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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 -2.58 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 -11.83. And the median was -2.80.
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 * 1.353||+||0.528 * 1.0818||+||0.404 * 0.7018||+||0.892 * 0.8164||+||0.115 * 1.7663|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9168||+||4.679 * -0.0615||-||0.327 * 0.9841|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $63.4 Mil.|
Revenue was 91.786 + 114.244 + 153.116 + 175.497 = $534.6 Mil.
Gross Profit was 18.87 + 60.106 + 79.166 + 94.631 = $252.8 Mil.
Total Current Assets was $294.2 Mil.
Total Assets was $1,259.8 Mil.
Property, Plant and Equipment(Net PPE) was $875.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.3 Mil.
Selling, General & Admin. Expense(SGA) was $54.5 Mil.
Total Current Liabilities was $127.8 Mil.
Long-Term Debt was $1,986.4 Mil.
Net Income was -58.833 + -31.779 + 10.577 + 242.523 = $162.5 Mil.
Non Operating Income was -4.332 + -7.551 + -4.151 + 313.24 = $297.2 Mil.
Cash Flow from Operations was -19.984 + 29.403 + -2.997 + -63.712 = $-57.3 Mil.
|Accounts Receivable was $57.4 Mil.
Revenue was 118.703 + 223.966 + 118.188 + 194.018 = $654.9 Mil.
Gross Profit was 31.982 + 163.081 + 26.6 + 113.269 = $334.9 Mil.
Total Current Assets was $147.7 Mil.
Total Assets was $1,309.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,027.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $127.4 Mil.
Selling, General & Admin. Expense(SGA) was $72.8 Mil.
Total Current Liabilities was $124.2 Mil.
Long-Term Debt was $2,108.3 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)|
|=||(63.426 / 534.643)||/||(57.419 / 654.875)|
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)|
|=||(60.106 / 654.875)||/||(18.87 / 534.643)|
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 - (294.246 + 875.118) / 1259.827)||/||(1 - (147.716 + 1027.532) / 1309.209)|
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))|
|=||(127.441 / (127.441 + 1027.532))||/||(58.311 / (58.311 + 875.118))|
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)|
|=||(54.463 / 534.643)||/||(72.765 / 654.875)|
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)|
|=||((1986.378 + 127.828) / 1259.827)||/||((2108.319 + 124.243) / 1309.209)|
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|
|=||(162.488 - 297.206||-||-57.29)||/||1259.827|
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 -2.58 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