ISHAQ.PFD (International Shipholding) Beneish M-Score : -5.69 (As of Dec. 14, 2024)

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What is International Shipholding 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 International Shipholding's Beneish M-Score or its related term are showing as below:

ISHAQ.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -5.69 Med: -2.65 Max: 7476.9
Current: -5.69

During the past 13 years, the highest Beneish M-Score of International Shipholding was 7476.90. The lowest was -5.69. And the median was -2.65.

International Shipholding Beneish M-Score Historical Data

The historical data trend for International Shipholding'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.

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International Shipholding Beneish M-Score Chart

International Shipholding Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

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-2.52

-1.73

-2.48

-3.01

-5.40

International Shipholding Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Beneish M-Score	Get a 7-Day Free Trial															-3.04	-2.97	-3.28	-5.40	-5.69

Competitive Comparison of International Shipholding's Beneish M-Score

For the Marine Shipping subindustry, International Shipholding'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.

International Shipholding's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, International Shipholding's Beneish M-Score distribution charts can be found below:

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

International Shipholding 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 International Shipholding for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0307

0.528 * 1.3065

0.404 * 0.8669

0.892 * 0.8452

0.115 * 0.6055

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2847

4.679 * -0.635806

0.327 * 1.2439

-5.63

This Year (Mar16) TTM:

Last Year (Mar15) TTM:

Total Receivables was $26.38 Mil.
Revenue was 53.801 + 57.631 + 66.509 + 67.308 = $245.25 Mil.
Gross Profit was 10.724 + 8.639 + 13.94 + 13.499 = $46.80 Mil.
Total Current Assets was $59.40 Mil.
Total Assets was $305.09 Mil.
Property, Plant and Equipment(Net PPE) was $181.72 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.81 Mil.
Selling, General, & Admin. Expense(SGA) was $22.32 Mil.
Total Current Liabilities was $178.85 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -8.454 + -167.818 + -7.207 + -0.167 = $-183.65 Mil.
Non Operating Income was -0.986 + 0.226 + 0.468 + 0 = $-0.29 Mil.
Cash Flow from Operations was 4.54 + 5.912 + 5.308 + -5.138 = $10.62 Mil.

Total Receivables was $30.28 Mil.
Revenue was 68.026 + 70.978 + 74.41 + 76.752 = $290.17 Mil.
Gross Profit was 15.815 + 18.623 + 18.96 + 18.95 = $72.35 Mil.
Total Current Assets was $76.57 Mil.
Total Assets was $590.56 Mil.
Property, Plant and Equipment(Net PPE) was $371.16 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.12 Mil.
Selling, General, & Admin. Expense(SGA) was $20.56 Mil.
Total Current Liabilities was $70.22 Mil.
Long-Term Debt & Capital Lease Obligation was $208.09 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)
	=	(26.38 / 245.249)	/	(30.281 / 290.166)
	=	0.107564	/	0.104358
	=	1.0307

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)
	=	(72.348 / 290.166)	/	(46.802 / 245.249)
	=	0.249333	/	0.190835
	=	1.3065

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 - (59.399 + 181.72) / 305.087)	/	(1 - (76.569 + 371.155) / 590.56)
	=	0.209671	/	0.241865
	=	0.8669

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
	=	245.249	/	290.166
	=	0.8452

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))
	=	(29.117 / (29.117 + 371.155))	/	(24.812 / (24.812 + 181.72))
	=	0.072743	/	0.120136
	=	0.6055

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)
	=	(22.323 / 245.249)	/	(20.558 / 290.166)
	=	0.091022	/	0.070849
	=	1.2847

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 + 178.845) / 305.087)	/	((208.087 + 70.217) / 590.56)
	=	0.58621	/	0.471254
	=	1.2439

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
	=	(-183.646 - -0.292	-	10.622)	/	305.087
	=	-0.635806

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.

International Shipholding has a M-score of -5.63 suggests that the company is unlikely to be a manipulator.

International Shipholding Beneish M-Score Related Terms

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International Shipholding Business Description

Industry

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Address

Website

http://www.intship.com

International Shipholding Corp was originally founded as Central Gulf Steamship Corporation in 1947. Central Gulf was privately held until 1971 when it merged with Trans Union Corporation ("Trans Union"). In 1978, International Shipholding Corporation was formed to act as a holding company for Central Gulf, LCI, and certain other affiliated companies in connection with the 1979 spin off by Trans Union of its common stock to Trans Union's stockholders. Through its subsidiaries, it operates a fleet of U.S. and International Flag vessels that provide international and domestic maritime transportation services to commercial and governmental customers under medium to long-term time charters or contracts of affreightment. As of December 31, 2014 it owned or operated 54 ocean-going vessels. Its segments include Jones Act, Pure Car Truck Carriers, Dry Bulk Carriers, Rail-Ferry, Specialty Contracts, and Other. Its Rail-Ferry segment faces competition from companies who transport cargo over land rather than water including railroads and trucking companies that cross land borders. The Company's operations between the United States and foreign countries are subject to the Shipping Act of 1984, which is administered by the Federal Maritime Commission, and certain provisions of the Federal Water Pollution Control Act, the Oil Pollution Act of 1990, the Act to Prevent Pollution from Ships, and the Comprehensive Environmental Response Compensation and Liability Act, all of which are administered by the U.S. Coast Guard and other federal agencies, and certain other international, federal, state, and local laws and regulations, including international conventions and laws and regulations of the flag nations of its vessels.