BRLI has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -1.91 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 * 1.1689||+||0.528 * 1.0252||+||0.404 * 1.0033||+||0.892 * 1.1549||+||0.115 * 1.0528|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0053||+||4.679 * 0.0733||-||0.327 * 1.2548|
|This Year (Jan14) TTM:||Last Year (Jan13) TTM:|
|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.
Net Income was 2.954 + 11.121 + 14.701 + 11.338 = $40.1 Mil.
Non Operating Income was -0.03 + 0.56 + 1.046 + -0.104 = $1.5 Mil.
Cash Flow from Operations was -2.752 + 0.687 + 4.143 + 5.218 = $7.3 Mil.
|Accounts Receivable was $161.3 Mil.
Revenue was 161.256 + 163.488 + 160.532 + 151.443 = $636.7 Mil.
Gross Profit was 70.922 + 74.681 + 74.279 + 67.534 = $287.4 Mil.
Total Current Assets was $233.0 Mil.
Total Assets was $331.9 Mil.
Property, Plant and Equipment(Net PPE) was $51.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.3 Mil.
Selling, General & Admin. Expense(SGA) was $159.7 Mil.
Total Current Liabilities was $81.4 Mil.
Long-Term Debt was $13.0 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)|
|=||(217.741 / 735.367)||/||(161.289 / 636.719)|
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)|
|=||(85.281 / 636.719)||/||(72.154 / 735.367)|
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 - (299.408 + 67.113) / 427.636)||/||(1 - (233.049 + 51.569) / 331.895)|
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))|
|=||(17.258 / (17.258 + 51.569))||/||(20.981 / (20.981 + 67.113))|
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)|
|=||(185.452 / 735.367)||/||(159.725 / 636.719)|
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)|
|=||((16.38 + 136.295) / 427.636)||/||((13.01 + 81.425) / 331.895)|
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|
|=||(40.114 - 1.472||-||7.296)||/||427.636|
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 -1.91 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