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United States Lime & Minerals Inc (NAS:USLM)
Beneish M-Score
-2.72 (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 -2.72 suggests that the company is not a manipulator.

USLM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86   Max: -2.07
Current: -2.72

-3.86
-2.07

During the past 13 years, the highest Beneish M-Score of United States Lime & Minerals Inc was -2.07. The lowest was -3.86. And the median was -2.81.


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 * 1.0454+0.528 * 1.0594+0.404 * 0.8771+0.892 * 0.9336+0.115 * 0.9276
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1004+4.679 * -0.0863-0.327 * 0.2993
=-2.72

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

This Year (Sep15) TTM:Last Year (Sep14) TTM:
Accounts Receivable was $19.2 Mil.
Revenue was 37.029 + 32.45 + 30.064 + 35.401 = $134.9 Mil.
Gross Profit was 10.367 + 7.013 + 5.864 + 7.893 = $31.1 Mil.
Total Current Assets was $88.8 Mil.
Total Assets was $193.5 Mil.
Property, Plant and Equipment(Net PPE) was $104.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.7 Mil.
Selling, General & Admin. Expense(SGA) was $9.5 Mil.
Total Current Liabilities was $7.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 5.676 + 2.559 + 2.365 + 3.731 = $14.3 Mil.
Non Operating Income was 0.054 + -0.712 + 0.007 + 0.086 = $-0.6 Mil.
Cash Flow from Operations was 9.123 + 6.254 + 7.523 + 8.688 = $31.6 Mil.
Accounts Receivable was $19.7 Mil.
Revenue was 39.073 + 38.676 + 36.691 + 30.109 = $144.5 Mil.
Gross Profit was 9.883 + 10.423 + 8.592 + 6.435 = $35.3 Mil.
Total Current Assets was $92.2 Mil.
Total Assets was $198.0 Mil.
Property, Plant and Equipment(Net PPE) was $105.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.6 Mil.
Selling, General & Admin. Expense(SGA) was $9.3 Mil.
Total Current Liabilities was $13.9 Mil.
Long-Term Debt was $12.9 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)
=(19.214 / 134.944) / (19.687 / 144.549)
=0.14238499 / 0.13619603
=1.0454

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)
=(7.013 / 144.549) / (10.367 / 134.944)
=0.24443614 / 0.23074016
=1.0594

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 - (88.781 + 104.564) / 193.483) / (1 - (92.189 + 105.645) / 197.995)
=0.00071324 / 0.00081315
=0.8771

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
=134.944 / 144.549
=0.9336

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))
=(14.581 / (14.581 + 105.645)) / (15.728 / (15.728 + 104.564))
=0.12127992 / 0.13074851
=0.9276

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)
=(9.534 / 134.944) / (9.281 / 144.549)
=0.07065153 / 0.0642066
=1.1004

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 + 7.846) / 193.483) / ((12.917 + 13.906) / 197.995)
=0.04055137 / 0.13547312
=0.2993

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
=(14.331 - -0.565 - 31.588) / 193.483
=-0.0863

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 -2.72 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

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 0.78190.96290.96511.11890.91631.04790.96041.00321.1047
GMI 1.01111.13710.94530.89670.90160.93731.20141.04830.9378
AQI 0.69140.48460.77220.65540.83270.74950.94550.73960.6958
SGI 1.46381.05521.13670.82421.13011.07530.97150.96561.1202
DEPI 1.080.81730.98890.96220.9590.95410.87530.98860.9762
SGAI 0.86761.0330.86621.19380.96460.99791.06931.0290.9257
LVGI 0.99090.87640.84540.81490.81880.83630.95580.82320.7531
TATA -0.0869-0.0903-0.0656-0.1045-0.0862-0.081-0.0877-0.1001-0.0635
M-score -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

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 1.1251.00321.08380.93311.0391.10470.82530.98011.04540
GMI 1.02151.04830.95510.96620.98060.93781.00211.08481.05941.1188
AQI 0.75190.73960.73990.73240.72720.69580.69090.84850.87711.1255
SGI 0.96720.96561.03571.07251.06651.12021.03130.96220.93360.8732
DEPI 0.93540.98861.01030.99780.98370.97620.95130.94230.92761.1785
SGAI 1.05711.0290.9770.95910.96910.92571.02451.08171.10041.1892
LVGI 0.77990.82320.74680.74120.76740.75310.75490.22220.29930.3572
TATA -0.0805-0.1001-0.0815-0.1003-0.073-0.0635-0.0929-0.0811-0.0863-0.0481
M-score -2.81-3.00-2.79-2.98-2.77-2.64-3.10-2.69-2.72-3.43
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