Phoenix Footwear Group (Phoenix Footwear Group) Beneish M-Score : 0.00 (As of Apr. 29, 2024)

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What is Phoenix Footwear Group 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 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 -2.30. The lowest was -3.12. And the median was -2.64.

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.

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Phoenix Footwear Group Beneish M-Score Chart

Phoenix Footwear Group Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec18

Dec19

Beneish M-Score

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-6.26

-5.99

-1.53

-2.96

-3.12

Phoenix Footwear Group Quarterly Data
	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Mar22	Jun22	Mar23	Jun23
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Phoenix Footwear Group's Beneish M-Score

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's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

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:

-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 *

This Year (Jun23) TTM:

Last Year (Jun20) TTM:

Total Receivables was $4.60 Mil.
Revenue was 4.68 + 5.451 + 4.447 + 4.494 = $19.07 Mil.
Gross Profit was 1.761 + 2.161 + 2 + 1.991 = $7.91 Mil.
Total Current Assets was $14.84 Mil.
Total Assets was $15.09 Mil.
Property, Plant and Equipment(Net PPE) was $0.25 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.23 Mil.
Selling, General, & Admin. Expense(SGA) was $7.03 Mil.
Total Current Liabilities was $10.11 Mil.
Long-Term Debt & Capital Lease Obligation was $2.49 Mil.
Net Income was -0.195 + -0.025 + 0.06 + 0.058 = $-0.10 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 1.871 + -0.313 + -0.076 + -0.646 = $0.84 Mil.

Total Receivables 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.

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)
	=	(4.598 / 19.072)	/	(3.197 / 15.746)
	=	0.241086	/	0.203036
	=

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)
	=	(6.196 / 15.746)	/	(7.913 / 19.072)
	=	0.393497	/	0.414901
	=

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 - (14.844 + 0.248) / 15.092)	/	(1 - (11.435 + 0.927) / 12.362)
	=	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
	=	19.072	/	15.746
	=

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))
	=	(0.248 / (0.248 + 0.927))	/	(0.229 / (0.229 + 0.248))
	=	0.211064	/	0.480084
	=

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)
	=	(7.032 / 19.072)	/	(6.659 / 15.746)
	=	0.368708	/	0.422901
	=

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)
	=	((2.494 + 10.109) / 15.092)	/	((1.357 + 10.888) / 12.362)
	=	0.835078	/	0.990536
	=

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
	=	(-0.102 - 0	-	0.836)	/	15.092
	=	-0.062152

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

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Phoenix Footwear Group (Phoenix Footwear Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Phoenix Footwear Group Inc (OTCPK:PXFG) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

2236 Rutherford Road, Suite 113, Carlsbad, CA, USA, 92008

Website

https://www.phoenixfootwear.com

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 catalogs, uniforms, and internet retailers. It also operates it's own direct-to-consumer internet retail business for all its brands.

Executives

Riedman Corp	other: member of 10% group	45 EAST AVENUE ROCHESTER NY 14604
Steven Tannenbaum	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
Gregory W Slack	officer: CFO	2765 LOKER AVENUE WEST CARLSBAD CA 92010
Robby Lee Carter	other: Executive Vice President	303 YARD DRIVE LAKE ST. LOUIS MO 63367
Kevin G Wulff	director	1740 MONROVIA AVENUE COSTA MESA CA 92627
Dennis Nelson	officer: CFO, Secretary and Treasurer	5840 EL CAMINO REAL, SUITE 106, CARLSBAD CA 92008
Cathy B Taylor	director, officer: Chief Executive Officer	5840 EL CAMINO REAL SUITE 106 CARLSBAD CA 92008
Paul Douglas Ford	officer: Senior VP of Operations	5840 EL CAMINO REAL SUITE 106 CARLSBAD CA 92008
Willie Pfander	director, officer: Senior VP-Sourcing and Develop
Greg Harden	director
Steven Deperrier	director
John C Kratzer	director	PO BOX 116 4806 EL MARLO RANCHO SANTA FE CA 92067

Phoenix Footwear Group (Phoenix Footwear Group) Headlines

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