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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 -2.16. The lowest was -4.87. And the median was -3.41.
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 * 0.7711||+||0.528 * 1.0521||+||0.404 * 0.578||+||0.892 * 1.2661||+||0.115 * 1.2554|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9358||+||4.679 * -0.3411||-||0.327 * 1.0737|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $4.65 Mil.|
Revenue was 15.105 + 17.111 + 15.166 + 13.541 = $60.92 Mil.
Gross Profit was 7.559 + 8.566 + 7.661 + 7.995 = $31.78 Mil.
Total Current Assets was $26.36 Mil.
Total Assets was $34.14 Mil.
Property, Plant and Equipment(Net PPE) was $6.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.51 Mil.
Selling, General & Admin. Expense(SGA) was $17.88 Mil.
Total Current Liabilities was $14.89 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -2.771 + -2.3 + -2.382 + -2.507 = $-9.96 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.086 + -0.568 + 1.172 + 1.17 = $1.69 Mil.
|Accounts Receivable was $4.76 Mil.
Revenue was 14.984 + 15.309 + 9.554 + 8.271 = $48.12 Mil.
Gross Profit was 8.489 + 9.322 + 4.622 + 3.977 = $26.41 Mil.
Total Current Assets was $30.09 Mil.
Total Assets was $36.74 Mil.
Property, Plant and Equipment(Net PPE) was $4.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.41 Mil.
Selling, General & Admin. Expense(SGA) was $15.09 Mil.
Total Current Liabilities was $14.92 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)|
|=||(4.648 / 60.923)||/||(4.761 / 48.118)|
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)|
|=||(8.566 / 48.118)||/||(7.559 / 60.923)|
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 - (26.36 + 6.402) / 34.144)||/||(1 - (30.087 + 4.084) / 36.744)|
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))|
|=||(4.409 / (4.409 + 4.084))||/||(4.514 / (4.514 + 6.402))|
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)|
|=||(17.875 / 60.923)||/||(15.087 / 48.118)|
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 + 14.89) / 34.144)||/||((0 + 14.924) / 36.744)|
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|
|=||(-9.96 - 0||-||1.688)||/||34.144|
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 -4.18 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