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Previous: MERRILL LYNCH & CO INC, SC 13G/A, 1999-02-23 |
Next: MERRILL LYNCH & CO INC, 8-K, 1999-02-23 |
<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): February 22, 1999
-------------------------------
Merrill Lynch & Co., Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its 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 (Zip Code)
Executive Offices)
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 is the Preliminary Unaudited Consolidated Balance Sheet as of
December 25, 1998 for Merrill Lynch & Co., Inc. and subsidiaries. Also filed
herewith is a statement setting forth the computation of certain 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
as of December 25, 1998
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/ E. Stanley O'Neal
----------------------------
E. Stanley O'Neal
Executive Vice President
and Chief Financial Officer
Date: February 22, 1999
3
<PAGE>
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 6-7
as of December 25, 1998
4
<PAGE>
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>
Year Ended Last Friday in December
----------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- ---------- ----------
(52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks)
<S> <C> <C> <C> <C> <C>
Pretax earnings from continuing operations $ 2,096 $ 3,111 $ 2,628 $ 1,836 $ 1,747
Add: Fixed charges (excluding capitalized
interest and preferred security
dividend requirements of subsidiaries) 18,498 16,410 12,266 11,587 8,736
------- ------- ------- ------- -------
Pretax earnings before fixed charges 20,594 19,521 14,894 13,423 10,483
======= ======= ======= ======= =======
Fixed charges:
Interest 18,278 16,224 12,083 11,434 8,591
Other (a) 351 236 183 153 145
------- ------- ------- ------- -------
Total fixed charges 18,629 16,460 12,266 11,587 8,736
------- ------- ------- ------- -------
Preferred stock dividend requirements 58 61 73 77 22
------- ------- ------- ------- -------
Total combined fixed charges
and preferred stock dividends $18,687 $16,521 $12,339 $11,664 $ 8,758
======= ======= ======= ======= =======
Ratio of earnings to fixed charges 1.11 1.19 1.21 1.16 1.20
Ratio of earnings to combined fixed charges
and preferred stock dividends 1.10 1.18 1.21 1.15 1.20
</TABLE>
(a) Other fixed charges consist of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and capitalized interest.
5
<PAGE>
EXHIBIT 99(i)
MERILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET
(dollars in millions, except per share amount)
<TABLE>
<CAPTION>
DECEMBER 25,
ASSETS 1998
- -------------------------------------------------------------------------------- -----------
<S> <C>
CASH AND CASH EQUIVALENTS...................................................... $ 12,530
--------
CASH AND SECURITIES SEGREGATED FOR REGULATORY PURPOSES
OR DEPOSITED WITH CLEARING ORGANIZATIONS...................................... 6,590
--------
RECEIVABLES UNDER RESALE AGREEMENTS AND SECURITIES BORROWED TRANSACTIONS....... 87,713
--------
MARKETABLE INVESTMENT SECURITIES............................................... 4,605
--------
TRADING ASSETS, AT FAIR VALUE
Equities and convertible debentures............................................ 25,318
Contractual agreements......................................................... 21,979
Corporate debt and preferred stock............................................. 21,166
U.S. Government and agencies................................................... 15,421
Non-U.S. governments and agencies.............................................. 7,474
Mortgages, mortgage-backed, and asset-backed................................... 7,023
Other.......................................................................... 3,358
--------
101,739
Securities received as collateral, net of securities pledged as collateral..... 6,106
--------
Total.......................................................................... 107,845
--------
SECURITIES PLEDGED AS COLLATERAL............................................... 8,184
--------
OTHER RECEIVABLES
Customers (net of allowance for doubtful accounts of $48)...................... 29,559
Brokers and dealers............................................................ 8,872
Interest and other............................................................. 9,278
--------
Total.......................................................................... 47,709
--------
INVESTMENTS OF INSURANCE SUBSIDIARIES.......................................... 4,485
LOANS, NOTES, AND MORTGAGES (net of allowance for loan losses of $124)......... 7,687
OTHER INVESTMENTS.............................................................. 2,590
EQUIPMENT AND FACILITIES
(net of accumulated depreciation and amortization of $3,482).................. 2,761
GOODWILL (net of accumulated amortization of $338)............................. 5,364
OTHER ASSETS................................................................... 1,741
--------
TOTAL ASSETS................................................................... $299,804
========
</TABLE>
6
<PAGE>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
PRELIMINARY UNAUDITED CONSOLIDATED BALANCE SHEET, continued
(dollars in millions, except per share amount)
<TABLE>
<CAPTION>
DECEMBER 25,
1998
- -------------------------------------------------------- -------------
<S> <C>
LIABILITIES
PAYABLES UNDER REPURCHASE AGREEMENTS AND SECURITIES
LOANED TRANSACTIONS.................................... $ 67,127
--------
COMMERCIAL PAPER AND OTHER SHORT-TERM BORROWINGS........ 18,679
--------
DEMAND AND TIME DEPOSITS................................ 13,744
--------
TRADING LIABILITIES, AT FAIR VALUE
Contractual agreements.................................. 23,840
Equities and convertible debentures..................... 21,558
U.S. Government and agencies............................ 7,939
Non-U.S. governments and agencies....................... 7,245
Corporate debt and preferred stock...................... 2,878
Other................................................... 254
--------
Total................................................... 63,714
--------
OBLIGATION TO RETURN SECURITIES RECEIVED AS COLLATERAL.. 14,290
--------
OTHER PAYABLES
Customers............................................... 20,972
Brokers and dealers..................................... 7,899
Interest and other...................................... 18,738
--------
Total................................................... 47,609
--------
LIABILITIES OF INSURANCE SUBSIDIARIES................... 4,319
LONG-TERM BORROWINGS.................................... 57,563
--------
TOTAL LIABILITIES....................................... 287,045
--------
PREFERRED SECURITIES ISSUED BY SUBSIDIARIES............. 2,627
--------
STOCKHOLDERS' EQUITY
PREFERRED STOCKHOLDERS' EQUITY.......................... 425
--------
COMMON STOCKHOLDERS' EQUITY
Shares exchangeable into common stock................... 66
Common stock (par value $1.33 1/3 per share;
authorized: 1,000,000,000 shares;
issued: 472,660,324 shares)........................... 630
Paid-in capital......................................... 1,427
Accumulated other comprehensive loss (net of tax)....... (122)
Retained earnings....................................... 10,475
--------
12,476
Less: Treasury stock, at cost (116,376,259 shares)...... 2,101
Employee stock transactions....................... 668
--------
TOTAL COMMON STOCKHOLDERS' EQUITY....................... 9,707
--------
TOTAL STOCKHOLDERS' EQUITY.............................. 10,132
--------
TOTAL LIABILITIES, PREFERRED SECURITIES ISSUED BY
SUBSIDIARIES, AND STOCKHOLDERS' EQUITY................. $299,804
========
</TABLE>
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