Lake Area Corn Processors LLC (Lake Area Corn Processors LLC) Beneish M-Score : -1.95 (As of May. 04, 2024)

View and export this data going back to 2016. Start your Free Trial

What is Lake Area Corn Processors LLC 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Lake Area Corn Processors LLC's Beneish M-Score or its related term are showing as below:

LKCRU' s Beneish M-Score Range Over the Past 10 Years
Min: -3.53 Med: -2.79 Max: 0.5
Current: -1.95

During the past 13 years, the highest Beneish M-Score of Lake Area Corn Processors LLC was 0.50. The lowest was -3.53. And the median was -2.79.

Lake Area Corn Processors LLC Beneish M-Score Historical Data

The historical data trend for Lake Area Corn Processors LLC'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.

Lake Area Corn Processors LLC Beneish M-Score Chart

Lake Area Corn Processors LLC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

0.50

-2.89

-2.80

-1.90

-1.95

Lake Area Corn Processors LLC Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.90	-	-	-	-1.95

Competitive Comparison of Lake Area Corn Processors LLC's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Lake Area Corn Processors LLC'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.

Lake Area Corn Processors LLC's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Lake Area Corn Processors LLC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lake Area Corn Processors LLC's Beneish M-Score falls into.

Lake Area Corn Processors LLC 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 Lake Area Corn Processors LLC 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 * 2.1097

0.528 * 0.7463

0.404 * 1.7656

0.892 * 0.9925

0.115 * 0.8151

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.1386

0.327 * 0.9679

-1.95

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $6.1 Mil.
Revenue was $280.4 Mil.
Gross Profit was $35.7 Mil.
Total Current Assets was $61.5 Mil.
Total Assets was $193.4 Mil.
Property, Plant and Equipment(Net PPE) was $58.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.9 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $38.0 Mil.
Long-Term Debt & Capital Lease Obligation was $20.0 Mil.
Net Income was $42.4 Mil.
Gross Profit was $9.1 Mil.
Cash Flow from Operations was $60.1 Mil.

Total Receivables was $2.9 Mil.
Revenue was $282.6 Mil.
Gross Profit was $26.9 Mil.
Total Current Assets was $59.5 Mil.
Total Assets was $156.4 Mil.
Property, Plant and Equipment(Net PPE) was $63.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.1 Mil.
Selling, General, & Admin. Expense(SGA) was $0.0 Mil.
Total Current Liabilities was $45.5 Mil.
Long-Term Debt & Capital Lease Obligation was $3.0 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)
	=	(6.143 / 280.441)	/	(2.934 / 282.565)
	=	0.021905	/	0.010383
	=	2.1097

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)
	=	(26.854 / 282.565)	/	(35.714 / 280.441)
	=	0.095037	/	0.127349
	=	0.7463

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 - (61.487 + 58.831) / 193.384)	/	(1 - (59.455 + 63.481) / 156.407)
	=	0.377829	/	0.213999
	=	1.7656

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
	=	280.441	/	282.565
	=	0.9925

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))
	=	(5.061 / (5.061 + 63.481))	/	(5.86 / (5.86 + 58.831))
	=	0.073838	/	0.090584
	=	0.8151

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)
	=	(0 / 280.441)	/	(0 / 282.565)
	=	0	/	0
	=	1

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)
	=	((20.001 + 37.99) / 193.384)	/	((2.998 + 45.46) / 156.407)
	=	0.299875	/	0.30982
	=	0.9679

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
	=	(42.381 - 9.106	-	60.078)	/	193.384
	=	-0.1386

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.

Lake Area Corn Processors LLC has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.

Lake Area Corn Processors LLC Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Lake Area Corn Processors LLC's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Lake Area Corn Processors LLC (Lake Area Corn Processors LLC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Lake Area Corn Processors LLC (GREY:LKCRU) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

46269 SD Highway 34, P.O. Box 100, Wentworth, SD, USA, 57075

Website

http://www.dakotaethanol.com

Lake Area Corn Processors LLC is a South Dakota limited liability company that owns and manages an ethanol plant that has a nameplate production capacity of 90 million gallons of ethanol per year through its wholly-owned subsidiary Dakota Ethanol, LLC. The principal products produced at the ethanol plant are fuel-grade ethanol, distillers grains and corn oil. The company reports its financial and operating performance in two segments production, which includes the manufacture and marketing of fuel-grade ethanol and co-products of the ethanol production process and ethanol-producing equity method investments, which consists of the aggregation of the company's two equity method operating segments of investment in Guardian Hankinson, LLC and investment in Ring-neck Energy & Feed, LLC.

Executives

Paul Geraets	officer: Commodity Manager	604 W. 9TH, DELL RAPIDS SD 57022
Marty Thompson	director	44762 241ST STREET, WINFRED SD 57076
Wayne Backus	director	313 S. CENTENNIAL AVE, WENTWORTH SD 57075
Dave Anthony Wolles	director	46951 245TH STREET, DELL RAPIDS SD 57022
Randall Lloyd Hansen	director	46094 - 239TH STREET, WENTWORTH SD 57075
Gene Buchholtz Robbi	officer: Chief Financial Officer	45102 HERMAN BOULEVARD, MADISON SD 57042
Alan Mundt Scott	officer: Chief Executive Officer	7105 VALLEY VIEW CIRCLE, BROOKINGS SD 57006
Rick Alan Kasperson	director	21664 - 457TH AVENUE, ARLINGTON SD 57212
Brian D Woldt	director
Van Duyn Douglas L	director
Dean Frederickson	other: General Manager of Plant
Gregory Van Zanten	director
Dale L Thompson	director
Todd M Brown	director	1007 EAGLE RUN, DELL RAPIDS SD 57022
Ronald C Alverson	director

Lake Area Corn Processors LLC (Lake Area Corn Processors LLC) Headlines

No Headlines