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Page 1 Front Page
Page 2 Stocks & Bonds
Page 3 Financial Summary
Page 4 Production Analysis
Page 5 Thrift Segment Analysis Page 9 Market Share
Page 6 Core Segment Analysis
Page 7 Nano Segment Analysis Page 10 Perceptual Map
Page 11 HR/TQM Report
Page 8 Elite Segment Analysis

Annual Report Andrews Annual Report Baldwin Annual Report Chester Annual Report Digby

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"

Round: 3 Mayank
Dec. 31, 2021 Raj
Student: Mayank Raj

Andrews Baldwin Chester

Mayank Raj

Digby

Selected Financial Statistics

Andrews Baldwin Chester Digby
ROS 13.2% -2.5% -4.4% 11.7%
Asset Turnover 1.00 0.65 0.63 1.24
ROA 13.2% -1.6% -2.7% 14.5%
Leverage (Assets/Equity) 1.8 2.6 2.5 1.7
ROE 23.6% -4.2% -6.9% 25.0%
Emergency Loan $0 $0 $0 $0
Sales $300,691,698 $114,531,599 $135,188,976 $168,522,345
EBIT $75,706,619 $9,062,230 $6,850,339 $36,636,209
Profits $39,599,104 ($2,822,108) ($5,896,944) $19,716,751
Cumulative Profit $56,586,408 ($4,135,231) ($5,765,572) $41,977,876
SG&A / Sales 10.3% 11.5% 15.1% 7.7%
Contrib. Margin % 46.0% 36.9% 38.7% 38.7%

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Round: 3
Stocks & Bonds Mayank Raj
December 31 , 2021

Stock Market Summary

Company Close Change Shares MarketCap ($M) Book Value EPS Dividend Yield P/E
Andrews $124.72 $55.35 2,578,265 $322 $65.13 $15.36 $0.00 0.0% 8.1
Baldwin $15.49 ($4.73) 3,128,126 $48 $21.47 ($0.90) $0.00 0.0% -17.2
Chester $19.25 ($8.65) 3,244,814 $62 $26.41 ($1.82) $0.00 0.0% -10.6
Digby $87.00 $20.21 1,881,456 $164 $41.94 $10.48 $2.15 2.5% 8.3

Bond Market Summary

Company Series# Face Yield Close$ S&P
Andrews
11.2S2025 $8,837,000 11.7% 95.80 BB
11.9S2026 $7,072,000 12.2% 97.51 BB
11.4S2029 $14,722,000 12.1% 94.16 BB
12.1S2030 $22,000,000 12.4% 97.40 BB
12.2S2031 $25,000,000 12.5% 97.79 BB

Baldwin
11.3S2025 $7,894,983 12.4% 91.04 CC
12.5S2026 $14,665,611 13.4% 93.54 CC
12.5S2027 $7,969,218 13.5% 92.69 CC
12.5S2028 $9,570,210 13.6% 91.95 CC
13.4S2029 $14,272,791 14.0% 95.42 CC
14.0S2030 $24,026,513 14.3% 98.05 CC
Chester
11.2S2025 $8,635,154 12.3% 91.02 CC
12.4S2026 $5,826,767 13.3% 93.52 CC
11.9S2028 $15,600,517 13.3% 89.80 CC
13.1S2029 $17,807,701 13.9% 94.49 CC
13.7S2030 $33,629,804 14.1% 97.06 CC
13.8S2031 $18,738,890 14.2% 97.42 CC

Digby
11.1S2027 $2,507,689 11.7% 94.72 BBB
11.2S2028 $5,667,039 11.8% 94.59 BBB
12.0S2029 $1,377,083 12.2% 98.04 BBB
12.2S2030 $17,228,519 12.3% 98.95 BBB
12.7S2031 $3,861,808 12.5% 101.67 BBB

Next Year's Prime Rate 9.00%

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Round: 3
Financial Summary Mayank Raj December 31, 2021

Cash Flow Statement Survey Andrews Baldwin Chester Digby

Cash flows from operating activities
Net Income (Loss) $39,599 ($2,822) ($5,897) $19,717
Adjustment for non-cash items:
Depreciation $19,814 $14,567 $17,283 $9,031
Extraordinary gains/losses/writeoffs $0 ($250) $0 $0
Changes in current assets and liabilities:
Accounts payable $3,180 $220 $1,308 $1,141
Inventory ($13,135) ($8,406) ($7,703) ($6,344)
Accounts receivable ($4,853) $1,237 ($1,117) ($2,049)
Net cash from operations $44,606 $4,546 $3,873 $21,495

Cash flows from investing activities

Plant improvements (net) ($83,004) ($11,400) ($43,480) ($16,800)
Cash flows from financing activities
Dividends paid $0 $0 $0 ($4,053)
Sales of common stock $10,000 $5,465 $15,088 $0
Purchase of common stock $0 $0 $0 ($1,945)
Cash from long term debt issued $25,000 $0 $18,739 $3,862
Early retirement of long term debt $0 ($2,273) $0 $0
Retirement of current debt ($33,076) ($40,233) ($32,165) ($29,345)
Cash from current debt borrowing $40,000 $25,077 $22,987 $17,815
Cash from emergency loan $0 $0 $0 $0

Net cash from financing activities $41,924 ($11,963) $24,648 ($13,666)

Net change in cash position $3,526 ($18,817) ($14,958) ($8,971)

Balance Sheet Survey Andrews Baldwin Chester Digby
Cash $41,931 $28,248 $18,601 $23,443
Accounts Receivable $24,714 $9,414 $11,111 $13,851
Inventory $13,955 $12,445 $14,758 $21,640
Total Current Assets $80,601 $50,106 $44,471 $58,934

Plant and equipment $297,214 $218,500 $259,240 $135,460

Accumulated Depreciation ($77,986) ($91,478) ($87,482) ($58,228)
Total Fixed Assets $219,228 $127,022 $171,758 $77,232

Total Assets $299,829 $177,129 $216,228 $136,166

Accounts Payable $14,286 $6,504 $7,302 $8,803

Current Debt $40,000 $25,077 $22,987 $17,815
Long Term Debt $77,631 $78,399 $100,239 $30,642
Total Liabilities $131,917 $109,981 $130,527 $57,259

Common Stock $52,081 $41,188 $52,698 $10,373

Retained Earnings $115,831 $25,961 $33,003 $68,533
Total Equity $167,912 $67,148 $85,701 $78,906

