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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.
Stanley Furniture Co Inc has a M-score of -5.27 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Stanley Furniture Co Inc was 3.50. The lowest was -10000000.00. And the median was -2.61.
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 Stanley Furniture 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 * 1.0274||+||0.528 * -1.6395||+||0.404 * 1.1573||+||0.892 * 0.9495||+||0.115 * 0.1257|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1922||+||4.679 * -0.2513||-||0.327 * 1.4002|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $12.43 Mil.|
Revenue was 24.038 + 21.891 + 22.744 + 23.982 = $92.66 Mil.
Gross Profit was -12.026 + 1.393 + 1.43 + 2.779 = $-6.42 Mil.
Total Current Assets was $56.82 Mil.
Total Assets was $69.98 Mil.
Property, Plant and Equipment(Net PPE) was $7.84 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.79 Mil.
Selling, General & Admin. Expense(SGA) was $21.71 Mil.
Total Current Liabilities was $11.82 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -19.06 + -4.41 + -4.544 + -2.47 = $-30.48 Mil.
Non Operating Income was -0.019 + 0.331 + 0.016 + 0.033 = $0.36 Mil.
Cash Flow from Operations was -6.285 + -2.126 + -3.694 + -1.157 = $-13.26 Mil.
|Accounts Receivable was $12.74 Mil.
Revenue was 24.166 + 26.052 + 23.384 + 23.977 = $97.58 Mil.
Gross Profit was 2.18 + 3.385 + 2.182 + 3.345 = $11.09 Mil.
Total Current Assets was $73.83 Mil.
Total Assets was $102.05 Mil.
Property, Plant and Equipment(Net PPE) was $21.52 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.87 Mil.
Selling, General & Admin. Expense(SGA) was $19.18 Mil.
Total Current Liabilities was $12.31 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)|
|=||(12.432 / 92.655)||/||(12.744 / 97.579)|
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)|
|=||(1.393 / 97.579)||/||(-12.026 / 92.655)|
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 - (56.819 + 7.843) / 69.979)||/||(1 - (73.834 + 21.517) / 102.051)|
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))|
|=||(1.874 / (1.874 + 21.517))||/||(13.792 / (13.792 + 7.843))|
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)|
|=||(21.714 / 92.655)||/||(19.181 / 97.579)|
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 + 11.822) / 69.979)||/||((0 + 12.313) / 102.051)|
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|
|=||(-30.484 - 0.361||-||-13.262)||/||69.979|
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.
Stanley Furniture Co Inc has a M-score of -5.27 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
Stanley Furniture Co Inc Annual Data
Stanley Furniture Co Inc Quarterly Data