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CFIN (Citizens Financial) Piotroski F-Score : 0 (As of Sep. 25, 2024)


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What is Citizens Financial Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Citizens Financial has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Citizens Financial's Piotroski F-Score or its related term are showing as below:


Citizens Financial Piotroski F-Score Historical Data

The historical data trend for Citizens Financial's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Citizens Financial Piotroski F-Score Chart

Citizens Financial Annual Data
Trend Dec97 Dec98 Dec99 Dec00 Dec01 Dec02 Dec03 Dec04 Dec05 Dec06
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 5.00 5.00 4.00 -

Citizens Financial Quarterly Data
Sep02 Dec02 Mar03 Jun03 Sep03 Dec03 Mar04 Jun04 Sep04 Dec04 Mar05 Jun05 Sep05 Dec05 Mar06 Jun06 Sep06 Dec06 Mar07 Jun07
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.00 - - - 1.00

How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun07) TTM:Last Year (Jun06) TTM:
Net Income was -0.082 + -0.533 + -0.181 + 0.395 = $-0.40 Mil.
Cash Flow from Operations was -0.872 + 0.399 + -0.866 + -0.53 = $-1.87 Mil.
Revenue was 6.775 + 7.051 + 7.487 + 8.511 = $29.82 Mil.
Average Total Assets from the begining of this year (Jun06)
to the end of this year (Jun07) was
(145.542 + 148.091 + 147.28 + 146.674 + 145.379) / 5 = $146.5932 Mil.
Total Assets at the begining of this year (Jun06) was $145.54 Mil.
Long-Term Debt & Capital Lease Obligation was $5.76 Mil.
Total Assets was $145.38 Mil.
Total Liabilities was $132.83 Mil.
Net Income was 0.143 + -0.025 + 0.228 + -0.647 = $-0.30 Mil.

Revenue was 8.499 + 7.713 + 7.985 + 7.37 = $31.57 Mil.
Average Total Assets from the begining of last year (Jun05)
to the end of last year (Jun06) was
(156.189 + 154.118 + 153.225 + 149.433 + 145.542) / 5 = $151.7014 Mil.
Total Assets at the begining of last year (Jun05) was $156.19 Mil.
Long-Term Debt & Capital Lease Obligation was $5.03 Mil.
Total Assets was $145.54 Mil.
Total Liabilities was $133.33 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Citizens Financial's current Net Income (TTM) was -0.40. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Citizens Financial's current Cash Flow from Operations (TTM) was -1.87. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun06)
=-0.401/145.542
=-0.00275522

ROA (Last Year)=Net Income/Total Assets (Jun05)
=-0.301/156.189
=-0.00192715

Citizens Financial's return on assets of this year was -0.00275522. Citizens Financial's return on assets of last year was -0.00192715. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Citizens Financial's current Net Income (TTM) was -0.40. Citizens Financial's current Cash Flow from Operations (TTM) was -1.87. ==> -1.87 <= -0.40 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun07)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun06 to Jun07
=5.76/146.5932
=0.03929241

Gearing (Last Year: Jun06)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun05 to Jun06
=5.027/151.7014
=0.03313747

Citizens Financial's gearing of this year was 0.03929241. Citizens Financial's gearing of last year was 0.03313747. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun07)=Total Assets/Total Liabilities
=145.379/132.834
=1.09444118

Current Ratio (Last Year: Jun06)=Total Assets/Total Liabilities
=145.542/133.332
=1.09157592

Citizens Financial's current ratio of this year was 1.09444118. Citizens Financial's current ratio of last year was 1.09157592. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Citizens Financial's number of shares in issue this year was 0.006. Citizens Financial's number of shares in issue last year was 0.007. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-0.401/29.824
=-0.01344555

Net Margin (Last Year: TTM)=Net Income/Revenue
=-0.301/31.567
=-0.00953527

Citizens Financial's net margin of this year was -0.01344555. Citizens Financial's net margin of last year was -0.00953527. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun06)
=29.824/145.542
=0.20491679

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun05)
=31.567/156.189
=0.2021077

Citizens Financial's asset turnover of this year was 0.20491679. Citizens Financial's asset turnover of last year was 0.2021077. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+0+0+1+1+0+1
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Citizens Financial has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Citizens Financial  (OTCPK:CFIN) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Citizens Financial Piotroski F-Score Related Terms

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Citizens Financial Business Description

Traded in Other Exchanges
N/A
Address
12910 Shelbyville Road, Suite 300, Louisville, KY, USA, 40243
Citizens Financial Corp is a holding company engaged in the business of ancillary health insurance through its insurance subsidiary, Citizens Security Life Insurance company and providing administrative services to certain medical professionals involved in providing on-site treatment to patients in community settings. The primary products currently marketed by Citizens Security Life Insurance company are ancillary insurance products under two names: CS Benefits and Special Care Insurance.
Executives
Darrell R Wells director, 10 percent owner, officer: President & CEO 4350 BROWNSBORO RD STE 310, LOUISVILLE KY 40207

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