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Cryo-Cell International Inc (OTCPK:CCEL)
Beneish M-Score
-4.05 (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 -4.05 suggests that the company is not a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -5.1   Max: -0.37
Current: -4.05

-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 -3.11.


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 * 0.9041+0.528 * 0.9973+0.404 * 0.9347+0.892 * 1.0011+0.115 * 1.0195
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.06+4.679 * -0.3117-0.327 * 0.9731
=-4.05

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

This Year (May15) TTM:Last Year (May14) TTM:
Accounts Receivable was $3.71 Mil.
Revenue was 5.014 + 4.843 + 4.975 + 4.938 = $19.77 Mil.
Gross Profit was 3.637 + 3.569 + 3.667 + 3.438 = $14.31 Mil.
Total Current Assets was $9.31 Mil.
Total Assets was $10.94 Mil.
Property, Plant and Equipment(Net PPE) was $0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.30 Mil.
Selling, General & Admin. Expense(SGA) was $12.30 Mil.
Total Current Liabilities was $9.11 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.21 + 0.286 + -0.296 + 0.237 = $0.44 Mil.
Non Operating Income was 0.003 + -0.012 + 0.689 + 0.142 = $0.82 Mil.
Cash Flow from Operations was 1.503 + 0.329 + 0.243 + 0.95 = $3.03 Mil.
Accounts Receivable was $4.10 Mil.
Revenue was 4.893 + 5.32 + 4.706 + 4.83 = $19.75 Mil.
Gross Profit was 3.403 + 3.986 + 3.399 + 3.469 = $14.26 Mil.
Total Current Assets was $8.42 Mil.
Total Assets was $10.27 Mil.
Property, Plant and Equipment(Net PPE) was $1.09 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General & Admin. Expense(SGA) was $11.59 Mil.
Total Current Liabilities was $8.79 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)
=(3.707 / 19.77) / (4.096 / 19.749)
=0.18750632 / 0.20740291
=0.9041

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)
=(3.569 / 19.749) / (3.637 / 19.77)
=0.72190997 / 0.72387456
=0.9973

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 - (9.307 + 0.881) / 10.94) / (1 - (8.42 + 1.091) / 10.266)
=0.06873857 / 0.07354374
=0.9347

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
=19.77 / 19.749
=1.0011

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))
=(0.38 / (0.38 + 1.091)) / (0.299 / (0.299 + 0.881))
=0.25832767 / 0.25338983
=1.0195

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)
=(12.297 / 19.77) / (11.589 / 19.749)
=0.62200303 / 0.58681452
=1.06

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 + 9.111) / 10.94) / ((0 + 8.786) / 10.266)
=0.83281536 / 0.85583479
=0.9731

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
=(0.437 - 0.822 - 3.025) / 10.94
=-0.3117

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 -4.05 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

Nov05Nov06Nov07Nov08Nov09Nov10Nov11Nov12Nov13Nov14
DSRI 0.84490.97811.97120.93531.05590.97091.27821.10890.92771.152
GMI 1.03881.10271.03920.96330.89460.97010.98691.03651.01130.9994
AQI 0.45441.05671.24771.17270.93671.91751.18080.7070.5370.9916
SGI 1.18351.18881.01630.98960.9451.08041.01581.00291.0571.0596
DEPI 1.11350.91540.96310.92160.94461.06720.75661.0241.08350.8699
SGAI 1.2261.19711.09830.75650.87350.98231.28841.15880.74541.0173
LVGI 0.88851.28361.40940.98770.92180.79871.51281.52590.81131.048
TATA -0.2233-0.3026-0.2012-0.1206-0.1590.0692-0.1497-0.404-0.06-0.1643
M-score -3.69-3.81-2.55-3.03-3.26-1.68-3.09-4.56-2.84-3.09

Cryo-Cell International Inc Quarterly Data

Feb13May13Aug13Nov13Feb14May14Aug14Nov14Feb15May15
DSRI 1.00311.00470.97710.92771.0291.09421.06281.1521.13770.9041
GMI 1.05221.04381.03251.01140.99060.99481.00580.99951.01510.9973
AQI 0.58140.5690.5330.5370.57120.811.00180.99160.95340.9347
SGI 1.04351.07881.0871.0571.0721.04911.0391.05950.99671.0011
DEPI 1.00970.98680.91171.08561.05091.03451.01420.86820.94461.0195
SGAI 1.02470.79980.8960.74530.7880.87430.90751.01741.02451.06
LVGI 1.12191.19570.86340.81130.96950.95841.02231.0480.99840.9731
TATA -0.3828-0.2398-0.1544-0.06330.0130.0734-0.0566-0.1642-0.2184-0.3117
M-score -4.41-3.71-3.27-2.86-2.45-2.05-2.64-3.09-3.40-4.05
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