Round: 2

Dec. 31, C133484

2023
Andrews Baldwin Chester
Naman Arora Pallavi Chakraborty Kanika Agrawal
Varun Bhalla Jitesh Gupta Bhumika Bhatia
Himanshu Parakh Vinay M Maharaj Prateek Bichpuriya
Sai Avanthika Revan Ayush Mishra SOURAV MORE
Aswin Shaji Shivani Prakash Priyanshu Tiwari

Digby Erie Ferris

Khushi Agarwal Gunjan Agarwal
Rashi Chhaparwal Aman Gahlot
Febina K Maitry Joshi
Kunal Pagey Ritesh Kumar
Akshay S Jayaraj Sushant Yadav
SREERAM THEJAS

Selected Financial Statistics

Andrews Baldwin Chester Digby Erie Ferris
ROS 1.6% -2.7% 0.8% 2.4% -6.1% -0.2%
Asset Turnover 1.09 0.85 1.08 1.04 0.96 1.01
ROA 1.7% -2.3% 0.8% 2.5% -5.9% -0.3%
Leverage 1.6 2.3 2.1 2.0 3.0 2.1
ROE 2.8% -5.2% 1.8% 5.0% -17.5% -0.5%
Emergency Loan $0 $11,625,640 $0 $0 $0 $0
Sales $147,255,880 $123,446,555 $135,531,660 $113,253,835 $131,080,805 $107,016,438
EBIT $9,213,387 $4,189,182 $9,012,086 $10,040,696 ($2,278,918) $5,369,413
Profits $2,331,446 ($3,339,239) $1,051,296 $2,762,412 ($8,033,829) ($266,286)
Cumulative Profit $8,592,070 $2,183,008 $6,133,657 $11,246,626 ($6,326,795) $8,150,207
SG&A / Sales 22.7% 21.8% 23.5% 19.7% 22.3% 22.1%
Contrib. Margin % 35.6% 34.8% 36.2% 36.1% 30.3% 32.3%

CAPSTONE ® COURIER Page 1

 Round: 2
Stock & Bonds C133484 Dec. 31, 2023
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $32.86 ($2.48) 2,852,759 $94 $28.80 $0.82 $0.00 0.0% 40.2
Baldwin $17.87 ($16.00) 2,539,852 $45 $25.37 ($1.31) $0.00 0.0% -13.6
Chester $28.09 ($1.44) 2,299,309 $65 $26.05 $0.46 $0.00 0.0% 61.3
Digby $35.79 ($2.88) 2,000,000 $72 $27.50 $1.38 $0.00 0.0% 25.9
Erie $6.44 ($14.67) 2,400,000 $15 $19.11 ($3.35) $0.00 0.0% -1.9
Ferris $30.09 ($8.43) 2,065,473 $62 $24.35 ($0.13) $0.00 0.0% -235.2

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.5S2025 $13,869,571 12.0% 104.34 BBB 12.5S2025 $13,900,000 12.2% 102.39 B
12.9S2027 $20,850,000 11.8% 109.19 BBB 12.9S2027 $20,850,000 12.2% 105.57 B
11.3S2032 $10,000,000 10.5% 107.49 BBB 11.5S2033 $5,000,000 11.2% 102.35 B
Baldwin Erie
12.5S2025 $13,900,000 12.4% 101.19 CC 12.5S2025 $13,900,000 12.5% 99.83 C
12.9S2027 $20,850,000 12.5% 103.36 CC 12.9S2027 $20,850,000 12.8% 100.90 C
11.3S2032 $11,000,000 11.6% 97.31 CC 12.4S2033 $32,332,000 12.5% 98.90 C
11.6S2033 $9,500,000 11.7% 98.86 CC Ferris
Chester 12.5S2025 $9,210,463 12.3% 101.87 CCC
12.5S2025 $13,900,000 12.3% 101.87 CCC 12.9S2027 $20,850,000 12.3% 104.61 CCC
12.9S2027 $20,850,000 12.3% 104.61 CCC
11.3S2032 $16,000,000 11.4% 99.45 CCC
12.3S2033 $3,000,000 11.7% 105.21 CCC

