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IEC Electronics (IEC Electronics) Beneish M-Score : -2.18 (As of May. 12, 2024)


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What is IEC Electronics Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for IEC Electronics's Beneish M-Score or its related term are showing as below:

IEC' s Beneish M-Score Range Over the Past 10 Years
Min: -36.59   Med: -2.52   Max: 170.13
Current: -2.18

During the past 13 years, the highest Beneish M-Score of IEC Electronics was 170.13. The lowest was -36.59. And the median was -2.52.


IEC Electronics Beneish M-Score Historical Data

The historical data trend for IEC Electronics's Beneish M-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.

IEC Electronics Beneish M-Score Chart

IEC Electronics Annual Data
Trend Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.79 -2.31 11.63 -1.89 -2.74

IEC Electronics Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-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 -2.42 -2.74 -2.59 -2.51 -2.18

Competitive Comparison of IEC Electronics's Beneish M-Score

For the Electronic Components subindustry, IEC Electronics's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


IEC Electronics's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, IEC Electronics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where IEC Electronics's Beneish M-Score falls into.



IEC Electronics Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 IEC Electronics 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 * 1.0319+0.528 * 1.1841+0.404 * 0.6543+0.892 * 1.047+0.115 * 1.6611
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9749+4.679 * 0.050776-0.327 * 1.0644
=-2.15

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Total Receivables was $45.2 Mil.
Revenue was 49.37 + 45.36 + 47.481 + 46.445 = $188.7 Mil.
Gross Profit was 5.235 + 3.312 + 5.74 + 6.736 = $21.0 Mil.
Total Current Assets was $100.9 Mil.
Total Assets was $157.8 Mil.
Property, Plant and Equipment(Net PPE) was $51.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.6 Mil.
Selling, General, & Admin. Expense(SGA) was $14.2 Mil.
Total Current Liabilities was $46.9 Mil.
Long-Term Debt & Capital Lease Obligation was $66.2 Mil.
Net Income was 1.026 + -0.348 + 1.537 + 1.927 = $4.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -4.339 + -1.88 + -4.913 + 7.264 = $-3.9 Mil.
Total Receivables was $41.9 Mil.
Revenue was 47.364 + 44.171 + 44.734 + 43.922 = $180.2 Mil.
Gross Profit was 6.642 + 5.503 + 5.239 + 6.393 = $23.8 Mil.
Total Current Assets was $90.1 Mil.
Total Assets was $117.1 Mil.
Property, Plant and Equipment(Net PPE) was $20.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.2 Mil.
Selling, General, & Admin. Expense(SGA) was $13.9 Mil.
Total Current Liabilities was $46.6 Mil.
Long-Term Debt & Capital Lease Obligation was $32.3 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(45.235 / 188.656) / (41.871 / 180.191)
=0.239775 / 0.23237
=1.0319

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(23.777 / 180.191) / (21.023 / 188.656)
=0.131954 / 0.111436
=1.1841

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (100.935 + 51.005) / 157.752) / (1 - (90.12 + 20.374) / 117.087)
=0.036843 / 0.056309
=0.6543

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=188.656 / 180.191
=1.047

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
=(3.227 / (3.227 + 20.374)) / (4.575 / (4.575 + 51.005))
=0.136731 / 0.082314
=1.6611

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
=(14.155 / 188.656) / (13.868 / 180.191)
=0.075031 / 0.076963
=0.9749

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 in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((66.211 + 46.949) / 157.752) / ((32.3 + 46.61) / 117.087)
=0.717328 / 0.673943
=1.0644

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(4.142 - 0 - -3.868) / 157.752
=0.050776

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

IEC Electronics has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.


IEC Electronics Beneish M-Score Related Terms

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IEC Electronics (IEC Electronics) Business Description

Traded in Other Exchanges
N/A
Address
105 Norton Street, Newark, NY, USA, 14513
IEC Electronics Corp operates in an electronics contract manufacturing services (EMS) industry. It provides electronic manufacturing services to advanced technology companies primarily in the medical, industrial, aerospace and defense sectors. Its offerings include on-site analytical testing laboratories, custom design, and test engineering services. The firm also offers a broad array of manufacturing services encompassing electronics, interconnect solutions and precision metalworking. The majority of its revenue is derived from the sale of electronic products.
Executives
Jeremy R Nowak director C/O API TECHNOLOGIES CORP ONE NORTH WACKER DRIVE SUITE 4400 CHICAGO IL 60606
Charles P Hadeed director 35 VANTAGE POINT DRIVE, ROCHESTER NY 14624
Jeffrey T Schlarbaum director, officer: President and CEO 105 NORTON STREET, NEWARK NY 14513
Michael W Osborne director 105 NORTON STREET NEWARK NY 14513
Andrew M Laurence director C/O API TECHNOLOGIES CORP., ONE NORTH WACKER DRIVE SUITE 4400, CHICAGO IL 60606
Keith M Butler director 105 NORTON STREET NEWARK NY 14513
Thomas L Barbato officer: CFO 105 NORTON STREET, NEWARK NY 14513
Lynn J Hartrick director 105 NORTON STREET NEWARK NY 14513
Michael Thomas Williams officer: VP, Finance and CFO 54 BARCHAN DUNE RISE VICTOR NY 14564
Jens Hauvn officer: SVP, Operations C/O IEC ELECTRONICS CORP. 105 NORTON STREET NEWARK NY 14513
Eric Singer director 323 SUNNY ISLES BLVD., SUITE 700, SUNNY ISLES BEACH FL 33160
W Barry Gilbert officer: CEO & Chairman of the Board C/O IEC ELECTRONICS CORP. NEWARK NY 14513
Brett Eugene Mancini officer: VP Bus Devel & Eng Serv 12 SANDPIPER LANE PITTSFORD NY 14534
John Carlton Johnson director 24450 MEADOW ROAD PO BOX 1093 CLARK CO 80428
Florence Distefano Hudson director 1 WINSOR PLACE PURCHASE NY 10577