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Cryo-Cell International Inc (OTCPK:CCEL)
Beneish M-Score
-2.64 (As of Today)

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.

Cryo-Cell International Inc has a M-score of -2.64 suggests that the company is not a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -5.1   Max: -0.37
Current: -2.64

-5.1
-0.37

During the past 13 years, the highest Beneish M-Score of Cryo-Cell International Inc was -0.37. The lowest was -5.10. And the median was -3.05.


Definition

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 Cryo-Cell International 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 * 1.0628+0.528 * 1.0058+0.404 * 1.0018+0.892 * 1.039+0.115 * 1.0142
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9075+4.679 * -0.0566-0.327 * 1.0223
=-2.64

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Aug14) TTM:Last Year (Aug13) TTM:
Accounts Receivable was $3.95 Mil.
Revenue was 4.938 + 4.893 + 5.32 + 4.706 = $19.86 Mil.
Gross Profit was 3.438 + 3.403 + 3.986 + 3.399 = $14.23 Mil.
Total Current Assets was $8.27 Mil.
Total Assets was $10.11 Mil.
Property, Plant and Equipment(Net PPE) was $1.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General & Admin. Expense(SGA) was $11.70 Mil.
Total Current Liabilities was $8.80 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.237 + 0.216 + 0.397 + -0.167 = $0.68 Mil.
Non Operating Income was 0.142 + -0.069 + -0.086 + -0.021 = $-0.03 Mil.
Cash Flow from Operations was 0.95 + 0.468 + -0.107 + -0.022 = $1.29 Mil.
Accounts Receivable was $3.58 Mil.
Revenue was 4.83 + 4.859 + 4.6 + 4.823 = $19.11 Mil.
Gross Profit was 3.469 + 3.484 + 3.32 + 3.498 = $13.77 Mil.
Total Current Assets was $9.25 Mil.
Total Assets was $11.37 Mil.
Property, Plant and Equipment(Net PPE) was $1.19 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.46 Mil.
Selling, General & Admin. Expense(SGA) was $12.41 Mil.
Total Current Liabilities was $9.68 Mil.
Long-Term Debt was $0.00 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(3.951 / 19.857) / (3.578 / 19.112)
=0.19897265 / 0.18721222
=1.0628

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(3.403 / 19.112) / (3.438 / 19.857)
=0.72054207 / 0.71642242
=1.0058

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (8.266 + 1.016) / 10.107) / (1 - (9.249 + 1.19) / 11.365)
=0.0816266 / 0.08147822
=1.0018

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=19.857 / 19.112
=1.039

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))
=(0.455 / (0.455 + 1.19)) / (0.381 / (0.381 + 1.016))
=0.27659574 / 0.27272727
=1.0142

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)
=(11.701 / 19.857) / (12.41 / 19.112)
=0.58926323 / 0.64933026
=0.9075

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 + 8.804) / 10.107) / ((0 + 9.684) / 11.365)
=0.87107945 / 0.85208975
=1.0223

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(0.683 - -0.034 - 1.289) / 10.107
=-0.0566

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.

Cryo-Cell International Inc has a M-score of -2.64 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Cryo-Cell International Inc Annual Data

Nov04Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13
DSRI 1.33380.84490.97811.97120.93530.97631.04281.28720.92471.1124
GMI 0.88021.03881.10271.03920.96330.86930.99590.98931.03651.0113
AQI 0.65770.45441.05671.24771.17270.93671.88521.2010.7070.537
SGI 1.61721.18351.18881.01630.98961.0221.00591.00871.00291.057
DEPI 1.32711.11350.91540.96310.92160.94461.06720.75661.0241.0835
SGAI 0.48691.2261.19711.09830.75650.80771.0551.29741.15880.7454
LVGI 0.66450.88851.28361.40940.98770.92180.80041.50961.25510.9863
TATA -0.2818-0.2233-0.3026-0.2012-0.1206-0.15130.0622-0.14-0.404-0.06
M-score -2.91-3.69-3.81-2.55-3.03-3.23-1.73-3.03-4.64-2.73

Cryo-Cell International Inc Quarterly Data

May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14Aug14
DSRI 1.03551.3480.92471.00311.00470.97711.11241.0291.09421.0628
GMI 1.00220.99841.03641.05221.04381.03251.01140.99060.99481.0058
AQI 0.99940.94570.7070.58140.5690.5330.5370.57120.811.0018
SGI 0.95820.97361.00291.04351.07881.0871.0571.0721.04911.039
DEPI 0.73240.76711.0241.00970.98680.91171.08561.05091.03451.0142
SGAI 1.51361.0311.15891.02470.79980.8960.74530.7880.87430.9075
LVGI 1.68351.8861.25511.12191.19570.86340.98630.96950.95841.0223
TATA -0.4665-0.3338-0.4072-0.3797-0.2407-0.1511-0.060.0130.0734-0.0566
M-score -5.01-4.09-4.66-4.40-3.71-3.25-2.73-2.45-2.05-2.64
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