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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 -2.58.
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 * 1.0843||+||0.528 * 0.9937||+||0.404 * 0.8045||+||0.892 * 1.0378||+||0.115 * 0.5875|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0282||+||4.679 * -0.1702||-||0.327 * 1.0593|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|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 $253.9 Mil.
Total Assets was $342.9 Mil.
Property, Plant and Equipment(Net PPE) was $44.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.8 Mil.
Selling, General & Admin. Expense(SGA) was $135.0 Mil.
Total Current Liabilities was $76.3 Mil.
Long-Term Debt was $55.3 Mil.
Net Income was 3.646 + -4.194 + -0.786 + 4.698 = $3.4 Mil.
Non Operating Income was -0.495 + 0.572 + 0.347 + 0.952 = $1.4 Mil.
Cash Flow from Operations was 17.321 + -32.15 + 26.405 + 48.758 = $60.3 Mil.
|Accounts Receivable was $98.5 Mil.
Revenue was 124.273 + 79.1 + 77.315 + 129.772 = $410.5 Mil.
Gross Profit was 48.846 + 29.929 + 28.814 + 54.337 = $161.9 Mil.
Total Current Assets was $247.4 Mil.
Total Assets was $348.5 Mil.
Property, Plant and Equipment(Net PPE) was $45.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.9 Mil.
Selling, General & Admin. Expense(SGA) was $126.5 Mil.
Total Current Liabilities was $76.7 Mil.
Long-Term Debt was $49.6 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)|
|=||(110.817 / 425.97)||/||(98.484 / 410.46)|
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)|
|=||(27.334 / 410.46)||/||(51.936 / 425.97)|
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 - (253.852 + 44.741) / 342.851)||/||(1 - (247.408 + 45.198) / 348.529)|
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))|
|=||(9.917 / (9.917 + 45.198))||/||(19.75 / (19.75 + 44.741))|
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)|
|=||(134.998 / 425.97)||/||(126.514 / 410.46)|
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)|
|=||((55.333 + 76.34) / 342.851)||/||((49.627 + 76.735) / 348.529)|
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|
|=||(3.364 - 1.376||-||60.334)||/||342.851|
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 -3.32 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