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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 -2.61.
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 * 1.1022||+||0.528 * 0.9825||+||0.404 * 1.0375||+||0.892 * 0.9937||+||0.115 * 1.0291|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9552||+||4.679 * -0.0801||-||0.327 * 0.8154|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $72.3 Mil.|
Revenue was 93.729 + 74.937 + 139.3 + 134.192 = $442.2 Mil.
Gross Profit was 36.565 + 28.885 + 59.283 + 54.995 = $179.7 Mil.
Total Current Assets was $205.1 Mil.
Total Assets was $316.5 Mil.
Property, Plant and Equipment(Net PPE) was $48.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.1 Mil.
Selling, General & Admin. Expense(SGA) was $130.2 Mil.
Total Current Liabilities was $68.3 Mil.
Long-Term Debt was $13.0 Mil.
Net Income was 4.056 + -2.127 + 6.841 + 9.321 = $18.1 Mil.
Non Operating Income was -0.054 + 0.655 + 0.371 + -0.182 = $0.8 Mil.
Cash Flow from Operations was -34.326 + 16.501 + 62.428 + -1.938 = $42.7 Mil.
|Accounts Receivable was $66.1 Mil.
Revenue was 85.298 + 85.673 + 140.883 + 133.111 = $445.0 Mil.
Gross Profit was 33.299 + 33.711 + 58.752 + 51.936 = $177.7 Mil.
Total Current Assets was $214.6 Mil.
Total Assets was $321.5 Mil.
Property, Plant and Equipment(Net PPE) was $45.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.7 Mil.
Selling, General & Admin. Expense(SGA) was $137.1 Mil.
Total Current Liabilities was $70.1 Mil.
Long-Term Debt was $31.2 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)|
|=||(72.349 / 442.158)||/||(66.057 / 444.965)|
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)|
|=||(177.698 / 444.965)||/||(179.728 / 442.158)|
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 - (205.065 + 48.544) / 316.467)||/||(1 - (214.635 + 45.296) / 321.474)|
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))|
|=||(11.724 / (11.724 + 45.296))||/||(12.121 / (12.121 + 48.544))|
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)|
|=||(130.171 / 442.158)||/||(137.14 / 444.965)|
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)|
|=||((13.001 + 68.315) / 316.467)||/||((31.23 + 70.068) / 321.474)|
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|
|=||(18.091 - 0.79||-||42.665)||/||316.467|
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 -2.69 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