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Beneish M-Score 0.58 higher than -2.22, which implies that it might have manipulated its financial results.
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 Cryo-Cell International Inc was 0.58. The lowest was -5.10. And the median was -3.04.
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 * 1.0323||+||0.528 * 0.981||+||0.404 * 5.4526||+||0.892 * 1.0207||+||0.115 * 1.1763|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0029||+||4.679 * 0.2339||-||0.327 * 0.6733|
|This Year (Aug15) TTM:||Last Year (Aug14) TTM:|
|Accounts Receivable was $4.16 Mil.|
Revenue was 5.436 + 5.014 + 4.843 + 4.975 = $20.27 Mil.
Gross Profit was 3.929 + 3.637 + 3.569 + 3.667 = $14.80 Mil.
Total Current Assets was $9.91 Mil.
Total Assets was $19.44 Mil.
Property, Plant and Equipment(Net PPE) was $0.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.27 Mil.
Selling, General & Admin. Expense(SGA) was $11.98 Mil.
Total Current Liabilities was $10.45 Mil.
Long-Term Debt was $0.95 Mil.
Net Income was 7.83 + 0.21 + 0.286 + -0.296 = $8.03 Mil.
Non Operating Income was 0.887 + 0.003 + -0.012 + -0.501 = $0.38 Mil.
Cash Flow from Operations was 1.032 + 1.503 + 0.329 + 0.243 = $3.11 Mil.
|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.
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)|
|=||(4.163 / 20.268)||/||(3.951 / 19.857)|
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)|
|=||(3.637 / 19.857)||/||(3.929 / 20.268)|
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 - (9.907 + 0.878) / 19.435)||/||(1 - (8.266 + 1.016) / 10.107)|
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))|
|=||(0.381 / (0.381 + 1.016))||/||(0.265 / (0.265 + 0.878))|
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)|
|=||(11.978 / 20.268)||/||(11.701 / 19.857)|
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)|
|=||((0.947 + 10.452) / 19.435)||/||((0 + 8.804) / 10.107)|
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|
|=||(8.03 - 0.377||-||3.107)||/||19.435|
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 0.58 signals that the company is likely to 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
Cryo-Cell International Inc Annual Data
Cryo-Cell International Inc Quarterly Data