Total Liabilities & Owners' Equity $299,829 $177,129 $216,228 $136,166

Income Statement Survey Andrews Baldwin Chester Digby

Sales $300,692 $114,532 $135,189 $168,522
Variable Costs (Labor, Material, Carry) $162,352 $72,218 $82,904 $103,351
Depreciation $19,814 $14,567 $17,283 $9,031
SGA (R&D, Promo, Sales, Admin) $31,068 $13,128 $20,460 $13,033
Other (Fees, Writeoffs, TQM, Bonuses) $11,750 $5,557 $7,691 $6,472
EBIT $75,707 $9,062 $6,850 $36,636
Interest (Short term, Long term) $13,542 $13,404 $15,923 $5,684
Taxes $21,758 ($1,520) ($3,175) $10,833
Profit Sharing $808 $0 $0 $402
Net Profit $39,599 ($2,822) ($5,897) $19,717
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Round: 3
Production Analysis Mayank Raj December 31, 2021

Production Information
2nd Shift Auto
Unit & mation Capacity
Primary Units Inven Age Pfmn Size Material Labor Contr. Over- Next Next Plant
Name Segment Sold tory Revision Date Dec.31 MTBF Coord Coord Price Cost Cost Marg. time Round Round Utiliz.

Abby Nano 1,350 1 7/30/2021 1.4 23000 12.9 4.2 $39.00 $13.02 $7.32 48% 87% 7.0 828 185%
Alan Elite 1,206 42 7/30/2021 1.4 25000 15.8 7.1 $40.00 $13.55 $7.22 48% 76% 7.0 814 174%
Aft Thrift 1,743 0 7/21/2021 2.6 18000 8.1 11.9 $19.00 $7.08 $4.43 39% 95% 10.0 1,000 194%
Agape Core 1,638 319 9/2/2020 3.3 20000 10.6 9.4 $25.00 $9.43 $4.42 42% 94% 10.0 1,086 192%
AT Core 1,154 282 2/8/2020 1.9 18000 8.5 11.5 $26.00 $7.37 $4.45 52% 100% 10.0 1,025 198%
AC Core 1,652 110 4/5/2020 1.7 20000 10.6 9.4 $25.00 $9.43 $4.39 43% 87% 10.0 1,050 186%
AE Elite 1,129 0 8/22/2021 1.0 25000 15.8 7.1 $42.00 $13.55 $7.42 50% 100% 7.0 870 198%
AN Nano 219 177 7/15/2021 0.5 23000 11.2 2.5 $32.00 $13.31 $6.89 30% 46% 7.0 600 66%

Bold Thrift 1,881 199 6/10/2022 3.7 17000 7.5 12.5 $16.00 $6.80 $2.99 37% 56% 10.0 1,350 154%
Buddy Thrift 1,934 244 6/10/2022 3.6 17000 7.7 12.3 $16.00 $6.96 $2.94 36% 47% 10.0 1,500 145%
Baker Core 1,058 276 12/15/2020 2.1 18000 10.6 8.8 $24.00 $9.72 $4.06 39% 14% 8.0 1,050 113%
Beetle Core 1,171 275 12/17/2020 2.1 20000 11.3 9.3 $24.00 $10.36 $3.97 37% 8% 8.0 1,250 107%

Coat Thrift 940 293 12/20/2021 2.2 14000 8.2 11.8 $17.00 $6.82 $1.77 52% 0% 10.0 1,250 87%
Cure Core 1,442 237 12/7/2019 3.1 16000 9.1 10.9 $19.00 $8.14 $3.69 35% 10% 10.0 1,500 109%
Camp Nano 1,024 228 12/17/2021 1.0 18000 12.6 4.7 $30.00 $12.74 $6.75 35% 44% 7.0 850 142%
Cent Elite 637 202 12/17/2021 1.0 20000 15.7 7.2 $36.00 $13.59 $5.89 44% 0% 7.0 800 87%
Clack Core 1,083 55 12/25/2021 0.9 16000 10.5 9.4 $21.00 $9.31 $4.93 34% 11% 8.0 1,040 109%
Cone Core 701 42 2/10/2021 0.9 16000 10.2 9.8 $22.00 $9.03 $4.03 39% 41% 8.0 1,040 124%

Dot Nano 1,499 201 11/5/2021 1.2 23000 13.2 4.8 $34.00 $13.66 $7.66 38% 72% 7.0 950 171%
Dune Elite 1,011 170 8/24/2021 1.9 25000 16.0 6.8 $34.00 $14.56 $6.40 37% 31% 7.0 800 130%
Dart Nano 1,094 327 7/3/2021 1.3 23000 13.7 4.3 $37.00 $14.04 $6.99 41% 25% 7.0 1,000 124%
Deft Elite 1,154 320 7/25/2021 1.3 25000 15.8 6.5 $37.00 $14.57 $6.97 40% 24% 7.0 1,100 123%

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Round: 3
Thrift Market Segment Analysis Mayank Raj
December 31, 2021

Thrift Statistics
Total Industry Unit Demand 6,983
Actual Industry Unit Sales 6,983
Segment % of Total Industry 26.1%

Next Year's Segment Growth Rate 11.0%

Thrift Customer Buying Criteria

Expectations Importance
1. Price $14.00 - 26.00 55%
2. Reliability MTBF 14000-20000 20%
3. Ideal Position Pfmn 7.7 Size 12.3 15%
4. Age Ideal Age = 3.0 10%

Perceptual Map for Thrift Segment

Top Products in Thrift Segment

Market Units Sold Revision Pfmn Size List Age Promo Cust. Aware- Sales Cust. Access- Dec. Cust.
Name Share to Seg Date Stock Out Coord Coord Price MTBF Dec.31 Budget ness Budget ibility Survey
Bold 25% 1,762 6/10/2022 7.5 12.5 $16.00 17000 3.74 $1,250 78% $1,400 75% 54
Buddy 25% 1,754 6/10/2022 7.7 12.3 $16.00 17000 3.64 $1,250 79% $1,400 75% 55
Aft 17% 1,220 7/21/2021 YES 8.1 11.9 $19.00 18000 2.61 $1,407 100% $1,500 92% 57
Coat 13% 925 12/20/2021 8.2 11.8 $17.00 14000 2.25 $1,140 66% $1,000 72% 31
Cure 10% 705 12/7/2019 9.1 10.9 $19.00 16000 3.11 $1,140 67% $1,000 72% 24
AT 6% 400 2/8/2020 8.5 11.5 $26.00 18000 1.89 $2,000 92% $1,500 92% 15
Clack 3% 188 12/25/2021 10.5 9.4 $21.00 16000 0.88 $1,140 58% $900 72% 0
Cone 0% 29 2/10/2021 10.2 9.8 $22.00 16000 0.89 $1,140 51% $900 72% 3
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Round: 3
Core Market Segment Analysis Mayank Raj December 31, 2021

