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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 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 computation of per common share earnings (Exhibit 11),
which has been restated for the past five years and for the three months ended
March 29, 1996 and March 28, 1997 to give effect to the two-for-one common stock
split (as if such stock split had occurred at the beginning of the periods
covered), effected in the form of a 100% stock dividend declared by the
Corporation's Board of Directors on April 15, 1997 and paid on May 30, 1997.
Also filed herein is a schedule of other common share data restated to give
effect to the two-for-one common stock split mentioned above (as if such stock
split had occurred at the beginning of the periods covered) for the past five
years and the three months ended March 29, 1996 and March 28, 1997.
ITEM 7. FINANCIAL STATEMENTS, "PRO FORMA" FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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(11) Statement re: computation of per common share earnings
(99) Additional Exhibits
(i) Other common share data
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: May 30, 1997
3
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
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(11) Statement re: computation of per common share earnings 5
(99) Additional Exhibits
(i) Other common share data 6
4
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<TABLE>
<CAPTION>
Exhibit 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(In Millions, Except Per Share Amounts)
FOR THE THREE MONTHS
ENDED
------------------------
YEAR ENDED LAST FRIDAY IN DECEMBER
----------------------------------------------------------------- MARCH 29, MARCH 28,
1992 1993 1994 1995 1996 1996 1997
------------- ----------- ----------- ----------- ----------- ----------- -----------
(52 WEEKS) (53 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS)
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS
Earnings before cumulative effect of
changes in accounting principles.... $ 952 $ 1,394 $ 1,017 $ 1,114 $ 1,619 $ 410 $ 465
Cumulative effect of changes in
accounting principles............... (58) (35) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... 894 1,359 1,017 1,114 1,619 410 465
Preferred stock dividends............. (7) (5) (13) (48) (47) (12) (10)
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings applicable to common
stockholders........................ $ 887 $ 1,354 $ 1,004 $ 1,066 $ 1,572 $ 398 $ 455
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
PRIMARY WEIGHTED AVERAGE SHARES
Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2
Assuming issuance of shares relating
to employee incentive plans......... 37.3 34.1 31.2 38.9 45.9 46.9 57.9
--------- ---------- ---------- ---------- ---------- --------- ---------
Total shares.......................... 452.8 452.7 422.5 392.0 383.7 392.5 389.1
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
PRIMARY EARNINGS PER SHARE
Earnings before cumulative effect of
changes in accounting principles.... $ 2.09 $ 3.07 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17
Cumulative effect of changes in
accounting principles............... (.13) (.08) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... $ 1.96 $ 2.99 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
FULLY DILUTED WEIGHTED AVERAGE SHARES
Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2
Assuming issuance of shares relating
to employee incentive plans......... 38.2 36.4 32.1 40.2 52.6 46.9 57.9
--------- ---------- ---------- ---------- ---------- --------- ---------
Total shares.......................... 453.7 455.0 423.4 393.3 390.4 392.5 389.1
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
FULLY DILUTED EARNINGS PER SHARE
Earnings before cumulative effect of
changes in accounting principles.... $ 2.09 $ 3.06 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17
Cumulative effect of changes in
accounting principles............... (.13) (.08) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... $ 1.96 $ 2.98 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
</TABLE>
Notes: All share and per share amounts have been restated for the two-for-one
common stock split, effected in the form of a 100% stock dividend,
declared by the Board of Directors on April 15, 1997 and paid on
May 30, 1997.
Primary and fully diluted earnings per share are based on actual numbers
before rounding.
5
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<TABLE>
<CAPTION>
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
EXHIBIT 99(i)
OTHER COMMON SHARE DATA (A)
(In Thousands, Except Per Share Amounts)
FOR THE THREE MONTHS
ENDED
YEAR ENDED LAST FRIDAY IN DECEMBER ------------------------
--------------------------------------------------------------- MARCH 29, MARCH 28,
1992 1993 1994 1995 1996 1996 1997
----------- ----------- ----------- ----------- ----------- ----------- -----------
(52 WEEKS) (53 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS)
<S> <C> <C> <C> <C> <C> <C> <C>
Book Value............................ $ 10.69 $ 13.09 $ 14.43 $ 16.20 $ 19.19 $ 16.69 $ 19.71
Dividends Paid........................ $ .2875 $ .35 $ .445 $ .505 $ .58 $ .13 $ .15
Shares Outstanding at Period End (B).. 414,405 407,979 362,958 342,777 328,172 346,080 330,921
</TABLE>
(A) Other common share data has been restated for the two-for-one common stock
split effected in the form of a 100% stock dividend, declared by the Board
of Directors on April 15, 1997 and paid on May 30, 1997.
(B) Does not include 22,403, 17,865, 12,854, 8,025, and 3,078 unallocated shares
held in the Employee Stock Ownership Plan at year-end 1992, 1993, 1994,
1995, and 1996, respectively. For the three months ended March 29, 1996 and
March 28, 1997 does not include 5,791 and 935 unallocated shares held in the
Employee Stock Ownership Plan. Shares held in the Employee Stock Ownership
Plan are not considered outstanding for accounting purposes.
6
