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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.
Quicksilver Resources Inc has a M-score of -2.30 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Quicksilver Resources Inc was 1.06. The lowest was -12.46. And the median was -2.78.
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 Quicksilver Resources 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 * 2.1141||+||0.528 * 1.1268||+||0.404 * 0.5743||+||0.892 * 0.733||+||0.115 * 1.6917|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9398||+||4.679 * -0.1103||-||0.327 * 1.219|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $69.6 Mil.|
Revenue was 118.032 + 91.786 + 114.244 + 153.116 = $477.2 Mil.
Gross Profit was 40.602 + 18.87 + 60.106 + 79.166 = $198.7 Mil.
Total Current Assets was $180.1 Mil.
Total Assets was $1,059.0 Mil.
Property, Plant and Equipment(Net PPE) was $815.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.7 Mil.
Selling, General & Admin. Expense(SGA) was $49.1 Mil.
Total Current Liabilities was $139.9 Mil.
Long-Term Debt was $1,795.6 Mil.
Net Income was -36.095 + -58.833 + -31.779 + 10.577 = $-116.1 Mil.
Non Operating Income was -8.966 + -4.332 + -7.551 + -4.151 = $-25.0 Mil.
Cash Flow from Operations was 19.221 + -19.984 + 29.403 + -2.997 = $25.6 Mil.
|Accounts Receivable was $44.9 Mil.
Revenue was 175.497 + 118.703 + 179.072 + 177.702 = $651.0 Mil.
Gross Profit was 94.631 + 31.982 + 92.793 + 86.114 = $305.5 Mil.
Total Current Assets was $355.5 Mil.
Total Assets was $1,394.2 Mil.
Property, Plant and Equipment(Net PPE) was $892.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $112.4 Mil.
Selling, General & Admin. Expense(SGA) was $71.2 Mil.
Total Current Liabilities was $121.8 Mil.
Long-Term Debt was $1,968.4 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)|
|=||(69.556 / 477.178)||/||(44.885 / 650.974)|
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)|
|=||(18.87 / 650.974)||/||(40.602 / 477.178)|
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 - (180.116 + 815.331) / 1059.047)||/||(1 - (355.507 + 892.85) / 1394.151)|
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))|
|=||(112.406 / (112.406 + 892.85))||/||(57.706 / (57.706 + 815.331))|
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)|
|=||(49.073 / 477.178)||/||(71.234 / 650.974)|
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)|
|=||((1795.644 + 139.949) / 1059.047)||/||((1968.407 + 121.84) / 1394.151)|
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|
|=||(-116.13 - -25||-||25.643)||/||1059.047|
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.
Quicksilver Resources Inc has a M-score of -2.30 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
Quicksilver Resources Inc Annual Data
Quicksilver Resources Inc Quarterly Data