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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 -3.61 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 -3.52.
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 * 0.9948||+||0.528 * 0.9974||+||0.404 * 0.9103||+||0.892 * 0.8391||+||0.115 * 1.0075|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1536||+||4.679 * -0.1932||-||0.327 * 1.0467|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $21.3 Mil.|
Revenue was 63.93 + 66.522 + 64.965 + 66.69 = $262.1 Mil.
Gross Profit was 63.93 + 66.522 + 64.965 + 53.449 = $248.9 Mil.
Total Current Assets was $516.6 Mil.
Total Assets was $579.6 Mil.
Property, Plant and Equipment(Net PPE) was $16.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $179.0 Mil.
Total Current Liabilities was $73.2 Mil.
Long-Term Debt was $46.0 Mil.
Net Income was 2.139 + 10.856 + 2.697 + 1.841 = $17.5 Mil.
Non Operating Income was 1.583 + 23.311 + 6.786 + 2.123 = $33.8 Mil.
Cash Flow from Operations was -1.015 + 43.794 + 23.793 + 29.158 = $95.7 Mil.
|Accounts Receivable was $25.5 Mil.
Revenue was 70.953 + 76.877 + 81.847 + 82.676 = $312.4 Mil.
Gross Profit was 70.953 + 76.877 + 81.847 + 66.122 = $295.8 Mil.
Total Current Assets was $544.7 Mil.
Total Assets was $618.2 Mil.
Property, Plant and Equipment(Net PPE) was $18.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.2 Mil.
Selling, General & Admin. Expense(SGA) was $184.9 Mil.
Total Current Liabilities was $29.3 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)|
|=||(21.264 / 262.107)||/||(25.473 / 312.353)|
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)|
|=||(66.522 / 312.353)||/||(63.93 / 262.107)|
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 - (516.606 + 16.133) / 579.61)||/||(1 - (544.706 + 18.579) / 618.201)|
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))|
|=||(5.232 / (5.232 + 18.579))||/||(4.5 / (4.5 + 16.133))|
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)|
|=||(179.019 / 262.107)||/||(184.933 / 312.353)|
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)|
|=||((45.955 + 73.17) / 579.61)||/||((92.115 + 29.271) / 618.201)|
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|
|=||(17.533 - 33.803||-||95.73)||/||579.61|
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 -3.61 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