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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 -1.61. The lowest was -3.67. And the median was -2.57.
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 * 0.6666||+||0.528 * 1.0659||+||0.404 * 0.9865||+||0.892 * 1.5593||+||0.115 * 0.8517|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.5446||+||4.679 * -0.0379||-||0.327 * 0.9163|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $18.3 Mil.|
Revenue was 27.455 + 28.407 + 26.264 + 27.024 = $109.2 Mil.
Gross Profit was 7.469 + 9.006 + 6.612 + 8.283 = $31.4 Mil.
Total Current Assets was $37.8 Mil.
Total Assets was $311.8 Mil.
Property, Plant and Equipment(Net PPE) was $27.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.6 Mil.
Selling, General & Admin. Expense(SGA) was $9.0 Mil.
Total Current Liabilities was $11.1 Mil.
Long-Term Debt was $85.0 Mil.
Net Income was 1.821 + 3.27 + -0.738 + 2.532 = $6.9 Mil.
Non Operating Income was -0.04 + -0.169 + 0.002 + 0.019 = $-0.2 Mil.
Cash Flow from Operations was 6.088 + 4.454 + 4.433 + 3.92 = $18.9 Mil.
|Accounts Receivable was $17.6 Mil.
Revenue was 24.251 + 18.562 + 13.047 + 14.141 = $70.0 Mil.
Gross Profit was 6.437 + 6.301 + 3.626 + 5.08 = $21.4 Mil.
Total Current Assets was $34.3 Mil.
Total Assets was $314.1 Mil.
Property, Plant and Equipment(Net PPE) was $28.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.0 Mil.
Selling, General & Admin. Expense(SGA) was $10.7 Mil.
Total Current Liabilities was $12.3 Mil.
Long-Term Debt was $93.3 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)|
|=||(18.316 / 109.15)||/||(17.621 / 70.001)|
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)|
|=||(21.444 / 70.001)||/||(31.37 / 109.15)|
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 - (37.826 + 27.394) / 311.839)||/||(1 - (34.292 + 28.014) / 314.122)|
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))|
|=||(3.038 / (3.038 + 28.014))||/||(3.555 / (3.555 + 27.394))|
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)|
|=||(9.046 / 109.15)||/||(10.653 / 70.001)|
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)|
|=||((84.964 + 11.087) / 311.839)||/||((93.303 + 12.29) / 314.122)|
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|
|=||(6.885 - -0.188||-||18.895)||/||311.839|
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 -2.35 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