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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 Anaren, Inc. was 0.00. The lowest was 0.00. And the median was 0.00.
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 Anaren, 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 * 0.9055||+||0.528 * 1.015||+||0.404 * 0.7966||+||0.892 * 1.0781||+||0.115 * 1.1152|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9182||+||4.679 * -0.0729||-||0.327 * 0.8042|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $31.5 Mil.|
Revenue was 41.809 + 38.543 + 42.336 + 38.974 = $161.7 Mil.
Gross Profit was 15.136 + 13.887 + 15.124 + 14.256 = $58.4 Mil.
Total Current Assets was $134.5 Mil.
Total Assets was $224.8 Mil.
Property, Plant and Equipment(Net PPE) was $41.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.3 Mil.
Selling, General & Admin. Expense(SGA) was $27.6 Mil.
Total Current Liabilities was $19.1 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 2.765 + 2.983 + 3.356 + 5.333 = $14.4 Mil.
Non Operating Income was 0.123 + 0 + 0 + 0 = $0.1 Mil.
Cash Flow from Operations was 7.864 + 3.51 + 10.889 + 8.439 = $30.7 Mil.
|Accounts Receivable was $32.3 Mil.
Revenue was 38.002 + 39.062 + 38.172 + 34.717 = $150.0 Mil.
Gross Profit was 15.015 + 14.415 + 13.867 + 11.69 = $55.0 Mil.
Total Current Assets was $112.0 Mil.
Total Assets was $211.3 Mil.
Property, Plant and Equipment(Net PPE) was $41.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.5 Mil.
Selling, General & Admin. Expense(SGA) was $27.8 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $8.0 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)|
|=||(31.515 / 161.662)||/||(32.283 / 149.953)|
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)|
|=||(54.987 / 149.953)||/||(58.403 / 161.662)|
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 - (134.53 + 41.053) / 224.824)||/||(1 - (112.047 + 41.167) / 211.315)|
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))|
|=||(9.531 / (9.531 + 41.167))||/||(8.324 / (8.324 + 41.053))|
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)|
|=||(27.56 / 161.662)||/||(27.84 / 149.953)|
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 + 19.097) / 224.824)||/||((8 + 14.319) / 211.315)|
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|
|=||(14.437 - 0.123||-||30.702)||/||224.824|
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.
Anaren, Inc. has a M-score of -2.82 suggests that the company will not 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
Anaren, Inc. Annual Data
Anaren, Inc. Quarterly Data