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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 -2.56.
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 * 0.7221||+||0.528 * 1.0497||+||0.404 * 0.9908||+||0.892 * 1.326||+||0.115 * 0.9174|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.65||+||4.679 * -0.0352||-||0.327 * 0.9115|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $18.9 Mil.|
Revenue was 27.777 + 27.455 + 28.407 + 26.264 = $109.9 Mil.
Gross Profit was 8.048 + 7.469 + 9.006 + 6.612 = $31.1 Mil.
Total Current Assets was $37.7 Mil.
Total Assets was $311.3 Mil.
Property, Plant and Equipment(Net PPE) was $27.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.5 Mil.
Selling, General & Admin. Expense(SGA) was $9.2 Mil.
Total Current Liabilities was $11.5 Mil.
Long-Term Debt was $82.0 Mil.
Net Income was 2.469 + 1.821 + 3.27 + -0.738 = $6.8 Mil.
Non Operating Income was 0.269 + -0.04 + -0.169 + 0.002 = $0.1 Mil.
Cash Flow from Operations was 2.757 + 6.088 + 4.454 + 4.433 = $17.7 Mil.
|Accounts Receivable was $19.8 Mil.
Revenue was 27.024 + 24.251 + 18.562 + 13.047 = $82.9 Mil.
Gross Profit was 8.283 + 6.437 + 6.301 + 3.626 = $24.6 Mil.
Total Current Assets was $35.9 Mil.
Total Assets was $315.5 Mil.
Property, Plant and Equipment(Net PPE) was $27.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $10.7 Mil.
Total Current Liabilities was $12.0 Mil.
Long-Term Debt was $92.0 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)|
|=||(18.946 / 109.903)||/||(19.786 / 82.884)|
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)|
|=||(24.647 / 82.884)||/||(31.135 / 109.903)|
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 - (37.725 + 27.336) / 311.316)||/||(1 - (35.911 + 27.697) / 315.492)|
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))|
|=||(3.261 / (3.261 + 27.697))||/||(3.546 / (3.546 + 27.336))|
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)|
|=||(9.187 / 109.903)||/||(10.659 / 82.884)|
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)|
|=||((82.041 + 11.502) / 311.316)||/||((92.025 + 11.976) / 315.492)|
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|
|=||(6.822 - 0.062||-||17.732)||/||311.316|
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 -2.51 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