Core Statistics
Total Industry Unit Demand 8,895
Actual Industry Unit Sales 8,895
Segment % of Total Industry 33.3%

Next Year's Segment Growth Rate 10.0%

Core Customer Buying Criteria

Expectations Importance
1. Price $20.00 - 32.00 46%
2. Age Ideal Age = 2.0 20%
3. Reliability MTBF 16000-22000 18%
4. Ideal Position Pfmn 10.7 Size 9.3 16%

Perceptual Map for Core Segment

Top Products in Core Segment

Market Units Sold Revision Pfmn Size List Age Promo Cust. Aware- Sales Cust. Access- Dec. Cust.
Name Share to Seg Date Stock Out Coord Coord Price MTBF Dec.31 Budget ness Budget ibility Survey
Agape 17% 1,487 9/2/2020 10.6 9.4 $25.00 20000 3.28 $1,407 100% $1,500 96% 58
AC 16% 1,441 4/5/2020 10.6 9.4 $25.00 20000 1.73 $2,000 92% $1,500 96% 64
Beetle 12% 1,099 12/17/2020 11.3 9.3 $24.00 20000 2.10 $1,250 78% $1,100 76% 50
Baker 11% 971 12/15/2020 10.6 8.8 $24.00 18000 2.09 $1,250 78% $1,100 76% 44
Clack 10% 896 12/25/2021 10.5 9.4 $21.00 16000 0.88 $1,140 58% $900 72% 38
AT 8% 754 2/8/2020 8.5 11.5 $26.00 18000 1.89 $2,000 92% $1,500 96% 31
Cure 8% 737 12/7/2019 9.1 10.9 $19.00 16000 3.11 $1,140 67% $1,000 72% 26
Cone 8% 672 2/10/2021 10.2 9.8 $22.00 16000 0.89 $1,140 51% $900 72% 31
Aft 6% 523 7/21/2021 YES 8.1 11.9 $19.00 18000 2.61 $1,407 100% $1,500 96% 30
Buddy 2% 179 6/10/2022 7.7 12.3 $16.00 17000 3.64 $1,250 79% $1,400 76% 2
Bold 1% 119 6/10/2022 7.5 12.5 $16.00 17000 3.74 $1,250 78% $1,400 76% 0
Coat 0% 15 12/20/2021 8.2 11.8 $17.00 14000 2.25 $1,140 66% $1,000 72% 8
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Round: 3
Nano Market Segment Analysis Mayank Raj
December 31, 2021

Nano Statistics
Total Industry Unit Demand 5,410
Actual Industry Unit Sales 5,410
Segment % of Total Industry 20.3%

Next Year's Segment Growth Rate 14.0%

Nano Customer Buying Criteria

Expectations Importance
1. Ideal Position Pfmn 12.6 Size 4.5 35%
2. Price $28.00 - 40.00 27%
3. Age Ideal Age = 1.0 20%
4. Reliability MTBF 18000-24000 18%

Perceptual Map for Nano Segment

Top Products in Nano Segment

Market Units Sold Revision Pfmn Size List Age Promo Cust. Aware- Sales Cust. Access- Dec. Cust.
Name Share to Seg Date Stock Out Coord Coord Price MTBF Dec.31 Budget ness Budget ibility Survey
Abby 24% 1,310 7/30/2021 12.9 4.2 $39.00 23000 1.38 $1,407 100% $1,500 95% 60
Dot 22% 1,203 11/5/2021 13.2 4.8 $34.00 23000 1.24 $1,350 87% $1,000 83% 62
Dart 19% 1,052 7/3/2021 13.7 4.3 $37.00 23000 1.34 $1,350 87% $900 83% 48
Camp 17% 929 12/17/2021 12.6 4.7 $30.00 18000 1.03 $1,140 67% $1,900 70% 46
AN 4% 219 7/15/2021 11.2 2.5 $32.00 23000 0.46 $2,000 70% $1,500 95% 25
AC 3% 160 4/5/2020 10.6 9.4 $25.00 20000 1.73 $2,000 92% $1,500 95% 0
Agape 2% 125 9/2/2020 10.6 9.4 $25.00 20000 3.28 $1,407 100% $1,500 95% 0
Baker 2% 87 12/15/2020 10.6 8.8 $24.00 18000 2.09 $1,250 78% $1,100 18% 2
Deft 1% 75 7/25/2021 15.8 6.5 $37.00 25000 1.34 $1,350 87% $900 83% 0
Beetle 1% 72 12/17/2020 11.3 9.3 $24.00 20000 2.10 $1,250 78% $1,100 18% 1
AE 1% 69 8/22/2021 YES 15.8 7.1 $42.00 25000 1.00 $2,000 92% $1,500 95% 0
Cent 1% 54 12/17/2021 15.7 7.2 $36.00 20000 1.04 $1,140 67% $2,200 70% 0
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Round: 3
Elite Market Segment Analysis Mayank Raj December 31, 2021

Elite Statistics
Total Industry Unit Demand 5,432
Actual Industry Unit Sales 5,432
Segment % of Total Industry 20.3%

Next Year's Segment Growth Rate 16.0%

Elite Customer Buying Criteria

Expectations Importance
1. Age Ideal Age = 0.0 34%
2. Price $30.00 - 42.00 24%
3. Ideal Position Pfmn 15.5 Size 7.4 22%
4. Reliability MTBF 20000-26000 20%

