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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.
Calamos Asset Management Inc has a M-score of -3.48 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Calamos Asset Management Inc was 14.04. The lowest was -4.36. And the median was -3.50.
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 * 1.0266||+||0.528 * 1||+||0.404 * 0.7521||+||0.892 * 0.872||+||0.115 * 0.9889|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1136||+||4.679 * -0.1756||-||0.327 * 0.8968|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $19.9 Mil.|
Revenue was 63.005 + 63.93 + 66.522 + 64.965 = $258.4 Mil.
Gross Profit was 63.005 + 63.93 + 66.522 + 64.965 = $258.4 Mil.
Total Current Assets was $611.7 Mil.
Total Assets was $671.3 Mil.
Property, Plant and Equipment(Net PPE) was $15.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General & Admin. Expense(SGA) was $190.3 Mil.
Total Current Liabilities was $79.5 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 3.228 + 2.139 + 10.856 + 2.697 = $18.9 Mil.
Non Operating Income was 10.464 + 1.583 + 23.311 + 6.786 = $42.1 Mil.
Cash Flow from Operations was 28.117 + -1.015 + 43.794 + 23.793 = $94.7 Mil.
|Accounts Receivable was $22.2 Mil.
Revenue was 66.69 + 70.953 + 76.877 + 81.847 = $296.4 Mil.
Gross Profit was 66.69 + 70.953 + 76.877 + 81.847 = $296.4 Mil.
Total Current Assets was $541.0 Mil.
Total Assets was $612.0 Mil.
Property, Plant and Equipment(Net PPE) was $17.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.0 Mil.
Selling, General & Admin. Expense(SGA) was $196.0 Mil.
Total Current Liabilities was $35.4 Mil.
Long-Term Debt was $92.1 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)|
|=||(19.868 / 258.422)||/||(22.195 / 296.367)|
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)|
|=||(63.93 / 296.367)||/||(63.005 / 258.422)|
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 - (611.733 + 15.635) / 671.297)||/||(1 - (540.983 + 17.77) / 612.003)|
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))|
|=||(4.959 / (4.959 + 17.77))||/||(4.426 / (4.426 + 15.635))|
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)|
|=||(190.345 / 258.422)||/||(196.034 / 296.367)|
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 + 79.475) / 671.297)||/||((92.115 + 35.394) / 612.003)|
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|
|=||(18.92 - 42.144||-||94.689)||/||671.297|
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 -3.48 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
Calamos Asset Management Inc Annual Data
Calamos Asset Management Inc Quarterly Data