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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.
PokerTek, Inc. has a M-score of signals that the company is a manipulator.
During the past 10 years, the highest Beneish M-Score of PokerTek, Inc. was -1.26. The lowest was -5.54. And the median was -3.01.
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 PokerTek, 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 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0.79 Mil.|
Revenue was 1.408 + 1.143 + 1.604 + 1.391 = $5.55 Mil.
Gross Profit was 0.913 + 0.83 + 1.238 + 1.038 = $4.02 Mil.
Total Current Assets was $2.17 Mil.
Total Assets was $4.08 Mil.
Property, Plant and Equipment(Net PPE) was $0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.77 Mil.
Selling, General & Admin. Expense(SGA) was $3.88 Mil.
Total Current Liabilities was $0.65 Mil.
Long-Term Debt was $0.17 Mil.
Net Income was -0.121 + -0.266 + -0.051 + -0.195 = $-0.63 Mil.
Non Operating Income was 0.058 + -0.018 + 0 + 0 = $0.04 Mil.
Cash Flow from Operations was -0.304 + -0.223 + 0.042 + 0.35 = $-0.14 Mil.
|Accounts Receivable was $0.00 Mil.
Revenue was 1.344 + 1.114 + 1.042 + 1.678 = $5.18 Mil.
Gross Profit was 0.936 + 0.789 + 0.74 + 1.292 = $3.76 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $0.00 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.95 Mil.
Selling, General & Admin. Expense(SGA) was $3.76 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt was $0.00 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)|
|=||(0.794 / 5.546)||/||(0 / 5.178)|
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)|
|=||(0.83 / 5.178)||/||(0.913 / 5.546)|
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 - (2.169 + 0.028) / 4.078)||/||(1 - (0 + 0) / 0)|
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))|
|=||(0.948 / (0.948 + 0))||/||(0.772 / (0.772 + 0.028))|
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)|
|=||(3.884 / 5.546)||/||(3.755 / 5.178)|
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)|
|=||((0.17 + 0.645) / 4.078)||/||((0 + 0) / 0)|
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|
|=||(-0.633 - 0.04||-||-0.135)||/||4.078|
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.
PokerTek, Inc. has a M-score of signals that the company is likely to 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
PokerTek, Inc. Annual Data
PokerTek, Inc. Quarterly Data