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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.
Endeavour International Corp has a M-score of -2.17 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Endeavour International Corp was 3261.75. The lowest was -6.03. And the median was -2.11.
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 Endeavour International 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 * 2.0455||+||0.528 * 1.0037||+||0.404 * 0.9654||+||0.892 * 0.8029||+||0.115 * 0.8452|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1129||+||4.679 * -0.081||-||0.327 * 1.1386|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $47.0 Mil.|
Revenue was 44.857 + 94.163 + 116.926 + 36.901 = $292.8 Mil.
Gross Profit was 38.01 + 66.993 + 83.433 + 20.543 = $209.0 Mil.
Total Current Assets was $233.8 Mil.
Total Assets was $1,555.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,032.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $145.4 Mil.
Selling, General & Admin. Expense(SGA) was $18.9 Mil.
Total Current Liabilities was $313.4 Mil.
Long-Term Debt was $894.1 Mil.
Net Income was -36.673 + -44.87 + -27.662 + -39.885 = $-149.1 Mil.
Non Operating Income was -6.173 + -27 + -15.912 + -19.756 = $-68.8 Mil.
Cash Flow from Operations was 32.381 + 27.549 + 2.661 + -16.824 = $45.8 Mil.
|Accounts Receivable was $28.6 Mil.
Revenue was 126.165 + 57.672 + 97.614 + 83.275 = $364.7 Mil.
Gross Profit was 88.062 + 40.182 + 73.691 + 59.302 = $261.2 Mil.
Total Current Assets was $193.3 Mil.
Total Assets was $1,546.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,054.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $122.9 Mil.
Selling, General & Admin. Expense(SGA) was $21.1 Mil.
Total Current Liabilities was $304.4 Mil.
Long-Term Debt was $749.9 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)|
|=||(46.992 / 292.847)||/||(28.612 / 364.726)|
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)|
|=||(66.993 / 364.726)||/||(38.01 / 292.847)|
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 - (233.751 + 1032.281) / 1555.725)||/||(1 - (193.335 + 1054.834) / 1546.472)|
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))|
|=||(122.901 / (122.901 + 1054.834))||/||(145.398 / (145.398 + 1032.281))|
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)|
|=||(18.85 / 292.847)||/||(21.096 / 364.726)|
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)|
|=||((894.122 + 313.43) / 1555.725)||/||((749.894 + 304.362) / 1546.472)|
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|
|=||(-149.09 - -68.841||-||45.767)||/||1555.725|
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.
Endeavour International Corp has a M-score of -2.17 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
Endeavour International Corp Annual Data
Endeavour International Corp Quarterly Data