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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 Bio-Reference Laboratories Inc was -0.77. The lowest was -3.23. And the median was -2.19.
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 * 1.0555||+||0.528 * 0.9767||+||0.404 * 0.8766||+||0.892 * 1.1693||+||0.115 * 0.8393|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0035||+||4.679 * 0.043||-||0.327 * 0.9314|
|This Year (Jan15) TTM:||Last Year (Jan14) TTM:|
|Accounts Receivable was $268.7 Mil.|
Revenue was 208.833 + 227.594 + 222.053 + 201.366 = $859.8 Mil.
Gross Profit was 89.755 + 106.853 + 102.443 + 88.549 = $387.6 Mil.
Total Current Assets was $361.3 Mil.
Total Assets was $488.1 Mil.
Property, Plant and Equipment(Net PPE) was $65.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.0 Mil.
Selling, General & Admin. Expense(SGA) was $217.6 Mil.
Total Current Liabilities was $147.6 Mil.
Long-Term Debt was $14.8 Mil.
Net Income was 6.633 + 18.281 + 15.25 + 10.273 = $50.4 Mil.
Non Operating Income was 0.114 + -0.087 + 0.09 + -0.056 = $0.1 Mil.
Cash Flow from Operations was 10.057 + 9.07 + 7.693 + 2.564 = $29.4 Mil.
|Accounts Receivable was $217.7 Mil.
Revenue was 181.27 + 192.218 + 185.427 + 176.452 = $735.4 Mil.
Gross Profit was 72.154 + 85.281 + 85.66 + 80.676 = $323.8 Mil.
Total Current Assets was $299.4 Mil.
Total Assets was $427.6 Mil.
Property, Plant and Equipment(Net PPE) was $67.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.0 Mil.
Selling, General & Admin. Expense(SGA) was $185.5 Mil.
Total Current Liabilities was $136.3 Mil.
Long-Term Debt was $16.4 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)|
|=||(268.72 / 859.846)||/||(217.741 / 735.367)|
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)|
|=||(106.853 / 735.367)||/||(89.755 / 859.846)|
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 - (361.348 + 65.642) / 488.143)||/||(1 - (299.408 + 67.113) / 427.636)|
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))|
|=||(20.981 / (20.981 + 67.113))||/||(26.008 / (26.008 + 65.642))|
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)|
|=||(217.608 / 859.846)||/||(185.452 / 735.367)|
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)|
|=||((14.769 + 147.556) / 488.143)||/||((16.38 + 136.295) / 427.636)|
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|
|=||(50.437 - 0.061||-||29.384)||/||488.143|
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 -2.14 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