Next Year's Prime Rate6.90%

CAPSTONE ® COURIER Page 2
 Round: 2
Financial Summary C133484 Dec. 31, 2023
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $2,331 ($3,339) $1,051 $2,762 ($8,034) ($266)
Adjustment for non-cash items:
Depreciation $8,847 $11,153 $8,167 $8,287 $10,680 $6,213
Extraordinary gains/losses/writeoffs ($30) ($135) ($134) $15 $0 ($807)
Changes in current assets and liablilities
Accounts payable $1,929 $2,617 ($3,538) $947 ($233) $616
Inventory ($5,800) ($11,319) $23,922 ($13,014) ($13,174) ($7,165)
Accounts Receivable ($1,812) $1,860 ($81) $302 $7,601 $272
Net cash from operations $5,465 $838 $29,387 ($700) ($3,160) ($1,137)

Cash flows from investing activities

Plant improvements(net) ($24,950) ($34,245) $2,973 ($15,095) ($30,000) ($15,105)
Cash flows from financing activities
Dividends paid $0 $0 $0 $0 $0 $0
Sales of common stock $16,000 $7,500 $2,000 $0 $8,447 $2,522
Purchase of common stock $0 $0 $0 $0 $0 $0
Cash from long term debt issued $0 $9,500 $3,000 $5,000 $32,332 $0
Early retirement of long term debt ($6,950) $0 $0 $0 $0 ($423)
Retirement of current debt $0 $0 ($3,545) $0 ($8,013) ($11,359)
Cash from current debt borrowing $0 $0 $0 $0 $8,000 $18,817
Cash from emergency loan $0 $11,626 $0 $0 $0 $0

Net cash from financing activities $9,050 $28,626 $1,455 $5,000 $40,766 $9,557

Net change in cash position ($10,435) ($4,782) $33,814 ($10,795) $7,606 ($6,685)
Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $19,727 $0 $33,814 $6,107 $7,606 $12,588
Accounts Receivable $12,103 $10,146 $11,140 $9,309 $5,387 $8,796
Inventory $6,421 $23,535 $1,086 $14,930 $20,137 $15,131
Total Current Assets $38,251 $33,681 $46,040 $30,345 $33,129 $36,515

Plant and equipment $139,900 $167,300 $122,500 $124,300 $160,200 $105,200

Accumulated Depreciation ($43,060) ($55,407) ($42,825) ($46,073) ($57,027) ($36,147)
Total Fixed Assets $96,840 $111,893 $79,675 $78,227 $103,173 $69,053

Total Assets $135,091 $145,574 $125,715 $108,572 $136,303 $105,568

Accounts Payable $8,208 $7,312 $5,128 $6,872 $8,397 $6,393

Current Debt $0 $18,576 $6,950 $6,950 $14,950 $18,817
Total Current Liabilities $8,208 $25,888 $12,078 $13,822 $23,347 $25,210

Long Term Debt $44,720 $55,250 $53,750 $39,750 $67,082 $30,060

Total Liabilities $52,927 $81,138 $65,828 $53,572 $90,429 $55,270

Common Stock $48,178 $36,860 $28,360 $18,360 $26,807 $20,882

Retained Earnings $33,986 $27,577 $31,527 $36,640 $19,067 $29,416
Total Equity $82,164 $64,436 $59,887 $55,000 $45,873 $50,298

Total Liabilities & Owners Equity $135,091 $145,574 $125,715 $108,572 $136,303 $105,568

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $147,256 $123,447 $135,532 $113,254 $131,081 $107,016
Variable Costs(Labor,Material,Carry) $94,832 $80,472 $86,442 $72,384 $91,411 $72,428
Contribution Margin $52,424 $42,975 $49,090 $40,870 $39,670 $34,588
Depreciation $8,847 $11,153 $8,167 $8,287 $10,680 $6,213
SGA(R&D,Promo,Sales,Admin) $33,490 $26,917 $31,795 $22,277 $29,230 $23,680
Other(Fees,Writeoffs,TQM,Bonuses) $874 $715 $116 $265 $2,039 ($675)
EBIT $9,213 $4,189 $9,012 $10,041 ($2,279) $5,369
Interest(Short term,Long term) $5,553 $9,326 $7,362 $5,704 $10,081 $5,779
Taxes $1,281 ($1,798) $578 $1,518 ($4,326) ($143)
Profit Sharing $48 $0 $21 $56 $0 $0
Net Profit $2,331 ($3,339) $1,051 $2,762 ($8,034) ($266)
CAPSTONE ® COURIER Page 3
 Round: 2
Production Analysis C133484 Dec. 31, 2023

