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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 13 years, the highest Beneish M-Score of New York & Co Inc was -2.23. The lowest was -4.57. And the median was -2.97.
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 & Co 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 * 1.0422||+||0.528 * 0.983||+||0.404 * 0.7492||+||0.892 * 1.0169||+||0.115 * 1.1147|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9763||+||4.679 * -0.1164||-||0.327 * 1.0289|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Apr16) TTM:||Last Year (Apr15) TTM:|
|Accounts Receivable was $17.0 Mil.|
Revenue was 216.038 + 271.272 + 219.75 + 235.696 = $942.8 Mil.
Gross Profit was 59.887 + 69.78 + 63.695 + 67.133 = $260.5 Mil.
Total Current Assets was $187.3 Mil.
Total Assets was $290.3 Mil.
Property, Plant and Equipment(Net PPE) was $86.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.7 Mil.
Selling, General & Admin. Expense(SGA) was $269.8 Mil.
Total Current Liabilities was $147.5 Mil.
Long-Term Debt was $12.1 Mil.
Net Income was -5.716 + 0.084 + -5.336 + -0.146 = $-11.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -11.574 + 22.701 + -7.883 + 19.433 = $22.7 Mil.
|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 $295.6 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 $145.0 Mil.
Long-Term Debt was $12.9 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)|
|=||(17.011 / 942.756)||/||(16.051 / 927.129)|
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)|
|=||(251.818 / 927.129)||/||(260.495 / 942.756)|
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 - (187.279 + 86.136) / 290.26)||/||(1 - (187.956 + 84.703) / 295.554)|
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))|
|=||(26.792 / (26.792 + 84.703))||/||(23.671 / (23.671 + 86.136))|
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)|
|=||(269.753 / 942.756)||/||(271.72 / 927.129)|
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)|
|=||((12.115 + 147.45) / 290.26)||/||((12.949 + 144.962) / 295.554)|
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|
|=||(-11.114 - 0||-||22.677)||/||290.26|
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 & Co Inc has a M-score of -3.07 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 & Co Inc Annual Data
New York & Co Inc Quarterly Data