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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 -5.12. And the median was -2.60.
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 * 0.8575||+||0.528 * 0.9816||+||0.404 * 0.9501||+||0.892 * 1.0343||+||0.115 * 1.0679|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8911||+||4.679 * -0.0912||-||0.327 * 0.9369|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $70.7 Mil.|
Revenue was 139.3 + 134.192 + 85.298 + 85.673 = $444.5 Mil.
Gross Profit was 59.283 + 54.995 + 33.299 + 33.711 = $181.3 Mil.
Total Current Assets was $221.1 Mil.
Total Assets was $326.2 Mil.
Property, Plant and Equipment(Net PPE) was $49.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.8 Mil.
Selling, General & Admin. Expense(SGA) was $128.7 Mil.
Total Current Liabilities was $81.2 Mil.
Long-Term Debt was $7.1 Mil.
Net Income was 6.841 + 9.321 + -0.534 + 1.167 = $16.8 Mil.
Non Operating Income was 0.371 + -0.182 + 0.563 + -1.261 = $-0.5 Mil.
Cash Flow from Operations was 62.428 + -1.938 + -33.557 + 20.105 = $47.0 Mil.
|Accounts Receivable was $79.7 Mil.
Revenue was 140.883 + 133.111 + 70.822 + 84.904 = $429.7 Mil.
Gross Profit was 58.752 + 51.936 + 27.334 + 34.019 = $172.0 Mil.
Total Current Assets was $215.9 Mil.
Total Assets was $317.8 Mil.
Property, Plant and Equipment(Net PPE) was $44.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.6 Mil.
Selling, General & Admin. Expense(SGA) was $139.7 Mil.
Total Current Liabilities was $84.6 Mil.
Long-Term Debt was $7.2 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)|
|=||(70.658 / 444.463)||/||(79.663 / 429.72)|
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)|
|=||(172.041 / 429.72)||/||(181.288 / 444.463)|
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 - (221.07 + 48.981) / 326.161)||/||(1 - (215.864 + 44.43) / 317.846)|
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))|
|=||(11.614 / (11.614 + 44.43))||/||(11.794 / (11.794 + 48.981))|
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)|
|=||(128.721 / 444.463)||/||(139.663 / 429.72)|
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)|
|=||((7.069 + 81.167) / 326.161)||/||((7.156 + 84.626) / 317.846)|
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|
|=||(16.795 - -0.509||-||47.038)||/||326.161|
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 -2.99 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