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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 Clearfield Inc was 152.11. The lowest was -2600.89. And the median was -2.49.
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 Clearfield 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 * 1.1824||+||0.528 * 0.9697||+||0.404 * 1.3882||+||0.892 * 1.2553||+||0.115 * 0.9624|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0163||+||4.679 * -0.017||-||0.327 * 0.9959|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $7.45 Mil.|
Revenue was 18.266 + 21.052 + 21.599 + 16.947 = $77.86 Mil.
Gross Profit was 7.209 + 9.573 + 9.34 + 7.28 = $33.40 Mil.
Total Current Assets was $47.13 Mil.
Total Assets was $69.33 Mil.
Property, Plant and Equipment(Net PPE) was $5.90 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.49 Mil.
Selling, General & Admin. Expense(SGA) was $23.46 Mil.
Total Current Liabilities was $4.44 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.877 + 2.909 + 2.282 + 1.439 = $7.51 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.605 + 6.41 + 2.853 + 0.031 = $8.69 Mil.
|Accounts Receivable was $5.02 Mil.
Revenue was 15.69 + 15.771 + 18.196 + 12.371 = $62.03 Mil.
Gross Profit was 6.677 + 6.575 + 7.797 + 4.753 = $25.80 Mil.
Total Current Assets was $41.96 Mil.
Total Assets was $57.20 Mil.
Property, Plant and Equipment(Net PPE) was $5.55 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.34 Mil.
Selling, General & Admin. Expense(SGA) was $18.39 Mil.
Total Current Liabilities was $3.68 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)|
|=||(7.451 / 77.864)||/||(5.02 / 62.028)|
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)|
|=||(25.802 / 62.028)||/||(33.402 / 77.864)|
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 - (47.13 + 5.904) / 69.326)||/||(1 - (41.964 + 5.552) / 57.199)|
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))|
|=||(1.335 / (1.335 + 5.552))||/||(1.489 / (1.489 + 5.904))|
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)|
|=||(23.459 / 77.864)||/||(18.388 / 62.028)|
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 + 4.443) / 69.326)||/||((0 + 3.681) / 57.199)|
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|
|=||(7.507 - 0||-||8.689)||/||69.326|
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.
Clearfield Inc has a M-score of -2.03 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
Clearfield Inc Annual Data
Clearfield Inc Quarterly Data