100 18
INTEREST EXPENSE 11,248 52 8,609 47 31
-------- ---- -------- ---- ----
NET REVENUES 10,265 48 9,625 53 7
-------- ---- -------- ---- ----
NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 5,270 51 4,952 51 6
OCCUPANCY 449 4 436 5 3
COMMUNICATIONS AND EQUIPMENT RENTAL 487 5 432 4 13
DEPRECIATION AND AMORTIZATION 367 4 325 3 13
ADVERTISING AND MARKET DEVELOPMENT 398 4 375 4 6
PROFESSIONAL FEES 425 4 367 4 16
BROKERAGE, CLEARING, AND EXCHANGE FEES 361 3 338 4 7
OTHER 697 7 670 7 4
-------- ---- -------- ---- ----
TOTAL NON-INTEREST EXPENSES 8,454 82 7,895 82 7
-------- ---- -------- ---- ----
EARNINGS BEFORE INCOME TAXES 1,811 18 1,730 18 5
INCOME TAX EXPENSE 697 7 713 7 (2)
-------- ---- -------- ---- ----
NET EARNINGS $ 1,114 11 % $ 1,017 11 % 10 %
======== ==== ======== ==== ====
PREFERRED STOCK DIVIDENDS $ 48 $ 13
======== ========
NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 1,066 $ 1,004
======== ========
EARNINGS PER COMMON SHARE:
PRIMARY $ 5.44 $ 4.75
======== ========
FULLY DILUTED $ 5.42 $ 4.74
======== ========
AVERAGE SHARES:
PRIMARY 196.0 211.2
======== ========
FULLY DILUTED 196.7 211.7
======== ========
</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.
NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.
|
|