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Phoenix Footwear Group Beneish M-Score

: 0.00 (As of Today)
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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 Phoenix Footwear Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Phoenix Footwear Group was 0.00. The lowest was 0.00. And the median was 0.00.


Phoenix Footwear Group Beneish M-Score Historical Data

The historical data trend for Phoenix Footwear Group'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.

Phoenix Footwear Group Annual Data
Trend Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec18 Dec19
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -5.92 -6.81 -1.20 -2.83 -3.12

Phoenix Footwear Group Quarterly Data
Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 Sep09 Dec09 Mar10 Jun10 Sep10 Dec10 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20
Beneish M-Score 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 Premium Member Only Premium Member Only Premium Member Only - -1.26 -3.12 -2.87 -

Competitive Comparison

For the Footwear & Accessories subindustry, Phoenix Footwear Group'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.

   

Phoenix Footwear Group Beneish M-Score Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Phoenix Footwear Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Phoenix Footwear Group's Beneish M-Score falls into.



Phoenix Footwear Group 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 Phoenix Footwear Group 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Jun20) TTM:Last Year (Jun19) TTM:
Accounts Receivable was $3.20 Mil.
Revenue was 2.627 + 3.736 + 3.918 + 5.465 = $15.75 Mil.
Gross Profit was 0.985 + 1.407 + 1.498 + 2.306 = $6.20 Mil.
Total Current Assets was $11.44 Mil.
Total Assets was $12.36 Mil.
Property, Plant and Equipment(Net PPE) was $0.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.25 Mil.
Selling, General, & Admin. Expense(SGA) was $6.66 Mil.
Total Current Liabilities was $10.89 Mil.
Long-Term Debt & Capital Lease Obligation was $1.36 Mil.
Net Income was -0.147 + -0.745 + -0.328 + 0.165 = $-1.06 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.627 + -0.74 + 1.548 + -1.143 = $0.29 Mil.
Accounts Receivable was $0.00 Mil.
Revenue was 4.502 + 5.695 + 5.511 + 5.848 = $21.56 Mil.
Gross Profit was 1.993 + 2.332 + 2.079 + 2.386 = $8.79 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $0.00 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.10 Mil.
Selling, General, & Admin. Expense(SGA) was $7.76 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(3.197 / 15.746) / (0 / 21.556)
=0.20303569 / 0
=

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)
=(8.79 / 21.556) / (6.196 / 15.746)
=0.4077751 / 0.39349676
=

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 - (11.435 + 0.927) / 12.362) / (1 - (0 + 0) / 0)
=0 /
=

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
=15.746 / 21.556
=

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))
=(0.097 / (0.097 + 0)) / (0.248 / (0.248 + 0.927))
=1 / 0.21106383
=

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)
=(6.659 / 15.746) / (7.757 / 21.556)
=0.42290105 / 0.35985341
=

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)
=((1.357 + 10.888) / 12.362) / ((0 + 0) / 0)
=0.99053551 /
=

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
=(-1.055 - 0 - 0.292) / 12.362
=-0.109

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.


Phoenix Footwear Group Beneish M-Score Related Terms

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


Phoenix Footwear Group Business Description

Phoenix Footwear Group logo
Traded in Other Exchanges
N/A
Address
2236 Rutherford Road, Suite 113, Carlsbad, CA, USA, 92008
Phoenix Footwear Group Inc operates in the footwear industry. It is engaged in the manufacturing and distribution of footwear in a range of sizes and widths under the brand's Trotters, SoftWalk, SAVA, and Bueno. The company's distribution channels include specialty and independent retail stores, mail order catalogues, uniform, and internet retailers. It also operates its own direct to consumer internet retail business for all its brands. The company's footwear is produced by independent contract manufacturers located in China and Vietnam.
Executives
Riedman Corp other: member of 10% group 45 EAST AVENUE ROCHESTER NY 14604
Tannenbaum Steven 10 percent owner 125 COUNTRY CLUB ROAD NEWTON MA 02459
Greenwood Investments, Inc. 10 percent owner 222 BERKELEY STREET 12TH FLOOR BOSTON MA 02116
Greenwood Capital Limited Partnership 10 percent owner 222 BERKELEY STREET 12TH FLOOR BOSTON MA 02116
Greenwood Investors Limited Partnership 10 percent owner 222 BERKELEY STREET FLOOR 17 BOSTON MA 02116
Slack Gregory W officer: CFO 2765 LOKER AVENUE WEST CARLSBAD CA 92010
Carter Robby Lee other: Executive Vice President 303 YARD DRIVE LAKE ST. LOUIS MO 63367
Wulff Kevin G director 1740 MONROVIA AVENUE COSTA MESA CA 92627
Nelson Dennis officer: CFO, Secretary and Treasurer 5840 EL CAMINO REAL, SUITE 106 CARLSBAD CA 92008
Taylor Cathy B director, officer: Chief Executive Officer 5840 EL CAMINO REAL SUITE 106 CARLSBAD CA 92008
Ford Paul Douglas officer: Senior VP of Operations 5840 EL CAMINO REAL SUITE 106 CARLSBAD CA 92008
Pfander Willie director, officer: Senior VP-Sourcing and Develop PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: PFANDER WILLIE a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Harden Greg director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: HARDEN GREG a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Deperrier Steven director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: DEPERRIER STEVEN a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Kratzer John C director PO BOX 116 4806 EL MARLO RANCHO SANTA FE CA 92067

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