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Northcore Technologies Piotroski F-Score

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The zones of discrimination were as such:

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

Northcore Technologies has an F-score of 4 indicating the company's financial situation is typical for a stable company.

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


Northcore Technologies Piotroski F-Score Historical Data

The historical data trend for Northcore Technologies'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.

Northcore Technologies Annual Data
Trend Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.00 4.00 3.00 5.00 4.00

Northcore Technologies Quarterly Data
Dec08 Mar09 Jun09 Sep09 Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13
Piotroski F-Score 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 Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 3.00 2.00 2.00

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 (Sep13) TTM:Last Year (Sep12) TTM:
Net Income was -0.20509193776521 + -0.48711440843421 + -0.29377545084351 + -0.25817056662154 = $-1.24 Mil.
Cash Flow from Operations was -0.28490604162457 + 0 + 0.037812681791739 + -0.13730419648037 = $-0.38 Mil.
Revenue was 0.33340068700748 + 0.28211636079656 + 0.28214077952298 + 0.18661767549797 = $1.08 Mil.
Gross Profit was 0.035360678925035 + 0.029285435376806 + 0.044599573395385 + 0.042544962289693 = $0.15 Mil.
Average Total Assets from the begining of this year (Sep12)
to the end of this year (Sep13) was
(3.5674128590412 + 2.7429783794706 + 2.5761421319797 + 2.4520069808028 + 2.3090311351769) / 5 = $2.7295143 Mil.
Total Assets at the begining of this year (Sep12) was $3.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $0.22 Mil.
Total Current Liabilities was $1.44 Mil.
Net Income was -0.64484611626771 + -0.73958542966392 + -0.5408560311284 + -0.54686701420832 = $-2.47 Mil.

Revenue was 0.15437225207621 + 0.23143489635742 + 0.40369649805447 + 0.39558417663293 = $1.19 Mil.
Gross Profit was -0.024425989252565 + 0.064399275508151 + 0.081712062256809 + 0.067463968107942 = $0.19 Mil.
Average Total Assets from the begining of last year (Sep11)
to the end of last year (Sep12) was
(1.9112219451372 + 2.8422081094284 + 3.9867176494264 + 3.3998054474708 + 3.5674128590412) / 5 = $3.1414732 Mil.
Total Assets at the begining of last year (Sep11) was $1.91 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Total Current Assets was $1.12 Mil.
Total Current Liabilities was $1.24 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.

Northcore Technologies's current Net Income (TTM) was -1.24. ==> 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.

Northcore Technologies's current Cash Flow from Operations (TTM) was -0.38. ==> 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 (Sep12)
=-1.2441523636645/3.5674128590412
=-0.3487548

ROA (Last Year)=Net Income/Total Assets (Sep11)
=-2.4721545912684/1.9112219451372
=-1.29349425

Northcore Technologies's return on assets of this year was -0.3487548. Northcore Technologies's return on assets of last year was -1.29349425. ==> This year is higher. ==> Score 1.

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.

Northcore Technologies's current Net Income (TTM) was -1.24. Northcore Technologies's current Cash Flow from Operations (TTM) was -0.38. ==> -0.38 > -1.24 ==> CFROA > ROA ==> Score 1.

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: Sep13)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep12 to Sep13
=0/2.7295143
=0

Gearing (Last Year: Sep12)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep11 to Sep12
=0/3.1414732
=0

Northcore Technologies's gearing of this year was 0. Northcore Technologies's gearing of last year was 0. ==> This year is lower or equal to last year. ==> Score 1.

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

Current Ratio (This Year: Sep13)=Total Current Assets/Total Current Liabilities
=0.22432798298202/1.4436279249662
=0.15539183

Current Ratio (Last Year: Sep12)=Total Current Assets/Total Current Liabilities
=1.1192885617909/1.2388837779822
=0.90346535

Northcore Technologies's current ratio of this year was 0.15539183. Northcore Technologies's current ratio of last year was 0.90346535. ==> Last year's current ratio is higher ==> Score 0.

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.

Northcore Technologies's number of shares in issue this year was 234.625. Northcore Technologies's number of shares in issue last year was 234.625. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=0.15179064998692/1.084275502825
=0.1399927

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=0.18914931662034/1.185087823121
=0.15960785

Northcore Technologies's gross margin of this year was 0.1399927. Northcore Technologies's gross margin of last year was 0.15960785. ==> Last year's gross 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 (Sep12)
=1.084275502825/3.5674128590412
=0.30393889

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep11)
=1.185087823121/1.9112219451372
=0.62006813

Northcore Technologies's asset turnover of this year was 0.30393889. Northcore Technologies's asset turnover of last year was 0.62006813. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

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

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

Northcore Technologies has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Northcore Technologies  (OTCPK:NTLNF) 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.


Northcore Technologies Piotroski F-Score Related Terms

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Northcore Technologies Business Description

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Northcore Technologies Inc provides enterprise level software products and services that enable its customer to purchase, manage and dispose of capital equipment.

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