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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 -1.92 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 * 1.1314||+||0.528 * 1.0391||+||0.404 * 1.0762||+||0.892 * 1.1606||+||0.115 * 0.9058|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0372||+||4.679 * 0.0662||-||0.327 * 1.1381|
|This Year (Jul14) TTM:||Last Year (Jul13) TTM:|
|Accounts Receivable was $251.9 Mil.|
Revenue was 222.053 + 201.366 + 181.27 + 192.218 = $796.9 Mil.
Gross Profit was 102.443 + 88.549 + 72.154 + 85.281 = $348.4 Mil.
Total Current Assets was $337.7 Mil.
Total Assets was $466.1 Mil.
Property, Plant and Equipment(Net PPE) was $65.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.2 Mil.
Selling, General & Admin. Expense(SGA) was $202.9 Mil.
Total Current Liabilities was $150.2 Mil.
Long-Term Debt was $15.3 Mil.
Net Income was 15.25 + 10.273 + 2.954 + 11.121 = $39.6 Mil.
Non Operating Income was 0.09 + -0.056 + -0.03 + 0.56 = $0.6 Mil.
Cash Flow from Operations was 7.693 + 2.564 + -2.752 + 0.687 = $8.2 Mil.
|Accounts Receivable was $191.8 Mil.
Revenue was 185.427 + 176.452 + 161.256 + 163.488 = $686.6 Mil.
Gross Profit was 85.66 + 80.676 + 70.922 + 74.681 = $311.9 Mil.
Total Current Assets was $273.4 Mil.
Total Assets was $378.5 Mil.
Property, Plant and Equipment(Net PPE) was $57.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.6 Mil.
Selling, General & Admin. Expense(SGA) was $168.6 Mil.
Total Current Liabilities was $105.0 Mil.
Long-Term Debt was $13.1 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)|
|=||(251.851 / 796.907)||/||(191.798 / 686.623)|
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)|
|=||(88.549 / 686.623)||/||(102.443 / 796.907)|
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 - (337.661 + 65.84) / 466.122)||/||(1 - (273.383 + 57.843) / 378.473)|
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))|
|=||(18.603 / (18.603 + 57.843))||/||(24.185 / (24.185 + 65.84))|
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)|
|=||(202.927 / 796.907)||/||(168.575 / 686.623)|
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)|
|=||((15.276 + 150.225) / 466.122)||/||((13.064 + 105.012) / 378.473)|
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|
|=||(39.598 - 0.564||-||8.192)||/||466.122|
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 -1.92 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