Perceptual Map for Elite Segment

Top Products in Elite Segment

Market Units Sold Revision Pfmn Size List Age Promo Cust. Aware- Sales Cust. Access- Dec. Cust.
Name Share to Seg Date Stock Out Coord Coord Price MTBF Dec.31 Budget ness Budget ibility Survey
Alan 21% 1,165 7/30/2021 15.8 7.1 $40.00 25000 1.39 $1,407 100% $1,500 98% 52
Deft 20% 1,080 7/25/2021 15.8 6.5 $37.00 25000 1.34 $1,350 87% $900 87% 48
AE 20% 1,059 8/22/2021 YES 15.8 7.1 $42.00 25000 1.00 $2,000 92% $1,500 98% 51
Dune 18% 996 8/24/2021 16.0 6.8 $34.00 25000 1.90 $1,350 87% $1,000 87% 47
Cent 11% 583 12/17/2021 15.7 7.2 $36.00 20000 1.04 $1,140 67% $2,200 69% 30
Dot 5% 294 11/5/2021 13.2 4.8 $34.00 23000 1.24 $1,350 87% $1,000 87% 8
Camp 2% 95 12/17/2021 12.6 4.7 $30.00 18000 1.03 $1,140 67% $1,900 69% 1
AC 1% 51 4/5/2020 10.6 9.4 $25.00 20000 1.73 $2,000 92% $1,500 98% 0
Dart 1% 42 7/3/2021 13.7 4.3 $37.00 23000 1.34 $1,350 87% $900 87% 1
Abby 1% 41 7/30/2021 12.9 4.2 $39.00 23000 1.38 $1,407 100% $1,500 98% 0
Agape 0% 26 9/2/2020 10.6 9.4 $25.00 20000 3.28 $1,407 100% $1,500 98% 0
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Round: 3
Market Share Report Mayank Raj December 31, 2021

Actual Market Share in Units Potential Market Share in Units

Thrift Core Nano Elite Total Thrift Core Nano Elite Total
Industry Unit 6,983 8,895 5,410 5,432 26,720 Units 6,983 8,895 5,410 5,432 26,720
Sales Demanded
% of Market 26.1% 33.3% 20.3% 20.3% 100.0% % of Market 26.1% 33.3% 20.3% 20.3% 100.0%

Abby 24.2% 0.8% 5.0% Abby 24.8% 0.7% 5.2%

Alan 0.8% 21.4% 4.5% Alan 0.8% 20.9% 4.4%
Aft 17.5% 5.9% 6.5% Aft 23.4% 8.1% 8.8%
Agape 16.7% 2.3% 0.5% 6.1% Agape 16.3% 2.3% 0.5% 6.0%
AT 5.7% 8.5% 4.3% AT 5.3% 8.3% 4.1%
AC 16.2% 3.0% 0.9% 6.2% AC 15.8% 2.9% 0.9% 6.0%
AE 1.3% 19.5% 4.2% AE 1.5% 21.7% 4.7%
AN 4.0% 0.8% AN 4.0% 0.8%
Total 23.2% 47.3% 35.6% 43.1% 37.8% Total 28.7% 48.5% 36.2% 44.6% 40.1%

Bold 25.2% 1.3% 7.0% Bold 23.5% 1.3% 6.6%

Buddy 25.1% 2.0% 7.2% Buddy 23.3% 2.0% 6.7%
Baker 10.9% 1.6% 4.0% Baker 10.7% 1.6% 3.9%
Beetle 12.4% 1.3% 4.4% Beetle 12.1% 1.3% 4.3%
Total 50.4% 26.6% 2.9% 22.6% Total 46.8% 26.0% 2.9% 21.5%

Coat 13.3% 0.2% 3.5% Coat 12.3% 0.2% 3.3%

Cure 10.1% 8.3% 5.4% Cure 9.4% 8.1% 5.1%
Camp 17.2% 1.8% 3.8% Camp 17.0% 1.7% 3.8%
Cent 1.0% 10.7% 2.4% Cent 1.0% 10.4% 2.3%
Clack 2.7% 10.1% 4.0% Clack 2.5% 9.8% 3.9%
Cone 0.4% 7.5% 2.6% Cone 0.4% 7.4% 2.6%
Total 26.4% 26.1% 18.2% 12.5% 21.8% Total 24.5% 25.5% 18.0% 12.1% 21.0%
Dot 0.0% 22.2% 5.4% 5.6% Dot 22.0% 5.3% 5.5%
Dune 0.3% 18.3% 3.8% Dune 0.3% 17.9% 3.7%
Dart 19.4% 0.8% 4.1% Dart 19.2% 0.7% 4.0%
Deft 1.4% 19.9% 4.3% Deft 1.4% 19.3% 4.2%
Total 0.0% 43.3% 44.4% 17.8% Total 0.0% 42.9% 43.2% 17.5%
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Round: 3
Perceptual Map Mayank Raj December 31, 2021

Perceptual Map for All Segments

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Abby 12.9 4.2 7/30/2021 Bold 7.5 12.5 6/10/2022 Coat 8.2 11.8 12/20/2021
Alan 15.8 7.1 7/30/2021 Buddy 7.7 12.3 6/10/2022 Cure 9.1 10.9 12/7/2019
Aft 8.1 11.9 7/21/2021 Baker 10.6 8.8 12/15/2020 Camp 12.6 4.7 12/17/2021
Agape 10.6 9.4 9/2/2020 Beetle 11.3 9.3 12/17/2020 Cent 15.7 7.2 12/17/2021
AT 8.5 11.5 2/8/2020 Clack 10.5 9.4 12/25/2021
AC 10.6 9.4 4/5/2020 Cone 10.2 9.8 2/10/2021
AE 15.8 7.1 8/22/2021
AN 11.2 2.5 7/15/2021

Digby
Name Pfmn Size Revised
Dot 13.2 4.8 11/5/2021
Dune 16.0 6.8 8/24/2021
Dart 13.7 4.3 7/3/2021
Deft 15.8 6.5 7/25/2021

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Round: 3
HR/TQM Report Mayank Raj December 31, 2021

HUMAN RESOURCES SUMMARY

Andrews Baldwin Chester Digby
Needed Complement 837 343 450 522
Complement 838 343 450 522
1st Shift Complement 447 266 385 380
2nd Shift Complement 391 77 65 142

Overtime% 0.0% 0.0% 0.0% 0.0%

Turnover Rate 6.7% 8.0% 6.3% 10.0%
New Employees 56 27 71 58
Separated Employees 22 17 0 0
Recruiting Spend $3,000 $2,500 $5,000 $0
Training Hours 80 40 80 0
Productivity Index 111.4% 116.6% 128.4% 100.0%

Recruiting Cost $226 $96 $423 $58

Separation Cost $110 $86 $0 $0
Training Cost $1,341 $274 $720 $0
Total HR Admin Cost $1,676 $456 $1,144 $58

Labor Contract Next Year

Wages $29.56 $29.56 $29.56 $29.56
Benefits 2,500 2,500 2,500 2,500
Profit Sharing 2.0% 2.0% 2.0% 2.0%
Annual Raise 5.0% 5.0% 5.0% 5.0%

