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Calamos Asset Management Inc (NAS:CLMS)
Beneish M-Score
-2.54 (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.

Calamos Asset Management Inc has a M-score of -2.54 suggests that the company is not a manipulator.

CLMS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.28   Max: 14.04
Current: -2.54

-4.28
14.04

During the past 13 years, the highest Beneish M-Score of Calamos Asset Management Inc was 14.04. The lowest was -4.28. And the median was -3.38.


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 Calamos Asset Management 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 * 1.1932+0.528 * 1+0.404 * 0.8052+0.892 * 0.908+0.115 * 1.0701
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0293+4.679 * -0.0255-0.327 * 0.8878
=-2.54

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $3.6 Mil.
Revenue was 48.501 + 55.494 + 57.618 + 60.351 = $222.0 Mil.
Gross Profit was 48.501 + 55.494 + 57.618 + 60.351 = $222.0 Mil.
Total Current Assets was $772.4 Mil.
Total Assets was $832.4 Mil.
Property, Plant and Equipment(Net PPE) was $13.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General & Admin. Expense(SGA) was $185.8 Mil.
Total Current Liabilities was $51.1 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was -1.322 + 0.83 + 0.363 + 2.033 = $1.9 Mil.
Non Operating Income was -13.623 + 0.821 + -10.997 + 0.692 = $-23.1 Mil.
Cash Flow from Operations was -13.209 + 20.265 + 17.454 + 21.74 = $46.3 Mil.
Accounts Receivable was $3.3 Mil.
Revenue was 57.417 + 60.495 + 63.532 + 63.005 = $244.4 Mil.
Gross Profit was 57.417 + 60.495 + 63.532 + 63.005 = $244.4 Mil.
Total Current Assets was $513.0 Mil.
Total Assets was $566.5 Mil.
Property, Plant and Equipment(Net PPE) was $13.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General & Admin. Expense(SGA) was $198.8 Mil.
Total Current Liabilities was $28.4 Mil.
Long-Term Debt was $46.0 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)
=(3.608 / 221.964) / (3.33 / 244.449)
=0.01625489 / 0.01362247
=1.1932

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)
=(55.494 / 244.449) / (48.501 / 221.964)
=1 / 1
=1

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 - (772.413 + 13.027) / 832.445) / (1 - (513.04 + 13.74) / 566.51)
=0.05646619 / 0.07013115
=0.8052

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
=221.964 / 244.449
=0.908

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))
=(4.422 / (4.422 + 13.74)) / (3.837 / (3.837 + 13.027))
=0.24347539 / 0.22752609
=1.0701

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)
=(185.832 / 221.964) / (198.84 / 244.449)
=0.83721685 / 0.8134212
=1.0293

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)
=((45.955 + 51.07) / 832.445) / ((45.955 + 28.419) / 566.51)
=0.11655425 / 0.13128453
=0.8878

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
=(1.904 - -23.107 - 46.25) / 832.445
=-0.0255

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.

Calamos Asset Management Inc has a M-score of -2.54 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.

Calamos Asset Management Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 11.09580.61620.64580.96022.55040.37310.7140.5481.42
GMI 11.28230.99570.99290.99090.98990.98720.814611
AQI 0.18090.54832.18740.74990.80050.83190.84850.76270.94141.0535
SGI 1.16190.97590.8270.71951.15721.08060.92720.82380.93250.92
DEPI 2.08761.11861.86680.96371.05651.120.91921.03120.8951.0136
SGAI 1.02021.70121.92841.25330.95561.01971.1211.63651.06411.1487
LVGI 1.12511.92210.66740.92150.9950.82860.87611.03540.72381.034
TATA -0.2865-0.05360.0168-0.2335-0.2612-0.2764-0.1764-0.1846-0.1467-0.0624
M-score -3.93-3.11-2.38-4.28-3.67-2.28-4.00-4.08-3.60-2.47

Calamos Asset Management Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.7140.99481.02662.89430.5480.16790.22530.23451.421.1932
GMI 1111111111
AQI 0.76270.91030.75210.94990.94140.86721.01170.96651.05350.8052
SGI 0.82380.83910.8720.91950.93250.93260.93570.91790.920.908
DEPI 1.03121.00750.98890.94880.8950.89580.89620.9621.01361.0701
SGAI 1.12211.13711.11361.04871.06411.10891.11581.15631.14871.0293
LVGI 1.03541.04670.89680.67380.72380.63880.7341.09261.0340.8878
TATA -0.1846-0.1932-0.1756-0.1932-0.1467-0.1394-0.1126-0.0841-0.0624-0.0255
M-score -3.89-3.61-3.48-1.64-3.60-3.92-3.72-3.73-2.47-2.54
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