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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 Pixelworks Inc was -1.86. The lowest was -8.37. And the median was -3.53.
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 Pixelworks 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 * 0.9318||+||0.528 * 1.0537||+||0.404 * 0.8207||+||0.892 * 0.8721||+||0.115 * 0.8617|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0402||+||4.679 * -0.2424||-||0.327 * 0.7|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $3.85 Mil.|
Revenue was 12.58 + 11.167 + 13.477 + 16.57 = $53.79 Mil.
Gross Profit was 6.415 + 3.592 + 6.814 + 8.278 = $25.10 Mil.
Total Current Assets was $25.67 Mil.
Total Assets was $31.36 Mil.
Property, Plant and Equipment(Net PPE) was $4.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.95 Mil.
Selling, General & Admin. Expense(SGA) was $15.95 Mil.
Total Current Liabilities was $11.51 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -1.56 + -8.642 + -3.167 + -1.243 = $-14.61 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.535 + -3.477 + -1.825 + -0.172 = $-7.01 Mil.
|Accounts Receivable was $4.73 Mil.
Revenue was 15.078 + 14.392 + 15.105 + 17.111 = $61.69 Mil.
Gross Profit was 7.234 + 6.967 + 7.559 + 8.566 = $30.33 Mil.
Total Current Assets was $23.28 Mil.
Total Assets was $31.24 Mil.
Property, Plant and Equipment(Net PPE) was $7.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.37 Mil.
Selling, General & Admin. Expense(SGA) was $17.59 Mil.
Total Current Liabilities was $16.38 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)|
|=||(3.846 / 53.794)||/||(4.733 / 61.686)|
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)|
|=||(30.326 / 61.686)||/||(25.099 / 53.794)|
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 - (25.671 + 4.927) / 31.361)||/||(1 - (23.279 + 7.03) / 31.235)|
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))|
|=||(4.368 / (4.368 + 7.03))||/||(3.946 / (3.946 + 4.927))|
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)|
|=||(15.954 / 53.794)||/||(17.588 / 61.686)|
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 + 11.51) / 31.361)||/||((0 + 16.376) / 31.235)|
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|
|=||(-14.612 - 0||-||-7.009)||/||31.361|
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.
Pixelworks Inc has a M-score of -3.76 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
Pixelworks Inc Annual Data
Pixelworks Inc Quarterly Data