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Premier Exhibitions (Premier Exhibitions) Beneish M-Score : 0.00 (As of Apr. 24, 2024)


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What is Premier Exhibitions Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Premier Exhibitions's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Premier Exhibitions was 0.00. The lowest was 0.00. And the median was 0.00.


Premier Exhibitions Beneish M-Score Historical Data

The historical data trend for Premier Exhibitions's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Premier Exhibitions Beneish M-Score Chart

Premier Exhibitions Annual Data
Trend Feb06 Feb07 Feb08 Feb09 Feb10 Feb11 Feb12 Feb13 Feb14 Feb15
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.17 -4.05 -2.86 -2.58 -3.51

Premier Exhibitions Quarterly Data
Nov10 Feb11 May11 Aug11 Nov11 Feb12 May12 Aug12 Nov12 Feb13 May13 Aug13 Nov13 Feb14 May14 Aug14 Nov14 Feb15 May15 Aug15
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.15 -3.02 -3.51 -3.35 -3.56

Competitive Comparison of Premier Exhibitions's Beneish M-Score

For the Leisure subindustry, Premier Exhibitions's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Premier Exhibitions's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Premier Exhibitions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Premier Exhibitions's Beneish M-Score falls into.



Premier Exhibitions Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Premier Exhibitions 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 * 0.6968+0.528 * 1.6611+0.404 * 0.5181+0.892 * 0.9723+0.115 * 1.9381
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8875+4.679 * -0.089278-0.327 * 1.703
=-3.15

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Aug15) TTM:Last Year (Aug14) TTM:
Total Receivables was $0.90 Mil.
Revenue was 6.739 + 7.249 + 6.875 + 6.727 = $27.59 Mil.
Gross Profit was 1.083 + 1.74 + 1.552 + 1.943 = $6.32 Mil.
Total Current Assets was $7.02 Mil.
Total Assets was $35.90 Mil.
Property, Plant and Equipment(Net PPE) was $21.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.78 Mil.
Selling, General, & Admin. Expense(SGA) was $11.29 Mil.
Total Current Liabilities was $21.91 Mil.
Long-Term Debt & Capital Lease Obligation was $1.04 Mil.
Net Income was -3.096 + -2.277 + -5.477 + -2.133 = $-12.98 Mil.
Non Operating Income was 0.033 + -0.006 + -3.369 + 0.004 = $-3.34 Mil.
Cash Flow from Operations was -1.909 + -1.369 + -0.672 + -2.49 = $-6.44 Mil.
Total Receivables was $1.32 Mil.
Revenue was 8.297 + 7.491 + 6.197 + 6.392 = $28.38 Mil.
Gross Profit was 3.027 + 3.084 + 2.333 + 2.35 = $10.79 Mil.
Total Current Assets was $9.26 Mil.
Total Assets was $29.71 Mil.
Property, Plant and Equipment(Net PPE) was $8.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.47 Mil.
Selling, General, & Admin. Expense(SGA) was $13.09 Mil.
Total Current Liabilities was $9.72 Mil.
Long-Term Debt & Capital Lease Obligation was $1.44 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0.895 / 27.59) / (1.321 / 28.377)
=0.032439 / 0.046552
=0.6968

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(10.794 / 28.377) / (6.318 / 27.59)
=0.380378 / 0.228996
=1.6611

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (7.017 + 21.096) / 35.899) / (1 - (9.262 + 8.008) / 29.707)
=0.216886 / 0.418656
=0.5181

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=27.59 / 28.377
=0.9723

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
=(4.467 / (4.467 + 8.008)) / (4.781 / (4.781 + 21.096))
=0.358076 / 0.184759
=1.9381

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
=(11.294 / 27.59) / (13.088 / 28.377)
=0.409351 / 0.461219
=0.8875

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 in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1.043 + 21.914) / 35.899) / ((1.435 + 9.72) / 29.707)
=0.639489 / 0.375501
=1.703

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-12.983 - -3.338 - -6.44) / 35.899
=-0.089278

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Premier Exhibitions has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.


Premier Exhibitions Beneish M-Score Related Terms

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Premier Exhibitions (Premier Exhibitions) Business Description

Traded in Other Exchanges
N/A
Address
3045 Kingston Court, Suite I, Peachtree Corners, GA, USA, 30071
Premier Exhibitions Inc is engaged in providing leisure services. It develops and sets up tourism-related exhibitions for the purpose of education and entertainment. The company's exhibitions present opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Its exhibitions are presented in museums, exhibition centers, and other entertainment venues. The company's services include content development, exhibit design, brand development, space planning and detailed fabrication drawings. It also offers merchandising services.
Executives
Alta Fundamental Advisers Llc 10 percent owner 1500 BROADWAY, SUITE 704, NEW YORK NY 10036
Sellers Capital Llc other: See Remarks 311 S WACKER DR STE 925 CHICAGO IL 60606
Sellers Capital Master Fund, Ltd. other: See Remarks C/O M&C CORPORATE SERVICES, UGLAND HOUSE S. CHURCH ST, PO BOX 309 GT GEORGE TOWN, GRAND CAYMAN E9 CAYMAN
Mark A Sellers other: See Remarks SELLERS CAPITAL 161 N CLARK ST STE 4700 CHICAGO IL 60601
Mingcheng Tao director 3340 PEACHTREE ROAD NE, SUITE 900, ATLANTA GA 30326
Jack H Jacobs director 101 OAKS ROAD, MILLINGTON NJ 07946
Richard Kraniak director
Mark Mcgowan director C/O COMBIMATRIX CORPORATION, 6500 HARBOUR HEIGHTS PARKWAY, SUITE 303, MUKILTEO WA 98275
Bruce David Eskowitz director, officer: President and CEO 202 N. CRESCENT DRIVE #1, BEVERLY HILLS CA 96210
Joseph B Marsh 10 percent owner 605 SURFSIDE DRIVE AKRON OH 44317

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