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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 Jakks Pacific Inc was 0.01. The lowest was -7.03. And the median was -2.49.
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 Jakks Pacific Inc 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 * 1.106||+||0.528 * 0.9862||+||0.404 * 0.9645||+||0.892 * 0.8405||+||0.115 * 1.016|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1557||+||4.679 * -0.0704||-||0.327 * 1.0171|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $272.3 Mil.|
Revenue was 302.791 + 140.977 + 95.809 + 163.407 = $703.0 Mil.
Gross Profit was 94.933 + 44.8 + 31.183 + 49.575 = $220.5 Mil.
Total Current Assets was $446.7 Mil.
Total Assets was $560.1 Mil.
Property, Plant and Equipment(Net PPE) was $22.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.6 Mil.
Selling, General & Admin. Expense(SGA) was $207.9 Mil.
Total Current Liabilities was $199.1 Mil.
Long-Term Debt was $207.9 Mil.
Net Income was 30.612 + -4.369 + -17.415 + -9.33 = $-0.5 Mil.
Non Operating Income was 0.207 + 0.861 + 0.075 + 1.017 = $2.2 Mil.
Cash Flow from Operations was -43.104 + -10.167 + 32.609 + 57.42 = $36.8 Mil.
|Accounts Receivable was $292.9 Mil.
Revenue was 337.027 + 131.106 + 114.201 + 254.016 = $836.4 Mil.
Gross Profit was 104.329 + 39.287 + 35.378 + 79.697 = $258.7 Mil.
Total Current Assets was $513.5 Mil.
Total Assets was $639.6 Mil.
Property, Plant and Equipment(Net PPE) was $18.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.0 Mil.
Selling, General & Admin. Expense(SGA) was $214.0 Mil.
Total Current Liabilities was $241.9 Mil.
Long-Term Debt was $215.0 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)|
|=||(272.257 / 702.984)||/||(292.861 / 836.35)|
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)|
|=||(258.691 / 836.35)||/||(220.491 / 702.984)|
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 - (446.679 + 22.698) / 560.123)||/||(1 - (513.525 + 18.604) / 639.557)|
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))|
|=||(19.969 / (19.969 + 18.604))||/||(23.58 / (23.58 + 22.698))|
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)|
|=||(207.885 / 702.984)||/||(214.012 / 836.35)|
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)|
|=||((207.933 + 199.105) / 560.123)||/||((215 + 241.947) / 639.557)|
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|
|=||(-0.502 - 2.16||-||36.758)||/||560.123|
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.
Jakks Pacific Inc has a M-score of -2.91 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
Jakks Pacific Inc Annual Data
Jakks Pacific Inc Quarterly Data