Miller Energy Resources Beneish M-Score Historical Data
The historical data trend for Miller Energy Resources'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.
Miller Energy Resources Beneish M-Score Chart
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Miller Energy Resources Annual Data
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| Beneish M-Score |
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0.45 |
0.23 |
-2.51 |
-1.65 |
-2.63 |
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Miller Energy Resources Quarterly Data
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| Beneish M-Score |
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-3.09 |
-2.63 |
-3.10 |
-4.66 |
-0.89 |
Competitive Comparison of Miller Energy Resources's Beneish M-Score
For the Oil & Gas E&P subindustry, Miller Energy Resources'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.
Miller Energy Resources's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Miller Energy Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Miller Energy Resources's Beneish M-Score falls into.
Miller Energy Resources 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 Miller Energy Resources 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 * 2.2617 | + | 0.528 * 0.7991 | + | 0.404 * 3.4527 | + | 0.892 * 1.6373 | + | 0.115 * 0.1882 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9216 | + | 4.679 * -1.041721 | - | 0.327 * 3.8647 |
| = | -5.76 |
* 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.
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) |
| = | (77.392 / 91.952) | / | (20.9 / 56.162) |
| = | 0.841657 | / | 0.372138 |
| | = | 2.2617 |
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) |
| = | (25.229 / 56.162) | / | (51.694 / 91.952) |
| = | 0.449218 | / | 0.562185 |
| | = | 0.7991 |
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 - (119.981 + 241.428) / 392.559) | / | (1 - (51.465 + 604.21) / 671.098) |
| = | 0.079351 | / | 0.022982 |
| | = | 3.4527 |
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 |
| = | 91.952 | / | 56.162 |
| | = | 1.6373 |
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)) |
| = | (25.994 / (25.994 + 604.21)) | / | (67.777 / (67.777 + 241.428)) |
| = | 0.041247 | / | 0.219198 |
| | = | 0.1882 |
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) |
| = | (45.422 / 91.952) | / | (30.103 / 56.162) |
| = | 0.493975 | / | 0.536003 |
| | = | 0.9216 |
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) |
| = | ((196.252 + 109.144) / 392.559) | / | ((74.268 + 60.823) / 671.098) |
| = | 0.777962 | / | 0.201298 |
| | = | 3.8647 |
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 |
| = | (-345.572 - 36.348 | - | 27.017) | / | 392.559 |
| | = | -1.041721 |
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.
Miller Energy Resources has a M-score of -5.76 suggests that the company is unlikely to be a manipulator.
Miller Energy Resources (Miller Energy Resources) Business Description
Traded in Other Exchanges
N/A
Address
Miller Energy Resources Inc was formed in Delaware in November 1985. In January 1997, it acquired Miller Petroleum, Inc., a privately-held company, in a reverse merger in which Miller Petroleum, Inc. In conjunction with this transaction, the Company changed its name to Miller Petroleum, Inc. and re-domesticated to the State of Tennessee. The Company is an exploration and production company that utilizes seismic data and other technologies for the geophysical exploration, development and production of oil and natural gas wells in the Cook Inlet Basin of southcentral Alaska and the Appalachian region of eastern Tennessee. The Company focuses its efforts on activities in the Cook Inlet and Susitna Basins of Alaska as well as the Appalachian region of East Tennessee. The Cook Inlet Basin contains large oil and gas deposits including multiple offshore fields. The Cook Inlet is a vast estuary stretching 180 miles from the Gulf of Alaska to Anchorage in southcentral Alaska. The Inlet separates the Kenai Peninsula in the east from the Alaska Peninsula in the west. The Cook Inlet Basin underlying this region contains large oil and gas deposits including several offshore fields. There are also numerous oil and gas pipelines located in and under the Cook Inlet. The Cook Inlet Basin has produced approximately 1.3 billion barrels of oil and 7.8 trillion cubic feet ('tcf') of natural gas. The Susitna Basin underlies the sprawling Susitna River valley to the north of Anchorage. The Susitna Basin lies directly north of the Cook Inlet Basin, separated by the Castle Mountain Fault, and has similar geology. Wells drilled within its acreage range from approximately 1,500 to 4,200 feet in depth with major targets in descending order being: the Mississippian age Monteagle Limestone and Fort Payne Limestone, and the Devonian age Chattanooga Shale, with the Fort Payne Limestone being the primary oil target. The existing markets for natural gas production in southcentral Alaska are the Tesoro Nikiski Refinery, utility companies, petrochemical manufacturing, the production of LNG for export to Asian markets, and the production of synthetic crude oil ('syncrude'). Presently, its sole market for crude oil produced from its Alaskan operations is the Tesoro Nikiski Refinery. Crude oil is shipped by pipeline and tanker vessel to the Tesoro Nikiski Refinery, operated by Tesoro Alaska Petroleum Company ('Tesoro'). It competes with a number of other companies doing business in Alaska, Tennessee and elsewhere, including large oil and gas companies and other operators. The Company's exploration and production business is subject to various federal, state and local laws and regulations on the taxation of natural gas and oil, the development, production and marketing of natural gas and oil and environmental and safety matters.
Executives
| Daniel Vogel |
director |
C/O APOLLO MANAGEMENT, L.P., 9 WEST 57TH, NEW YORK NY 10019 |
| Apollo Management Holdings Gp, Llc |
10 percent owner |
9 W. 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
| Highbridge Principal Strategies - Specialty Loan Fund Iii, L.p. |
10 percent owner |
40 WEST 57TH STREET, 33RD FLOOR, NEW YORK NY 10019 |
| Jeffrey Fitts |
director |
C/O MILLER ENERGY RESOURCES, INC., 9721 COGDILL ROAD, SUITE 302, KNOXVILLE TN 37932 |
| Apollo Investment Management, L.p. |
10 percent owner |
2711 CENTERVILLE ROAD, SUITE 400, WILMINGTON DE 19808 |
| Apollo Investment Corp |
10 percent owner |
9 W. 57TH STREET, NEW YORK NY 10019 |
| Highbridge Specialty Loan Sector D Investment Fund, L.p. |
10 percent owner |
C/O HIGHBRIDGE PRINCIPAL STRATEGIES, LLC, 40 WEST 57TH STREET, NEW YORK NY 10019 |
| Don Dimitrievich |
director |
C/O MILLER ENERGY RESOURCES, INC., 9721 COGDILL ROAD, SUITE 302, KNOXVILLE TN 37932 |
| Gerald Girardi |
director |
C/O APOLLO MANAGEMENT, L.P., 9 WEST 57TH STREET, NEW YORK NY 10019 |
| Apollo Capital Management, L.p. |
10 percent owner |
9 WEST 57TH STREET, NEW YORK NY 10019 |
| Apollo Capital Management Gp, Llc |
10 percent owner |
9 WEST 57TH STREET, NEW YORK NY 10019 |
| Apollo Management Holdings, L.p. |
10 percent owner |
9 W. 57TH STREET, NEW YORK NY 10019 |
| Leland E Tate |
officer: Interim COO |
4600 POST OAK PLACE STE 200, HOUSTON TX 77027 |
| Phillip G Elliott |
officer: SVP and CFO |
9721 COGDILL ROAD, SUITE 302, KNOXVILLE TN 37932 |
| Jeffrey R Mcinturff |
officer: CAO |
9721 COGDILL ROAD, SUITE 302, KNOXVILLE TN 37932 |
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