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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 -1.23. The lowest was -4.80. 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 * 1.152||+||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|
* 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
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)|
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)|
|=||(3.438 / 18.995)||/||(3.667 / 20.126)|
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 - (8.492 + 0.953) / 10.21)||/||(1 - (9.463 + 1.207) / 11.501)|
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))|
|=||(0.394 / (0.394 + 1.207))||/||(0.377 / (0.377 + 0.953))|
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)|
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)|
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|
|=||(0.554 - 0.676||-||1.554)||/||10.21|
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.
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