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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.
Perry Ellis International Inc has a M-score of -2.48 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Perry Ellis International Inc was 3.25. The lowest was -3.53. And the median was -2.55.
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 Perry Ellis International 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 * 1.1233||+||0.528 * 0.9897||+||0.404 * 0.8474||+||0.892 * 0.9388||+||0.115 * 1.073|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0794||+||4.679 * 0.0091||-||0.327 * 1.0986|
|This Year (Apr14) TTM:||Last Year (Apr13) TTM:|
|Accounts Receivable was $183.1 Mil.|
Revenue was 257.314 + 216.079 + 222.121 + 211.705 = $907.2 Mil.
Gross Profit was 87.665 + 74.197 + 71.364 + 68.546 = $301.8 Mil.
Total Current Assets was $436.9 Mil.
Total Assets was $719.1 Mil.
Property, Plant and Equipment(Net PPE) was $60.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.4 Mil.
Selling, General & Admin. Expense(SGA) was $271.8 Mil.
Total Current Liabilities was $88.6 Mil.
Long-Term Debt was $237.2 Mil.
Net Income was 7.775 + -28.247 + -3.022 + -2.83 = $-26.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -47.307 + 6.585 + -20.416 + 28.297 = $-32.8 Mil.
|Accounts Receivable was $173.7 Mil.
Revenue was 262.319 + 258.345 + 236.248 + 209.437 = $966.3 Mil.
Gross Profit was 88.681 + 84.341 + 75.795 + 69.325 = $318.1 Mil.
Total Current Assets was $413.1 Mil.
Total Assets was $737.6 Mil.
Property, Plant and Equipment(Net PPE) was $55.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.6 Mil.
Selling, General & Admin. Expense(SGA) was $268.2 Mil.
Total Current Liabilities was $122.5 Mil.
Long-Term Debt was $181.7 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)|
|=||(183.146 / 907.219)||/||(173.67 / 966.349)|
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)|
|=||(74.197 / 966.349)||/||(87.665 / 907.219)|
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 - (436.92 + 60.113) / 719.094)||/||(1 - (413.125 + 55.708) / 737.642)|
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))|
|=||(13.563 / (13.563 + 55.708))||/||(13.417 / (13.417 + 60.113))|
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)|
|=||(271.757 / 907.219)||/||(268.176 / 966.349)|
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)|
|=||((237.218 + 88.563) / 719.094)||/||((181.725 + 122.452) / 737.642)|
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|
|=||(-26.324 - 0||-||-32.841)||/||719.094|
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.
Perry Ellis International Inc has a M-score of -2.48 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
Perry Ellis International Inc Annual Data
Perry Ellis International Inc Quarterly Data