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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.
Revett Mining Co Inc has a M-score of -58.65 suggests that the company is not a manipulator.
During the past 10 years, the highest Beneish M-Score of Revett Mining Co Inc was 79193.80. The lowest was -56.37. And the median was -3.02.
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 Revett Mining Co 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 * 19.9097||+||0.528 * 0.0093||+||0.404 * 0.7666||+||0.892 * 0.0012||+||0.115 * 24.4939|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 434.1133||+||4.679 * -0.0098||-||0.327 * 1.6771|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0.01 Mil.|
Revenue was 0 + 0 + 0.006 + 0.003 = $0.01 Mil.
Gross Profit was -0.35 + 0 + -0.23 + -0.293 = $-0.87 Mil.
Total Current Assets was $11.58 Mil.
Total Assets was $89.34 Mil.
Property, Plant and Equipment(Net PPE) was $70.48 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General & Admin. Expense(SGA) was $7.68 Mil.
Total Current Liabilities was $3.70 Mil.
Long-Term Debt was $2.93 Mil.
Net Income was -2.051 + -1.635 + -0.834 + -2.801 = $-7.32 Mil.
Non Operating Income was 0 + -0.01 + 1.719 + 0 = $1.71 Mil.
Cash Flow from Operations was -1.612 + -2.376 + -1.124 + -3.043 = $-8.16 Mil.
|Accounts Receivable was $0.20 Mil.
Revenue was -0.146 + 0 + 0.216 + 7.205 = $7.28 Mil.
Gross Profit was -0.59 + -0.322 + -0.101 + -5.532 = $-6.55 Mil.
Total Current Assets was $16.91 Mil.
Total Assets was $91.19 Mil.
Property, Plant and Equipment(Net PPE) was $64.58 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.54 Mil.
Selling, General & Admin. Expense(SGA) was $14.31 Mil.
Total Current Liabilities was $3.44 Mil.
Long-Term Debt was $0.60 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)|
|=||(0.005 / 0.009)||/||(0.203 / 7.275)|
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)|
|=||(0 / 7.275)||/||(-0.35 / 0.009)|
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 - (11.581 + 70.478) / 89.344)||/||(1 - (16.907 + 64.579) / 91.185)|
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))|
|=||(0.543 / (0.543 + 64.579))||/||(0.024 / (0.024 + 70.478))|
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)|
|=||(7.683 / 0.009)||/||(14.306 / 7.275)|
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)|
|=||((2.929 + 3.698) / 89.344)||/||((0.597 + 3.436) / 91.185)|
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|
|=||(-7.321 - 1.709||-||-8.155)||/||89.344|
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.
Revett Mining Co Inc has a M-score of -58.65 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
Revett Mining Co Inc Annual Data
Revett Mining Co Inc Quarterly Data