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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 -1.88. The lowest was -5.68. And the median was -3.48.
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 * 0.7687||+||0.528 * 1.0951||+||0.404 * 0.3732||+||0.892 * 1.0056||+||0.115 * 1.0463|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0211||+||4.679 * -0.1758||-||0.327 * 0.7106|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $4.73 Mil.|
Revenue was 16.57 + 15.078 + 14.392 + 15.105 = $61.15 Mil.
Gross Profit was 8.278 + 7.234 + 6.967 + 7.559 = $30.04 Mil.
Total Current Assets was $38.27 Mil.
Total Assets was $45.88 Mil.
Property, Plant and Equipment(Net PPE) was $6.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.32 Mil.
Selling, General & Admin. Expense(SGA) was $17.02 Mil.
Total Current Liabilities was $14.52 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -1.243 + -2.796 + -3.364 + -2.771 = $-10.17 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -0.172 + 0.084 + -1.934 + -0.086 = $-2.11 Mil.
|Accounts Receivable was $6.12 Mil.
Revenue was 17.111 + 15.166 + 13.541 + 14.984 = $60.80 Mil.
Gross Profit was 8.566 + 7.661 + 7.995 + 8.489 = $32.71 Mil.
Total Current Assets was $28.99 Mil.
Total Assets was $37.40 Mil.
Property, Plant and Equipment(Net PPE) was $6.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.58 Mil.
Selling, General & Admin. Expense(SGA) was $16.58 Mil.
Total Current Liabilities was $16.66 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)|
|=||(4.734 / 61.145)||/||(6.124 / 60.802)|
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)|
|=||(7.234 / 60.802)||/||(8.278 / 61.145)|
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 - (38.265 + 6.852) / 45.883)||/||(1 - (28.993 + 6.737) / 37.403)|
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))|
|=||(4.582 / (4.582 + 6.737))||/||(4.324 / (4.324 + 6.852))|
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)|
|=||(17.022 / 61.145)||/||(16.577 / 60.802)|
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 + 14.519) / 45.883)||/||((0 + 16.655) / 37.403)|
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|
|=||(-10.174 - 0||-||-2.108)||/||45.883|
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 -3.62 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