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Beneish M-Score 0.4 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 0.71. The lowest was -5.53. 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 * 0.7033||+||0.528 * 0.9768||+||0.404 * 6.0697||+||0.892 * 1.0891||+||0.115 * 1.1621|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9967||+||4.679 * 0.1969||-||0.327 * 0.6941|
|This Year (Feb16) TTM:||Last Year (Feb15) TTM:|
|Accounts Receivable was $3.22 Mil.|
Revenue was 5.152 + 5.798 + 5.436 + 5.014 = $21.40 Mil.
Gross Profit was 3.804 + 4.326 + 3.929 + 3.637 = $15.70 Mil.
Total Current Assets was $9.94 Mil.
Total Assets was $19.10 Mil.
Property, Plant and Equipment(Net PPE) was $0.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.26 Mil.
Selling, General & Admin. Expense(SGA) was $13.07 Mil.
Total Current Liabilities was $10.18 Mil.
Long-Term Debt was $0.79 Mil.
Net Income was -0.123 + -0.219 + 7.83 + 0.21 = $7.70 Mil.
Non Operating Income was -0.018 + -0.658 + -0.013 + 0.003 = $-0.69 Mil.
Cash Flow from Operations was 0.101 + 1.988 + 1.032 + 1.503 = $4.62 Mil.
|Accounts Receivable was $4.20 Mil.
Revenue was 4.843 + 4.975 + 4.938 + 4.893 = $19.65 Mil.
Gross Profit was 3.569 + 3.667 + 3.438 + 3.403 = $14.08 Mil.
Total Current Assets was $8.85 Mil.
Total Assets was $10.52 Mil.
Property, Plant and Equipment(Net PPE) was $0.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.34 Mil.
Selling, General & Admin. Expense(SGA) was $12.04 Mil.
Total Current Liabilities was $8.70 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)|
|=||(3.217 / 21.4)||/||(4.2 / 19.649)|
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)|
|=||(14.077 / 19.649)||/||(15.696 / 21.4)|
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 - (9.942 + 0.848) / 19.1)||/||(1 - (8.847 + 0.918) / 10.519)|
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))|
|=||(0.34 / (0.34 + 0.918))||/||(0.257 / (0.257 + 0.848))|
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)|
|=||(13.073 / 21.4)||/||(12.043 / 19.649)|
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)|
|=||((0.791 + 10.177) / 19.1)||/||((0 + 8.703) / 10.519)|
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|
|=||(7.698 - -0.686||-||4.624)||/||19.1|
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 0.40 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