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Cryo-Cell International Inc (OTCPK:CCEL)
Beneish M-Score
-2.05 (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 -2.05 signals that the company is a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -5.8   Max: -0.37
Current: -2.05

-5.8
-0.37

During the past 13 years, the highest Beneish M-Score of Cryo-Cell International Inc was -0.37. The lowest was -5.80. And the median was -3.16.


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 * 1.0942+0.528 * 0.9948+0.404 * 0.81+0.892 * 1.0491+0.115 * 1.0345
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8743+4.679 * 0.0734-0.327 * 0.9584
=-2.05

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

This Year (May14) TTM:Last Year (May13) TTM:
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.
Net Income was 0.216 + 0.397 + -0.167 + 0.194 = $0.64 Mil.
Non Operating Income was -0.069 + -0.086 + -0.021 + -0.031 = $-0.21 Mil.
Cash Flow from Operations was 0.468 + -0.107 + -0.022 + -0.246 = $0.09 Mil.
Accounts Receivable was $3.57 Mil.
Revenue was 4.859 + 4.6 + 4.823 + 4.542 = $18.82 Mil.
Gross Profit was 3.484 + 3.32 + 3.498 + 3.216 = $13.52 Mil.
Total Current Assets was $9.58 Mil.
Total Assets was $11.94 Mil.
Property, Plant and Equipment(Net PPE) was $1.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.47 Mil.
Selling, General & Admin. Expense(SGA) was $12.63 Mil.
Total Current Liabilities was $10.66 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)
=(4.096 / 19.749) / (3.568 / 18.824)
=0.20740291 / 0.18954526
=1.0942

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)
=(3.986 / 18.824) / (3.403 / 19.749)
=0.7181258 / 0.72190997
=0.9948

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 - (8.42 + 1.091) / 10.266) / (1 - (9.58 + 1.275) / 11.939)
=0.07354374 / 0.09079487
=0.81

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
=19.749 / 18.824
=1.0491

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))
=(0.465 / (0.465 + 1.275)) / (0.38 / (0.38 + 1.091))
=0.26724138 / 0.25832767
=1.0345

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)
=(11.589 / 19.749) / (12.634 / 18.824)
=0.58681452 / 0.67116447
=0.8743

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 + 8.786) / 10.266) / ((0 + 10.661) / 11.939)
=0.85583479 / 0.89295586
=0.9584

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
=(0.64 - -0.207 - 0.093) / 10.266
=0.0734

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 -2.05 signals that the company is likely to 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 1.33380.84490.97811.97120.93530.97631.04281.28720.92471.1124
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 -2.91-3.69-3.81-2.55-3.03-3.23-1.73-3.03-4.64-2.73

Cryo-Cell International Inc Quarterly Data

Feb12May12Aug12Nov12Feb13May13Aug13Nov13Feb14May14
DSRI 1.2451.03551.3480.92471.00311.00470.97711.11241.0291.0942
GMI 0.98291.00220.99841.03641.05221.04381.03251.01140.99060.9948
AQI 1.38410.99940.94570.7070.58140.5690.5330.5370.57120.81
SGI 0.9820.95820.97361.00291.04351.07881.0871.0571.0721.0491
DEPI 0.71530.73240.76711.0241.00970.98680.91171.08561.05091.0345
SGAI 1.37321.51361.0311.15891.02470.79980.8960.74530.7880.8743
LVGI 1.69471.68351.8861.25511.12191.19570.86340.98630.96950.9584
TATA -0.2047-0.4665-0.3338-0.4072-0.3797-0.2407-0.1511-0.060.0130.0734
M-score -3.41-5.01-4.09-4.66-4.40-3.71-3.25-2.73-2.45-2.05
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