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Cryo-Cell International, Inc. (OTCPK:CCEL)
Beneish M-Score
-2.77 (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 -2.45 suggests that the company is not a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -5.5   Max: -0.88
Current: -2.77

-5.5
-0.88

During the past 13 years, the highest Beneish M-Score of Cryo-Cell International, Inc. was -0.88. The lowest was -5.50. And the median was -3.06.


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 * 1.029+0.528 * 0.9906+0.404 * 0.5712+0.892 * 1.072+0.115 * 1.0509
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.788+4.679 * 0.013-0.327 * 0.9695
=-2.45

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

This Year (Feb14) TTM:Last Year (Feb13) TTM:
Accounts Receivable was $3.70 Mil.
Revenue was 5.32 + 4.706 + 4.83 + 4.859 = $19.72 Mil.
Gross Profit was 3.986 + 3.399 + 3.469 + 3.484 = $14.34 Mil.
Total Current Assets was $8.56 Mil.
Total Assets was $10.47 Mil.
Property, Plant and Equipment(Net PPE) was $1.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.39 Mil.
Selling, General & Admin. Expense(SGA) was $11.79 Mil.
Total Current Liabilities was $8.68 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.397 + -0.167 + 0.194 + -0.244 = $0.18 Mil.
Non Operating Income was -0.086 + -0.021 + -0.031 + -0.027 = $-0.17 Mil.
Cash Flow from Operations was -0.107 + -0.022 + -0.246 + 0.584 = $0.21 Mil.
Accounts Receivable was $3.36 Mil.
Revenue was 4.6 + 4.823 + 4.542 + 4.426 = $18.39 Mil.
Gross Profit was 3.32 + 3.498 + 3.216 + 3.216 = $13.25 Mil.
Total Current Assets was $9.32 Mil.
Total Assets was $12.18 Mil.
Property, Plant and Equipment(Net PPE) was $1.26 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.46 Mil.
Selling, General & Admin. Expense(SGA) was $13.96 Mil.
Total Current Liabilities was $10.41 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)
=(3.704 / 19.715) / (3.358 / 18.391)
=0.18787725 / 0.18258931
=1.029

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)
=(3.399 / 18.391) / (3.986 / 19.715)
=0.7204611 / 0.7272635
=0.9906

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 - (8.558 + 1.123) / 10.468) / (1 - (9.316 + 1.26) / 12.179)
=0.07518151 / 0.13162
=0.5712

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
=19.715 / 18.391
=1.072

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))
=(0.462 / (0.462 + 1.26)) / (0.385 / (0.385 + 1.123))
=0.26829268 / 0.25530504
=1.0509

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)
=(11.794 / 19.715) / (13.961 / 18.391)
=0.5982247 / 0.75912131
=0.788

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 + 8.675) / 10.468) / ((0 + 10.41) / 12.179)
=0.82871609 / 0.85474998
=0.9695

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
=(0.18 - -0.165 - 0.209) / 10.468
=0.013

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 -2.45 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 1.01280.69130.97811.97120.93530.97631.04281.28721.10891.0809
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 -3.20-3.83-3.81-2.55-3.03-3.23-1.73-3.03-4.47-2.76

Cryo-Cell International, Inc. Quarterly Data

Nov11Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14
DSRI 1.28711.2451.03551.3481.10891.00311.00470.97711.08091.029
GMI 0.98920.98291.00220.99841.03641.05221.04381.03251.01140.9906
AQI 1.2011.38410.99940.94570.7070.58140.5690.5330.5370.5712
SGI 1.00880.9820.95820.97361.00291.04351.07881.0871.0571.072
DEPI 0.75760.71530.73240.76711.0241.00970.98680.91171.08561.0509
SGAI 1.29731.37321.51361.0311.15891.02470.79980.8960.74530.788
LVGI 1.50961.69471.68351.8861.25511.12191.19570.86340.98630.9695
TATA -0.1411-0.2047-0.4665-0.3338-0.4072-0.3797-0.2407-0.1511-0.060.013
M-score -3.04-3.41-5.01-4.09-4.49-4.40-3.71-3.25-2.76-2.45
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