Starting Negotiation Position

Wages
Benefits
Profit Sharing
Annual Raise

Ceiling Negotiation Position

Wages
Benefits
Profit Sharing
Annual Raise

Adjusted Labor Demands

Wages
Benefits
Profit Sharing
Annual Raise

Strike Days

TQM SUMMARY
Andrews Baldwin Chester Digby
Process Mgt Budgets Last Year
CPI Systems $1,000 $1,250 $1,500 $0
Vendor/JIT $1,000 $1,250 $1,500 $0
Quality Initiative Training $1,000 $0 $0 $1,250
Channel Support Systems $1,000 $1,500 $0 $1,250
Concurrent Engineering $1,000 $0 $0 $1,250
UNEP Green Programs $1,000 $0 $1,500 $0
TQM Budgets Last Year
Benchmarking $1,000 $0 $1,500 $0
Quality Function Deployment Effort $1,000 $0 $0 $0
CCE/6 Sigma Training $1,000 $750 $0 $1,250
GEMI TQEM Sustainability Initiatives $1,000 $750 $0 $1,250
Total Expenditures $10,000 $5,500 $6,000 $6,250
Cumulative Impacts
Material Cost Reduction 11.80% 6.03% 1.41% 6.43%
Labor Cost Reduction 14.00% 1.78% 0.05% 13.93%
Reduction R&D Cycle Time 40.01% 0.00% 0.00% 39.79%
Reduction Admin Costs 60.02% 16.23% 43.11% 0.00%
Demand Increase 14.40% 5.47% 0.45% 9.37%
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Annual Report Andrews C59559 Round: 3
Dec. 31, 2021

Balance Sheet
DEFINITIONS: Common Size: The common size column ASSETS 2021 2020
simply represents each item as a percentage of total assets Common
for that year. Cash: Your end-of-year cash position. Size
Accounts Receivable: Reflects the lag between delivery Cash $41,931 14.0% $38,405
and payment of your products. Inventories: The current Accounts Receivable $24,714 8.2% $19,862
value of your inventory across all products. A zero indicates Inventory $13,955 4.7% $821
your company stocked out. Unmet demand would, of course,
fall to your competitors. Plant & Equipment: The current Total Current Assets $80,600 26.9% $59,088
value of your plant. Accum Deprec: The total accumulated
depreciation from your plant. Accts Payable: What the Plant & Equipment $297,214 99.1% $214,210
company currently owes suppliers for materials and Accumulated Depreciation ($77,986) -26.0% ($58,172)
services. Current Debt: The debt the company is obligated
to pay during the next year of operations. It includes Total Fixed Assets $219,228 73.1% $156,038
emergency loans used to keep your company solvent should
you run out of cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and this Total Assets $299,829 100.0% $215,126
represents the total value of your bonds. Common Stock:
The amount of capital invested by shareholders in the LIABILITIES & OWNERS' EQUITY
company. Retained Earnings: The profits that the company
chose to keep instead of paying to shareholders as Accounts Payable $14,286 4.8% $11,106
dividends. Current Debt $40,000 13.3% $33,076
Long Term Debt $77,631 25.9% $52,631

Total Liabilities $131,917 44.0% $96,813

Common Stock $52,081 17.4% $42,081

Retained Earnings $115,831 38.6% $76,232

Total Equity $167,912 56.0% $118,313

Total Liab. & O. Equity $299,829 100.0% $215,126

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account during the Cash Flows from Operating Activities: 2021 2020
year. Cash injections appear as positive numbers and cash withdrawals as negative Net Income (Loss) $39,599 $16,454
numbers. The Cash Flow Statement is an excellent tool for diagnosing emergency loans. Depreciation $19,814 $13,081
When negative cash flows exceed positives, you are forced to seek emergency funding. Extraordinary gains/losses/writeoffs $0 ($1,896)
For example, if sales are bad and you find yourself carrying an abundance of excess Accounts Payable $3,180 $2,543
inventory, the report would show the increase in inventory as a huge negative cash flow. Inventory ($13,135) $12,748
Too much unexpected inventory could outstrip your inflows, exhaust your starting cash and ($4,853) ($5,476)
Accounts Receivable
force you to beg for money to keep your company afloat.
Net cash from operations $44,606 $37,454
Cash Flows from Investing Activities:
Plant Improvements ($83,004) ($62,774)
Cash Flows from Financing Activities:
Dividends Paid $0 $0
Sales of Common Stock $10,000 $15,000
Purchase of Common Stock $0 $0
Cash from long term debt $25,000 $22,000
Retirement of long term debt $0 ($6,259)
$6,924 $9,076
Change in current debt (net)
Net cash from financing activities $41,924 $39,817
Net change in cash position $3,526 $14,497
Closing cash position $41,931 $38,405

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Annual Report Andrews C59559 Round: 3
Dec. 31, 2021
2021 Income Statement 2021 Common
(Product Name:) Abby Alan Aft Agape AT AC AE AN Total Size
Sales $52,659 $48,243 $33,111 $40,947 $30,004 $41,311 $47,409 $7,008 $300,692 100.0%
Variable Costs:
Direct Labor $9,884 $8,715 $7,722 $7,322 $5,136 $7,259 $8,373 $1,510 $55,920 18.6%
Direct Material $17,450 $16,225 $12,340 $15,870 $8,774 $16,010 $15,143 $2,947 $104,758 34.8%
Inventory Carry $2 $105 $0 $542 $407 $186 $0 $432 $1,675 0.6%
Total Variable $27,336 $25,045 $20,062 $23,733 $14,317 $23,454 $23,516 $4,889 $162,352 54.0%

Contribution Margin $25,323 $23,198 $13,049 $17,214 $15,687 $17,856 $23,893 $2,119 $138,339 46.0%

Period Costs:
Depreciation $1,877 $1,845 $3,067 $3,330 $3,143 $3,220 $1,972 $1,360 $19,814 6.6%
SG&A: R&D $584 $584 $561 $0 $0 $0 $650 $544 $2,922 1.0%
Promotions $1,407 $1,407 $1,407 $1,407 $2,000 $2,000 $2,000 $2,000 $13,628 4.5%
Sales $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $12,000 4.0%
Admin $441 $404 $277 $343 $251 $346 $397 $59 $2,518 0.8%
Total Period $5,809 $5,740 $6,812 $6,580 $6,895 $7,066 $6,519 $5,463 $50,883 16.9%

