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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 Streamline Health Solutions Inc was 0.27. The lowest was -4.87. And the median was -3.33.
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 Streamline Health Solutions 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 * 0.4306||+||0.528 * 0.9311||+||0.404 * 1.08||+||0.892 * 0.9768||+||0.115 * 0.8441|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7831||+||4.679 * -0.218||-||0.327 * 0.8914|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Jul16) TTM:||Last Year (Jul15) TTM:|
|Accounts Receivable was $3.80 Mil.|
Revenue was 7.374 + 6.667 + 6.371 + 7.155 = $27.57 Mil.
Gross Profit was 4.883 + 3.941 + 3.687 + 4.252 = $16.76 Mil.
Total Current Assets was $12.45 Mil.
Total Assets was $44.48 Mil.
Property, Plant and Equipment(Net PPE) was $1.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.44 Mil.
Selling, General & Admin. Expense(SGA) was $12.10 Mil.
Total Current Liabilities was $12.51 Mil.
Long-Term Debt was $5.46 Mil.
Net Income was -0.734 + -1.478 + -1.403 + -0.457 = $-4.07 Mil.
Non Operating Income was -0.045 + 0.066 + 0.285 + 0.11 = $0.42 Mil.
Cash Flow from Operations was 2.598 + -2.459 + 1.927 + 3.144 = $5.21 Mil.
|Accounts Receivable was $9.04 Mil.
Revenue was 8.619 + 6.169 + 6.596 + 6.837 = $28.22 Mil.
Gross Profit was 5.86 + 3.115 + 3.21 + 3.793 = $15.98 Mil.
Total Current Assets was $17.56 Mil.
Total Assets was $54.10 Mil.
Property, Plant and Equipment(Net PPE) was $2.60 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.36 Mil.
Selling, General & Admin. Expense(SGA) was $15.82 Mil.
Total Current Liabilities was $15.87 Mil.
Long-Term Debt was $8.64 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)|
|=||(3.8 / 27.567)||/||(9.035 / 28.221)|
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)|
|=||(15.978 / 28.221)||/||(16.763 / 27.567)|
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 - (12.454 + 1.883) / 44.484)||/||(1 - (17.557 + 2.595) / 54.097)|
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))|
|=||(2.362 / (2.362 + 2.595))||/||(2.441 / (2.441 + 1.883))|
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)|
|=||(12.098 / 27.567)||/||(15.815 / 28.221)|
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)|
|=||((5.462 + 12.506) / 44.484)||/||((8.644 + 15.869) / 54.097)|
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|
|=||(-4.072 - 0.416||-||5.21)||/||44.484|
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.
Streamline Health Solutions Inc has a M-score of -3.99 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
Streamline Health Solutions Inc Annual Data
Streamline Health Solutions Inc Quarterly Data