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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 -0.88. The lowest was -3.23. And the median was -2.12.
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 * 1.0974||+||0.528 * 1.0142||+||0.404 * 0.8749||+||0.892 * 1.1635||+||0.115 * 0.841|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0117||+||4.679 * 0.0632||-||0.327 * 0.9505|
|This Year (Oct14) TTM:||Last Year (Oct13) TTM:|
|Accounts Receivable was $263.3 Mil.|
Revenue was 227.594 + 222.053 + 201.366 + 181.27 = $832.3 Mil.
Gross Profit was 106.853 + 102.443 + 88.549 + 72.154 = $370.0 Mil.
Total Current Assets was $351.8 Mil.
Total Assets was $478.9 Mil.
Property, Plant and Equipment(Net PPE) was $66.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.2 Mil.
Selling, General & Admin. Expense(SGA) was $208.9 Mil.
Total Current Liabilities was $144.6 Mil.
Long-Term Debt was $15.4 Mil.
Net Income was 18.281 + 15.25 + 10.273 + 2.954 = $46.8 Mil.
Non Operating Income was -0.087 + 0.09 + -0.056 + -0.03 = $-0.1 Mil.
Cash Flow from Operations was 9.07 + 7.693 + 2.564 + -2.752 = $16.6 Mil.
|Accounts Receivable was $206.3 Mil.
Revenue was 192.218 + 185.427 + 176.452 + 161.256 = $715.4 Mil.
Gross Profit was 85.281 + 85.66 + 80.676 + 70.922 = $322.5 Mil.
Total Current Assets was $294.9 Mil.
Total Assets was $421.5 Mil.
Property, Plant and Equipment(Net PPE) was $65.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.7 Mil.
Selling, General & Admin. Expense(SGA) was $177.5 Mil.
Total Current Liabilities was $133.8 Mil.
Long-Term Debt was $14.4 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)|
|=||(263.346 / 832.283)||/||(206.261 / 715.353)|
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)|
|=||(102.443 / 715.353)||/||(106.853 / 832.283)|
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 - (351.849 + 66.388) / 478.863)||/||(1 - (294.878 + 65.649) / 421.528)|
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))|
|=||(19.739 / (19.739 + 65.649))||/||(25.164 / (25.164 + 66.388))|
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)|
|=||(208.934 / 832.283)||/||(177.507 / 715.353)|
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)|
|=||((15.397 + 144.564) / 478.863)||/||((14.382 + 133.762) / 421.528)|
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|
|=||(46.758 - -0.083||-||16.575)||/||478.863|
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 -2.00 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