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Cryo-Cell International Inc (OTCPK:CCEL)
Beneish M-Score
-3.40 (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 -3.40 suggests that the company is not a manipulator.

CCEL' s 10-Year Beneish M-Score Range
Min: -5.1   Max: -0.37
Current: -3.4

-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 -3.07.


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 * 1.1377+0.528 * 1.0151+0.404 * 0.9534+0.892 * 0.9967+0.115 * 0.9446
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0245+4.679 * -0.2184-0.327 * 0.9984
=-3.40

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

This Year (Feb15) TTM:Last Year (Feb14) TTM:
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.
Net Income was 0.286 + -0.296 + 0.237 + 0.216 = $0.44 Mil.
Non Operating Income was -0.012 + 0.689 + 0.142 + -0.069 = $0.75 Mil.
Cash Flow from Operations was 0.329 + 0.243 + 0.95 + 0.468 = $1.99 Mil.
Accounts Receivable was $3.70 Mil.
Revenue was 5.32 + 4.706 + 4.83 + 4.859 = $19.72 Mil.
Gross Profit was 3.986 + 3.399 + 3.469 + 3.484 = $14.34 Mil.
Total Current Assets was $8.56 Mil.
Total Assets was $10.47 Mil.
Property, Plant and Equipment(Net PPE) was $1.12 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.39 Mil.
Selling, General & Admin. Expense(SGA) was $11.79 Mil.
Total Current Liabilities was $8.68 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)
=(4.2 / 19.649) / (3.704 / 19.715)
=0.21375134 / 0.18787725
=1.1377

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)
=(3.667 / 19.715) / (3.569 / 19.649)
=0.7272635 / 0.71642323
=1.0151

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 - (8.847 + 0.918) / 10.519) / (1 - (8.558 + 1.123) / 10.468)
=0.07167982 / 0.07518151
=0.9534

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
=19.649 / 19.715
=0.9967

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))
=(0.385 / (0.385 + 1.123)) / (0.34 / (0.34 + 0.918))
=0.25530504 / 0.27027027
=0.9446

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)
=(12.043 / 19.649) / (11.794 / 19.715)
=0.61290651 / 0.5982247
=1.0245

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 + 8.703) / 10.519) / ((0 + 8.675) / 10.468)
=0.82736002 / 0.82871609
=0.9984

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
=(0.443 - 0.75 - 1.99) / 10.519
=-0.2184

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 -3.40 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

Nov12Feb13May13Aug13Nov13Feb14May14Aug14Nov14Feb15
DSRI 0.92471.00311.00470.97711.11241.0291.09421.06281.1521.1377
GMI 1.03641.05221.04381.03251.01140.99060.99481.00580.99951.0151
AQI 0.7070.58140.5690.5330.51350.57120.811.00181.0370.9534
SGI 1.00291.04351.07881.0871.0571.0721.04911.0391.05950.9967
DEPI 1.0241.00970.98680.91171.08561.05091.03451.01420.86820.9446
SGAI 1.15891.02470.79980.8960.74530.7880.87430.90751.01741.0245
LVGI 1.25511.12191.19570.86340.98630.96950.95841.02231.0480.9984
TATA -0.4072-0.3797-0.2407-0.1511-0.0863-0.0160.0439-0.0866-0.1642-0.2184
M-score -4.66-4.40-3.71-3.25-2.86-2.59-2.18-2.78-3.07-3.40
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