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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.
United States Lime & Minerals, Inc. has a M-score of -3.01 suggests that the company is not a manipulator.
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 -2.86.
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 * 1.0032||+||0.528 * 1.033||+||0.404 * 0.7396||+||0.892 * 0.9656||+||0.115 * 0.9886|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.029||+||4.679 * -0.1001||-||0.327 * 0.8232|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|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 + 12.563 + 9.944 = $38.1 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.
Net Income was 2.629 + 4.789 + 4.626 + 2.757 = $14.8 Mil.
Non Operating Income was 0.019 + -0.059 + 0.036 + 0.039 = $0.0 Mil.
Cash Flow from Operations was 9.365 + 11.667 + 7.11 + 5.39 = $33.5 Mil.
|Accounts Receivable was $14.6 Mil.
Revenue was 31.883 + 34.116 + 36.498 + 36.028 = $138.5 Mil.
Gross Profit was 8.123 + 7.759 + 12.054 + 12.771 = $40.7 Mil.
Total Current Assets was $60.0 Mil.
Total Assets was $174.2 Mil.
Property, Plant and Equipment(Net PPE) was $114.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.0 Mil.
Selling, General & Admin. Expense(SGA) was $9.0 Mil.
Total Current Liabilities was $13.3 Mil.
Long-Term Debt was $21.7 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)|
|=||(14.097 / 133.765)||/||(14.552 / 138.525)|
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)|
|=||(9.11 / 138.525)||/||(6.435 / 133.765)|
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 - (78.844 + 108.487) / 187.526)||/||(1 - (59.959 + 114.042) / 174.246)|
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))|
|=||(15.044 / (15.044 + 114.042))||/||(14.498 / (14.498 + 108.487))|
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)|
|=||(8.942 / 133.765)||/||(8.999 / 138.525)|
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)|
|=||((16.667 + 14.348) / 187.526)||/||((21.667 + 13.34) / 174.246)|
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|
|=||(14.801 - 0.035||-||33.532)||/||187.526|
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 -3.01 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
United States Lime & Minerals, Inc. Annual Data
United States Lime & Minerals, Inc. Quarterly Data