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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 -4.38. And the median was -2.57.
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 * 0.9116||+||0.528 * 1.0041||+||0.404 * 0.7961||+||0.892 * 0.9972||+||0.115 * 0.911|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9871||+||4.679 * -0.102||-||0.327 * 0.9704|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $57.3 Mil.|
Revenue was 70.822 + 84.904 + 137.133 + 124.273 = $417.1 Mil.
Gross Profit was 27.334 + 34.019 + 55.819 + 48.846 = $166.0 Mil.
Total Current Assets was $216.2 Mil.
Total Assets was $305.9 Mil.
Property, Plant and Equipment(Net PPE) was $45.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.2 Mil.
Selling, General & Admin. Expense(SGA) was $128.4 Mil.
Total Current Liabilities was $61.2 Mil.
Long-Term Debt was $32.1 Mil.
Net Income was -4.194 + -0.786 + 4.698 + 7.404 = $7.1 Mil.
Non Operating Income was 0.572 + 0.347 + 0.952 + -0.024 = $1.8 Mil.
Cash Flow from Operations was -32.15 + 26.405 + 48.758 + -6.537 = $36.5 Mil.
|Accounts Receivable was $63.0 Mil.
Revenue was 79.1 + 77.315 + 129.772 + 132.1 = $418.3 Mil.
Gross Profit was 29.929 + 28.814 + 54.337 + 54.084 = $167.2 Mil.
Total Current Assets was $211.2 Mil.
Total Assets was $312.9 Mil.
Property, Plant and Equipment(Net PPE) was $44.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.8 Mil.
Selling, General & Admin. Expense(SGA) was $130.4 Mil.
Total Current Liabilities was $60.4 Mil.
Long-Term Debt was $38.0 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)|
|=||(57.254 / 417.132)||/||(62.982 / 418.287)|
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)|
|=||(34.019 / 418.287)||/||(27.334 / 417.132)|
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 - (216.233 + 45.13) / 305.921)||/||(1 - (211.195 + 44.443) / 312.886)|
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))|
|=||(9.802 / (9.802 + 44.443))||/||(11.167 / (11.167 + 45.13))|
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)|
|=||(128.4 / 417.132)||/||(130.439 / 418.287)|
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)|
|=||((32.082 + 61.224) / 305.921)||/||((37.96 + 60.385) / 312.886)|
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|
|=||(7.122 - 1.847||-||36.476)||/||305.921|
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.
Johnson Outdoors Inc has a M-score of -3.12 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