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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.
USA Mobility Inc has a M-score of -2.95 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of USA Mobility Inc was -1.14. The lowest was -8.16. And the median was -3.43.
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 USA Mobility 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 * 0.8574||+||0.528 * 0.9996||+||0.404 * 0.8896||+||0.892 * 0.9547||+||0.115 * 1.1173|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0618||+||4.679 * -0.0705||-||0.327 * 0.761|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $18.2 Mil.|
Revenue was 54.685 + 49.669 + 52.268 + 53.13 = $209.8 Mil.
Gross Profit was 36.353 + 31.758 + 33.961 + 34.915 = $137.0 Mil.
Total Current Assets was $120.2 Mil.
Total Assets was $326.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.2 Mil.
Selling, General & Admin. Expense(SGA) was $75.3 Mil.
Total Current Liabilities was $46.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 8.015 + 5.762 + 6.828 + 6.925 = $27.5 Mil.
Non Operating Income was 0.015 + 0.084 + -0.075 + 0.081 = $0.1 Mil.
Cash Flow from Operations was 11.152 + 16.162 + 7.472 + 15.67 = $50.5 Mil.
|Accounts Receivable was $22.3 Mil.
Revenue was 51.884 + 55.116 + 55.961 + 56.735 = $219.7 Mil.
Gross Profit was 32.676 + 36.28 + 36.853 + 37.616 = $143.4 Mil.
Total Current Assets was $95.9 Mil.
Total Assets was $322.6 Mil.
Property, Plant and Equipment(Net PPE) was $20.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.2 Mil.
Selling, General & Admin. Expense(SGA) was $74.3 Mil.
Total Current Liabilities was $60.7 Mil.
Long-Term Debt was $0.0 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)|
|=||(18.242 / 209.752)||/||(22.284 / 219.696)|
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)|
|=||(31.758 / 219.696)||/||(36.353 / 209.752)|
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 - (120.168 + 21.122) / 326.898)||/||(1 - (95.909 + 20.809) / 322.627)|
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))|
|=||(18.232 / (18.232 + 20.809))||/||(15.167 / (15.167 + 21.122))|
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)|
|=||(75.343 / 209.752)||/||(74.325 / 219.696)|
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 + 46.827) / 326.898)||/||((0 + 60.726) / 322.627)|
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|
|=||(27.53 - 0.105||-||50.456)||/||326.898|
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.
USA Mobility Inc has a M-score of -2.95 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
USA Mobility Inc Annual Data
USA Mobility Inc Quarterly Data