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Cal Dive International (Cal Dive International) Beneish M-Score : 0.00 (As of Jun. 19, 2024)


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What is Cal Dive International 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.

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

During the past 12 years, the highest Beneish M-Score of Cal Dive International was 0.00. The lowest was 0.00. And the median was 0.00.


Cal Dive International Beneish M-Score Historical Data

The historical data trend for Cal Dive International'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.

Cal Dive International Beneish M-Score Chart

Cal Dive International Annual Data
Trend Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.42 -4.86 -2.02 -6.53 -3.41

Cal Dive International Quarterly Data
Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14
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 -3.60 -3.41 -2.50 -4.57 -2.14

Competitive Comparison of Cal Dive International's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, Cal Dive International'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.


Cal Dive International's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Cal Dive International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Cal Dive International's Beneish M-Score falls into.



Cal Dive International 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 Cal Dive International 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 * 1.12+0.528 * -0.7745+0.404 * 0.7366+0.892 * 1.0231+0.115 * 0.8195
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8926+4.679 * 0.039043-0.327 * 1.3467
=-3.33

* 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 (Sep14) TTM:Last Year (Sep13) TTM:
Total Receivables was $187.0 Mil.
Revenue was 114.583 + 121.689 + 119.104 + 159.807 = $515.2 Mil.
Gross Profit was -2.219 + -17.431 + -6.219 + 10.497 = $-15.4 Mil.
Total Current Assets was $237.5 Mil.
Total Assets was $571.0 Mil.
Property, Plant and Equipment(Net PPE) was $311.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.1 Mil.
Selling, General, & Admin. Expense(SGA) was $42.8 Mil.
Total Current Liabilities was $391.9 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -42.629 + -29.075 + -13.051 + -0.516 = $-85.3 Mil.
Non Operating Income was -37.978 + 0.292 + 1.806 + 1.314 = $-34.6 Mil.
Cash Flow from Operations was -8.091 + -36.228 + -40.245 + 11.566 = $-73.0 Mil.
Total Receivables was $163.2 Mil.
Revenue was 155.246 + 120.986 + 80.919 + 146.396 = $503.5 Mil.
Gross Profit was 10.446 + 2.63 + -11.517 + 10.078 = $11.6 Mil.
Total Current Assets was $210.5 Mil.
Total Assets was $640.1 Mil.
Property, Plant and Equipment(Net PPE) was $395.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.6 Mil.
Selling, General, & Admin. Expense(SGA) was $46.9 Mil.
Total Current Liabilities was $152.4 Mil.
Long-Term Debt & Capital Lease Obligation was $173.8 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)
=(186.968 / 515.183) / (163.163 / 503.547)
=0.362916 / 0.324027
=1.12

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)
=(11.637 / 503.547) / (-15.372 / 515.183)
=0.02311 / -0.029838
=-0.7745

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 - (237.462 + 311.06) / 570.993) / (1 - (210.488 + 395.377) / 640.061)
=0.039354 / 0.053426
=0.7366

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
=515.183 / 503.547
=1.0231

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))
=(56.558 / (56.558 + 395.377)) / (56.061 / (56.061 + 311.06))
=0.125146 / 0.152704
=0.8195

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)
=(42.808 / 515.183) / (46.877 / 503.547)
=0.083093 / 0.093094
=0.8926

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)
=((0 + 391.934) / 570.993) / ((173.827 + 152.409) / 640.061)
=0.686408 / 0.509695
=1.3467

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
=(-85.271 - -34.566 - -72.998) / 570.993
=0.039043

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.

Cal Dive International has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.


Cal Dive International Beneish M-Score Related Terms

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Cal Dive International (Cal Dive International) Business Description

Traded in Other Exchanges
N/A
Address
2500 CityWest Boulevard, Suite 2200, Houston, TX, USA, 77042
Cal Dive International Inc is a marine contracting company. It provides manned diving, pipelay and pipe burial, platform installation and salvage and light well intervention services to offshore oil and natural gas industry. The company operates in Gulf of Mexico, Outer continental shelf, northeastern U.S., Latin America, Southeast Asia, China, Australia, West Africa, the Middle East and Europe. It also owns diversified fleet of vessels including surface and saturation dive support vessels and construction barges. The firm generates majority of the revenues from the United States.
Executives
Lisa Manget Buchanan officer: EVP & General Counsel 2500 CITYWEST BOULEVARD SUITE 2200 HOUSTON TX 77042
Patteson Donald Douglas Jr director 1111 BAGBY, SUITE 1600, HOUSTON TX 77002
Brent D. Smith officer: Chief Financial Officer 2500 CITYWEST BOULEVARD, SUITE 2200, HOUSTON TX 77042
John T Mills director MARATHON OIL CORP, 5555 SAN FELIPE ROAD, HOUSTON TX 77056
Todd A Dittmann director C/O ANGELO, GORDON & CO., L.P., 712 MAIN STREET, SUITE 1300, HOUSTON TX 77002
William L Transier director 3505 W SAM HOUSTON PKWY NORTH, SUITE 400, HOUSTON TX 77043
Owen E Kratz director 3505 W SAM HOUSTON PKWY NORTH, SUITE 400, HOUSTON TX 77043
Bruce Koch officer: Chief Financial Officer NABORS CORP SERVICES, 515 W GREENS RD SUITE 1200, HOUSTON TX 77067
Martin R Ferron director 30 CHAMPIONS BLVD, HOUSTON TX 77069