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United States Lime & Minerals Inc (NAS:USLM)
Beneish M-Score
-2.55 (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 -2.55 suggests that the company is not a manipulator.

USLM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.9   Max: -2.07
Current: -2.55

-3.9
-2.07

During the past 13 years, the highest Beneish M-Score of United States Lime & Minerals Inc was -2.07. The lowest was -3.90. And the median was -2.80.


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 * 1.1197+0.528 * 1.041+0.404 * 1.1823+0.892 * 0.9382+0.115 * 0.9215
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0537+4.679 * -0.0906-0.327 * 0.3171
=-2.55

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

This Year (Mar16) TTM:Last Year (Mar15) TTM:
Accounts Receivable was $16.8 Mil.
Revenue was 33.586 + 31.294 + 37.029 + 32.45 = $134.4 Mil.
Gross Profit was 7.848 + 5.47 + 10.367 + 7.013 = $30.7 Mil.
Total Current Assets was $92.3 Mil.
Total Assets was $195.8 Mil.
Property, Plant and Equipment(Net PPE) was $103.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.1 Mil.
Selling, General & Admin. Expense(SGA) was $9.4 Mil.
Total Current Liabilities was $7.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 4.066 + 2.286 + 5.676 + 2.559 = $14.6 Mil.
Non Operating Income was 0.043 + 0.082 + 0.054 + -0.712 = $-0.5 Mil.
Cash Flow from Operations was 7.882 + 9.594 + 9.123 + 6.254 = $32.9 Mil.
Accounts Receivable was $16.0 Mil.
Revenue was 30.064 + 35.401 + 39.073 + 38.676 = $143.2 Mil.
Gross Profit was 5.864 + 7.893 + 9.883 + 10.423 = $34.1 Mil.
Total Current Assets was $92.1 Mil.
Total Assets was $200.2 Mil.
Property, Plant and Equipment(Net PPE) was $107.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General & Admin. Expense(SGA) was $9.5 Mil.
Total Current Liabilities was $22.6 Mil.
Long-Term Debt was $0.0 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)
=(16.837 / 134.359) / (16.028 / 143.214)
=0.12531353 / 0.11191643
=1.1197

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)
=(34.063 / 143.214) / (30.698 / 134.359)
=0.23784686 / 0.22847744
=1.041

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 - (92.303 + 103.356) / 195.814) / (1 - (92.14 + 107.876) / 200.15)
=0.00079157 / 0.0006695
=1.1823

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
=134.359 / 143.214
=0.9382

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))
=(15.264 / (15.264 + 107.876)) / (16.063 / (16.063 + 103.356))
=0.12395647 / 0.13450958
=0.9215

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)
=(9.38 / 134.359) / (9.489 / 143.214)
=0.06981296 / 0.06625749
=1.0537

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 + 7.018) / 195.814) / ((0 + 22.62) / 200.15)
=0.03584013 / 0.11301524
=0.3171

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
=(14.587 - -0.533 - 32.853) / 195.814
=-0.0906

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 -2.55 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 0.78190.96290.96511.11890.91631.04790.96041.00321.10471.0432
GMI 1.42251.13710.94530.89670.90160.93731.20141.04830.93781.1188
AQI 0.69140.48460.77220.65540.83270.74950.94550.73960.69731.123
SGI 1.46381.05521.13670.82421.13011.07530.97150.96561.12020.8732
DEPI 1.080.8160.99050.96220.9590.95410.87530.98860.97620.9069
SGAI 0.86760.92611.02261.12780.96460.99791.06931.0290.92571.1585
LVGI 0.99090.87640.84540.81490.81880.83630.95580.82320.75480.3564
TATA -0.0869-0.0903-0.0656-0.1045-0.0862-0.081-0.0877-0.1001-0.0637-0.0969
M-score -2.54-2.99-2.77-3.18-2.90-2.83-2.88-3.00-2.64-2.72

United States Lime & Minerals Inc Quarterly Data

Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16
DSRI 1.00321.08380.93311.0391.10470.82530.98011.04541.04321.1197
GMI 1.04830.95510.96620.98060.93781.00211.08481.05941.11881.041
AQI 0.73960.73990.73240.72720.69730.69090.84850.87711.1231.1823
SGI 0.96561.03571.07251.06651.12021.03130.96220.93360.87320.9382
DEPI 0.98861.01030.99780.98370.97620.95130.94230.92760.90690.9215
SGAI 1.0290.9770.95910.96910.92571.02451.08171.10041.15851.0537
LVGI 0.82320.74680.74120.76740.75480.75490.22220.29930.35640.3171
TATA -0.1001-0.0815-0.1003-0.073-0.0637-0.0929-0.0811-0.0863-0.0969-0.0906
M-score -3.00-2.79-2.98-2.77-2.64-3.10-2.69-2.72-2.72-2.55
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