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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.
Bioanalytical Systems Inc has a M-score of -2.74 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Bioanalytical Systems Inc was -1.56. The lowest was -4.05. And the median was -2.76.
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 * 1.1501||+||0.528 * 0.8517||+||0.404 * 1.0051||+||0.892 * 0.9415||+||0.115 * 1.1433|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1078||+||4.679 * -0.0637||-||0.327 * 0.9206|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $3.87 Mil.|
Revenue was 5.912 + 6.22 + 5.508 + 5.6 = $23.24 Mil.
Gross Profit was 2.012 + 2.145 + 1.909 + 2.032 = $8.10 Mil.
Total Current Assets was $6.52 Mil.
Total Assets was $24.25 Mil.
Property, Plant and Equipment(Net PPE) was $16.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.61 Mil.
Selling, General & Admin. Expense(SGA) was $6.44 Mil.
Total Current Liabilities was $14.29 Mil.
Long-Term Debt was $0.33 Mil.
Net Income was -0.219 + -0.662 + 0.252 + 0.576 = $-0.05 Mil.
Non Operating Income was -0.196 + -0.96 + 0.309 + 0.319 = $-0.53 Mil.
Cash Flow from Operations was -0.031 + 1.036 + 0.176 + 0.84 = $2.02 Mil.
|Accounts Receivable was $3.57 Mil.
Revenue was 5.156 + 5.803 + 6.54 + 7.186 = $24.69 Mil.
Gross Profit was 1.258 + 1.855 + 2.154 + 2.059 = $7.33 Mil.
Total Current Assets was $5.56 Mil.
Total Assets was $24.79 Mil.
Property, Plant and Equipment(Net PPE) was $17.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.04 Mil.
Selling, General & Admin. Expense(SGA) was $6.17 Mil.
Total Current Liabilities was $15.63 Mil.
Long-Term Debt was $0.61 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)|
|=||(3.87 / 23.24)||/||(3.574 / 24.685)|
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)|
|=||(2.145 / 24.685)||/||(2.012 / 23.24)|
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 - (6.517 + 16.267) / 24.252)||/||(1 - (5.561 + 17.736) / 24.79)|
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))|
|=||(2.041 / (2.041 + 17.736))||/||(1.614 / (1.614 + 16.267))|
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)|
|=||(6.436 / 23.24)||/||(6.171 / 24.685)|
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)|
|=||((0.331 + 14.292) / 24.252)||/||((0.607 + 15.63) / 24.79)|
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|
|=||(-0.053 - -0.528||-||2.021)||/||24.252|
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 -2.74 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