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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.
Beasley Broadcast Group Inc has a M-score of -2.66 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Beasley Broadcast Group Inc was -1.81. The lowest was -3.67. And the median was -2.61.
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 Beasley Broadcast Group 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 * 0.9389||+||0.528 * 1.0415||+||0.404 * 0.9994||+||0.892 * 0.9953||+||0.115 * 1.0171|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0855||+||4.679 * -0.0329||-||0.327 * 0.9105|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $16.6 Mil.|
Revenue was 25.876 + 24.219 + 27.288 + 25.95 = $103.3 Mil.
Gross Profit was 9.485 + 7.117 + 10.226 + 9.444 = $36.3 Mil.
Total Current Assets was $35.0 Mil.
Total Assets was $264.0 Mil.
Property, Plant and Equipment(Net PPE) was $20.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.4 Mil.
Selling, General & Admin. Expense(SGA) was $9.0 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $97.1 Mil.
Net Income was 3.021 + 0.683 + 3.581 + 3.187 = $10.5 Mil.
Non Operating Income was -0.337 + 0.024 + -0.017 + 0.024 = $-0.3 Mil.
Cash Flow from Operations was 2.754 + 4.214 + 5.866 + 6.634 = $19.5 Mil.
|Accounts Receivable was $17.7 Mil.
Revenue was 26.856 + 24.812 + 27.437 + 24.714 = $103.8 Mil.
Gross Profit was 10.082 + 8.109 + 10.789 + 8.974 = $38.0 Mil.
Total Current Assets was $36.3 Mil.
Total Assets was $261.0 Mil.
Property, Plant and Equipment(Net PPE) was $18.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.2 Mil.
Selling, General & Admin. Expense(SGA) was $8.3 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $106.8 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)|
|=||(16.571 / 103.333)||/||(17.732 / 103.819)|
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)|
|=||(7.117 / 103.819)||/||(9.485 / 103.333)|
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 - (35.004 + 20.924) / 263.951)||/||(1 - (36.314 + 18.856) / 260.967)|
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))|
|=||(2.16 / (2.16 + 18.856))||/||(2.352 / (2.352 + 20.924))|
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)|
|=||(9.019 / 103.333)||/||(8.348 / 103.819)|
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)|
|=||((97.138 + 14.348) / 263.951)||/||((106.75 + 14.309) / 260.967)|
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|
|=||(10.472 - -0.306||-||19.468)||/||263.951|
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.
Beasley Broadcast Group Inc has a M-score of -2.66 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
Beasley Broadcast Group Inc Annual Data
Beasley Broadcast Group Inc Quarterly Data