SL Industries Beneish M-Score Historical Data
The historical data trend for SL Industries's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SL Industries Beneish M-Score Chart
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SL Industries Annual Data
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Trend |
Dec06 |
Dec07 |
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Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.72 |
-2.79 |
-2.53 |
-2.34 |
-2.33 |
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SL Industries Quarterly Data
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Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
| Beneish M-Score |
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-1.99 |
-1.89 |
-2.16 |
-2.33 |
-2.48 |
Competitive Comparison of SL Industries's Beneish M-Score
For the Electronic Components subindustry, SL Industries's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SL Industries's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, SL Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SL Industries's Beneish M-Score falls into.
SL Industries Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 SL Industries 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 * 1.0542 | + | 0.528 * 0.9609 | + | 0.404 * 1.5424 | + | 0.892 * 1.0016 | + | 0.115 * 1.1448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1026 | + | 4.679 * -0.022553 | - | 0.327 * 1.1389 |
| = | -2.38 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (36.884 / 202.673) | / | (34.932 / 202.355) |
| = | 0.181988 | / | 0.172627 |
| | = | 1.0542 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (65.515 / 202.355) | / | (68.287 / 202.673) |
| = | 0.323763 | / | 0.336932 |
| | = | 0.9609 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (74.542 + 18.222) / 130.269) | / | (1 - (94.08 + 8.028) / 125.542) |
| = | 0.287904 | / | 0.186663 |
| | = | 1.5424 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 202.673 | / | 202.355 |
| | = | 1.0016 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (2.305 / (2.305 + 8.028)) | / | (4.41 / (4.41 + 18.222)) |
| = | 0.223072 | / | 0.194857 |
| | = | 1.1448 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (36.551 / 202.673) | / | (33.097 / 202.355) |
| = | 0.180345 | / | 0.163559 |
| | = | 1.1026 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((0 + 46.305) / 130.269) | / | ((0 + 39.183) / 125.542) |
| = | 0.355457 | / | 0.312111 |
| | = | 1.1389 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (9.748 - 0.079 | - | 12.607) | / | 130.269 |
| | = | -0.022553 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
SL Industries has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
SL Industries (SL Industries) Business Description
Traded in Other Exchanges
N/A
Address
SL Industries Inc was incorporated as G-L Electronics Company in the state of New Jersey on March 29, 1956. The Companys name was changed to G-L Industries, Inc. in November 1963; SGL Industries, Inc. in November 1970; and then to the present name of SL Industries, Inc. in September 1984. The Company through its subsidiaries, designs, manufactures and markets power electronics, motion control, power protection, power quality, and specialized communication equipment that is used in a variety of medical, commercial and military aerospace, solar, computer, datacom, industrial, telecom, transportation, utility, rail and highway equipment applications. Its products are generally incorporated into larger systems to improve operating performance, safety, reliability and efficiency. The Companys products are largely sold to Original Equipment Manufacturers (OEMs), the utility industry and, to a lesser extent, to commercial distributors. The Company currently operates under four business segments: SL Power Electronics Corp. (SLPE), the High Power Group, SL Montevideo Technology, Inc. (SL-MTI) and RFL Electronics Inc. (RFL). TEAL Electronics Corp. (TEAL) and MTE Corporation (MTE) are combined into one business segment, which is reported as the High Power Group. SL Power Electronics Corp. designs, manufactures and markets high-reliability power conversion products in internal and external footprints. The Companys power supplies provide a reliable and safe power source for the customers specific equipment needs. SLPE, which sells products under three brand names (SL Power Electronics, Condor and Ault), is a supplier to the OEMs of medical, industrial/instrumentation, LED, and information technology equipment. The High Power Group sells products under two brand names: TEAL and MTE. TEAL designs and manufactures power quality products that include noise suppression isolation transformers, power conditioned distribution systems, voltage regulators, and high level integrated cabinets with preinstalled prewired power quality and distribution components. TEAL sells to OEMs of medical imaging, medical treatment, military aerospace, semiconductor, solar, and simulation systems. MTE designs and manufactures power quality solutions used to protect electrical equipment, bring harmonics into compliance, and improve the efficiency of variable speed motor drive systems. MTEs standard product lines include: harmonic filters, three-phase AC reactors, DC link chokes, and motor protection filters. TEAL and MTE also design and build customer specific and custom products for special applications. These products are typically used in industrial plants, renewable energy facilities, and commercial buildings. SL-MTI designs and manufactures high power density precision motors that are used in numerous mission critical applications, including military and commercial aerospace, oil and gas, medical, and industrial products. RFL designs and manufactures communication
Executives
| Fejes William Theodore Jr |
officer: President and CEO |
440 NORTH FIFTH AVENUE, CHAMBERSBURG PA 17201 |
| James A Risher |
director |
8609 SIX FORKS RD, RALEIGH NC 27615 |
| Louis J Belardi |
officer: CFO, Secretary and Treasurer |
520 FELLOWSHIP ROAD, SUITE A114, MT. LAUREL NJ 08054 |
| Glen M Kassan |
director, other: See Explanation of Responses |
C/O STEEL PARTNERS, 590 MADISON AVE, NEW YORK NY 10022 |
| Warren G Lichtenstein |
director, other: See Explanation of Responses |
C/O STEEL PARTNERS II L P, 590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Mark E Schwarz |
director |
5420 LYNDON B. JOHNSON FREEWAY, SUITE 1100, DALLAS TX 75240 |
| Avrum Gray |
director |
440 S LASALLE ST STE 650, CHIACAGO IL 60605 |
| Sph Group Holdings Llc |
10 percent owner |
C/O STEEL PARTNERS HOLDINGS L.P., 590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Sph Group Llc |
10 percent owner |
C/O STEEL PARTNERS HOLDINGS L.P., 590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Holdings Gp Inc. |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Holdings L.p. |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Llc |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Ii Lp |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| James R Henderson |
other: Former Director as of 3/30/10 |
|
| Steel Partners Llc |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
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