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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.
Veeco Instruments Inc has a M-score of -1.53 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Veeco Instruments Inc was 0.14. The lowest was -5.14. And the median was -2.51.
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 Veeco Instruments 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 * 1.4345||+||0.528 * 1.2422||+||0.404 * 2.4534||+||0.892 * 0.824||+||0.115 * 0.7668|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.4551||+||4.679 * 0.0158||-||0.327 * 0.9351|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $50.7 Mil.|
Revenue was 90.841 + 73.209 + 99.324 + 97.435 = $360.8 Mil.
Gross Profit was 33.777 + 15.642 + 30.308 + 34.64 = $114.4 Mil.
Total Current Assets was $625.2 Mil.
Total Assets was $954.6 Mil.
Property, Plant and Equipment(Net PPE) was $86.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $20.3 Mil.
Selling, General & Admin. Expense(SGA) was $87.5 Mil.
Total Current Liabilities was $113.5 Mil.
Long-Term Debt was $1.8 Mil.
Net Income was 19.16 + -22.085 + -6.026 + -4.081 = $-13.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -18.401 + -3.883 + -9.141 + 3.265 = $-28.2 Mil.
|Accounts Receivable was $42.9 Mil.
Revenue was 61.781 + 106.849 + 132.715 + 136.547 = $437.9 Mil.
Gross Profit was 22.552 + 38.727 + 49.884 + 61.254 = $172.4 Mil.
Total Current Assets was $742.3 Mil.
Total Assets was $935.9 Mil.
Property, Plant and Equipment(Net PPE) was $96.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.4 Mil.
Selling, General & Admin. Expense(SGA) was $73.0 Mil.
Total Current Liabilities was $118.8 Mil.
Long-Term Debt was $2.1 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)|
|=||(50.72 / 360.809)||/||(42.912 / 437.892)|
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)|
|=||(15.642 / 437.892)||/||(33.777 / 360.809)|
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 - (625.204 + 86.912) / 954.557)||/||(1 - (742.283 + 96.714) / 935.883)|
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))|
|=||(16.404 / (16.404 + 96.714))||/||(20.269 / (20.269 + 86.912))|
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)|
|=||(87.505 / 360.809)||/||(72.985 / 437.892)|
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)|
|=||((1.771 + 113.522) / 954.557)||/||((2.067 + 118.822) / 935.883)|
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|
|=||(-13.032 - 0||-||-28.16)||/||954.557|
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.
Veeco Instruments Inc has a M-score of -1.53 signals that the company is likely to 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
Veeco Instruments Inc Annual Data
Veeco Instruments Inc Quarterly Data