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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 Premier Exhibitions Inc was 4.54. The lowest was -5.30. And the median was -2.79.
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 * 1.0066||+||0.528 * 1.4885||+||0.404 * 0.5936||+||0.892 * 1.0448||+||0.115 * 1.875|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9174||+||4.679 * -0.1912||-||0.327 * 1.6961|
|This Year (May15) TTM:||Last Year (May14) TTM:|
|Accounts Receivable was $1.67 Mil.|
Revenue was 7.249 + 6.875 + 6.727 + 8.297 = $29.15 Mil.
Gross Profit was 1.74 + 1.552 + 1.943 + 3.027 = $8.26 Mil.
Total Current Assets was $8.12 Mil.
Total Assets was $38.42 Mil.
Property, Plant and Equipment(Net PPE) was $20.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.45 Mil.
Selling, General & Admin. Expense(SGA) was $12.38 Mil.
Total Current Liabilities was $20.78 Mil.
Long-Term Debt was $0.27 Mil.
Net Income was -2.277 + -5.477 + -2.133 + -1.653 = $-11.54 Mil.
Non Operating Income was -0.006 + -0.339 + 0.004 + 0.02 = $-0.32 Mil.
Cash Flow from Operations was -1.369 + -0.672 + -2.49 + 0.657 = $-3.87 Mil.
|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 $12.92 Mil.
Total Current Liabilities was $8.73 Mil.
Long-Term Debt was $1.18 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)|
|=||(1.669 / 29.148)||/||(1.587 / 27.899)|
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)|
|=||(1.552 / 27.899)||/||(1.74 / 29.148)|
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 - (8.122 + 20.93) / 38.419)||/||(1 - (9.262 + 8.82) / 30.687)|
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))|
|=||(4.316 / (4.316 + 8.82))||/||(4.447 / (4.447 + 20.93))|
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)|
|=||(12.38 / 29.148)||/||(12.916 / 27.899)|
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)|
|=||((0.267 + 20.783) / 38.419)||/||((1.179 + 8.734) / 30.687)|
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|
|=||(-11.54 - -0.321||-||-3.874)||/||38.419|
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 -3.35 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