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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 Bioanalytical Systems Inc was -1.43. The lowest was -3.99. And the median was -2.72.
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 Bioanalytical Systems 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 * 0.9218||+||0.528 * 1.412||+||0.404 * 0.9641||+||0.892 * 0.8394||+||0.115 * 1.1009|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2612||+||4.679 * -0.146||-||0.327 * 1.1729|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $2.50 Mil.|
Revenue was 5.053 + 5.339 + 4.895 + 4.977 = $20.26 Mil.
Gross Profit was 1.173 + 1.316 + 0.984 + 1.293 = $4.77 Mil.
Total Current Assets was $6.31 Mil.
Total Assets was $23.51 Mil.
Property, Plant and Equipment(Net PPE) was $16.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.37 Mil.
Selling, General & Admin. Expense(SGA) was $6.10 Mil.
Total Current Liabilities was $13.81 Mil.
Long-Term Debt was $0.23 Mil.
Net Income was -0.433 + -0.254 + -0.506 + -0.711 = $-1.90 Mil.
Non Operating Income was 0.022 + 0.079 + 0.09 + 0.138 = $0.33 Mil.
Cash Flow from Operations was 0.144 + 0.474 + -0.348 + 0.929 = $1.20 Mil.
|Accounts Receivable was $3.23 Mil.
Revenue was 6.15 + 5.726 + 5.845 + 6.42 = $24.14 Mil.
Gross Profit was 2.49 + 1.802 + 1.904 + 1.821 = $8.02 Mil.
Total Current Assets was $6.67 Mil.
Total Assets was $23.36 Mil.
Property, Plant and Equipment(Net PPE) was $15.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.47 Mil.
Selling, General & Admin. Expense(SGA) was $5.76 Mil.
Total Current Liabilities was $7.93 Mil.
Long-Term Debt was $3.96 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)|
|=||(2.497 / 20.264)||/||(3.227 / 24.141)|
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)|
|=||(8.017 / 24.141)||/||(4.766 / 20.264)|
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 - (6.314 + 16.09) / 23.514)||/||(1 - (6.674 + 15.546) / 23.364)|
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))|
|=||(1.471 / (1.471 + 15.546))||/||(1.371 / (1.371 + 16.09))|
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)|
|=||(6.099 / 20.264)||/||(5.761 / 24.141)|
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)|
|=||((0.232 + 13.811) / 23.514)||/||((3.964 + 7.933) / 23.364)|
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|
|=||(-1.904 - 0.329||-||1.199)||/||23.514|
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.
Bioanalytical Systems Inc has a M-score of -3.27 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
Bioanalytical Systems Inc Annual Data
Bioanalytical Systems Inc Quarterly Data