2nd
Shift Auto
Unit & mation Capacity
Primary Units Inven Revision Age Pfmn Size Material Labor Contr. Over- Next Next Plant
Name Segment Sold tory Date Dec.31 MTBF Coord Coord Price
Cost
Cost Marg. time Round Round Utiliz.
Able Trad 1,600 0 6/7/2023 2.0 15000 6.0 13.9 $28.49 $9.72 $7.64 39% 62% 6.0 1,100 160%
Acre Low 2,153 197 1/29/2022 6.6 12000 2.8 17.1 $19.99 $5.78 $6.32 37% 70% 7.5 1,500 168%
Adam High 486 61 10/25/2023 1.3 24000 9.6 10.3 $39.00 $15.84 $8.49 38% 7% 4.5 500 106%
Aft Pfmn 551 49 8/24/2023 1.6 27000 11.1 14.8 $33.50 $15.85 $9.72 23% 62% 4.0 450 160%
Agape Size 500 9 9/28/2023 1.6 21000 5.0 9.1 $34.00 $13.84 $8.66 35% 12% 4.5 450 111%
Aston High 107 42 11/3/2023 0.2 25000 10.5 9.4 $39.50 $16.99 $8.73 32% 100% 5.0 500 30%
Audi 0 0 2/17/2024 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 3.0 400 0%

Baker Trad 1,492 181 4/2/2023 2.1 14500 5.5 14.4 $28.45 $9.10 $7.06 41% 0% 6.0 1,800 86%
Bead Low 1,866 231 1/29/2022 6.6 12000 2.8 17.1 $19.95 $5.78 $5.89 36% 0% 7.5 1,600 96%
Bid High 460 103 9/19/2023 1.4 24000 9.3 10.6 $38.99 $15.55 $9.42 35% 0% 5.0 650 85%
Bold Pfmn 339 267 9/10/2023 1.7 26000 10.5 15.3 $33.99 $15.05 $9.42 22% 0% 5.5 600 94%
Buddy Size 213 238 9/6/2023 1.7 19000 4.5 9.7 $33.99 $12.74 $9.42 27% 0% 4.0 500 86%
Black Size 208 139 3/18/2023 0.8 17000 4.5 9.7 $33.99 $12.14 $11.77 23% 0% 4.0 500 69%

Cake Trad 1,691 0 6/16/2023 2.0 19000 5.9 14.1 $27.99 $10.78 $7.23 35% 5% 6.0 1,330 104%
Cedar Low 1,810 0 1/29/2022 6.6 12000 2.8 17.1 $19.49 $5.78 $3.92 45% 30% 10.0 1,150 129%
Cid High 485 0 11/17/2023 1.2 25000 10.0 10.0 $38.99 $16.47 $9.42 36% 0% 4.0 450 55%
Coat Pfmn 552 0 8/6/2023 1.7 27000 10.7 15.1 $33.99 $15.53 $9.42 27% 0% 4.0 450 88%
Cure Size 443 48 9/18/2023 1.7 21000 4.9 9.3 $34.49 $13.69 $9.42 33% 0% 4.0 450 62%

Daze Trad 1,348 12 8/2/2023 1.9 16000 6.2 13.7 $28.50 $10.21 $7.23 39% 6% 6.5 1,300 105%
Dell Low 1,499 522 1/8/2023 6.6 13500 2.8 17.1 $21.69 $6.23 $6.66 36% 39% 7.0 1,400 138%
Duck High 434 144 9/1/2023 1.4 22900 9.5 10.4 $39.00 $15.41 $8.30 37% 2% 5.0 550 101%
Dot Pfmn 356 90 8/31/2023 1.7 26000 10.7 14.9 $34.00 $15.28 $8.23 29% 0% 4.5 450 99%
Dune Size 391 104 7/1/2023 1.8 18800 4.8 9.5 $34.00 $12.88 $9.41 32% 0% 3.5 500 99%