Net Margin $19,514 $17,458 $6,237 $10,633 $8,793 $10,790 $17,374 ($3,344) $87,457 29.1%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the product that was sold.
Inventory Carry Cost: the cost to carry unsold goods in inventory. Depreciation: Calculated on straight-line 15-year Other $11,750 3.9%
depreciation of plant value. R&D Costs: R&D department expenditures for each product. Admin: Administration EBIT $75,707 25.2%
overhead is estimated at 1.5% of sales. Promotions: The promotion budget for each product. Sales: The sales force Short Term Interest $4,320 1.4%
budget for each product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees LongTerm Interest $9,222 3.1%
include money paid to investment bankers and brokerage firms to issue new stocks or bonds plus consulting fees your Taxes $21,758 7.2%
instructor might assess. Write-offs include the loss you might experience when you sell capacity or liquidate inventory as Profit Sharing $808 0.3%
the result of eliminating a production line. If the amount appears as a negative amount, then you actually made money on Net Profit $39,599 13.2%
the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest: Interest expense
based on last year's current debt, including short term debt, long term notes that have become due, and emergency
loans. Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based upon a 35% tax rate. Profit
Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus interest, taxes, and profit
sharing.

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Annual Report Baldwin C59559 Round: 3
Dec. 31, 2021

Balance Sheet
DEFINITIONS: Common Size: The common size column ASSETS 2021 2020
simply represents each item as a percentage of total assets Common
for that year. Cash: Your end-of-year cash position. Size
Accounts Receivable: Reflects the lag between delivery Cash $28,248 15.9% $47,066
and payment of your products. Inventories: The current Accounts Receivable $9,414 5.3% $10,651
value of your inventory across all products. A zero indicates Inventory $12,445 7.0% $4,039
your company stocked out. Unmet demand would, of course,
fall to your competitors. Plant & Equipment: The current Total Current Assets $50,107 28.3% $61,756
value of your plant. Accum Deprec: The total accumulated
depreciation from your plant. Accts Payable: What the Plant & Equipment $218,500 123.4% $207,100
company currently owes suppliers for materials and Accumulated Depreciation ($91,478) -51.6% ($76,911)
services. Current Debt: The debt the company is obligated
to pay during the next year of operations. It includes Total Fixed Assets $127,022 71.7% $130,189
emergency loans used to keep your company solvent should
you run out of cash during the year. Long Term Debt: The Total Assets $177,129 100.0% $191,944
company's long term debt is in the form of bonds, and this
represents the total value of your bonds. Common Stock:
The amount of capital invested by shareholders in the LIABILITIES & OWNERS' EQUITY
company. Retained Earnings: The profits that the company
chose to keep instead of paying to shareholders as Accounts Payable $6,504 3.7% $6,284
dividends. Current Debt $25,077 14.2% $40,233
Long Term Debt $78,399 44.3% $80,922

Total Liabilities $109,980 62.1% $127,439

Common Stock $41,188 23.3% $35,723

Retained Earnings $25,961 14.7% $28,783

Total Equity $67,149 37.9% $64,506

Total Liab. & O. Equity $177,129 100.0% $191,944

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account during the Cash Flows from Operating Activities: 2021 2020
year. Cash injections appear as positive numbers and cash withdrawals as negative Net Income (Loss) ($2,822) ($4,673)
numbers. The Cash Flow Statement is an excellent tool for diagnosing emergency loans. Depreciation $14,567 $13,807
When negative cash flows exceed positives, you are forced to seek emergency funding. Extraordinary gains/losses/writeoffs ($250) $0
For example, if sales are bad and you find yourself carrying an abundance of excess Accounts Payable $220 ($2,292)
inventory, the report would show the increase in inventory as a huge negative cash flow. Inventory ($8,406) $9,614
Too much unexpected inventory could outstrip your inflows, exhaust your starting cash and $1,237 $1,332
Accounts Receivable
force you to beg for money to keep your company afloat.
Net cash from operations $4,546 $17,788
Cash Flows from Investing Activities:
Plant Improvements ($11,400) ($29,540)
Cash Flows from Financing Activities:
Dividends Paid $0 $0
Sales of Common Stock $5,465 $8,174
Purchase of Common Stock $0 $0
Cash from long term debt $0 $24,027
Retirement of long term debt ($2,273) ($11,300)
($15,155) $14,977
Change in current debt (net)
Net cash from financing activities ($11,963) $35,878
Net change in cash position ($18,817) $24,126
Closing cash position $28,248 $47,066

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Annual Report Baldwin C59559 Round: 3
Dec. 31, 2021
2021 Income Statement 2021 Common
(Product Name:) Bold Buddy Baker Beetle Na Na Na Na
Total Size
Sales $30,092 $30,942 $25,387 $28,111 $0 $0 $0 $0 $114,532 100.0%
Variable Costs:
Direct Labor $5,624 $5,690 $4,359 $4,704 $0 $0 $0 $0 $20,376 17.8%
Direct Material $13,219 $13,897 $10,682 $12,550 $0 $0 $0 $0 $50,348 44.0%
Inventory Carry $239 $297 $471 $486 $0 $0 $0 $0 $1,493 1.3%
Total Variable $19,081 $19,884 $15,513 $17,740 $0 $0 $0 $0 $72,218 63.1%

Contribution Margin $11,012 $11,057 $9,874 $10,371 $0 $0 $0 $0 $42,314 36.9%

Period Costs:
Depreciation $4,140 $4,600 $2,660 $3,167 $0 $0 $0 $0 $14,567 12.7%
SG&A: R&D $1,000 $1,000 $0 $0 $0 $0 $0 $0 $2,000 1.7%
Promotions $1,250 $1,250 $1,250 $1,250 $0 $0 $0 $0 $5,000 4.4%
Sales $1,400 $1,400 $1,100 $1,100 $0 $0 $0 $0 $5,000 4.4%
Admin $296 $305 $250 $277 $0 $0 $0 $0 $1,128 1.0%
Total Period $8,086 $8,555 $5,260 $5,793 $0 $0 $0 $0 $27,694 24.2%

Net Margin $2,925 $2,503 $4,614 $4,578 $0 $0 $0 $0 $14,620 12.8%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the product that was sold.
Inventory Carry Cost: the cost to carry unsold goods in inventory. Depreciation: Calculated on straight-line 15-year Other $5,557 4.9%
depreciation of plant value. R&D Costs: R&D department expenditures for each product. Admin: Administration EBIT $9,062 7.9%
overhead is estimated at 1.5% of sales. Promotions: The promotion budget for each product. Sales: The sales force Short Term Interest $3,210 2.8%
budget for each product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees LongTerm Interest $10,194 8.9%
include money paid to investment bankers and brokerage firms to issue new stocks or bonds plus consulting fees your Taxes ($1,520) -1.3%
instructor might assess. Write-offs include the loss you might experience when you sell capacity or liquidate inventory as Profit Sharing $0 0.0%
the result of eliminating a production line. If the amount appears as a negative amount, then you actually made money on Net Profit ($2,822) -2.5%
the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest: Interest expense
based on last year's current debt, including short term debt, long term notes that have become due, and emergency
loans. Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based upon a 35% tax rate. Profit
Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus interest, taxes, and profit
sharing.

