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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 12 years, the highest Beneish M-Score of New York & Company Inc was -2.20. The lowest was -3.81. And the median was -3.05.
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 * 1.0722||+||0.528 * 1.0406||+||0.404 * 1.0099||+||0.892 * 0.9831||+||0.115 * 1.1506|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.033||+||4.679 * -0.0957||-||0.327 * 1.1817|
|This Year (Jan15) TTM:||Last Year (Jan14) TTM:|
|Accounts Receivable was $7.4 Mil.|
Revenue was 267.359 + 210.314 + 226.066 + 219.593 = $923.3 Mil.
Gross Profit was 68.376 + 57.277 + 61.918 + 62.204 = $249.8 Mil.
Total Current Assets was $193.8 Mil.
Total Assets was $301.9 Mil.
Property, Plant and Equipment(Net PPE) was $84.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $27.3 Mil.
Selling, General & Admin. Expense(SGA) was $265.4 Mil.
Total Current Liabilities was $147.3 Mil.
Long-Term Debt was $13.8 Mil.
Net Income was -6.72 + -9.736 + -0.147 + -0.282 = $-16.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 20.273 + -10.414 + 21.019 + -18.878 = $12.0 Mil.
|Accounts Receivable was $7.0 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.
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)|
|=||(7.406 / 923.332)||/||(7.026 / 939.163)|
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)|
|=||(57.277 / 939.163)||/||(68.376 / 923.332)|
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 - (193.8 + 84.374) / 301.88)||/||(1 - (182.748 + 83.553) / 288.753)|
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))|
|=||(32.719 / (32.719 + 83.553))||/||(27.315 / (27.315 + 84.374))|
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)|
|=||(265.371 / 923.332)||/||(261.293 / 939.163)|
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)|
|=||((13.75 + 147.269) / 301.88)||/||((0 + 130.33) / 288.753)|
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|
|=||(-16.885 - 0||-||12)||/||301.88|
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 -2.90 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