Empire District Electric Co Beneish M-Score Historical Data
The historical data trend for Empire District Electric 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.
Empire District Electric Co Beneish M-Score Chart
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Empire District Electric Co Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.76 |
-2.79 |
-2.38 |
-1.50 |
-2.05 |
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Empire District Electric Co Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-2.90 |
-2.05 |
-2.25 |
-3.23 |
-2.74 |
Competitive Comparison of Empire District Electric Co's Beneish M-Score
For the Utilities - Regulated Electric subindustry, Empire District Electric 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.
Empire District Electric Co's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Empire District Electric Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Empire District Electric Co's Beneish M-Score falls into.
Empire District Electric 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 Empire District Electric Co 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 * 0.9341 | + | 0.528 * 1.0331 | + | 0.404 * 0.9788 | + | 0.892 * 0.9719 | + | 0.115 * 1.0564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.7934 | + | 4.679 * -0.056485 | - | 0.327 * 0.9694 |
| = | -3.11 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $84.7 Mil.
Revenue was 175.354 + 139.32 + 151.315 + 136.758 = $602.7 Mil.
Gross Profit was 101.474 + 100.337 + 78.069 + 18.67 = $298.6 Mil.
Total Current Assets was $177.8 Mil.
Total Assets was $2,476.6 Mil.
Property, Plant and Equipment(Net PPE) was $2,049.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $85.3 Mil.
Selling, General, & Admin. Expense(SGA) was $9.6 Mil.
Total Current Liabilities was $139.6 Mil.
Long-Term Debt & Capital Lease Obligation was $829.6 Mil.
Net Income was 27.505 + 9.225 + 14.009 + 9.905 = $60.6 Mil.
Non Operating Income was -0.07 + 0.818 + 1.332 + 3.747 = $5.8 Mil.
Cash Flow from Operations was 73.212 + 30.976 + 51.375 + 39.142 = $194.7 Mil.
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Total Receivables was $93.3 Mil.
Revenue was 169.714 + 134.557 + 164.544 + 151.363 = $620.2 Mil.
Gross Profit was 94.181 + 93.363 + 75.593 + 54.228 = $317.4 Mil.
Total Current Assets was $200.8 Mil.
Total Assets was $2,462.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,008.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $88.5 Mil.
Selling, General, & Admin. Expense(SGA) was $3.5 Mil.
Total Current Liabilities was $131.3 Mil.
Long-Term Debt & Capital Lease Obligation was $863.0 Mil.
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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) |
| = | (84.66 / 602.747) | / | (93.256 / 620.178) |
| = | 0.140457 | / | 0.15037 |
| | = | 0.9341 |
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) |
| = | (317.365 / 620.178) | / | (298.55 / 602.747) |
| = | 0.511732 | / | 0.495316 |
| | = | 1.0331 |
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 - (177.834 + 2048.97) / 2476.557) | / | (1 - (200.798 + 2008.307) / 2462.843) |
| = | 0.100847 | / | 0.103026 |
| | = | 0.9788 |
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 |
| = | 602.747 | / | 620.178 |
| | = | 0.9719 |
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)) |
| = | (88.527 / (88.527 + 2008.307)) | / | (85.295 / (85.295 + 2048.97)) |
| = | 0.042219 | / | 0.039965 |
| | = | 1.0564 |
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) |
| = | (9.562 / 602.747) | / | (3.522 / 620.178) |
| = | 0.015864 | / | 0.005679 |
| | = | 2.7934 |
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) |
| = | ((829.626 + 139.55) / 2476.557) | / | ((862.999 + 131.28) / 2462.843) |
| = | 0.39134 | / | 0.403712 |
| | = | 0.9694 |
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 |
| = | (60.644 - 5.827 | - | 194.705) | / | 2476.557 |
| | = | -0.056485 |
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.
Empire District Electric Co has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.
Empire District Electric Co (Empire District Electric Co) Business Description
Traded in Other Exchanges
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Empire District Electric Co is a Kansas corporation organized in 1909. The Company is an operating public utility engaged in the generation, purchase, transmission, distribution and sale of electricity in parts of Missouri, Kansas, Oklahoma and Arkansas. The Company operates its businesses as three segments; Electric, Gas and Other. The Company also provides water service to three towns in Missouri. The Company, along with its subsidiary The Empire District Gas Company, is engaged in the distribution of natural gas in Missouri. The Other segment consists of fiber optics business. As of December 31, 2013 the Company's electric operations serve approximately 168,800 customers and gas operations serve approximately 44,000 customers. The territory served by electric operations embraces an area of about 10,000 square miles, located principally in southwestern Missouri, and also includes smaller areas in southeastern Kansas, northeastern Oklahoma and northwestern Arkansas. The Company supplies electric service at retail to 119 incorporated communities as of December 31, 2013, and to various unincorporated areas and at wholesale to four municipally owned distribution systems. The Company operates under franchises having original terms of twenty years or longer in the incorporated communities. The three largest classes of on-system customers are residential, commercial and industrial. The largest single on-system wholesale customer is the city of Monett, Missouri. The Company currently supplements its on-system generating capacity with purchases of capacity and energy from other sources in order to meet the demands of its customers and the capacity margins applicable under current pooling agreements and National Electric Reliability Council rules. The generating facilities consist of three coal-fired generating plants, two natural gas generating plants and one hydroelectric generating plant. The Company's gas operations serve customers in northwest, north central and west central Missouri. As of December 31, 2013, gas operations served approximately 44,000 customers. The Company provides natural gas distribution to 48 communities and 377 transportation customers as of December 31, 2013. At December 31, 2013 the principal gas utility properties of the Company consisted of approximately 87 miles of transmission mains and approximately 1,160 miles of distribution mains. The three pipelines that serve the Company's gas customers are Southern Star Central Gas Pipeline, Panhandle Eastern Pipe Line Company and ANR Pipeline Company. The Company is subject to the jurisdiction of the Missouri Public Service Commission (MPSC), the State Corporation Commission of the State of Kansas (KCC), the Corporation Commission of Oklahoma (OCC) and the Arkansas Public Service Commission (APSC) with respect to services and facilities, rates and charges, regulatory accounting, valuation of property, depreciation and various other matters.
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