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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.
During the past 13 years, the highest Beneish M-Score of Daktronics Inc was -1.37. The lowest was -3.77. And the median was -2.54.
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 Daktronics 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 * 0.9252||+||0.528 * 1.1318||+||0.404 * 0.9966||+||0.892 * 1.0339||+||0.115 * 1.0228|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0162||+||4.679 * -0.0052||-||0.327 * 0.9512|
|This Year (Jul15) TTM:||Last Year (Jul14) TTM:|
|Accounts Receivable was $82.8 Mil.|
Revenue was 150.221 + 158.086 + 118.123 + 173.115 = $599.5 Mil.
Gross Profit was 35.501 + 35.237 + 25.062 + 40.877 = $136.7 Mil.
Total Current Assets was $280.6 Mil.
Total Assets was $373.2 Mil.
Property, Plant and Equipment(Net PPE) was $75.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General & Admin. Expense(SGA) was $88.1 Mil.
Total Current Liabilities was $135.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 3.776 + 3.839 + 0.561 + 7.737 = $15.9 Mil.
Non Operating Income was -0.443 + -0.28 + 0.179 + -0.225 = $-0.8 Mil.
Cash Flow from Operations was -10.082 + 25.851 + -9.017 + 11.873 = $18.6 Mil.
|Accounts Receivable was $86.5 Mil.
Revenue was 166.618 + 136.24 + 115.369 + 161.639 = $579.9 Mil.
Gross Profit was 43.403 + 33.754 + 29.089 + 43.365 = $149.6 Mil.
Total Current Assets was $288.9 Mil.
Total Assets was $375.2 Mil.
Property, Plant and Equipment(Net PPE) was $69.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.4 Mil.
Selling, General & Admin. Expense(SGA) was $83.8 Mil.
Total Current Liabilities was $143.1 Mil.
Long-Term Debt was $0.0 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)|
|=||(82.754 / 599.545)||/||(86.511 / 579.866)|
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)|
|=||(35.237 / 579.866)||/||(35.501 / 599.545)|
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 - (280.578 + 75.944) / 373.175)||/||(1 - (288.868 + 69.504) / 375.172)|
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))|
|=||(14.395 / (14.395 + 69.504))||/||(15.307 / (15.307 + 75.944))|
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)|
|=||(88.093 / 599.545)||/||(83.844 / 579.866)|
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 + 135.414) / 373.175)||/||((0 + 143.122) / 375.172)|
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|
|=||(15.913 - -0.769||-||18.625)||/||373.175|
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.
Daktronics Inc has a M-score of -2.46 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
Daktronics Inc Annual Data
Daktronics Inc Quarterly Data