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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 Beasley Broadcast Group Inc was -1.69. The lowest was -3.67. And the median was -2.58.
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 * 0.8046||+||0.528 * 1.1076||+||0.404 * 1.013||+||0.892 * 1.484||+||0.115 * 0.9593|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6987||+||4.679 * 0.0758||-||0.327 * 0.7805|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $19.79 Mil.|
Revenue was 27.024 + 24.251 + 18.562 + 13.047 = $82.88 Mil.
Gross Profit was 8.283 + 6.437 + 6.301 + 3.626 = $24.65 Mil.
Total Current Assets was $35.91 Mil.
Total Assets was $315.49 Mil.
Property, Plant and Equipment(Net PPE) was $27.70 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.26 Mil.
Selling, General & Admin. Expense(SGA) was $9.35 Mil.
Total Current Liabilities was $11.98 Mil.
Long-Term Debt was $92.03 Mil.
Net Income was 2.532 + 1.298 + 33.836 + 2.459 = $40.13 Mil.
Non Operating Income was 0.019 + 0.472 + 0.024 + 0.254 = $0.77 Mil.
Cash Flow from Operations was 3.92 + 1.564 + 3.751 + 6.195 = $15.43 Mil.
|Accounts Receivable was $16.57 Mil.
Revenue was 14.141 + 12.955 + 15.028 + 13.727 = $55.85 Mil.
Gross Profit was 5.08 + 3.348 + 5.496 + 4.471 = $18.40 Mil.
Total Current Assets was $35.00 Mil.
Total Assets was $263.95 Mil.
Property, Plant and Equipment(Net PPE) was $20.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.35 Mil.
Selling, General & Admin. Expense(SGA) was $9.02 Mil.
Total Current Liabilities was $14.35 Mil.
Long-Term Debt was $97.14 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)|
|=||(19.786 / 82.884)||/||(16.571 / 55.851)|
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)|
|=||(6.437 / 55.851)||/||(8.283 / 82.884)|
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 - (35.911 + 27.697) / 315.492)||/||(1 - (35.004 + 20.924) / 263.951)|
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))|
|=||(2.352 / (2.352 + 20.924))||/||(3.261 / (3.261 + 27.697))|
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)|
|=||(9.352 / 82.884)||/||(9.019 / 55.851)|
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)|
|=||((92.025 + 11.976) / 315.492)||/||((97.138 + 14.348) / 263.951)|
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|
|=||(40.125 - 0.769||-||15.43)||/||315.492|
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 -1.69 signals that the company is likely to 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