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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 Ballantyne Strong Inc was -1.03. The lowest was -4.67. And the median was -2.49.
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 Ballantyne Strong 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 * 0.9245||+||0.528 * 0.9239||+||0.404 * 0.7881||+||0.892 * 0.9747||+||0.115 * 0.6709|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0914||+||4.679 * -0.1949||-||0.327 * 1.232|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $13.32 Mil.|
Revenue was 19.723 + 22.47 + 28.374 + 22.664 = $93.23 Mil.
Gross Profit was 3.676 + 4.261 + 5.64 + 4.057 = $17.63 Mil.
Total Current Assets was $54.82 Mil.
Total Assets was $74.00 Mil.
Property, Plant and Equipment(Net PPE) was $13.15 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.38 Mil.
Selling, General & Admin. Expense(SGA) was $21.14 Mil.
Total Current Liabilities was $17.94 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -2.919 + -10.164 + 0.318 + -0.109 = $-12.87 Mil.
Non Operating Income was 0.029 + 0.645 + 0.243 + 0.255 = $1.17 Mil.
Cash Flow from Operations was 0.787 + 2.126 + -0.377 + -2.155 = $0.38 Mil.
|Accounts Receivable was $14.79 Mil.
Revenue was 22.027 + 22.021 + 32.745 + 18.855 = $95.65 Mil.
Gross Profit was 4.247 + 4.216 + 4.914 + 3.338 = $16.72 Mil.
Total Current Assets was $65.16 Mil.
Total Assets was $88.70 Mil.
Property, Plant and Equipment(Net PPE) was $14.37 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.64 Mil.
Selling, General & Admin. Expense(SGA) was $19.87 Mil.
Total Current Liabilities was $17.46 Mil.
Long-Term Debt was $0.00 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)|
|=||(13.323 / 93.231)||/||(14.785 / 95.648)|
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)|
|=||(4.261 / 95.648)||/||(3.676 / 93.231)|
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 - (54.816 + 13.151) / 74.004)||/||(1 - (65.155 + 14.366) / 88.703)|
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))|
|=||(1.643 / (1.643 + 14.366))||/||(2.375 / (2.375 + 13.151))|
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)|
|=||(21.136 / 93.231)||/||(19.868 / 95.648)|
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)|
|=||((0 + 17.944) / 74.004)||/||((0 + 17.458) / 88.703)|
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|
|=||(-12.874 - 1.172||-||0.381)||/||74.004|
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.
Ballantyne Strong Inc has a M-score of -3.74 suggests that the company will not 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
Ballantyne Strong Inc Annual Data
Ballantyne Strong Inc Quarterly Data