Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For Three Months Ended % Inc/(Dec)
(in millions, Dec.31 Sept.24 Dec.25 4Q99 vs.
except per share amounts) 1999 1999 1998 3Q99 4Q98
Net Revenues
Commissions $1,735 $1,440 $1,424 20.5% 21.8%
Principal transactions 794 1,059 211 (25.0) 276.3
Investment banking 1,125 948 824 18.7 36.5
Asset management and
portfolio service fees 1,301 1,183 1,046 10.0 24.4
Other 296 117 256 153.0 15.6
Subtotal 5,251 4,747 3,761 10.6 39.6
Interest and dividends 4,019 3,665 4,084 9.7 (1.6)
Interest expense 3,375 3,144 3,764 7.3 (10.3)
Net interest profit 644 521 320 23.6 101.3
Total Net Revenues 5,895 5,268 4,081 11.9 44.4
Non-Interest Expenses
Compensation and benefits 2,916 2,746 2,218 6.2 31.5
Comm. and technology 541 481 438 12.5 23.5
Occupancy and related
depreciation 252 230 222 9.6 13.5
Advert. and market dev. 236 190 107 24.2 120.6
Brok., clrg., exch. fees 184 170 174 8.2 5.7
Professional fees 163 144 93 13.2 75.3
Goodwill amortization 57 57 61 - (6.6)
Other 386 359 249 7.5 55.0
Total Non-Int. Expenses 4,735 4,377 3,562 8.2 32.9
Earnings Before Income
Taxes and Div. on
Pref. Sec. Issued
by Subsidiaries 1,160 891 519 30.2 123.5
Income tax expense 346 271 119 27.7 190.8
Dividends on pref. sec.
issued by subsidiaries 50 48 41 4.2 22.0
Net Earnings $764 $572 $359 33.6 112.8
Preferred stock dividends $9 $10 $10 (10.0) (10.0)
Net Earnings Applicable
to Common Stockholders $755 $562 $349 34.3 116.3
Earnings per Common Share
Basic $2.03 $1.52 $0.97 33.6 109.3
Diluted 1.80 1.34 0.86 34.3 109.3
Average Shares
Basic 372.0 370.3 359.9 0.5 3.4
Diluted 420.6 419.1 404.9 0.4 3.9
Cash Basis (1)
Net Earnings $821 $629 $420 30.5 95.5
Earnings per
Common Share - Basic 2.18 1.67 1.14 30.5 91.2
Earnings per
Common Share - Diluted 1.93 1.48 1.01 30.4 91.1
(1) Cash basis excludes goodwill amortization.
Note: Certain prior period amounts have been restated to
conform to the current period presentation.
Merrill Lynch & Co., Inc.
Preliminary Unaudited Earnings Summary
For the Year Ended
(in millions, Dec. 31 Dec. 25
except per share amounts) 1999 1998 % Inc/(Dec)
Net Revenues
Commissions $6,334 $5,799 9.2%
Principal transactions 4,361 2,651 64.5
Investment banking 3,614 3,264 10.7
Asset management and
portfolio service fees 4,753 4,202 13.1
Other 720 623 15.6
Subtotal 19,782 16,539 19.6
Interest and dividends 15,097 18,035 (16.3)
Interest expense 13,010 17,027 (23.6)
Net interest profit 2,087 1,008 107.0
Total Net Revenues 21,869 17,547 24.6
Non-Interest Expenses
Compensation and benefits 11,153 9,199 21.2
Comm. and technology 2,038 1,749 16.5
Occupancy and related
depreciation 941 867 8.5
Advert. and market dev. 779 688 13.2
Brok., clrg., exch. fees 678 683 (0.7)
Professional fees 567 552 2.7
Goodwill amortization 227 226 0.4
Provision for costs
related to staff
reductions -- 430 N/M
Other 1,408 1,057 33.2
Total Non-Int. Expenses 17,791 15,451 15.1
Earnings Before Income
Taxes and Div. on
Pref. Sec. Issued
by Subsidiaries 4,078 2,096 94.6
Income tax expense 1,265 713 77.4
Dividends on pref. sec.
issued by subsidiaries 195 124 57.3
Net Earnings $2,618 $1,259 107.9
Preferred stock dividends $38 $39 (2.6)
Net Earnings Applicable
to Common Stockholders $2,580 $1,220 111.5
Earnings per Common Share
Basic $7.00 $3.43 104.1
Diluted 6.17 3.00 105.7
Average Shares
Basic 368.7 355.6 3.7
Diluted 418.1 406.3 2.9
Cash Basis (1)
Net Earnings $2,845 $1,485 91.6
Earnings per
Common Share - Basic 7.61 4.07 87.0
Earnings per
Common Share - Diluted 6.71 3.56 88.5
(1) Cash basis excludes goodwill amortization.
Note: Certain prior period amounts have been restated
to conform to the current period presentation.
N/M Not meaningful.
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