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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.
Bio-Reference Laboratories Inc has a M-score of -1.42 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Bio-Reference Laboratories Inc was -0.77. The lowest was -3.23. And the median was -2.21.
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 Bio-Reference Laboratories 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 * 1.1966||+||0.528 * 1.0856||+||0.404 * 2.0737||+||0.892 * 1.1082||+||0.115 * 0.9806|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2563||+||4.679 * 0.0698||-||0.327 * 0.9169|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $234.0 Mil.|
Revenue was 201.366 + 181.27 + 192.218 + 185.427 = $760.3 Mil.
Gross Profit was 88.549 + 72.154 + 85.281 + 85.66 = $331.6 Mil.
Total Current Assets was $258.4 Mil.
Total Assets was $451.6 Mil.
Property, Plant and Equipment(Net PPE) was $67.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.5 Mil.
Selling, General & Admin. Expense(SGA) was $228.0 Mil.
Total Current Liabilities was $101.9 Mil.
Long-Term Debt was $22.8 Mil.
Net Income was 10.273 + 2.954 + 11.121 + 14.701 = $39.0 Mil.
Non Operating Income was 0.641 + 0.625 + 0.56 + 1.046 = $2.9 Mil.
Cash Flow from Operations was 2.564 + -2.752 + 0.687 + 4.143 = $4.6 Mil.
|Accounts Receivable was $176.4 Mil.
Revenue was 176.452 + 161.256 + 176.052 + 172.302 = $686.1 Mil.
Gross Profit was 80.676 + 70.922 + 87.245 + 86.049 = $324.9 Mil.
Total Current Assets was $249.1 Mil.
Total Assets was $351.4 Mil.
Property, Plant and Equipment(Net PPE) was $55.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.9 Mil.
Selling, General & Admin. Expense(SGA) was $163.8 Mil.
Total Current Liabilities was $92.0 Mil.
Long-Term Debt was $13.8 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)|
|=||(233.968 / 760.281)||/||(176.438 / 686.062)|
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)|
|=||(72.154 / 686.062)||/||(88.549 / 760.281)|
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 - (258.448 + 67.518) / 451.617)||/||(1 - (249.113 + 55.134) / 351.393)|
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))|
|=||(17.874 / (17.874 + 55.134))||/||(22.465 / (22.465 + 67.518))|
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)|
|=||(227.998 / 760.281)||/||(163.765 / 686.062)|
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)|
|=||((22.789 + 101.876) / 451.617)||/||((13.769 + 92.025) / 351.393)|
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|
|=||(39.049 - 2.872||-||4.642)||/||451.617|
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.
Bio-Reference Laboratories Inc has a M-score of -1.42 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
Bio-Reference Laboratories Inc Annual Data
Bio-Reference Laboratories Inc Quarterly Data