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Annual Report Chester C59559 Round: 3
Dec. 31, 2021

Balance Sheet
DEFINITIONS: Common Size: The common size column ASSETS 2021 2020
simply represents each item as a percentage of total assets Common
for that year. Cash: Your end-of-year cash position. Size
Accounts Receivable: Reflects the lag between delivery Cash $18,601 8.6% $33,559
and payment of your products. Inventories: The current Accounts Receivable $11,111 5.1% $9,994
value of your inventory across all products. A zero indicates Inventory $14,758 6.8% $7,056
your company stocked out. Unmet demand would, of course,
fall to your competitors. Plant & Equipment: The current Total Current Assets $44,470 20.6% $50,609
value of your plant. Accum Deprec: The total accumulated
depreciation from your plant. Accts Payable: What the Plant & Equipment $259,240 119.9% $215,760
company currently owes suppliers for materials and Accumulated Depreciation ($87,482) -40.5% ($70,200)
services. Current Debt: The debt the company is obligated
to pay during the next year of operations. It includes Total Fixed Assets $171,758 79.4% $145,560
emergency loans used to keep your company solvent should
you run out of cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and this Total Assets $216,228 100.0% $196,169
represents the total value of your bonds. Common Stock:
The amount of capital invested by shareholders in the LIABILITIES & OWNERS' EQUITY
company. Retained Earnings: The profits that the company
chose to keep instead of paying to shareholders as Accounts Payable $7,302 3.4% $5,994
dividends. Current Debt $22,987 10.6% $32,165
Long Term Debt $100,239 46.4% $81,500

Total Liabilities $130,528 60.4% $119,659

Common Stock $52,698 24.4% $37,610

Retained Earnings $33,003 15.3% $38,900

Total Equity $85,701 39.6% $76,510

Total Liab. & O. Equity $216,228 100.0% $196,169

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account during the Cash Flows from Operating Activities: 2021 2020
year. Cash injections appear as positive numbers and cash withdrawals as negative Net Income (Loss) ($5,897) ($2,311)
numbers. The Cash Flow Statement is an excellent tool for diagnosing emergency loans. Depreciation $17,283 $13,024
When negative cash flows exceed positives, you are forced to seek emergency funding. Extraordinary gains/losses/writeoffs $0 $0
For example, if sales are bad and you find yourself carrying an abundance of excess Accounts Payable $1,308 ($223)
inventory, the report would show the increase in inventory as a huge negative cash flow. Inventory ($7,703) $4,809
Too much unexpected inventory could outstrip your inflows, exhaust your starting cash and ($1,117) ($839)
Accounts Receivable
force you to beg for money to keep your company afloat.
Net cash from operations $3,873 $14,459
Cash Flows from Investing Activities:
Plant Improvements ($43,480) ($50,460)
Cash Flows from Financing Activities:
Dividends Paid $0 $0
Sales of Common Stock $15,088 $18,943
Purchase of Common Stock $0 $0
Cash from long term debt $18,739 $33,630
Retirement of long term debt $0 ($11,300)
($9,178) $10,449
Change in current debt (net)
Net cash from financing activities $24,648 $51,723
Net change in cash position ($14,958) $15,722
Closing cash position $18,601 $33,559

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Annual Report Chester C59559 Round: 3
Dec. 31, 2021
2021 Income Statement 2021 Common
(Product Name:) Coat Cure Camp Cent Clack Cone Na Na Total Size
Sales $15,986 $27,399 $30,710 $22,926 $22,753 $15,414 $0 $0 $135,189 100.0%

Variable Costs:
Direct Labor $1,733 $5,366 $6,838 $3,871 $5,339 $2,821 $0 $0 $25,968 19.2%
Direct Material $5,644 $12,155 $12,695 $8,456 $9,706 $6,508 $0 $0 $55,165 40.8%
Inventory Carry $276 $345 $522 $469 $92 $67 $0 $0 $1,771 1.3%
Total Variable $7,654 $17,866 $20,055 $12,797 $15,137 $9,396 $0 $0 $82,904 61.3%

Contribution Margin $8,332 $9,534 $10,656 $10,130 $7,615 $6,018 $0 $0 $52,285 38.7%

Period Costs:
Depreciation $3,833 $4,600 $1,927 $1,813 $2,635 $2,475 $0 $0 $17,283 12.8%
SG&A: R&D $983 $0 $973 $973 $995 $114 $0 $0 $4,039 3.0%
Promotions $1,140 $1,140 $1,140 $1,140 $1,140 $1,140 $0 $0 $6,840 5.1%
Sales $1,000 $1,000 $1,900 $2,200 $900 $900 $0 $0 $7,900 5.8%
Admin $199 $341 $382 $285 $283 $192 $0 $0 $1,682 1.2%
Total Period $7,155 $7,081 $6,322 $6,412 $5,953 $4,820 $0 $0 $37,743 27.9%

Net Margin $1,177 $2,453 $4,334 $3,718 $1,662 $1,198 $0 $0 $14,542 10.8%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the product that was sold.
Inventory Carry Cost: the cost to carry unsold goods in inventory. Depreciation: Calculated on straight-line 15-year Other $7,691 5.7%
depreciation of plant value. R&D Costs: R&D department expenditures for each product. Admin: Administration EBIT $6,850 5.1%
overhead is estimated at 1.5% of sales. Promotions: The promotion budget for each product. Sales: The sales force Short Term Interest $2,850 2.1%
budget for each product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees LongTerm Interest $13,072 9.7%
include money paid to investment bankers and brokerage firms to issue new stocks or bonds plus consulting fees your Taxes ($3,175) -2.3%
instructor might assess. Write-offs include the loss you might experience when you sell capacity or liquidate inventory as Profit Sharing $0 0.0%
the result of eliminating a production line. If the amount appears as a negative amount, then you actually made money on Net Profit ($5,897) -4.4%
the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest: Interest expense
based on last year's current debt, including short term debt, long term notes that have become due, and emergency
loans. Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based upon a 35% tax rate. Profit
Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus interest, taxes, and profit
sharing.

