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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 27, 1997
- --------------------------------------------------------------------------------
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 27, 1997 for Merrill Lynch & Co., Inc. ("ML &
Co.") for the three months and the year ended December 27, 1996. 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 months and the year ended December 27, 1996, ML & Co. repurchased
in the open market 3.4 million and 18.6 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
months and the year ended December 27, 1996.
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 27, 1997
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description Page
- ----------- ----------- ----
(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summaries for the
three months and the year ended December 27, 1996 5
<TABLE>
<CAPTION>
EXHIBIT 99 (i)
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For Three Months Ended Percent Inc / (Dec)
December 27, September 27, December 29, 4Q96 vs. 4Q96 vs.
[In millions, except per share amounts] 1996 1996 1995 3Q96 4Q95
------------ ------------- ------------ -------- --------
<S> <C> <C> <C> <C> <C>
Revenues:
Commissions $ 967 $ 860 $ 847 12.4% 14.2%
Interest and Dividends 3,492 3,357 2,892 4.0 20.7
Principal Transactions 744 818 566 (9.1) 31.4
Investment Banking 517 471 370 9.7 39.7
Asset Management and Portfolio
Service Fees 601 570 494 5.3 21.6
Other 280 125 124 124.6 126.3
------ ------ ------
Total Revenues 6,601 6,201 5,293 6.4 24.7
Interest Expense 3,219 3,108 2,680 3.6 20.1
------ ------ ------
Net Revenues 3,382 3,093 2,613 9.3 29.4
------ ------ ------
Non-Interest Expenses:
Compensation and Benefits 1,660 1,612 1,299 3.0 27.8
Communications and Equipment Rental 151 141 136 6.9 10.4
Occupancy 163 116 116 40.1 40.7
Depreciation and Amortization 111 104 100 7.3 11.5
Professional Fees 160 152 107 5.3 49.5
Advertising and Market Development 150 125 114 20.3 32.0
Brokerage, Clearing, and Exchange Fees 103 103 94 (0.6) 9.0
Other 209 218 165 (4.3) 26.9
------ ------ ------
Total Non-Interest Expenses 2,707 2,571 2,131 5.3 27.0
------ ------ ------
Earnings Before Income Taxes 675 522 482 29.3 40.0
Income Tax Expense 230 191 179 20.4 28.7
------ ------ ------
Net Earnings $ 445 $ 331 $ 303 34.5 46.7
====== ====== ======
Preferred Stock Dividends $ 12 $ 12 $ 12 -- --
------ ------ ------
Net Earnings Applicable to Common
Stockholders $ 433 $ 319 $ 291 35.7 48.8
====== ====== ======
Earnings per Common Share:
Primary $ 2.29 $ 1.69 $ 1.49 35.5 53.7
Fully Diluted $ 2.27 $ 1.68 $ 1.49 35.1 52.3
Average Shares:
Primary 189.4 189.2 195.1 0.1 (2.9)
Fully Diluted 190.7 190.6 195.1 -- (2.3)
</TABLE>
Note: Percentages are based on actual numbers before rounding.
5
<PAGE>
EXHIBIT 99 (i)
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For the Year Ended
December 27, December 29, Percent
[In millions, except per share amounts] 1996 1995 Inc/(Dec)
------------ ------------ ---------
Revenues:
Commissions $ 3,786 $ 3,126 21.1%
Interest and Dividends 12,899 12,221 5.5
Principal Transactions 3,454 2,519 37.1
Investment Banking 1,945 1,308 48.8
Asset Management and Portfolio
Service Fees 2,261 1,890 19.6
Other 666 449 48.4
------- -------
Total Revenues 25,011 21,513 16.3
Interest Expense 11,895 11,248 5.7
------- -------
Net Revenues 13,116 10,265 27.8
------- -------
Non-Interest Expenses:
Compensation and Benefits 6,704 5,270 27.2
Communications and Equipment Rental 559 487 14.8
Occupancy 508 449 13.3
Depreciation and Amortization 411 367 11.9
Professional Fees 582 425 37.0
Advertising and Market Development 514 398 29.1
Brokerage, Clearing, and Exchange Fees 413 361 14.6
Other 859 697 23.2
------- -------
Total Non-Interest Expenses 10,550 8,454 24.8
------- -------
Earnings Before Income Taxes 2,566 1,811 41.7
Income Tax Expense 947 697 36.0
------- -------
Net Earnings $ 1,619 $ 1,114 45.3
======= =======
Preferred Stock Dividends $ 47 $ 48 --
------- -------
Net Earnings Applicable to Common
Stockholders $ 1,572 $ 1,066 47.5
======= =======
Earnings per Common Share:
Primary $ 8.20 $ 5.44 50.7
Fully Diluted $ 8.06 $ 5.42 48.7
Average Shares:
Primary 191.8 196.0 (2.1)
Fully Diluted 195.2 196.7 (0.8)
Note: Percentages are based on actual numbers before rounding.
6
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