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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 -2.08 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 -5.91. And the median was -2.08.
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 * 1.1589||+||0.528 * 1.0009||+||0.404 * 1.1978||+||0.892 * 1.1232||+||0.115 * 0.9638|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9608||+||4.679 * -0.0062||-||0.327 * 0.7268|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $67.9 Mil.|
Revenue was 102.255 + 86.033 + 84.144 + 76.702 = $349.1 Mil.
Gross Profit was 27.659 + 23.99 + 24.366 + 23.221 = $99.2 Mil.
Total Current Assets was $74.8 Mil.
Total Assets was $120.0 Mil.
Property, Plant and Equipment(Net PPE) was $1.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $86.2 Mil.
Total Current Liabilities was $58.7 Mil.
Long-Term Debt was $7.4 Mil.
Net Income was 2.115 + 1.648 + 0.264 + 1.092 = $5.1 Mil.
Non Operating Income was 0.055 + 0.016 + -1.23 + 0.084 = $-1.1 Mil.
Cash Flow from Operations was -1.546 + -0.454 + 7.277 + 1.656 = $6.9 Mil.
|Accounts Receivable was $52.1 Mil.
Revenue was 80.719 + 72.79 + 78.178 + 79.148 = $310.8 Mil.
Gross Profit was 23.062 + 21.607 + 21.525 + 22.238 = $88.4 Mil.
Total Current Assets was $56.9 Mil.
Total Assets was $83.8 Mil.
Property, Plant and Equipment(Net PPE) was $1.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.9 Mil.
Selling, General & Admin. Expense(SGA) was $79.9 Mil.
Total Current Liabilities was $45.8 Mil.
Long-Term Debt was $17.7 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)|
|=||(67.856 / 349.134)||/||(52.131 / 310.835)|
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)|
|=||(23.99 / 310.835)||/||(27.659 / 349.134)|
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 - (74.821 + 1.265) / 120.014)||/||(1 - (56.87 + 1.29) / 83.753)|
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))|
|=||(3.944 / (3.944 + 1.29))||/||(4.533 / (4.533 + 1.265))|
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)|
|=||(86.22 / 349.134)||/||(79.892 / 310.835)|
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)|
|=||((7.442 + 58.684) / 120.014)||/||((17.719 + 45.77) / 83.753)|
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|
|=||(5.119 - -1.075||-||6.933)||/||120.014|
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 -2.08 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