ISH has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
International Shipholding Corp has a M-score of -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of International Shipholding Corp was 7536.53. The lowest was -5.22. And the median was -2.63.
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 * 0.6658||+||0.528 * 1.0563||+||0.404 * 1.003||+||0.892 * 1.1631||+||0.115 * 0.8965|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8491||+||4.679 * -0.0153||-||0.327 * 0.9091|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $33.1 Mil.|
Revenue was 72.694 + 76.193 + 77.938 + 74.897 = $301.7 Mil.
Gross Profit was 11.091 + 19.83 + 13.106 + 13.389 = $57.4 Mil.
Total Current Assets was $73.0 Mil.
Total Assets was $642.8 Mil.
Property, Plant and Equipment(Net PPE) was $449.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.8 Mil.
Selling, General & Admin. Expense(SGA) was $22.9 Mil.
Total Current Liabilities was $68.3 Mil.
Long-Term Debt was $183.3 Mil.
Net Income was -3.217 + 16.868 + -2.222 + 1.859 = $13.3 Mil.
Non Operating Income was 0.41 + 1.931 + -0.694 + 2.622 = $4.3 Mil.
Cash Flow from Operations was 7.498 + -1.776 + 5.855 + 7.284 = $18.9 Mil.
|Accounts Receivable was $42.7 Mil.
Revenue was 81.124 + 56.81 + 61.162 + 60.32 = $259.4 Mil.
Gross Profit was 11.533 + 11.548 + 15.768 + 13.294 = $52.1 Mil.
Total Current Assets was $99.9 Mil.
Total Assets was $652.9 Mil.
Property, Plant and Equipment(Net PPE) was $430.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.3 Mil.
Selling, General & Admin. Expense(SGA) was $23.2 Mil.
Total Current Liabilities was $84.9 Mil.
Long-Term Debt was $196.3 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)|
|=||(33.069 / 301.722)||/||(42.703 / 259.416)|
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)|
|=||(19.83 / 259.416)||/||(11.091 / 301.722)|
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 - (72.975 + 448.991) / 642.754)||/||(1 - (99.878 + 430.688) / 652.894)|
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))|
|=||(26.261 / (26.261 + 430.688))||/||(30.755 / (30.755 + 448.991))|
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)|
|=||(22.88 / 301.722)||/||(23.169 / 259.416)|
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)|
|=||((183.299 + 68.324) / 642.754)||/||((196.277 + 84.879) / 652.894)|
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|
|=||(13.288 - 4.269||-||18.861)||/||642.754|
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 -2.64 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