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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 Johnson Outdoors Inc was -2.05. The lowest was -5.11. And the median was -2.61.
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 Johnson Outdoors 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 * 0.8858||+||0.528 * 0.9796||+||0.404 * 1.1124||+||0.892 * 1.0471||+||0.115 * 0.9936|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9391||+||4.679 * -0.0548||-||0.327 * 0.9049|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $102.8 Mil.|
Revenue was 134.192 + 85.298 + 85.673 + 140.883 = $446.0 Mil.
Gross Profit was 54.995 + 33.299 + 33.711 + 58.752 = $180.8 Mil.
Total Current Assets was $248.1 Mil.
Total Assets was $354.8 Mil.
Property, Plant and Equipment(Net PPE) was $45.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $132.8 Mil.
Total Current Liabilities was $86.1 Mil.
Long-Term Debt was $37.2 Mil.
Net Income was 9.321 + -0.534 + 1.167 + 9.997 = $20.0 Mil.
Non Operating Income was -0.182 + 0.563 + -1.261 + -0.115 = $-1.0 Mil.
Cash Flow from Operations was -1.938 + -33.557 + 20.105 + 55.793 = $40.4 Mil.
|Accounts Receivable was $110.8 Mil.
Revenue was 133.111 + 70.822 + 84.904 + 137.133 = $426.0 Mil.
Gross Profit was 51.936 + 27.334 + 34.019 + 55.819 = $169.1 Mil.
Total Current Assets was $245.2 Mil.
Total Assets was $342.9 Mil.
Property, Plant and Equipment(Net PPE) was $44.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.3 Mil.
Selling, General & Admin. Expense(SGA) was $135.0 Mil.
Total Current Liabilities was $76.3 Mil.
Long-Term Debt was $55.3 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)|
|=||(102.786 / 446.046)||/||(110.817 / 425.97)|
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)|
|=||(33.299 / 425.97)||/||(54.995 / 446.046)|
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 - (248.066 + 45.862) / 354.789)||/||(1 - (245.239 + 44.741) / 342.851)|
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))|
|=||(11.304 / (11.304 + 44.741))||/||(11.681 / (11.681 + 45.862))|
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)|
|=||(132.758 / 446.046)||/||(134.998 / 425.97)|
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)|
|=||((37.172 + 86.128) / 354.789)||/||((55.333 + 76.34) / 342.851)|
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|
|=||(19.951 - -0.995||-||40.403)||/||354.789|
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.
Johnson Outdoors Inc has a M-score of -2.72 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
Johnson Outdoors Inc Annual Data
Johnson Outdoors Inc Quarterly Data