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Annual Report Digby C59559 Round: 3
Dec. 31, 2021

Balance Sheet
DEFINITIONS: Common Size: The common size column ASSETS 2021 2020
simply represents each item as a percentage of total assets Common
for that year. Cash: Your end-of-year cash position. Size
Accounts Receivable: Reflects the lag between delivery Cash $23,443 17.2% $32,414
and payment of your products. Inventories: The current Accounts Receivable $13,851 10.2% $11,802
value of your inventory across all products. A zero indicates Inventory $21,640 15.9% $15,296
your company stocked out. Unmet demand would, of course,
fall to your competitors. Plant & Equipment: The current Total Current Assets $58,934 43.3% $59,512
value of your plant. Accum Deprec: The total accumulated
depreciation from your plant. Accts Payable: What the Plant & Equipment $135,460 99.5% $118,660
company currently owes suppliers for materials and Accumulated Depreciation ($58,228) -42.8% ($49,197)
services. Current Debt: The debt the company is obligated
to pay during the next year of operations. It includes Total Fixed Assets $77,232 56.7% $69,463
emergency loans used to keep your company solvent should
you run out of cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and this Total Assets $136,166 100.0% $128,975
represents the total value of your bonds. Common Stock:
The amount of capital invested by shareholders in the LIABILITIES & OWNERS' EQUITY
company. Retained Earnings: The profits that the company
chose to keep instead of paying to shareholders as Accounts Payable $8,803 6.5% $7,662
dividends. Current Debt $17,815 13.1% $29,345
Long Term Debt $30,642 22.5% $26,780

Total Liabilities $57,260 42.1% $63,787

Common Stock $10,373 7.6% $10,692

Retained Earnings $68,533 50.3% $54,495

Total Equity $78,906 57.9% $65,187

Total Liab. & O. Equity $136,166 100.0% $128,975

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account during the Cash Flows from Operating Activities: 2021 2020
year. Cash injections appear as positive numbers and cash withdrawals as negative Net Income (Loss) $19,717 $10,959
numbers. The Cash Flow Statement is an excellent tool for diagnosing emergency loans. Depreciation $9,031 $7,911
When negative cash flows exceed positives, you are forced to seek emergency funding. Extraordinary gains/losses/writeoffs $0 $0
For example, if sales are bad and you find yourself carrying an abundance of excess Accounts Payable $1,141 $62
inventory, the report would show the increase in inventory as a huge negative cash flow. Inventory ($6,344) ($2,292)
Too much unexpected inventory could outstrip your inflows, exhaust your starting cash and ($2,049) $156
Accounts Receivable
force you to beg for money to keep your company afloat.
Net cash from operations $21,495 $16,796
Cash Flows from Investing Activities:
Plant Improvements ($16,800) ($24,700)
Cash Flows from Financing Activities:
Dividends Paid ($4,053) $0
Sales of Common Stock $0 $1,891
Purchase of Common Stock ($1,945) $0
Cash from long term debt $3,862 $17,229
Retirement of long term debt $0 ($11,300)
($11,531) $15,383
Change in current debt (net)
Net cash from financing activities ($13,666) $23,203
Net change in cash position ($8,971) $15,299
Closing cash position $23,443 $32,414

Annual Report Page 1

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8/20/2019 COMP-XM® INQUIRER
Top
Annual Report Digby C59559 Round: 3
Dec. 31, 2021
2021 Income Statement 2021 Common
(Product Name:) Dot Dune Dart Deft Na Na Na Na
Total Size
Sales $50,953 $34,376 $40,492 $42,702 $0 $0 $0 $0 $168,522 100.0%
Variable Costs:
Direct Labor $11,698 $6,622 $7,750 $8,077 $0 $0 $0 $0 $34,147 20.3%
Direct Material $19,510 $14,722 $15,476 $16,898 $0 $0 $0 $0 $66,607 39.5%
Inventory Carry $503 $431 $832 $830 $0 $0 $0 $0 $2,597 1.5%
Total Variable $31,711 $21,775 $24,058 $25,806 $0 $0 $0 $0 $103,351 61.3%

Contribution Margin $19,242 $12,601 $16,434 $16,895 $0 $0 $0 $0 $65,172 38.7%

Period Costs:
Depreciation $2,457 $1,813 $2,267 $2,493 $0 $0 $0 $0 $9,031 5.4%
SG&A: R&D $858 $655 $510 $571 $0 $0 $0 $0 $2,595 1.5%
Promotions $1,350 $1,350 $1,350 $1,350 $0 $0 $0 $0 $5,400 3.2%
Sales $1,000 $1,000 $900 $900 $0 $0 $0 $0 $3,800 2.3%
Admin $374 $253 $297 $314 $0 $0 $0 $0 $1,238 0.7%
Total Period $6,040 $5,071 $5,324 $5,628 $0 $0 $0 $0 $22,063 13.1%

Net Margin $13,202 $7,530 $11,109 $11,268 $0 $0 $0 $0 $43,108 25.6%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the product that was sold.
Inventory Carry Cost: the cost to carry unsold goods in inventory. Depreciation: Calculated on straight-line 15-year Other $6,472 3.8%
depreciation of plant value. R&D Costs: R&D department expenditures for each product. Admin: Administration EBIT $36,636 21.7%
overhead is estimated at 1.5% of sales. Promotions: The promotion budget for each product. Sales: The sales force Short Term Interest $2,013 1.2%
budget for each product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees LongTerm Interest $3,671 2.2%
include money paid to investment bankers and brokerage firms to issue new stocks or bonds plus consulting fees your Taxes $10,833 6.4%
instructor might assess. Write-offs include the loss you might experience when you sell capacity or liquidate inventory as Profit Sharing $402 0.2%
the result of eliminating a production line. If the amount appears as a negative amount, then you actually made money on Net Profit $19,717 11.7%
the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest: Interest expense
based on last year's current debt, including short term debt, long term notes that have become due, and emergency
loans. Long Term Interest: Interest paid on outstanding bonds. Taxes: Income tax based upon a 35% tax rate. Profit
Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus interest, taxes, and profit
sharing.

Annual Report Page 2

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