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Cryo-Cell International Inc (OTCPK:CCEL)
Beneish M-Score
-3.07 (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 -3.07 suggests that the company is not a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -4.8   Max: -1.23
Current: -3.07

-4.8
-1.23

During the past 13 years, the highest Beneish M-Score of Cryo-Cell International Inc was -1.23. The lowest was -4.80. And the median was -3.04.


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 * 1.152+0.528 * 0.9995+0.404 * 1.037+0.892 * 1.0595+0.115 * 0.8682
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0174+4.679 * -0.1642-0.327 * 1.048
=-3.07

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

This Year (Nov14) TTM:Last Year (Nov13) TTM:
Accounts Receivable was $4.07 Mil.
Revenue was 4.975 + 4.938 + 4.893 + 5.32 = $20.13 Mil.
Gross Profit was 3.667 + 3.438 + 3.403 + 3.986 = $14.49 Mil.
Total Current Assets was $8.49 Mil.
Total Assets was $10.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General & Admin. Expense(SGA) was $12.25 Mil.
Total Current Liabilities was $9.13 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -0.296 + 0.237 + 0.216 + 0.397 = $0.55 Mil.
Non Operating Income was 0.689 + 0.142 + -0.069 + -0.086 = $0.68 Mil.
Cash Flow from Operations was 0.243 + 0.95 + 0.468 + -0.107 = $1.55 Mil.
Accounts Receivable was $3.34 Mil.
Revenue was 4.706 + 4.83 + 4.859 + 4.6 = $19.00 Mil.
Gross Profit was 3.399 + 3.469 + 3.484 + 3.32 = $13.67 Mil.
Total Current Assets was $9.46 Mil.
Total Assets was $11.50 Mil.
Property, Plant and Equipment(Net PPE) was $1.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.39 Mil.
Selling, General & Admin. Expense(SGA) was $11.37 Mil.
Total Current Liabilities was $9.81 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)
=(4.072 / 20.126) / (3.336 / 18.995)
=0.20232535 / 0.17562516
=1.152

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)
=(3.438 / 18.995) / (3.667 / 20.126)
=0.71976836 / 0.72016297
=0.9995

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 - (8.492 + 0.953) / 10.21) / (1 - (9.463 + 1.207) / 11.501)
=0.07492654 / 0.07225459
=1.037

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
=20.126 / 18.995
=1.0595

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))
=(0.394 / (0.394 + 1.207)) / (0.377 / (0.377 + 0.953))
=0.24609619 / 0.28345865
=0.8682

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)
=(12.252 / 20.126) / (11.366 / 18.995)
=0.60876478 / 0.59836799
=1.0174

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 + 9.127) / 10.21) / ((0 + 9.81) / 11.501)
=0.89392752 / 0.85296931
=1.048

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
=(0.554 - 0.676 - 1.554) / 10.21
=-0.1642

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 -3.07 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 0.84490.97811.97120.93530.97631.04281.28720.92471.11241.152
GMI 1.03881.10271.03920.96330.86930.99590.98931.03651.01130.9994
AQI 0.45441.05671.24771.17270.93671.88521.2010.7070.51351.037
SGI 1.18351.18881.01630.98961.0221.00591.00871.00291.0571.0596
DEPI 1.11350.91540.96310.92160.94461.06720.75661.0241.08350.8699
SGAI 1.2261.19711.09830.75650.80771.0551.29741.15880.74541.0173
LVGI 0.88851.28361.40940.98770.92180.80041.50961.25510.98631.048
TATA -0.2233-0.3026-0.2012-0.1206-0.15130.0622-0.14-0.404-0.0863-0.1643
M-score -3.69-3.81-2.55-3.03-3.23-1.73-3.03-4.64-2.86-3.07

Cryo-Cell International Inc Quarterly Data

Aug12Nov12Feb13May13Aug13Nov13Feb14May14Aug14Nov14
DSRI 1.3480.92471.00311.00470.97711.11241.0291.09421.06281.152
GMI 0.99841.03641.05221.04381.03251.01140.99060.99481.00580.9995
AQI 0.94570.7070.58140.5690.5330.51350.57120.811.00181.037
SGI 0.97361.00291.04351.07881.0871.0571.0721.04911.0391.0595
DEPI 0.76711.0241.00970.98680.91171.08561.05091.03451.01420.8682
SGAI 1.0311.15891.02470.79980.8960.74530.7880.87430.90751.0174
LVGI 1.8861.25511.12191.19570.86340.98630.96950.95841.02231.048
TATA -0.3338-0.4072-0.3797-0.2407-0.1511-0.0863-0.0160.0439-0.0866-0.1642
M-score -4.09-4.66-4.40-3.71-3.25-2.86-2.59-2.18-2.78-3.07
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