Greystone Logistics (Greystone Logistics) Beneish M-Score : 0.00 (As of Apr. 28, 2024)

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What is Greystone Logistics Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Greystone Logistics's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Greystone Logistics was 0.94. The lowest was -3.70. And the median was -3.03.

Greystone Logistics Beneish M-Score Historical Data

The historical data trend for Greystone Logistics'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.

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Greystone Logistics Beneish M-Score Chart

Greystone Logistics Annual Data

Trend

May14

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May19

May20

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May23

Beneish M-Score

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Greystone Logistics Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-2.23	-	-	-	-

Competitive Comparison of Greystone Logistics's Beneish M-Score

For the Specialty Chemicals subindustry, Greystone Logistics'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.

Greystone Logistics's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Greystone Logistics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Greystone Logistics's Beneish M-Score falls into.

Greystone Logistics 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 Greystone Logistics for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was $7.59 Mil.
Revenue was 13.98 + 15.597 + 17.414 + 16.125 = $63.12 Mil.
Gross Profit was 1.866 + 3.137 + 4.045 + 3.289 = $12.34 Mil.
Total Current Assets was $15.79 Mil.
Total Assets was $51.52 Mil.
Property, Plant and Equipment(Net PPE) was $35.73 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.56 Mil.
Selling, General, & Admin. Expense(SGA) was $5.05 Mil.
Total Current Liabilities was $7.30 Mil.
Long-Term Debt & Capital Lease Obligation was $16.58 Mil.
Net Income was 0.298 + 0.965 + 1.744 + 1.506 = $4.51 Mil.
Non Operating Income was 0.177 + 0.002 + 0.002 + -0.182 = $-0.00 Mil.
Cash Flow from Operations was 1.542 + 2.501 + 5.23 + 3.465 = $12.74 Mil.

Total Receivables was $5.19 Mil.
Revenue was 13.578 + 12.102 + 18.954 + 21.101 = $65.74 Mil.
Gross Profit was 2.357 + 1.222 + 2.463 + 2.619 = $8.66 Mil.
Total Current Assets was $11.54 Mil.
Total Assets was $45.46 Mil.
Property, Plant and Equipment(Net PPE) was $33.92 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.31 Mil.
Selling, General, & Admin. Expense(SGA) was $5.09 Mil.
Total Current Liabilities was $7.54 Mil.
Long-Term Debt & Capital Lease Obligation was $17.71 Mil.

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)
	=	(7.59 / 63.116)	/	(5.188 / 65.735)
	=	0.120255	/	0.078923
	=

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)
	=	(8.661 / 65.735)	/	(12.337 / 63.116)
	=	0.131756	/	0.195465
	=

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 - (15.792 + 35.727) / 51.519)	/	(1 - (11.536 + 33.922) / 45.458)
	=	0	/	0
	=

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
	=	63.116	/	65.735
	=

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))
	=	(5.308 / (5.308 + 33.922))	/	(5.556 / (5.556 + 35.727))
	=	0.135305	/	0.134583
	=

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)
	=	(5.046 / 63.116)	/	(5.086 / 65.735)
	=	0.079948	/	0.077371
	=

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)
	=	((16.58 + 7.302) / 51.519)	/	((17.71 + 7.539) / 45.458)
	=	0.463557	/	0.555436
	=

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
	=	(4.513 - -0.001	-	12.738)	/	51.519
	=	-0.15963

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.

Greystone Logistics Beneish M-Score Related Terms

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Greystone Logistics (Greystone Logistics) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Greystone Logistics Inc (OTCPK:GLGI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1613 East 15th Street, Tulsa, OK, USA, 74120

Website

https://www.greystonelogistics.com

Greystone Logistics Inc is engaged in the business of manufacturing and selling plastic pallets utilizing recycled plastic. Its products include rackable pallet, can pallet, display pallet, monoblock pallet, rackable pallet, drum pallet, and a mid-duty pallet of different sizes and specifications. The company sells its products through one of its subsidiaries and a network of contractor distributors and direct sales.

Executives

Drew T. Lockard	director	4436 POTOMAC AVENUE, DALLAS TX 75205
Warren F Kruger	officer: President	1613 E. 15TH STREET, TULSA OK 74120
Larry J. Lebarre	director	7518 MIDDLEWOOD, HOUSTON TX 77063
William W Rahhal	officer: Chief Financial Officer	1613 E. 15TH STREET, TULSA OK 74120
Paul Kruger	10 percent owner	1801 GATEWAY BLVD.,, SUITE 105, RICHARDSON TX 75080
Bob L Moore	director, officer: President & CEO	1613 E 15 ST, TULSA OK 74120
Glog Investment Llc	director, 10 percent owner	1613 E 15 ST, TULSA OK 74120
Robert Howard Nelson	officer: CFO & COO	1613 EAST 15TH STREET, TULSA OK 74120
Marshall S Cogan	director	767 THIRD AVENUE 15TH FLOOR, NEW YORK NY 10017
Rosene Robert B Jr	director	3226 E. 62ND STREET, TULSA OK 74136
Westgate Capital Co Llc	10 percent owner
Westgate Investments L P	10 percent owner	1613 EAST 15TH STREET, TULSA OK 74120