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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 -2.55 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Premier Exhibitions, Inc. was 13.08. The lowest was -5.56. And the median was -2.53.
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 * 1.3451||+||0.528 * 1.0797||+||0.404 * 1.4033||+||0.892 * 0.739||+||0.115 * 0.8292|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1625||+||4.679 * -0.0596||-||0.327 * 1.102|
|This Year (Nov13) TTM:||Last Year (Nov12) TTM:|
|Accounts Receivable was $1.82 Mil.|
Revenue was 6.392 + 7.819 + 8.94 + 6.663 = $29.81 Mil.
Gross Profit was 2.35 + 4.004 + 5.293 + 2.77 = $14.42 Mil.
Total Current Assets was $10.22 Mil.
Total Assets was $32.08 Mil.
Property, Plant and Equipment(Net PPE) was $9.99 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.94 Mil.
Selling, General & Admin. Expense(SGA) was $13.03 Mil.
Total Current Liabilities was $7.01 Mil.
Long-Term Debt was $1.43 Mil.
Net Income was -0.233 + -0.062 + 0.971 + -1.098 = $-0.42 Mil.
Non Operating Income was 0.071 + 0.154 + -0.007 + 0.003 = $0.22 Mil.
Cash Flow from Operations was -0.444 + 0.486 + 0.922 + 0.305 = $1.27 Mil.
|Accounts Receivable was $1.83 Mil.
Revenue was 7.912 + 13.43 + 11.46 + 7.544 = $40.35 Mil.
Gross Profit was 3.49 + 8.188 + 6.272 + 3.114 = $21.06 Mil.
Total Current Assets was $13.29 Mil.
Total Assets was $34.14 Mil.
Property, Plant and Equipment(Net PPE) was $11.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.63 Mil.
Selling, General & Admin. Expense(SGA) was $15.17 Mil.
Total Current Liabilities was $7.90 Mil.
Long-Term Debt was $0.26 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)|
|=||(1.816 / 29.814)||/||(1.827 / 40.346)|
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)|
|=||(4.004 / 40.346)||/||(2.35 / 29.814)|
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 - (10.217 + 9.99) / 32.082)||/||(1 - (13.291 + 11.847) / 34.144)|
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))|
|=||(3.633 / (3.633 + 11.847))||/||(3.944 / (3.944 + 9.99))|
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)|
|=||(13.027 / 29.814)||/||(15.165 / 40.346)|
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)|
|=||((1.429 + 7.011) / 32.082)||/||((0.255 + 7.896) / 34.144)|
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|
|=||(-0.422 - 0.221||-||1.269)||/||32.082|
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 -2.55 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