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 -2.52 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of International Shipholding Corp was 7535.93. The lowest was -5.58. And the median was -2.58.
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 * 0.8828||+||0.528 * 0.9718||+||0.404 * 0.9824||+||0.892 * 1.108||+||0.115 * 0.9264|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8044||+||4.679 * -0.0109||-||0.327 * 0.9472|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $35.7 Mil.|
Revenue was 76.752 + 72.694 + 76.193 + 77.938 = $303.6 Mil.
Gross Profit was 14.456 + 11.091 + 24.502 + 13.106 = $63.2 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 $21.9 Mil.
Total Current Liabilities was $69.0 Mil.
Long-Term Debt was $188.6 Mil.
Net Income was -0.664 + -3.217 + 16.867 + -2.222 = $10.8 Mil.
Non Operating Income was 0.45 + 0.41 + 1.931 + -0.694 = $2.1 Mil.
Cash Flow from Operations was 4.219 + 7.498 + -1.874 + 5.855 = $15.7 Mil.
|Accounts Receivable was $36.5 Mil.
Revenue was 74.897 + 81.124 + 56.81 + 61.162 = $274.0 Mil.
Gross Profit was 14.67 + 13.406 + 11.548 + 15.768 = $55.4 Mil.
Total Current Assets was $93.8 Mil.
Total Assets was $641.3 Mil.
Property, Plant and Equipment(Net PPE) was $425.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.7 Mil.
Selling, General & Admin. Expense(SGA) was $24.6 Mil.
Total Current Liabilities was $78.3 Mil.
Long-Term Debt was $193.0 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)|
|=||(35.736 / 303.577)||/||(36.537 / 273.993)|
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)|
|=||(11.091 / 273.993)||/||(14.456 / 303.577)|
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 - (79.866 + 442.665) / 642.921)||/||(1 - (93.789 + 425.303) / 641.337)|
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))|
|=||(27.665 / (27.665 + 425.303))||/||(31.243 / (31.243 + 442.665))|
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)|
|=||(21.942 / 303.577)||/||(24.619 / 273.993)|
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)|
|=||((188.623 + 68.986) / 642.921)||/||((192.999 + 78.292) / 641.337)|
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|
|=||(10.764 - 2.097||-||15.698)||/||642.921|
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 -2.52 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