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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 Perry Ellis International Inc was 3.25. The lowest was -3.49. And the median was -2.58.
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 * 1.0141||+||0.528 * 0.9749||+||0.404 * 1.027||+||0.892 * 0.9756||+||0.115 * 1.0836|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0102||+||4.679 * -0.1348||-||0.327 * 1.0434|
|This Year (Jan15) TTM:||Last Year (Jan14) TTM:|
|Accounts Receivable was $137.4 Mil.|
Revenue was 217.686 + 211.44 + 203.532 + 257.314 = $890.0 Mil.
Gross Profit was 74.568 + 70.307 + 70.464 + 87.665 = $303.0 Mil.
Total Current Assets was $398.9 Mil.
Total Assets was $685.0 Mil.
Property, Plant and Equipment(Net PPE) was $64.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.9 Mil.
Selling, General & Admin. Expense(SGA) was $268.8 Mil.
Total Current Liabilities was $158.8 Mil.
Long-Term Debt was $172.1 Mil.
Net Income was -42.897 + -0.437 + -1.616 + 7.775 = $-37.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 21.31 + -13.145 + 94.285 + -47.307 = $55.1 Mil.
|Accounts Receivable was $138.9 Mil.
Revenue was 216.079 + 222.121 + 211.705 + 262.319 = $912.2 Mil.
Gross Profit was 74.197 + 71.364 + 68.546 + 88.681 = $302.8 Mil.
Total Current Assets was $424.4 Mil.
Total Assets was $706.7 Mil.
Property, Plant and Equipment(Net PPE) was $59.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.2 Mil.
Selling, General & Admin. Expense(SGA) was $272.7 Mil.
Total Current Liabilities was $146.2 Mil.
Long-Term Debt was $181.0 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)|
|=||(137.432 / 889.972)||/||(138.911 / 912.224)|
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)|
|=||(70.307 / 912.224)||/||(74.568 / 889.972)|
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 - (398.942 + 64.633) / 684.989)||/||(1 - (424.389 + 59.912) / 706.735)|
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))|
|=||(13.211 / (13.211 + 59.912))||/||(12.933 / (12.933 + 64.633))|
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)|
|=||(268.783 / 889.972)||/||(272.716 / 912.224)|
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)|
|=||((172.109 + 158.772) / 684.989)||/||((181.006 + 146.192) / 706.735)|
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|
|=||(-37.175 - 0||-||55.143)||/||684.989|
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 -3.13 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