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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.
Ballantyne Strong Inc has a M-score of -2.74 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Ballantyne Strong Inc was -1.15. The lowest was -4.41. And the median was -2.45.
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 * 1.2834||+||0.528 * 0.8219||+||0.404 * 2.0744||+||0.892 * 0.6128||+||0.115 * 1.1009|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7154||+||4.679 * -0.0926||-||0.327 * 0.8985|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $22.3 Mil.|
Revenue was 32.745 + 18.855 + 24.395 + 27.621 = $103.6 Mil.
Gross Profit was 4.914 + 3.338 + 4.68 + 3.914 = $16.8 Mil.
Total Current Assets was $72.1 Mil.
Total Assets was $95.4 Mil.
Property, Plant and Equipment(Net PPE) was $14.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.5 Mil.
Selling, General & Admin. Expense(SGA) was $16.7 Mil.
Total Current Liabilities was $23.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -1.724 + 0.046 + 1.277 + 0.565 = $0.2 Mil.
Non Operating Income was 0.156 + -0.031 + 0.235 + 0.142 = $0.5 Mil.
Cash Flow from Operations was 2.729 + 0.104 + 3.742 + 1.929 = $8.5 Mil.
|Accounts Receivable was $28.3 Mil.
Revenue was 39.097 + 39.26 + 46.708 + 44.019 = $169.1 Mil.
Gross Profit was 6.176 + 3.721 + 6.358 + 6.339 = $22.6 Mil.
Total Current Assets was $84.1 Mil.
Total Assets was $99.5 Mil.
Property, Plant and Equipment(Net PPE) was $11.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.3 Mil.
Selling, General & Admin. Expense(SGA) was $15.9 Mil.
Total Current Liabilities was $27.2 Mil.
Long-Term Debt was $0.0 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)|
|=||(22.254 / 103.616)||/||(28.296 / 169.084)|
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)|
|=||(3.338 / 169.084)||/||(4.914 / 103.616)|
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 - (72.103 + 14.721) / 95.444)||/||(1 - (84.107 + 11.105) / 99.546)|
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))|
|=||(1.268 / (1.268 + 11.105))||/||(1.511 / (1.511 + 14.721))|
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)|
|=||(16.738 / 103.616)||/||(15.923 / 169.084)|
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 + 23.442) / 95.444)||/||((0 + 27.21) / 99.546)|
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|
|=||(0.164 - 0.502||-||8.504)||/||95.444|
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 -2.74 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