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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 -2.61 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Beasley Broadcast Group, Inc. was -2.30. The lowest was -3.61. And the median was -2.62.
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 * 0.904||+||0.528 * 1.0424||+||0.404 * 0.9879||+||0.892 * 1.0465||+||0.115 * 0.9974|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.017||+||4.679 * -0.0272||-||0.327 * 0.9119|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $17.2 Mil.|
Revenue was 27.288 + 25.95 + 26.856 + 24.812 = $104.9 Mil.
Gross Profit was 10.226 + 9.444 + 10.082 + 8.109 = $37.9 Mil.
Total Current Assets was $35.9 Mil.
Total Assets was $264.2 Mil.
Property, Plant and Equipment(Net PPE) was $20.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.2 Mil.
Selling, General & Admin. Expense(SGA) was $8.6 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $102.6 Mil.
Net Income was 3.581 + 3.187 + 2.358 + 2.42 = $11.5 Mil.
Non Operating Income was -0.017 + 0.024 + -1.224 + 0.046 = $-1.2 Mil.
Cash Flow from Operations was 5.866 + 6.634 + 3.479 + 3.934 = $19.9 Mil.
|Accounts Receivable was $18.2 Mil.
Revenue was 27.437 + 24.714 + 24.791 + 23.299 = $100.2 Mil.
Gross Profit was 10.789 + 8.974 + 10.156 + 7.793 = $37.7 Mil.
Total Current Assets was $33.4 Mil.
Total Assets was $259.4 Mil.
Property, Plant and Equipment(Net PPE) was $19.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.1 Mil.
Selling, General & Admin. Expense(SGA) was $8.1 Mil.
Total Current Liabilities was $12.6 Mil.
Long-Term Debt was $113.3 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)|
|=||(17.195 / 104.906)||/||(18.175 / 100.241)|
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)|
|=||(9.444 / 100.241)||/||(10.226 / 104.906)|
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 - (35.852 + 20.137) / 264.209)||/||(1 - (33.391 + 19.067) / 259.373)|
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))|
|=||(2.097 / (2.097 + 19.067))||/||(2.221 / (2.221 + 20.137))|
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)|
|=||(8.625 / 104.906)||/||(8.104 / 100.241)|
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)|
|=||((102.625 + 14.316) / 264.209)||/||((113.25 + 12.636) / 259.373)|
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|
|=||(11.546 - -1.171||-||19.913)||/||264.209|
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 -2.61 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