Eat Trad 1,380 294 7/20/2023 1.8 15000 6.4 13.3 $28.50 $10.20 $7.06 35% 0% 6.0 1,800 83%
Ebb Low 1,869 112 5/25/2017 6.6 14000 2.8 17.1 $20.00 $6.38 $7.73 28% 25% 7.0 1,800 124%
Echo High 563 328 6/3/2023 1.5 23000 9.3 10.9 $39.00 $15.11 $9.41 32% 0% 3.0 900 99%
Edge Pfmn 396 131 6/21/2023 1.7 27000 11.2 14.7 $34.00 $15.94 $9.41 23% 0% 3.0 600 83%
Egg Size 410 0 7/3/2023 1.7 19000 5.0 8.9 $34.00 $13.37 $9.41 33% 0% 3.0 600 50%
Etc High 127 56 10/4/2023 0.2 22000 10.5 9.4 $39.50 $16.09 $14.55 18% 100% 3.0 400 46%

Fast Trad 985 239 12/10/2023 1.8 17500 6.5 13.5 $29.00 $10.90 $8.23 34% 0% 4.0 1,150 99%
Feat Low 1,416 373 1/29/2022 6.6 12000 2.8 17.1 $21.50 $5.78 $8.72 29% 100% 5.0 900 198%
Fist High 548 69 12/11/2023 1.2 25000 9.9 9.9 $39.00 $16.47 $9.01 35% 25% 5.0 500 124%
Foam Pfmn 388 100 11/24/2023 1.4 27000 11.8 14.3 $34.00 $16.42 $8.23 27% 0% 6.0 550 89%
Fume Size 395 50 11/26/2023 1.5 19000 5.8 8.7 $34.00 $13.71 $8.23 36% 0% 6.0 500 69%
Fox 0 0 7/27/2024 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 6.0 400 0%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C133484 Round: 2
Dec. 31, 2023

Traditional Statistics
Total Industry Unit Demand 8,446
Actual Industry Unit Sales |8,446
Segment % of Total Industry |30.8%

Next Year's Segment Growth Rate |0.8%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $19.00 - 29.00 23%
3. Ideal Position Pfmn 6.2 Size 13.7 21%
4. Reliability MTBF 14000-19000 9%

Top Products in Traditional Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Cake 20% 1,677 6/16/2023 YES 5.9 14.1 $27.99 19000 1.99 $2,000 100% $3,000 76% 60
Able 19% 1,597 6/7/2023 YES 6.0 13.9 $28.49 15000 1.96 $1,750 93% $3,000 78% 50
Baker 18% 1,485 4/2/2023 5.5 14.4 $28.45 14500 2.07 $1,400 80% $3,000 79% 40
Eat 16% 1,355 7/20/2023 6.4 13.3 $28.50 15000 1.83 $1,800 94% $2,000 67% 39
Daze 16% 1,341 8/2/2023 6.2 13.7 $28.50 16000 1.90 $1,400 78% $2,200 70% 44
Fast 12% 984 12/10/2023 6.5 13.5 $29.00 17500 1.76 $1,700 91% $1,760 61% 43
Ebb 0% 1 5/25/2017 2.8 17.1 $20.00 14000 6.60 $1,800 92% $2,000 67% 0
Cedar 0% 1 1/29/2022 YES 2.8 17.1 $19.49 12000 6.60 $2,000 98% $3,000 76% 0

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C133484 Round: 2
Dec. 31, 2023

Low End Statistics

Total Industry Unit Demand 10,629
Actual Industry Unit Sales |10,629
Segment % of Total Industry |38.7%

