The Limestone Boat Co (The Limestone Boat Co) Beneish M-Score : -12.42 (As of May. 25, 2024)

View and export this data going back to 2021. Start your Free Trial

What is The Limestone Boat Co 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 -12.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

LMSBF' s Beneish M-Score Range Over the Past 10 Years
Min: -19.35 Med: -12.42 Max: 5.95
Current: -12.42

During the past 1 years, the highest Beneish M-Score of The Limestone Boat Co was 5.95. The lowest was -19.35. And the median was -12.42.

The Limestone Boat Co Beneish M-Score Historical Data

The historical data trend for The Limestone Boat Co'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.

The Limestone Boat Co Beneish M-Score Chart

The Limestone Boat Co Annual Data

Trend

Dec20

Beneish M-Score

The Limestone Boat Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									5.95	2.17	-19.35	-16.48	-12.42

Competitive Comparison of The Limestone Boat Co's Beneish M-Score

For the Recreational Vehicles subindustry, The Limestone Boat Co'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.

The Limestone Boat Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, The Limestone Boat Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Limestone Boat Co's Beneish M-Score falls into.

The Limestone Boat Co 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 The Limestone Boat Co 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 * 1.9412

0.528 * -1.2353

0.404 * 0.1652

0.892 * 0.2075

0.115 * 1.3372

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.858

4.679 * -1.547511

0.327 * 4.8266

-12.44

This Year (Dec23) TTM:

Last Year (Jun22) TTM:

Total Receivables was $0.14 Mil.
Revenue was 0 + 0 + 0 + 2.185 = $2.19 Mil.
Gross Profit was 0 + 0 + 0 + 0.105 = $0.11 Mil.
Total Current Assets was $0.34 Mil.
Total Assets was $3.32 Mil.
Property, Plant and Equipment(Net PPE) was $2.82 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.18 Mil.
Selling, General, & Admin. Expense(SGA) was $2.20 Mil.
Total Current Liabilities was $18.37 Mil.
Long-Term Debt & Capital Lease Obligation was $0.42 Mil.
Net Income was -1.468 + -0.772 + -1.058 + -1.285 = $-4.58 Mil.
Non Operating Income was -0.263 + 0.228 + -0.145 + 0.909 = $0.73 Mil.
Cash Flow from Operations was 0.132 + 0.143 + -0.391 + -0.066 = $-0.18 Mil.

Total Receivables was $0.35 Mil.
Revenue was 3.411 + 2.974 + 2.13 + 2.014 = $10.53 Mil.
Gross Profit was 0.151 + 0.113 + -0.577 + -0.312 = $-0.63 Mil.
Total Current Assets was $3.08 Mil.
Total Assets was $14.41 Mil.
Property, Plant and Equipment(Net PPE) was $7.38 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.64 Mil.
Selling, General, & Admin. Expense(SGA) was $5.70 Mil.
Total Current Liabilities was $8.04 Mil.
Long-Term Debt & Capital Lease Obligation was $8.88 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)
	=	(0.141 / 2.185)	/	(0.35 / 10.529)
	=	0.064531	/	0.033242
	=	1.9412

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)
	=	(-0.625 / 10.529)	/	(0.105 / 2.185)
	=	-0.05936	/	0.048055
	=	-1.2353

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 - (0.342 + 2.823) / 3.315)	/	(1 - (3.08 + 7.383) / 14.41)
	=	0.045249	/	0.273907
	=	0.1652

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
	=	2.185	/	10.529
	=	0.2075

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))
	=	(0.636 / (0.636 + 7.383))	/	(0.178 / (0.178 + 2.823))
	=	0.079312	/	0.059314
	=	1.3372

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)
	=	(2.199 / 2.185)	/	(5.703 / 10.529)
	=	1.006407	/	0.541647
	=	1.858

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)
	=	((0.416 + 18.37) / 3.315)	/	((8.882 + 8.037) / 14.41)
	=	5.666968	/	1.174115
	=	4.8266

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
	=	(-4.583 - 0.729	-	-0.182)	/	3.315
	=	-1.547511

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 Limestone Boat Co has a M-score of -12.44 suggests that the company is unlikely to be a manipulator.

The Limestone Boat Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of The Limestone Boat Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

The Limestone Boat Co (The Limestone Boat Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » The Limestone Boat Co Ltd (OTCPK:LMSBF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

BOAT:Canada

Address

64 Hurontario Street, Collingwood, ON, CAN, L9Y 2L6

Website

https://www.limestoneboatcompany.com

The Limestone Boat Co Ltd is an owner and builder of Aquasport Boat, Limestone Boat, and Boca Bay boat brands. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.