GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Muncy Columbia Financial Corp (OTCPK:CCFN) » Definitions » Beneish M-Score

CCFN (Muncy Columbia Financial) Beneish M-Score : -1.86 (As of Nov. 12, 2024)


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

What is Muncy Columbia Financial Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -1.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Muncy Columbia Financial's Beneish M-Score or its related term are showing as below:

CCFN' s Beneish M-Score Range Over the Past 10 Years
Min: -562.9   Med: -2.33   Max: -1.66
Current: -1.86

During the past 13 years, the highest Beneish M-Score of Muncy Columbia Financial was -1.66. The lowest was -562.90. And the median was -2.33.


Muncy Columbia Financial 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 Muncy Columbia Financial 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 * 1.2902+0.528 * 1+0.404 * 0.9962+0.892 * 1.6881+0.115 * 0.3017
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9372+4.679 * -0.000985-0.327 * 1.563
=-1.86

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $5.08 Mil.
Revenue was 14.779 + 14.467 + 10.524 + 6.413 = $46.18 Mil.
Gross Profit was 14.779 + 14.467 + 10.524 + 6.413 = $46.18 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $1,592.30 Mil.
Property, Plant and Equipment(Net PPE) was $27.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.50 Mil.
Selling, General, & Admin. Expense(SGA) was $17.11 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $65.60 Mil.
Net Income was 4.707 + 4.036 + -1.186 + 1.171 = $8.73 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 4.408 + 3.878 + 1.106 + 0.904 = $10.30 Mil.
Total Receivables was $2.33 Mil.
Revenue was 6.619 + 6.827 + 7.461 + 6.451 = $27.36 Mil.
Gross Profit was 6.619 + 6.827 + 7.461 + 6.451 = $27.36 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $960.08 Mil.
Property, Plant and Equipment(Net PPE) was $12.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.33 Mil.
Selling, General, & Admin. Expense(SGA) was $10.81 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $25.31 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)
=(5.077 / 46.183) / (2.331 / 27.358)
=0.109932 / 0.085204
=1.2902

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)
=(27.358 / 27.358) / (46.183 / 46.183)
=1 / 1
=1

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 + 27.025) / 1592.3) / (1 - (0 + 12.649) / 960.08)
=0.983028 / 0.986825
=0.9962

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
=46.183 / 27.358
=1.6881

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))
=(0.331 / (0.331 + 12.649)) / (2.495 / (2.495 + 27.025))
=0.025501 / 0.084519
=0.3017

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)
=(17.107 / 46.183) / (10.813 / 27.358)
=0.370418 / 0.395241
=0.9372

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)
=((65.599 + 0) / 1592.3) / ((25.307 + 0) / 960.08)
=0.041198 / 0.026359
=1.563

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
=(8.728 - 0 - 10.296) / 1592.3
=-0.000985

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.

Muncy Columbia Financial has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.


Muncy Columbia Financial Beneish M-Score Related Terms

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


Muncy Columbia Financial Business Description

Traded in Other Exchanges
N/A
Address
232 East Street, Bloomsburg, PA, USA, 17815
Muncy Columbia Financial Corp is a registered financial holding company. It has one subsidiary bank, Journey Bank, which is a full-service commercial bank providing a range of services and products, including time and demand deposit accounts, consumer, commercial and mortgage loans to individuals and small to medium-sized businesses in its Northcentral Pennsylvania market area. The Bank also operates a full-service trust department and offers brokerage services through a third-party networking agreement. It serves individuals, families, nonprofits and business clients throughout Clinton, Columbia, Lycoming, Montour, and Northumberland counties through its branch banking offices.
Executives
Steven H Shannon director PO BOX 803, BLOOMSBURG PA 17815
Jeffrey Thomas Arnold officer: Treasurer, CFO 1414 BRUSHY RIDGE ROAD, MONTOURSVILLE PA 17754
Paul K Page officer: Senior Vice President 11 WEST MAIN STREET, BLOOMSBURG PA 17815
Robert W Dillon director PO BOX 180, BLOOMSBURG PA 17815
Kile Willard H Jr director
Charles B Pursel director 120 WEST MAIN STREET, BLOOMSBURG PA 17815
P Jeffrey Hill director 2204 SHASTA DRIVE, BLOOMSBURG PA 17815
Gittler William F Jr director PMB 288, SUITE 1, 150 EAST NINTH ST., BLOOMSBURG PA 17815
Shirley K Alters officer: Senior Vice President & CFO 19 APPLE LANE, BLOOMSBURG PA 17815
Glenn E Halterman director 1417 TREELINE DRIVE, BLOOMSBURG PA 17815
Naugle Mary Ann B director 68 VISTA ROAD, BERWICK PA 18603
Joanne I Keenan director 2 BITTERSWEET DRIVE, BLOOMSBURG PA 17815
Andrew B Pruden director THE INN AT TURKEY HILL, 991 CENTRAL ROAD, BLOOMSBURG PA 17815
Harding Elwood R Jr director
Mcmichael W Bruce Jr director 83 DEER PATH DR, BERWICK PA 18603