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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 Gyrodyne LLC was 2309.98. The lowest was -10000000.00. And the median was -2.96.
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 Gyrodyne LLC 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 * 0.1639||+||0.528 * 0.9707||+||0.404 * 1.5025||+||0.892 * 1.2661||+||0.115 * 0.068|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3445||+||4.679 * 0.0526||-||0.327 * 0.0697|
|This Year (Jun16) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $0.02 Mil.|
Revenue was 0 + 0.623 + 1.259 + 2.947 = $4.83 Mil.
Gross Profit was 0 + 0.255 + 0.54 + 1.481 = $2.28 Mil.
Total Current Assets was $9.44 Mil.
Total Assets was $40.86 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.91 Mil.
Selling, General & Admin. Expense(SGA) was $3.42 Mil.
Total Current Liabilities was $1.15 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0 + -0.075 + -0.063 + 0.209 = $0.07 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0 + -1.044 + -0.731 + -0.305 = $-2.08 Mil.
|Accounts Receivable was $0.11 Mil.
Revenue was 0.639 + 0.635 + 1.3 + 1.24 = $3.81 Mil.
Gross Profit was 0.265 + 0.289 + 0.588 + 0.603 = $1.75 Mil.
Total Current Assets was $10.88 Mil.
Total Assets was $44.94 Mil.
Property, Plant and Equipment(Net PPE) was $11.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.81 Mil.
Selling, General & Admin. Expense(SGA) was $7.85 Mil.
Total Current Liabilities was $18.17 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.022 / 4.829)||/||(0.106 / 3.814)|
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)|
|=||(1.745 / 3.814)||/||(2.276 / 4.829)|
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 - (9.441 + 0) / 40.856)||/||(1 - (10.88 + 11.061) / 44.938)|
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))|
|=||(0.807 / (0.807 + 11.061))||/||(0.908 / (0.908 + 0))|
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)|
|=||(3.422 / 4.829)||/||(7.846 / 3.814)|
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 + 1.152) / 40.856)||/||((0 + 18.17) / 44.938)|
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|
|=||(0.071 - 0||-||-2.08)||/||40.856|
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.
Gyrodyne LLC has a M-score of -2.27 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
Gyrodyne LLC Annual Data
Gyrodyne LLC Quarterly Data