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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.
Premier Exhibitions Inc has a M-score of -3.01 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Premier Exhibitions Inc was 4.54. The lowest was -5.30. And the median was -2.62.
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 Premier Exhibitions 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 * 1.1708||+||0.528 * 1.2665||+||0.404 * 0.9266||+||0.892 * 0.7551||+||0.115 * 0.8788|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.193||+||4.679 * -0.1223||-||0.327 * 0.8877|
|This Year (May14) TTM:||Last Year (May13) TTM:|
|Accounts Receivable was $1.59 Mil.|
Revenue was 7.491 + 6.197 + 6.392 + 7.819 = $27.90 Mil.
Gross Profit was 3.084 + 2.333 + 2.35 + 4.004 = $11.77 Mil.
Total Current Assets was $9.26 Mil.
Total Assets was $30.69 Mil.
Property, Plant and Equipment(Net PPE) was $8.82 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.32 Mil.
Selling, General & Admin. Expense(SGA) was $12.69 Mil.
Total Current Liabilities was $8.73 Mil.
Long-Term Debt was $1.18 Mil.
Net Income was -1.212 + -1.39 + -0.233 + -0.062 = $-2.90 Mil.
Non Operating Income was 0.018 + -0.066 + 0.071 + 0.154 = $0.18 Mil.
Cash Flow from Operations was 1.119 + -0.481 + -0.444 + 0.486 = $0.68 Mil.
|Accounts Receivable was $1.80 Mil.
Revenue was 8.94 + 6.663 + 7.912 + 13.43 = $36.95 Mil.
Gross Profit was 5.293 + 2.77 + 3.49 + 8.188 = $19.74 Mil.
Total Current Assets was $12.53 Mil.
Total Assets was $38.41 Mil.
Property, Plant and Equipment(Net PPE) was $8.86 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.60 Mil.
Selling, General & Admin. Expense(SGA) was $14.08 Mil.
Total Current Liabilities was $11.27 Mil.
Long-Term Debt was $2.71 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)|
|=||(1.587 / 27.899)||/||(1.795 / 36.945)|
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)|
|=||(2.333 / 36.945)||/||(3.084 / 27.899)|
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 - (9.262 + 8.82) / 30.687)||/||(1 - (12.527 + 8.858) / 38.414)|
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))|
|=||(3.596 / (3.596 + 8.858))||/||(4.316 / (4.316 + 8.82))|
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)|
|=||(12.686 / 27.899)||/||(14.081 / 36.945)|
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)|
|=||((1.179 + 8.734) / 30.687)||/||((2.705 + 11.274) / 38.414)|
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|
|=||(-2.897 - 0.177||-||0.68)||/||30.687|
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.
Premier Exhibitions Inc has a M-score of -3.01 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
Premier Exhibitions Inc Annual Data
Premier Exhibitions Inc Quarterly Data