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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 -3.15 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 -2.63.
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 * 1.0393||+||0.528 * 1.3053||+||0.404 * 1.4096||+||0.892 * 0.9056||+||0.115 * 0.6286|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1079||+||4.679 * -0.1812||-||0.327 * 1.1078|
|This Year (Aug14) TTM:||Last Year (Aug13) TTM:|
|Accounts Receivable was $1.27 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 $13.16 Mil.
Total Current Liabilities was $9.72 Mil.
Long-Term Debt was $0.23 Mil.
Net Income was -1.653 + -1.212 + -1.39 + -0.233 = $-4.49 Mil.
Non Operating Income was 0.02 + 0.018 + -0.066 + 0.071 = $0.04 Mil.
Cash Flow from Operations was 0.657 + 1.119 + -0.481 + -0.444 = $0.85 Mil.
|Accounts Receivable was $1.34 Mil.
Revenue was 7.819 + 8.94 + 6.663 + 7.912 = $31.33 Mil.
Gross Profit was 4.004 + 5.293 + 2.77 + 3.49 = $15.56 Mil.
Total Current Assets was $11.48 Mil.
Total Assets was $34.82 Mil.
Property, Plant and Equipment(Net PPE) was $13.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.78 Mil.
Selling, General & Admin. Expense(SGA) was $13.11 Mil.
Total Current Liabilities was $6.96 Mil.
Long-Term Debt was $3.56 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)|
|=||(1.265 / 28.377)||/||(1.344 / 31.334)|
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)|
|=||(3.084 / 31.334)||/||(3.027 / 28.377)|
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 + 8.008) / 29.707)||/||(1 - (11.477 + 13.002) / 34.821)|
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))|
|=||(3.777 / (3.777 + 13.002))||/||(4.467 / (4.467 + 8.008))|
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)|
|=||(13.155 / 28.377)||/||(13.111 / 31.334)|
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)|
|=||((0.226 + 9.72) / 29.707)||/||((3.56 + 6.964) / 34.821)|
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|
|=||(-4.488 - 0.043||-||0.851)||/||29.707|
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 -3.15 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