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): April 15, 1997
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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 Earnings Summary, as contained in a
press release dated April 15, 1997, for Merrill Lynch & Co., Inc. ("ML & Co.")
for the three-month period ended March 28, 1997. The results of operations set
forth therein for such period 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 period 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.
Preferred stockholders' equity, common stockholders' equity, long-term
borrowings, preferred securities issued by subsidiaries, and book value per
common share as of March 28, 1997 were approximately $0.4 billion, $6.5 billion,
$29.7 billion, $0.6 billion, and $39.40, respectively.
On April 15, 1997, the Board of Directors of ML & Co. declared a two-for-one
stock split, to be effected in the form of a 100% stock dividend, payable on May
30, 1997, to the holders of record of shares of Common Stock, par value $1.33
1/3 per share, of ML & Co. ("Common Stock") at the close of business on May 2,
1997. The Board of Directors also declared a cash dividend on pre-split shares
of $.40 per share, payable on May 21, 1997 to the holders of record of Common
Stock on May 2, 1997.
Pursuant to Rule 416 of the Securities Act of 1933, effective on the ex-dividend
date for the stock split described above, the following Registration Statements
shall be deemed to cover the additional shares of Common Stock resulting from
such stock split: No. 33-41942; No. 33-17908; No. 33-33336; No. 33-51831; No.
33-51829; No. 33-54154; No. 33-54572; No. 333-00863; No. 333-13367; No.
333-17099; No. 333-18915; No. 333-33335; No. 333-45777; No. 333-02275; and No.
333-24889.
Item 7. Financial Statements, "Pro Forma" Financial Information and Exhibits
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(c) Exhibits.
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary for the
three-month period ended March 28, 1997.
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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: April 15, 1997
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EXHIBIT INDEX
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Exhibit No. Description Page
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary for the
three-month period ended March 28, 1997. 5
4
<TABLE>
<CAPTION>
Exhibit 99(i)
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For Three Months Ended Increase/(Decrease)
March 28, December 27, March 29, 1Q97 Versus
[In millions, except per share amounts] 1997 1996 1996 4Q96 1Q96
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<S> <C> <C> <C> <C> <C>
Revenues:
Commissions $1,115 $ 967 $ 989 15.3% 12.7%
Interest and Dividends 3,848 3,492 3,010 10.2 27.8
Principal Transactions 1,063 744 982 42.9 8.3
Investment Banking 608 517 378 17.6 60.9
Asset Management and Portfolio Service Fees 646 601 538 7.6 20.2
Other 171 280 122 (39.1) 39.9
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Total Revenues 7,451 6,601 6,019 12.9 23.8
Interest Expense 3,610 3,219 2,758 12.2 30.9
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Net Revenues 3,841 3,382 3,261 13.6 17.8
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Non-Interest Expenses:
Compensation and Benefits 1,988 1,660 1,691 19.7 17.6
Communications and Equipment Rental 158 151 131 4.7 20.7
Occupancy 120 163 116 (26.3) 3.7
Depreciation and Amortization 105 111 98 (5.4) 7.3
Professional Fees 198 160 130 23.6 51.7
Advertising and Market Development 144 150 114 (3.8) 26.2
Brokerage, Clearing, and Exchange Fees 118 103 106 14.7 11.0
Other 244 209 204 16.8 19.7
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Total Non-Interest Expenses 3,075 2,707 2,590 13.6 18.7
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Earnings Before Income Taxes and Dividends
on Preferred Securities Issued by Subsidiaries 766 675 671 13.5 14.2
Income Tax Expense 291 230 261 26.5 11.2
Dividends on Preferred Securities Issued
by Subsidiaries 10 -- -- n/m n/m
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Net Earnings $ 465 $ 445 $ 410 4.6 13.6
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Preferred Stock Dividends $ 10 $ 12 $ 12 (8.5) (9.7)
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Net Earnings Applicable to Common
Stockholders $ 455 $ 433 $ 398 4.9 14.3
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Earnings per Common Share (A):
Primary $ 2.34 $ 2.29 $ 2.03 2.2 15.3
Fully Diluted $ 2.34 $ 2.27 $ 2.03 3.1 15.3
Average Shares (A):
Primary 194.5 189.4 196.2 2.7 (0.9)
Fully Diluted 194.5 190.7 196.2 2.0 (0.9)
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(A) Earnings per common share amounts and average shares used in computing
earnings per common share do not give effect to the two-for-one stock
split, effected in the form of a stock dividend, declared by the Board of
Directors on April 15, 1997 and payable on May 30, 1997.
Note: Percentages are based on actual numbers before rounding.