Switch to:
NewBridge Bancorp (NAS:NBBC)
Beneish M-Score
-2.33 (As of Today)

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.

NewBridge Bancorp has a M-score of -2.33 suggests that the company is not a manipulator.

NBBC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74   Max: -1.75
Current: -2.33

-3.74
-1.75

During the past 13 years, the highest Beneish M-Score of NewBridge Bancorp was -1.75. The lowest was -3.74. And the median was -2.51.


Definition

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 NewBridge Bancorp 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+0.528 * 1+0.404 * 1.0026+0.892 * 1.1688+0.115 * 1.3423
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9207+4.679 * -0.0006-0.327 * 1.1574
=-2.33

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Sep15) TTM:Last Year (Sep14) TTM:
Accounts Receivable was $0.0 Mil.
Revenue was 27.222 + 27.667 + 26.072 + 25.381 = $106.3 Mil.
Gross Profit was 27.222 + 27.667 + 26.072 + 25.381 = $106.3 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $2,772.4 Mil.
Property, Plant and Equipment(Net PPE) was $44.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General & Admin. Expense(SGA) was $55.4 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt was $491.3 Mil.
Net Income was 5.572 + 6.001 + 3.77 + 4.265 = $19.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 11.451 + 4.715 + 1.031 + 4.204 = $21.4 Mil.
Accounts Receivable was $0.0 Mil.
Revenue was 24.58 + 24.461 + 20.962 + 20.982 = $91.0 Mil.
Gross Profit was 24.58 + 24.461 + 20.962 + 20.982 = $91.0 Mil.
Total Current Assets was $0.0 Mil.
Total Assets was $2,442.8 Mil.
Property, Plant and Equipment(Net PPE) was $45.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.6 Mil.
Selling, General & Admin. Expense(SGA) was $51.5 Mil.
Total Current Liabilities was $0.0 Mil.
Long-Term Debt was $374.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 106.342) / (0 / 90.985)
=0 / 0
=1

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(27.667 / 90.985) / (27.222 / 106.342)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 44.241) / 2772.444) / (1 - (0 + 45.259) / 2442.75)
=0.9840426 / 0.98147211
=1.0026

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=106.342 / 90.985
=1.1688

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))
=(5.566 / (5.566 + 45.259)) / (3.93 / (3.93 + 44.241))
=0.10951303 / 0.08158436
=1.3423

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)
=(55.372 / 106.342) / (51.458 / 90.985)
=0.52069737 / 0.56556575
=0.9207

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)
=((491.274 + 0) / 2772.444) / ((373.974 + 0) / 2442.75)
=0.17719889 / 0.15309549
=1.1574

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(19.608 - 0 - 21.401) / 2772.444
=-0.0006

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.

NewBridge Bancorp has a M-score of -2.33 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

NewBridge Bancorp Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 110.62630.98730.79020.91270111
GMI 1111111111
AQI 0.99970.99870.99961.0010.99951.00041.00010.99831.00481
SGI 0.99871.22351.19660.93411.0861.00290.94081.00221.1831
DEPI 1.02431.52220.6370.66891.13181.32821.07841.01190.82671
SGAI 1.05451.11560.9491.21671.0340.82071.22411.05950.95831
LVGI 1.09371.82750.95430.73651.07711.77211.21521.25041.4881
TATA -0.0133-0.012-0.038-0.0153-0.0183-0.013-0.0286-0.0009-0.0014-0.0014
M-score -2.58-2.57-2.84-2.61-2.70-2.80-3.69-2.57-2.49-2.49

NewBridge Bancorp Quarterly Data

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 1111111111
GMI 1111111111
AQI 1.00230.99830.99921.00111.00061.00481.00511.00321.00261.0181
SGI 0.98311.05441.06281.0931.14091.1831.22761.19611.16881.131
DEPI 0.5531.01190.93990.88270.85790.82670.97881.10151.34230.1045
SGAI 1.24511.00710.9921.00560.99780.9230.91630.90450.92070.905
LVGI 1.69961.25041.48161.27871.31731.4881.32581.33931.15741.1787
TATA 0.0012-0.00090.0026-0.0021-0.002-0.00140.00030.0001-0.00060.0006
M-score -2.81-2.52-2.58-2.51-2.48-2.49-2.37-2.39-2.33-2.50
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GuruFocus Premium Plus Membership

FEEDBACK