<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 30, 1997
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MERRILL LYNCH & CO., INC.
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(Exact Name of Registrant as Specified in its 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
Filed herewith is the Preliminary Unaudited Consolidated Balance Sheet as of
June 27, 1997 for Merrill Lynch & Co., Inc. and subsidiaries ("ML & Co."). Also
filed herewith is a statement setting forth the computation of certain ML & Co.
financial ratios for the periods presented.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
(12) Computation of Ratios of Earnings to Fixed Charges and Combined
Fixed Charges and Preferred Stock Dividends
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet of ML & Co.
as of June 27, 1997
2
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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: July 30, 1997
3
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
(12) Computation of Ratios of Earnings to Fixed Charges and 5
Combined Fixed Charges and Preferred Stock Dividends
(99) Additional Exhibits
(i) Preliminary Unaudited Consolidated Balance Sheet 6
of ML & Co. as of June 27, 1997
4
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EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in Millions)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
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June 27, June 28, June 27, June 28,
1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Pretax earnings from
continuing operations $ 784 $ 698 $1,551 $1,369
Add: Fixed charges 4,101 2,846 7,772 5,642
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Pretax earnings before fixed charges $4,885 $3,544 $9,323 $7,011
------ ------ ------ ------
------ ------ ------ ------
Fixed charges:
Interest $4,038 $2,808 $7,646 $5,565
Other(A) 63 38 126 77
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Total fixed charges 4,101 2,846 7,772 5,642
Preferred stock dividend
requirements 15 19 32 37
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Total combined fixed charges and
preferred stock dividends $4,116 $2,865 $7,804 $5,679
------ ------ ------ ------
------ ------ ------ ------
Ratio of earnings to fixed charges 1.19 1.25 1.20 1.24
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.19 1.24 1.19 1.23
</TABLE>
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend
requirements of majority-owned subsidiaries.
5
<PAGE>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts)
JUNE 27,
ASSETS 1997
- ----------------------------------------------------------- --------
CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . . . $ 4,528
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CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS . . . . . . . . . 9,707
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MARKETABLE INVESTMENT SECURITIES. . . . . . . . . . . . . . 2,659
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TRADING ASSETS, AT FAIR VALUE
Corporate debt and preferred stock. . . . . . . . . . . . . 32,950
Contractual agreements. . . . . . . . . . . . . . . . . . . 16,219
Equities and convertible debentures . . . . . . . . . . . . 22,288
U.S. Government and agencies. . . . . . . . . . . . . . . . 9,595
Non-U.S. governments and agencies . . . . . . . . . . . . . 13,236
Mortgages, mortgage-backed, and asset-backed. . . . . . . . 7,018
Money markets . . . . . . . . . . . . . . . . . . . . . . . 1,609
Municipals. . . . . . . . . . . . . . . . . . . . . . . . . 1,419
--------
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,334
--------
RESALE AGREEMENTS . . . . . . . . . . . . . . . . . . . . . 60,447
--------
SECURITIES BORROWED . . . . . . . . . . . . . . . . . . . . 36,287
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RECEIVABLES
Customers (net of allowance for doubtful accounts of $45) . 22,810
Brokers and dealers . . . . . . . . . . . . . . . . . . . . 6,683
Interest and other. . . . . . . . . . . . . . . . . . . . . 6,541
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,034
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INVESTMENTS OF INSURANCE SUBSIDIARIES . . . . . . . . . . . 5,034
LOANS, NOTES, AND MORTGAGES (net of allowance for
loan losses of $122) . . . . . . . . . . . . . . . . . . . 3,866
OTHER INVESTMENTS . . . . . . . . . . . . . . . . . . . . . 1,203
PROPERTY, LEASEHOLD IMPROVEMENTS, AND EQUIPMENT
(net of accumulated depreciation and amortization
of $2,709) . . . . . . . . . . . . . . . . . . . . . . . . 1,857
OTHER ASSETS. . . . . . . . . . . . . . . . . . . . . . . . 2,080
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TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . $268,036
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6
<PAGE> EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(Dollars in Millions, Except Per Share Amounts)
LIABILITIES, PREFERRED SECURITIES ISSUED BY JUNE 27,
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY 1997
- ------------------------------------------------------------- --------
LIABILITIES
REPURCHASE AGREEMENTS . . . . . . . . . . . . . . . . . . . $ 68,058
--------
COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS. . . . . . 57,431
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TRADING LIABILITIES, AT FAIR VALUE. . . . . . . . . . . . .
U.S. Government and agencies. . . . . . . . . . . . . . . . 16,436
Contractual agreements. . . . . . . . . . . . . . . . . . . 12,810
Equities and convertible debentures . . . . . . . . . . . . 16,234
Non-U.S. governments and agencies . . . . . . . . . . . . . 9,012
Corporate debt and preferred stock. . . . . . . . . . . . . 4,799
Municipals. . . . . . . . . . . . . . . . . . . . . . . . . 122
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,413
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CUSTOMERS . . . . . . . . . . . . . . . . . . . . . . . . . 13,677
INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . 4,859
BROKERS AND DEALERS . . . . . . . . . . . . . . . . . . . . 7,097
OTHER LIABILITIES AND ACCRUED INTEREST. . . . . . . . . . . 15,643
LONG-TERM BORROWINGS. . . . . . . . . . . . . . . . . . . . 33,963
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TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . 260,141
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PREFERRED SECURITIES ISSUED BY SUBSIDIARIES . . . . . . . . 627
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STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . 425
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COMMON STOCKHOLDERS' EQUITY
Common stock, par value $1.33 1/3 per share;
authorized: 500,000,000 shares;
issued: 472,660,324 shares. . . . . . . . . . . . . . . . 630
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . 1,065
Foreign currency translation adjustment . . . . . . . . . . 5
Net unrealized gains on investment securities
available-for-sale (net of applicable income tax
expense of $17) . . . . . . . . . . . . . . . . . . . . . 31
Retained earnings . . . . . . . . . . . . . . . . . . . . 8,678
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Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . 10,409
Less:
Treasury stock, at cost: 143,611,883 shares . . . . . . . 3,099
Employee stock transactions . . . . . . . . . . . . . . . 467
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TOTAL COMMON STOCKHOLDERS' EQUITY . . . . . . . . . . . . . 6,843
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TOTAL STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . . . 7,268
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TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY. . . . . . . . . . $268,036
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7