Next Year's Segment Growth Rate |0.7%

Low End Customer Buying Criteria
Expectations Importance
1. Price $14.00 - 24.00 53%
2. Age Ideal Age = 7.0 24%
3. Ideal Position Pfmn 2.5 Size 17.4 16%
4. Reliability MTBF 12000-17000 7%

Top Products in Low End Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Acre 20% 2,152 1/29/2022 2.8 17.1 $19.99 12000 6.60 $1,850 92% $2,750 68% 35
Ebb 18% 1,867 5/25/2017 2.8 17.1 $20.00 14000 6.60 $1,800 92% $2,000 55% 30
Bead 18% 1,865 1/29/2022 2.8 17.1 $19.95 12000 6.60 $1,600 66% $3,000 65% 30
Cedar 17% 1,809 1/29/2022 YES 2.8 17.1 $19.49 12000 6.60 $2,000 98% $3,000 66% 38
Dell 14% 1,498 1/8/2023 2.8 17.1 $21.69 13500 6.60 $1,430 78% $2,300 60% 24
Feat 13% 1,415 1/29/2022 2.8 17.1 $21.50 12000 6.60 $1,700 89% $1,848 50% 23
Cake 0% 12 6/16/2023 YES 5.9 14.1 $27.99 19000 1.99 $2,000 100% $3,000 66% 0
Baker 0% 6 4/2/2023 5.5 14.4 $28.45 14500 2.07 $1,400 80% $3,000 65% 0
Daze 0% 3 8/2/2023 6.2 13.7 $28.50 16000 1.90 $1,400 78% $2,200 60% 0
Able 0% 2 6/7/2023 YES 6.0 13.9 $28.49 15000 1.96 $1,750 93% $3,000 68% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C133484 Round: 2
Dec. 31, 2023

High End Statistics

Total Industry Unit Demand 3,231
Actual Industry Unit Sales |3,231
Segment % of Total Industry |11.8%

Next Year's Segment Growth Rate |0.2%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 10.5 Size 9.4 43%
2. Age Ideal Age = 0.0 29%
3. Reliability MTBF 20000-25000 19%
4. Price $29.00 - 39.00 9%

Top Products in High End Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Echo 17% 563 6/3/2023 9.3 10.9 $39.00 23000 1.51 $1,600 84% $2,000 76% 22
Fist 17% 548 12/11/2023 9.9 9.9 $39.00 25000 1.21 $1,800 88% $1,848 59% 47
Adam 15% 486 10/25/2023 9.6 10.3 $39.00 24000 1.32 $1,850 91% $2,000 72% 40
Cid 15% 485 11/17/2023 YES 10.0 10.0 $38.99 25000 1.24 $2,000 97% $3,000 73% 56
Bid 14% 460 9/19/2023 9.3 10.6 $38.99 24000 1.44 $1,400 78% $3,000 76% 32
Duck 13% 434 9/1/2023 9.5 10.4 $39.00 22900 1.41 $1,450 77% $2,000 61% 28
Etc 4% 127 10/4/2023 10.5 9.4 $39.50 22000 0.23 $1,700 65% $2,000 76% 40
Aston 3% 107 11/3/2023 10.5 9.4 $39.50 25000 0.15 $2,000 70% $1,000 72% 54
Eat 0% 8 7/20/2023 6.4 13.3 $28.50 15000 1.83 $1,800 94% $2,000 76% 0
Dot 0% 5 8/31/2023 10.7 14.9 $34.00 26000 1.71 $1,500 80% $1,900 61% 0
Fume 0% 3 11/26/2023 5.8 8.7 $34.00 19000 1.45 $1,500 79% $1,672 59% 0
Edge 0% 2 6/21/2023 11.2 14.7 $34.00 27000 1.68 $1,500 71% $2,000 76% 0

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C133484 Round: 2
Dec. 31, 2023

Performance Statistics
Total Industry Unit Demand 2,574
Actual Industry Unit Sales |2,574
Segment % of Total Industry |9.4%

Next Year's Segment Growth Rate |0.8%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 11.2 Size 14.7 29%
3. Price $24.00 - 34.00 19%
4. Age Ideal Age = 1.0 9%

