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Beneish M-Score 238.34 higher than -2.22, which implies that it might have manipulated its financial results.
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 CytRx Corp was 238.34. The lowest was -85.55. And the median was -0.47.
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 CytRx Corp 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 * 261.45||+||0.528 * 1||+||0.404 * 8.2974||+||0.892 * 0.3333||+||0.115 * 2.2008|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 3.3252||+||4.679 * -0.1168||-||0.327 * 2.0383|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $5.23 Mil.|
Revenue was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Gross Profit was 0 + 0.1 + 0 + 0 = $0.10 Mil.
Total Current Assets was $71.31 Mil.
Total Assets was $73.77 Mil.
Property, Plant and Equipment(Net PPE) was $0.95 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.24 Mil.
Selling, General & Admin. Expense(SGA) was $12.84 Mil.
Total Current Liabilities was $21.99 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -17.525 + -13.438 + -5.625 + -15.719 = $-52.31 Mil.
Non Operating Income was -1.887 + -0.406 + 7.347 + -2.472 = $2.58 Mil.
Cash Flow from Operations was -12.627 + -11.791 + -11.722 + -10.131 = $-46.27 Mil.
|Accounts Receivable was $0.06 Mil.
Revenue was 0 + 0.1 + 0 + 0.2 = $0.30 Mil.
Gross Profit was 0 + 0.1 + 0 + 0.2 = $0.30 Mil.
Total Current Assets was $114.40 Mil.
Total Assets was $114.84 Mil.
Property, Plant and Equipment(Net PPE) was $0.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General & Admin. Expense(SGA) was $11.59 Mil.
Total Current Liabilities was $16.80 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)|
|=||(5.229 / 0.1)||/||(0.06 / 0.3)|
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)|
|=||(0.1 / 0.3)||/||(0 / 0.1)|
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 - (71.314 + 0.949) / 73.766)||/||(1 - (114.399 + 0.157) / 114.838)|
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))|
|=||(0.124 / (0.124 + 0.157))||/||(0.238 / (0.238 + 0.949))|
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)|
|=||(12.844 / 0.1)||/||(11.588 / 0.3)|
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 + 21.994) / 73.766)||/||((0 + 16.798) / 114.838)|
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|
|=||(-52.307 - 2.582||-||-46.271)||/||73.766|
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.
CytRx Corp has a M-score of 238.34 signals that the company is likely to 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
CytRx Corp Annual Data
CytRx Corp Quarterly Data