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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 25.79. The lowest was -2600.90. And the median was -2.39.
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 * 0.5896||+||0.528 * 0.9725||+||0.404 * 0.9753||+||0.892 * 1.088||+||0.115 * 0.946|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0161||+||4.679 * -0.1176||-||0.327 * 0.7232|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $5.03 Mil.|
Revenue was 14.321 + 14.363 + 13.214 + 16.148 = $58.05 Mil.
Gross Profit was 5.897 + 6.043 + 5.721 + 6.938 = $24.60 Mil.
Total Current Assets was $38.03 Mil.
Total Assets was $51.85 Mil.
Property, Plant and Equipment(Net PPE) was $2.46 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.70 Mil.
Selling, General & Admin. Expense(SGA) was $16.08 Mil.
Total Current Liabilities was $5.10 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 1.049 + 1.175 + 1.226 + 1.982 = $5.43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.21 + 1.406 + 3.533 + 6.8 = $11.53 Mil.
|Accounts Receivable was $7.84 Mil.
Revenue was 19.039 + 13.535 + 10.514 + 10.265 = $53.35 Mil.
Gross Profit was 8.221 + 5.629 + 4.215 + 3.924 = $21.99 Mil.
Total Current Assets was $34.20 Mil.
Total Assets was $46.41 Mil.
Property, Plant and Equipment(Net PPE) was $1.80 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.48 Mil.
Selling, General & Admin. Expense(SGA) was $14.55 Mil.
Total Current Liabilities was $6.31 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)|
|=||(5.028 / 58.046)||/||(7.838 / 53.353)|
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)|
|=||(6.043 / 53.353)||/||(5.897 / 58.046)|
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 - (38.034 + 2.462) / 51.848)||/||(1 - (34.197 + 1.797) / 46.413)|
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))|
|=||(0.476 / (0.476 + 1.797))||/||(0.7 / (0.7 + 2.462))|
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)|
|=||(16.08 / 58.046)||/||(14.546 / 53.353)|
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 + 5.101) / 51.848)||/||((0 + 6.314) / 46.413)|
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|
|=||(5.432 - 0||-||11.529)||/||51.848|
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 -3.27 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
Clearfield Inc Annual Data
Clearfield Inc Quarterly Data