Top Products in Performance Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Coat 21% 552 8/6/2023 YES 10.7 15.1 $33.99 27000 1.74 $2,000 95% $3,000 63% 54
Aft 21% 551 8/24/2023 11.1 14.8 $33.50 27000 1.63 $2,000 86% $2,500 59% 53
Edge 15% 394 6/21/2023 11.2 14.7 $34.00 27000 1.68 $1,500 71% $2,000 53% 40
Foam 15% 387 11/24/2023 11.8 14.3 $34.00 27000 1.44 $1,800 85% $1,672 45% 43
Dot 14% 351 8/31/2023 10.7 14.9 $34.00 26000 1.71 $1,500 80% $1,900 48% 36
Bold 13% 339 9/10/2023 10.5 15.3 $33.99 26000 1.73 $1,000 66% $2,500 64% 35

CAPSTONE ® COURIER Page 8

Size Segment Analysis C133484 Round: 2
Dec. 31, 2023

Size Statistics
Total Industry Unit Demand 2,579
Actual Industry Unit Sales |2,579
Segment % of Total Industry |9.4%

Next Year's Segment Growth Rate |0.3%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 5.2 Size 8.7 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $24.00 - 34.00 9%

Top Products in Size Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Agape 19% 500 9/28/2023 5.0 9.1 $34.00 21000 1.60 $2,000 86% $3,000 69% 65
Cure 17% 443 9/18/2023 4.9 9.3 $34.49 21000 1.66 $2,000 95% $3,000 65% 55
Egg 16% 410 7/3/2023 YES 5.0 8.9 $34.00 19000 1.67 $1,700 75% $2,000 61% 45
Fume 15% 393 11/26/2023 5.8 8.7 $34.00 19000 1.45 $1,500 79% $1,672 50% 42
Dune 15% 391 7/1/2023 4.8 9.5 $34.00 18800 1.77 $1,450 78% $1,900 54% 35
Buddy 8% 213 9/6/2023 4.5 9.7 $33.99 19000 1.75 $1,000 66% $1,000 63% 27
Black 8% 208 3/18/2023 4.5 9.7 $33.99 17000 0.79 $1,600 63% $1,000 63% 18
Eat 1% 16 7/20/2023 6.4 13.3 $28.50 15000 1.83 $1,800 94% $2,000 61% 1
Daze 0% 2 8/2/2023 6.2 13.7 $28.50 16000 1.90 $1,400 78% $2,200 54% 0
Able 0% 2 6/7/2023 YES 6.0 13.9 $28.49 15000 1.96 $1,750 93% $3,000 69% 0
Cake 0% 1 6/16/2023 YES 5.9 14.1 $27.99 19000 1.99 $2,000 100% $3,000 65% 0

CAPSTONE ® COURIER Page 9

 Round: 2
Market Share C133484 Dec. 31, 2023

Actual Market Share in Units Potential Market Share in Units

Trad Low High Pfmn Size Total Trad Low High Pfmn Size Total
Industry Unit Sales 8,446 10,629 3,231 2,574 2,579 27,460 Units Demanded 8,446 10,629 3,231 2,574 2,579 27,460
% of Market 30.8% 38.7% 11.8% 9.4% 9.4% 100.0% % of Market 30.8% 38.7% 11.8% 9.4% 9.4% 100.0%

Able 18.9% 5.8% Able 18.6% 5.7%

Acre 20.3% 7.8% Acre 19.2% 7.4%
Adam 15.0% 1.8% Adam 14.2% 1.7%
Aft 21.4% 2.0% Aft 21.3% 2.0%
Agape 19.4% 1.8% Agape 19.1% 1.8%
Aston 3.3% 0.4% Aston 2.9% 0.3%
Total 18.9% 20.3% 18.3% 21.4% 19.5% 19.7% Total 18.6% 19.2% 17.1% 21.3% 19.2% 18.9%

Baker 17.6% 5.4% Baker 16.8% 5.2%

Bead 17.5% 6.8% Bead 16.6% 6.4%
Bid 14.2% 1.7% Bid 13.4% 1.6%
Bold 13.2% 1.2% Bold 13.1% 1.2%
Buddy 8.3% 0.8% Buddy 8.0% 0.8%
Black 8.1% 0.8% Black 7.8% 0.7%
Total 17.6% 17.6% 14.2% 13.2% 16.3% 16.7% Total 16.9% 16.7% 13.4% 13.1% 15.9% 15.9%

