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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 -3.05 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 -3.05.
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 * 0.9405||+||0.528 * 0.9874||+||0.404 * 1.0021||+||0.892 * 0.9639||+||0.115 * 0.9973|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0188||+||4.679 * -0.0964||-||0.327 * 1.0545|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $13.7 Mil.|
Revenue was 219.593 + 271.004 + 217.626 + 223.05 = $931.3 Mil.
Gross Profit was 62.204 + 77.046 + 60.988 + 60.002 = $260.2 Mil.
Total Current Assets was $177.8 Mil.
Total Assets was $280.2 Mil.
Property, Plant and Equipment(Net PPE) was $79.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $30.6 Mil.
Selling, General & Admin. Expense(SGA) was $258.3 Mil.
Total Current Liabilities was $122.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -0.282 + 6.943 + -3.434 + -2.709 = $0.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -18.878 + 39.338 + -16.503 + 23.567 = $27.5 Mil.
|Accounts Receivable was $15.1 Mil.
Revenue was 227.483 + 291.758 + 219.25 + 227.69 = $966.2 Mil.
Gross Profit was 66.334 + 81.625 + 60.927 + 57.719 = $266.6 Mil.
Total Current Assets was $162.6 Mil.
Total Assets was $276.9 Mil.
Property, Plant and Equipment(Net PPE) was $91.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.2 Mil.
Selling, General & Admin. Expense(SGA) was $263.1 Mil.
Total Current Liabilities was $115.1 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)|
|=||(13.68 / 931.273)||/||(15.091 / 966.181)|
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)|
|=||(77.046 / 966.181)||/||(62.204 / 931.273)|
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 - (177.826 + 79.668) / 280.181)||/||(1 - (162.561 + 91.944) / 276.877)|
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))|
|=||(35.186 / (35.186 + 91.944))||/||(30.603 / (30.603 + 79.668))|
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)|
|=||(258.319 / 931.273)||/||(263.06 / 966.181)|
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 + 122.811) / 280.181)||/||((0 + 115.095) / 276.877)|
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|
|=||(0.518 - 0||-||27.524)||/||280.181|
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 -3.05 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