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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 -4.57. And the median was -3.03.
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 * 1.1872||+||0.528 * 1.0288||+||0.404 * 0.9841||+||0.892 * 0.9956||+||0.115 * 1.1425|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0566||+||4.679 * -0.1261||-||0.327 * 1.2215|
|This Year (Apr15) TTM:||Last Year (Apr14) TTM:|
|Accounts Receivable was $16.1 Mil.|
Revenue was 223.39 + 267.359 + 210.314 + 226.066 = $927.1 Mil.
Gross Profit was 64.247 + 68.376 + 57.277 + 61.918 = $251.8 Mil.
Total Current Assets was $188.0 Mil.
Total Assets was $296.3 Mil.
Property, Plant and Equipment(Net PPE) was $84.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $26.8 Mil.
Selling, General & Admin. Expense(SGA) was $271.7 Mil.
Total Current Liabilities was $145.1 Mil.
Long-Term Debt was $13.5 Mil.
Net Income was -4.671 + -6.72 + -9.736 + -0.147 = $-21.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -13.602 + 20.273 + -10.414 + 19.817 = $16.1 Mil.
|Accounts Receivable was $13.6 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 $176.6 Mil.
Total Assets was $280.2 Mil.
Property, Plant and Equipment(Net PPE) was $80.9 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.
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)|
|=||(16.051 / 927.129)||/||(13.581 / 931.273)|
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)|
|=||(68.376 / 931.273)||/||(64.247 / 927.129)|
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 - (187.956 + 84.703) / 296.266)||/||(1 - (176.624 + 80.871) / 280.182)|
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))|
|=||(30.603 / (30.603 + 80.871))||/||(26.792 / (26.792 + 84.703))|
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)|
|=||(271.72 / 927.129)||/||(258.319 / 931.273)|
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)|
|=||((13.5 + 145.123) / 296.266)||/||((0 + 122.812) / 280.182)|
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|
|=||(-21.274 - 0||-||16.074)||/||296.266|
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 -2.96 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