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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 International Shipholding Corp was 7476.90. The lowest was -5.22. And the median was -2.68.
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 International Shipholding 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 * 1.1161||+||0.528 * 0.9738||+||0.404 * 0.9941||+||0.892 * 0.9248||+||0.115 * 0.9996|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.013||+||4.679 * -0.1103||-||0.327 * 1.1785|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $33.3 Mil.|
Revenue was 67.308 + 68.026 + 70.978 + 74.41 = $280.7 Mil.
Gross Profit was 13.499 + 15.815 + 32.437 + 13.81 = $75.6 Mil.
Total Current Assets was $72.8 Mil.
Total Assets was $571.4 Mil.
Property, Plant and Equipment(Net PPE) was $392.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.7 Mil.
Selling, General & Admin. Expense(SGA) was $20.0 Mil.
Total Current Liabilities was $72.6 Mil.
Long-Term Debt was $197.2 Mil.
Net Income was -0.167 + -4.501 + -48.253 + -2.565 = $-55.5 Mil.
Non Operating Income was 0 + -2.498 + 0.526 + 0.793 = $-1.2 Mil.
Cash Flow from Operations was -5.138 + 1.905 + 8.326 + 3.608 = $8.7 Mil.
|Accounts Receivable was $32.3 Mil.
Revenue was 76.752 + 72.694 + 76.169 + 77.938 = $303.6 Mil.
Gross Profit was 18.95 + 15.261 + 30.73 + 14.627 = $79.6 Mil.
Total Current Assets was $79.9 Mil.
Total Assets was $642.9 Mil.
Property, Plant and Equipment(Net PPE) was $442.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $31.2 Mil.
Selling, General & Admin. Expense(SGA) was $21.3 Mil.
Total Current Liabilities was $69.0 Mil.
Long-Term Debt was $188.6 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)|
|=||(33.309 / 280.722)||/||(32.271 / 303.553)|
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)|
|=||(15.815 / 303.553)||/||(13.499 / 280.722)|
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 - (72.776 + 392.221) / 571.351)||/||(1 - (79.866 + 442.665) / 642.921)|
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))|
|=||(31.243 / (31.243 + 442.665))||/||(27.696 / (27.696 + 392.221))|
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)|
|=||(19.984 / 280.722)||/||(21.332 / 303.553)|
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)|
|=||((197.249 + 72.55) / 571.351)||/||((188.623 + 68.986) / 642.921)|
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|
|=||(-55.486 - -1.179||-||8.701)||/||571.351|
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.
International Shipholding Corp has a M-score of -3.03 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
International Shipholding Corp Annual Data
International Shipholding Corp Quarterly Data