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Calamos Asset Management Inc (NAS:CLMS)
Beneish M-Score
-2.47 (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 -2.47 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: -2.47

-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 -3.39.


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 * 1.42+0.528 * 1+0.404 * 1.0535+0.892 * 0.92+0.115 * 1.0136
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1487+4.679 * -0.0624-0.327 * 1.034
=-2.47

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

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Accounts Receivable was $3.9 Mil.
Revenue was 55.494 + 57.618 + 60.351 + 57.417 = $230.9 Mil.
Gross Profit was 55.494 + 57.618 + 60.351 + 57.417 = $230.9 Mil.
Total Current Assets was $509.1 Mil.
Total Assets was $561.5 Mil.
Property, Plant and Equipment(Net PPE) was $13.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.1 Mil.
Selling, General & Admin. Expense(SGA) was $200.5 Mil.
Total Current Liabilities was $48.3 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 0.83 + 0.363 + 2.033 + 0.101 = $3.3 Mil.
Non Operating Income was 0.821 + -10.997 + 0.692 + 5.737 = $-3.7 Mil.
Cash Flow from Operations was 20.265 + 17.454 + 21.74 + -17.335 = $42.1 Mil.
Accounts Receivable was $3.0 Mil.
Revenue was 60.495 + 63.532 + 63.005 + 63.93 = $251.0 Mil.
Gross Profit was 60.495 + 63.532 + 63.005 + 63.93 = $251.0 Mil.
Total Current Assets was $552.8 Mil.
Total Assets was $607.2 Mil.
Property, Plant and Equipment(Net PPE) was $14.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General & Admin. Expense(SGA) was $189.8 Mil.
Total Current Liabilities was $52.6 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)
=(3.876 / 230.88) / (2.967 / 250.962)
=0.01678794 / 0.01182251
=1.42

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)
=(57.618 / 250.962) / (55.494 / 230.88)
=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 - (509.126 + 13.308) / 561.462) / (1 - (552.848 + 14.246) / 607.156)
=0.06951138 / 0.06598304
=1.0535

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
=230.88 / 250.962
=0.92

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))
=(4.428 / (4.428 + 14.246)) / (4.064 / (4.064 + 13.308))
=0.23712113 / 0.23393967
=1.0136

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)
=(200.541 / 230.88) / (189.772 / 250.962)
=0.86859407 / 0.75617823
=1.1487

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 + 48.282) / 561.462) / ((45.955 + 52.602) / 607.156)
=0.16784217 / 0.16232566
=1.034

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
=(3.327 - -3.747 - 42.124) / 561.462
=-0.0624

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 -2.47 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 0.18090.54832.18740.74990.80050.83190.84850.77730.92371.0535
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 1.12511.92210.66740.92150.9950.82860.87610.96680.77521.034
TATA -0.2865-0.05360.0168-0.2335-0.2612-0.2764-0.1764-0.1881-0.1467-0.0624
M-score -3.93-3.11-2.38-4.28-3.67-2.28-4.00-4.06-3.62-2.47

Calamos Asset Management Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 0.7140.99481.02662.89430.5480.16790.22530.23451.42
GMI 0.81460.85760.90150.949211111
AQI 0.77730.91030.75210.94990.92370.86721.01170.96651.0535
SGI 0.82380.83910.8720.91950.93250.93260.93570.91790.92
DEPI 1.03121.00750.98890.94880.8950.89580.89620.9621.0136
SGAI 1.63651.48831.32271.13611.06411.10891.11581.15631.1487
LVGI 0.96681.04670.89680.67380.77520.63880.7341.09261.034
TATA -0.1881-0.1932-0.1756-0.1932-0.1467-0.1394-0.1126-0.0841-0.0624
M-score -4.06-3.74-3.57-1.68-3.62-3.92-3.72-3.73-2.47
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