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Cryo-Cell International, Inc. (OTCPK:CCEL)
Piotroski F-Score
8 (As of Today)

Good Sign:

Piotroski F-Score of 7 is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 8 or 9
Bad or low score = 0 or 1

Cryo-Cell International, Inc. has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

CCEL' s 10-Year Piotroski F-Score Range
Min: 1   Max: 8
Current: 8

1
8

During the past 13 years, the highest Piotroski F-Score of Cryo-Cell International, Inc. was 8. The lowest was 1. And the median was 4.


Definition

How is the Piotroski F-Score calculated?

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Feb14) TTM:Last Year (Feb13) TTM:
Net Income was 0.397 + -0.167 + 0.194 + -0.244 = $0.18 Mil.
Cash Flow from Operations was -0.107 + -0.022 + -0.246 + 0.584 = $0.21 Mil.
Revenue was 5.32 + 4.706 + 4.83 + 4.859 = $19.72 Mil.
Gross Profit was 3.986 + 3.399 + 3.469 + 3.484 = $14.34 Mil.
Total Assets at the begining of this year (Feb13) was $12.18 Mil.
Total Assets was $10.47 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $8.56 Mil.
Total Current Liabilities was $8.68 Mil.
Net Income was 0.244 + -0.854 + -0.547 + -3.225 = $-4.38 Mil.

Revenue was 4.6 + 4.823 + 4.542 + 4.426 = $18.39 Mil.
Gross Profit was 3.32 + 3.498 + 3.216 + 3.216 = $13.25 Mil.
Total Assets at the begining of last year (Feb12) was $16.49 Mil.
Total Assets was $12.18 Mil.
Long-Term Debt was $0.00 Mil.
Total Current Assets was $9.32 Mil.
Total Current Liabilities was $10.41 Mil.

Profitability

Q1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cryo-Cell International, Inc.'s current net income was 0.18. ==> Positive ==> Score 1.

Q2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by total assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Cryo-Cell International, Inc.'s current cash flow from operations was 0.21. ==> Positive ==> Score 1.

Q3. Change in Return on Assets

Compare this year’s return on assets (1) to last year’s return on assets.

Score 1 if it’s higher, 0 if it’s lower.

ROA (This Year)=Net Income/Total Assets at the beginning of this year (Feb13)
=0.18/12.179
=0.01477954

ROA (Last Year)=Net Income/Total Assets at the beginning of last year (Feb12)
=-4.382/16.491
=-0.2657207

Cryo-Cell International, Inc.'s return on assets of this year was 0.01477954. Cryo-Cell International, Inc.'s return on assets of last year was -0.2657207. ==> This year is higher. ==> Score 1.

Q4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA =< ROA.

Cryo-Cell International, Inc.'s current net income was 0.18. Cryo-Cell International, Inc.'s current cash flow from operations was 0.21. ==> 0.21 > 0.18 ==> CFROA > ROA ==> Score 1.

Funding

Q5. Change in Gearing or Leverage

Compare this year’s gearing (long-term debt divided by average total assets) to last year’s gearing.

Score 1 if gearing is lower, 0 if it’s higher.

Gearing (This Year)=Long-Term Debt/Total Assets
=0/10.468
=0

Gearing (Last Year)=Long-Term Debt/Total Assets
=0/12.179
=0

Cryo-Cell International, Inc.'s gearing of this year was 0. Cryo-Cell International, Inc.'s gearing of last year was 0. ==> Last year is lower ==> Score 0.

Q6. Change in Working Capital (Liquidity)

Compare this year’s current ratio (current assets divided by current liabilities) to last year’s current ratio.

Score 1 if this year’s current ratio is higher, 0 if it’s lower

Current Ratio (This Year)=Total Current Assets/Total Current Liabilities
=8.558/8.675
=0.98651297

Current Ratio (Last Year)=Total Current Assets/Total Current Liabilities
=9.316/10.41
=0.89490874

Cryo-Cell International, Inc.'s current ratio of this year was 0.98651297. Cryo-Cell International, Inc.'s current ratio of last year was 0.89490874. ==> This year's current ratio is higher. ==> Score 1.

Q7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 1 if there is fewer number of shares in issue this year. Score 0 otherwise.

Cryo-Cell International, Inc.'s number of shares in issue this year was 10.8. Cryo-Cell International, Inc.'s number of shares in issue last year was 11.1. ==> There is the same number of shares in issue this year, or fewer. ==> Score 1.

Efficiency

Q8. Change in Gross Margin

Compare this year’s gross margin (gross profit divided by sales) to last year’s.

Score 1 if this year’s gross margin is higher, 0 if it’s lower.

Gross Margin (This Year)=Gross Profit/Revenue
=14.338/19.715
=0.7272635

Gross Margin (Last Year)=Gross Profit/Revenue
=13.25/18.391
=0.7204611

Cryo-Cell International, Inc.'s gross margin of this year was 0.7272635. Cryo-Cell International, Inc.'s gross margin of last year was 0.7204611. ==> This year's gross margin is higher. ==> Score 1.

Q9. Change in asset turnover

Compare this year’s asset turnover (total sales divided by total assets at the beginning of the year) to last year’s asset turnover ratio.

Score 1 if this year’s asset turnover ratio is higher, 0 if it’s lower

Asset Turnover (This Year)=Revenue/Total Assets at the beginning of this year (Feb13)
=19.715/12.179
=1.61877001

Asset Turnover (Last Year)=Revenue/Total Assets at the beginning of last year (Feb12)
=18.391/16.491
=1.11521436

Cryo-Cell International, Inc.'s asset turnover of this year was 1.61877001. Cryo-Cell International, Inc.'s asset turnover of last year was 1.11521436. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score=Q1+Q2+Q3+Q4+Q5+Q6+Q7+Q8+Q9
=1+1+1+1+0+1+1+1+1
=8

Good or high score = 8 or 9

Bad or low score = 0 or 1

Cryo-Cell International, Inc. has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.


Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Related Terms

Net Income, Cash Flow from Operations, Revenue, Gross Profit, Total Assets, Long-Term Debt, Total Current Assets, Total Current Liabilities


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Cryo-Cell International, Inc. Annual Data

Nov04Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13
Q1 1100011001
Q2 1110111111
Q3 1000111001
Q4 1111110111
Q5 0000000010
Q6 1100111001
Q7 0010000111
Q8 1000111100
Q9 1000110001
F-score 7431675447

Cryo-Cell International, Inc. Quarterly Data

Nov11Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14
Q1 0000000011
Q2 1111111111
Q3 0000001111
Q4 1111111111
Q5 0000110100
Q6 0000000111
Q7 1111111111
Q8 1101000001
Q9 0000011111
F-score 4434455778
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