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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 -2.29 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Endeavour International Corp was 3564.08. The lowest was -6.03. And the median was -2.07.
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 * 1.1171||+||0.528 * 1.0516||+||0.404 * 0.9015||+||0.892 * 1.4305||+||0.115 * 0.5407|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.6085||+||4.679 * -0.0598||-||0.327 * 1.0677|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $48.2 Mil.|
Revenue was 94.163 + 116.926 + 36.901 + 126.165 = $374.2 Mil.
Gross Profit was 66.993 + 83.433 + 20.543 + 88.062 = $259.0 Mil.
Total Current Assets was $186.6 Mil.
Total Assets was $1,532.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,053.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $165.1 Mil.
Selling, General & Admin. Expense(SGA) was $18.5 Mil.
Total Current Liabilities was $260.5 Mil.
Long-Term Debt was $891.8 Mil.
Net Income was -44.87 + -27.662 + -39.885 + -13.885 = $-126.3 Mil.
Non Operating Income was -27 + -15.912 + -19.756 + -9.414 = $-72.1 Mil.
Cash Flow from Operations was 27.549 + 2.661 + -16.824 + 24.006 = $37.4 Mil.
|Accounts Receivable was $30.2 Mil.
Revenue was 57.672 + 97.614 + 83.275 + 23.003 = $261.6 Mil.
Gross Profit was 40.182 + 73.691 + 59.302 + 17.261 = $190.4 Mil.
Total Current Assets was $151.7 Mil.
Total Assets was $1,502.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,032.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.6 Mil.
Selling, General & Admin. Expense(SGA) was $21.2 Mil.
Total Current Liabilities was $195.7 Mil.
Long-Term Debt was $862.2 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)|
|=||(48.217 / 374.155)||/||(30.173 / 261.564)|
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)|
|=||(83.433 / 261.564)||/||(66.993 / 374.155)|
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 - (186.603 + 1053.775) / 1532.613)||/||(1 - (151.694 + 1032.81) / 1502.251)|
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))|
|=||(81.605 / (81.605 + 1032.81))||/||(165.069 / (165.069 + 1053.775))|
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)|
|=||(18.492 / 374.155)||/||(21.244 / 261.564)|
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)|
|=||((891.829 + 260.543) / 1532.613)||/||((862.249 + 195.679) / 1502.251)|
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|
|=||(-126.302 - -72.082||-||37.392)||/||1532.613|
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 -2.29 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
Endeavour International Corp Annual Data
Endeavour International Corp Quarterly Data