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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Adept Technology Inc was 9.65. The lowest was -5.59. And the median was -2.93.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Adept Technology Inc for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9499||+||0.528 * 1.0527||+||0.404 * 0.9764||+||0.892 * 0.9578||+||0.115 * 0.9464|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1048||+||4.679 * 0.1101||-||0.327 * 1.0785|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $11.06 Mil.|
Revenue was 14.114 + 11.797 + 14.402 + 14.26 = $54.57 Mil.
Gross Profit was 5.837 + 5.06 + 6.443 + 6.605 = $23.95 Mil.
Total Current Assets was $24.57 Mil.
Total Assets was $27.66 Mil.
Property, Plant and Equipment(Net PPE) was $0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.06 Mil.
Selling, General & Admin. Expense(SGA) was $20.25 Mil.
Total Current Liabilities was $10.25 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -1.324 + -2.357 + 0.082 + -0.41 = $-4.01 Mil.
Non Operating Income was -0.291 + -0.174 + 0.078 + 0.151 = $-0.24 Mil.
Cash Flow from Operations was -3.856 + -1.062 + -3.142 + 1.243 = $-6.82 Mil.
|Accounts Receivable was $12.15 Mil.
Revenue was 15.121 + 14.588 + 13.571 + 13.695 = $56.98 Mil.
Gross Profit was 6.914 + 6.839 + 6.262 + 6.302 = $26.32 Mil.
Total Current Assets was $27.86 Mil.
Total Assets was $31.51 Mil.
Property, Plant and Equipment(Net PPE) was $1.07 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.14 Mil.
Selling, General & Admin. Expense(SGA) was $19.14 Mil.
Total Current Liabilities was $10.83 Mil.
Long-Term Debt was $0.00 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(11.057 / 54.573)||/||(12.153 / 56.975)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(5.06 / 56.975)||/||(5.837 / 54.573)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (24.565 + 0.878) / 27.655)||/||(1 - (27.859 + 1.068) / 31.508)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(1.143 / (1.143 + 1.068))||/||(1.057 / (1.057 + 0.878))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(20.251 / 54.573)||/||(19.137 / 56.975)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 10.254) / 27.655)||/||((0 + 10.832) / 31.508)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-4.009 - -0.236||-||-6.817)||/||27.655|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Adept Technology Inc has a M-score of -2.08 signals that the company is likely to be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Adept Technology Inc Annual Data
Adept Technology Inc Quarterly Data