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United States Lime & Minerals Inc (NAS:USLM)
Beneish M-Score
-2.64 (As of Today)

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.

United States Lime & Minerals Inc has a M-score of -2.64 suggests that the company is not a manipulator.

USLM' s 10-Year Beneish M-Score Range
Min: -3.19   Max: -2.14
Current: -2.64

-3.19
-2.14

During the past 13 years, the highest Beneish M-Score of United States Lime & Minerals Inc was -2.14. The lowest was -3.19. And the median was -2.83.


Definition

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 United States Lime & Minerals 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 * 1.1047+0.528 * 0.9378+0.404 * 0.6957+0.892 * 1.1202+0.115 * 0.9762
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9257+4.679 * -0.0635-0.327 * 0.7531
=-2.64

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Dec14) TTM:Last Year (Dec13) TTM:
Accounts Receivable was $17.4 Mil.
Revenue was 35.401 + 39.073 + 38.676 + 36.691 = $149.8 Mil.
Gross Profit was 7.893 + 9.883 + 10.423 + 8.592 = $36.8 Mil.
Total Current Assets was $91.8 Mil.
Total Assets was $200.4 Mil.
Property, Plant and Equipment(Net PPE) was $108.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.9 Mil.
Selling, General & Admin. Expense(SGA) was $9.3 Mil.
Total Current Liabilities was $25.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 3.731 + 5.426 + 5.718 + 4.492 = $19.4 Mil.
Non Operating Income was 0.086 + -0.01 + 0.055 + -0.002 = $0.1 Mil.
Cash Flow from Operations was 8.688 + 7.348 + 12.141 + 3.797 = $32.0 Mil.
Accounts Receivable was $14.1 Mil.
Revenue was 30.109 + 36.899 + 35.172 + 31.585 = $133.8 Mil.
Gross Profit was 6.435 + 9.11 + 8.964 + 6.291 = $30.8 Mil.
Total Current Assets was $78.8 Mil.
Total Assets was $187.5 Mil.
Property, Plant and Equipment(Net PPE) was $108.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.5 Mil.
Selling, General & Admin. Expense(SGA) was $8.9 Mil.
Total Current Liabilities was $14.3 Mil.
Long-Term Debt was $16.7 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(17.444 / 149.841) / (14.097 / 133.765)
=0.11641674 / 0.10538631
=1.1047

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(9.883 / 133.765) / (7.893 / 149.841)
=0.23025455 / 0.2455336
=0.9378

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (91.762 + 108.513) / 200.42) / (1 - (78.844 + 108.487) / 187.526)
=0.00072348 / 0.00103986
=0.6957

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=149.841 / 133.765
=1.1202

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))
=(14.498 / (14.498 + 108.487)) / (14.903 / (14.903 + 108.513))
=0.11788429 / 0.1207542
=0.9762

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)
=(9.272 / 149.841) / (8.942 / 133.765)
=0.06187892 / 0.06684858
=0.9257

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 + 24.965) / 200.42) / ((16.667 + 14.348) / 187.526)
=0.12456342 / 0.1653904
=0.7531

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(19.367 - 0.129 - 31.974) / 200.42
=-0.0635

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.

United States Lime & Minerals Inc has a M-score of -2.64 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

United States Lime & Minerals Inc Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 1.05420.78190.96290.96511.11890.91631.04790.96041.00321.1047
GMI 1.00041.01111.13710.94530.89670.90160.93731.20141.04830.9378
AQI 1.41580.69140.48460.77220.65540.83270.74950.94550.73960.6958
SGI 1.13831.46381.05521.13670.82421.13011.07530.97150.96561.1202
DEPI 1.21541.080.81730.98890.96220.9590.95410.87530.98860.9762
SGAI 0.96250.86761.0330.86621.19380.96460.99791.06931.0290.9257
LVGI 1.00830.99090.87640.84540.81490.81880.83630.95580.82320.7531
TATA -0.0757-0.0869-0.0903-0.0656-0.1045-0.0862-0.081-0.0877-0.1001-0.0635
M-score -2.46-2.76-3.01-2.75-3.19-2.90-2.83-2.88-3.00-2.64

United States Lime & Minerals Inc Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
DSRI 0.85970.96041.06381.15971.1251.00321.08380.93311.0391.1047
GMI 1.16511.20141.24151.14791.02151.04830.95510.96620.98060.9378
AQI 0.93380.94550.76330.75230.75190.73960.73990.73240.72720.6958
SGI 1.01350.97150.92120.91430.96720.96561.03571.07251.06651.1202
DEPI 0.92740.87530.87940.90480.93540.98861.01030.99780.98370.9762
SGAI 1.02591.06931.10171.07641.05711.0290.9770.95910.96910.9257
LVGI 1.0350.95580.80810.79830.77990.82320.74680.74120.76740.7531
TATA -0.0993-0.0877-0.087-0.0728-0.0805-0.1001-0.0815-0.1003-0.073-0.0635
M-score -3.03-2.88-2.84-2.73-2.81-3.00-2.79-2.98-2.77-2.64
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