Corinthian Colleges Beneish M-Score Historical Data
The historical data trend for Corinthian Colleges's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Corinthian Colleges Beneish M-Score Chart
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Corinthian Colleges Annual Data
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Trend |
Jun04 |
Jun05 |
Jun06 |
Jun07 |
Jun08 |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
| Beneish M-Score |
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-3.43 |
-2.16 |
-2.51 |
-3.36 |
-2.71 |
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Corinthian Colleges Semi-Annual Data
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Jun98 |
Jun99 |
Jun00 |
Jun01 |
Jun02 |
Jun03 |
Jun04 |
Jun05 |
Jun06 |
Jun07 |
Jun08 |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
| Beneish M-Score |
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-3.43 |
-2.16 |
-2.51 |
-3.36 |
-2.71 |
Competitive Comparison of Corinthian Colleges's Beneish M-Score
For the Education & Training Services subindustry, Corinthian Colleges's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Corinthian Colleges's Beneish M-Score Distribution in the Education Industry
For the Education industry and Consumer Defensive sector, Corinthian Colleges's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Corinthian Colleges's Beneish M-Score falls into.
Corinthian Colleges Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Corinthian Colleges 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 * 0.8188 | + | 0.528 * 1.0202 | + | 0.404 * 1.1107 | + | 0.892 * 0.9479 | + | 0.115 * 1.0285 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.987 | + | 4.679 * -0.01886 | - | 0.327 * 0.9092 |
| = | -2.69 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun13) TTM: | Last Year (Jun12) TTM: |
Total Receivables was €76 Mil.
Revenue was €1,213 Mil.
Gross Profit was €467 Mil.
Total Current Assets was €217 Mil.
Total Assets was €780 Mil.
Property, Plant and Equipment(Net PPE) was €174 Mil.
Depreciation, Depletion and Amortization(DDA) was €49 Mil.
Selling, General, & Admin. Expense(SGA) was €426 Mil.
Total Current Liabilities was €190 Mil.
Long-Term Debt & Capital Lease Obligation was €102 Mil.
Net Income was €-1 Mil.
Gross Profit was €-18 Mil.
Cash Flow from Operations was €31 Mil.
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Total Receivables was €98 Mil.
Revenue was €1,280 Mil.
Gross Profit was €503 Mil.
Total Current Assets was €270 Mil.
Total Assets was €855 Mil.
Property, Plant and Equipment(Net PPE) was €201 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €455 Mil.
Total Current Liabilities was €237 Mil.
Long-Term Debt & Capital Lease Obligation was €115 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (76.453 / 1212.955) | / | (98.494 / 1279.561) |
| = | 0.06303 | / | 0.076975 |
| | = | 0.8188 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (503.101 / 1279.561) | / | (467.45 / 1212.955) |
| = | 0.393183 | / | 0.385381 |
| | = | 1.0202 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (216.839 + 173.984) / 779.788) | / | (1 - (270.432 + 200.701) / 855.198) |
| = | 0.498809 | / | 0.449095 |
| | = | 1.1107 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1212.955 | / | 1279.561 |
| | = | 0.9479 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (58.313 / (58.313 + 200.701)) | / | (48.758 / (48.758 + 173.984)) |
| = | 0.225135 | / | 0.218899 |
| | = | 1.0285 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (425.68 / 1212.955) | / | (454.952 / 1279.561) |
| = | 0.350945 | / | 0.355553 |
| | = | 0.987 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((101.709 + 190.443) / 779.788) | / | ((115.473 + 236.925) / 855.198) |
| = | 0.374656 | / | 0.412066 |
| | = | 0.9092 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-1.258 - -18.043 | - | 31.492) | / | 779.788 |
| | = | -0.01886 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Corinthian Colleges has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.
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