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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 -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Beasley Broadcast Group Inc was -1.82. The lowest was -3.69. 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 * 0.9143||+||0.528 * 1.0574||+||0.404 * 1.0003||+||0.892 * 1.0251||+||0.115 * 1.0401|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.053||+||4.679 * -0.035||-||0.327 * 0.9054|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $15.7 Mil.|
Revenue was 24.219 + 27.288 + 25.95 + 26.856 = $104.3 Mil.
Gross Profit was 7.117 + 10.226 + 9.444 + 10.082 = $36.9 Mil.
Total Current Assets was $33.7 Mil.
Total Assets was $262.3 Mil.
Property, Plant and Equipment(Net PPE) was $20.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.3 Mil.
Selling, General & Admin. Expense(SGA) was $8.8 Mil.
Total Current Liabilities was $12.5 Mil.
Long-Term Debt was $100.6 Mil.
Net Income was 0.683 + 3.581 + 3.187 + 2.358 = $9.8 Mil.
Non Operating Income was 0.024 + -0.017 + 0.024 + -1.224 = $-1.2 Mil.
Cash Flow from Operations was 4.214 + 5.866 + 6.634 + 3.479 = $20.2 Mil.
|Accounts Receivable was $16.7 Mil.
Revenue was 24.812 + 27.437 + 24.714 + 24.791 = $101.8 Mil.
Gross Profit was 8.109 + 10.789 + 8.974 + 10.156 = $38.0 Mil.
Total Current Assets was $35.4 Mil.
Total Assets was $260.8 Mil.
Property, Plant and Equipment(Net PPE) was $18.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.1 Mil.
Selling, General & Admin. Expense(SGA) was $8.2 Mil.
Total Current Liabilities was $13.0 Mil.
Long-Term Debt was $111.1 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)|
|=||(15.686 / 104.313)||/||(16.736 / 101.754)|
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)|
|=||(10.226 / 101.754)||/||(7.117 / 104.313)|
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 - (33.712 + 20.713) / 262.332)||/||(1 - (35.354 + 18.819) / 260.78)|
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))|
|=||(2.148 / (2.148 + 18.819))||/||(2.263 / (2.263 + 20.713))|
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)|
|=||(8.806 / 104.313)||/||(8.158 / 101.754)|
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)|
|=||((100.563 + 12.533) / 262.332)||/||((111.125 + 13.044) / 260.78)|
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|
|=||(9.809 - -1.193||-||20.193)||/||262.332|
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 -2.64 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