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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.
Radiant Logistics Inc has a M-score of -1.97 signals that the company is a manipulator.
During the past 10 years, the highest Beneish M-Score of Radiant Logistics Inc was 434.63. The lowest was -8.06. And the median was -2.39.
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 Radiant Logistics 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 * 1.0792||+||0.528 * 1.0501||+||0.404 * 1.334||+||0.892 * 1.2019||+||0.115 * 0.9958|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.922||+||4.679 * -0.0026||-||0.327 * 0.7005|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $63.6 Mil.|
Revenue was 98.231 + 102.255 + 86.033 + 84.144 = $370.7 Mil.
Gross Profit was 26.325 + 27.659 + 23.99 + 24.366 = $102.3 Mil.
Total Current Assets was $72.4 Mil.
Total Assets was $119.5 Mil.
Property, Plant and Equipment(Net PPE) was $1.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.0 Mil.
Selling, General & Admin. Expense(SGA) was $89.0 Mil.
Total Current Liabilities was $55.9 Mil.
Long-Term Debt was $7.6 Mil.
Net Income was 1.521 + 2.115 + 1.648 + 0.264 = $5.5 Mil.
Non Operating Income was 0.127 + 0.055 + 0.016 + -1.23 = $-1.0 Mil.
Cash Flow from Operations was 1.616 + -1.546 + -0.454 + 7.277 = $6.9 Mil.
|Accounts Receivable was $49.0 Mil.
Revenue was 76.702 + 80.719 + 72.79 + 78.178 = $308.4 Mil.
Gross Profit was 23.221 + 23.062 + 21.607 + 21.525 = $89.4 Mil.
Total Current Assets was $61.9 Mil.
Total Assets was $88.3 Mil.
Property, Plant and Equipment(Net PPE) was $1.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General & Admin. Expense(SGA) was $80.3 Mil.
Total Current Liabilities was $42.8 Mil.
Long-Term Debt was $24.2 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)|
|=||(63.563 / 370.663)||/||(49.003 / 308.389)|
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)|
|=||(27.659 / 308.389)||/||(26.325 / 370.663)|
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 - (72.404 + 1.614) / 119.492)||/||(1 - (61.872 + 1.204) / 88.253)|
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))|
|=||(3.654 / (3.654 + 1.204))||/||(4.982 / (4.982 + 1.614))|
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)|
|=||(89.016 / 370.663)||/||(80.33 / 308.389)|
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)|
|=||((7.599 + 55.944) / 119.492)||/||((24.196 + 42.799) / 88.253)|
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|
|=||(5.548 - -1.032||-||6.893)||/||119.492|
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.
Radiant Logistics Inc has a M-score of -1.97 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
Radiant Logistics Inc Annual Data
Radiant Logistics Inc Quarterly Data