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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.
New York & Company Inc has a M-score of -3.09 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of New York & Company Inc was -2.20. The lowest was -4.59. And the median was -3.02.
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 New York & Company 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 * 0.8424||+||0.528 * 0.9734||+||0.404 * 1.0131||+||0.892 * 0.9718||+||0.115 * 0.9337|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.024||+||4.679 * -0.0883||-||0.327 * 1.0069|
|This Year (Jan14) TTM:||Last Year (Jan13) TTM:|
|Accounts Receivable was $7.1 Mil.|
Revenue was 271.004 + 217.626 + 223.05 + 227.483 = $939.2 Mil.
Gross Profit was 77.046 + 60.988 + 60.002 + 66.334 = $264.4 Mil.
Total Current Assets was $182.7 Mil.
Total Assets was $288.8 Mil.
Property, Plant and Equipment(Net PPE) was $83.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $32.7 Mil.
Selling, General & Admin. Expense(SGA) was $261.3 Mil.
Total Current Liabilities was $130.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 6.943 + -3.434 + -2.709 + 1.594 = $2.4 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 39.338 + -16.503 + 23.567 + -18.514 = $27.9 Mil.
|Accounts Receivable was $8.7 Mil.
Revenue was 291.758 + 219.25 + 227.69 + 227.736 = $966.4 Mil.
Gross Profit was 81.625 + 60.927 + 57.719 + 64.55 = $264.8 Mil.
Total Current Assets was $172.3 Mil.
Total Assets was $292.7 Mil.
Property, Plant and Equipment(Net PPE) was $98.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $34.9 Mil.
Selling, General & Admin. Expense(SGA) was $262.6 Mil.
Total Current Liabilities was $131.2 Mil.
Long-Term Debt was $0.0 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)|
|=||(7.125 / 939.163)||/||(8.704 / 966.434)|
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)|
|=||(60.988 / 966.434)||/||(77.046 / 939.163)|
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 - (182.748 + 83.553) / 288.753)||/||(1 - (172.256 + 97.96) / 292.68)|
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))|
|=||(34.909 / (34.909 + 97.96))||/||(32.719 / (32.719 + 83.553))|
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)|
|=||(261.293 / 939.163)||/||(262.569 / 966.434)|
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)|
|=||((0 + 130.33) / 288.753)||/||((0 + 131.201) / 292.68)|
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|
|=||(2.394 - 0||-||27.888)||/||288.753|
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.
New York & Company Inc has a M-score of -3.09 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
New York & Company Inc Annual Data
New York & Company Inc Quarterly Data