Cake 19.9% 0.1% 6.2% Cake 22.7% 7.0%

Cedar 17.0% 6.6% Cedar 21.4% 8.3%
Cid 15.0% 1.8% Cid 20.2% 2.4%
Coat 21.4% 2.0% Coat 21.6% 2.0%
Cure 17.2% 1.6% Cure 16.7% 1.6%
Total 19.9% 17.1% 15.0% 21.4% 17.2% 18.1% Total 22.7% 21.5% 20.2% 21.6% 16.8% 21.3%

Daze 15.9% 4.9% Daze 15.1% 4.7%

Dell 14.1% 5.5% Dell 13.3% 5.2%
Duck 13.4% 1.6% Duck 12.7% 1.5%
Dot 0.1% 13.7% 1.3% Dot 13.6% 1.3%
Dune 15.2% 1.4% Dune 14.7% 1.4%
Total 15.9% 14.1% 13.6% 13.7% 15.2% 14.7% Total 15.1% 13.4% 12.8% 13.6% 14.8% 14.0%

Eat 16.0% 0.3% 0.6% 5.0% Eat 15.4% 0.3% 0.6% 4.8%
Ebb 17.6% 6.8% Ebb 16.6% 6.4%
Echo 17.4% 2.1% Echo 16.4% 1.9%
Edge 15.3% 1.4% Edge 15.3% 1.4%
Egg 15.9% 1.5% Egg 17.9% 1.7%
Etc 3.9% 0.5% Etc 3.6% 0.4%
Total 16.1% 17.6% 21.7% 15.3% 16.5% 17.3% Total 15.4% 16.6% 20.3% 15.3% 18.5% 16.7%

Fast 11.7% 3.6% Fast 11.3% 3.5%

Feat 13.3% 5.2% Feat 12.6% 4.9%
Fist 17.0% 2.0% Fist 16.1% 1.9%
Foam 15.0% 1.4% Foam 15.0% 1.4%
Fume 15.2% 1.4% Fume 14.9% 1.4%
Total 11.7% 13.3% 17.1% 15.0% 15.2% 13.6% Total 11.3% 12.6% 16.2% 15.0% 14.9% 13.1%

CAPSTONE ® COURIER Page 10

 Round: 2
Perceptual Map C133484 Dec. 31, 2023

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 6.0 13.9 6/7/2023 Baker 5.5 14.4 4/2/2023 Cake 5.9 14.1 6/16/2023
Acre 2.8 17.1 1/29/2022 Bead 2.8 17.1 1/29/2022 Cedar 2.8 17.1 1/29/2022
Adam 9.6 10.3 10/25/2023 Bid 9.3 10.6 9/19/2023 Cid 10.0 10.0 11/17/2023
Aft 11.1 14.8 8/24/2023 Bold 10.5 15.3 9/10/2023 Coat 10.7 15.1 8/6/2023
Agape 5.0 9.1 9/28/2023 Buddy 4.5 9.7 9/6/2023 Cure 4.9 9.3 9/18/2023
Aston 10.5 9.4 11/3/2023 Black 4.5 9.7 3/18/2023

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 6.2 13.7 8/2/2023 Eat 6.4 13.3 7/20/2023 Fast 6.5 13.5 12/10/2023
Dell 2.8 17.1 1/8/2023 Ebb 2.8 17.1 5/25/2017 Feat 2.8 17.1 1/29/2022
Duck 9.5 10.4 9/1/2023 Echo 9.3 10.9 6/3/2023 Fist 9.9 9.9 12/11/2023
Dot 10.7 14.9 8/31/2023 Edge 11.2 14.7 6/21/2023 Foam 11.8 14.3 11/24/2023
Dune 4.8 9.5 7/1/2023 Egg 5.0 8.9 7/3/2023 Fume 5.8 8.7 11/26/2023
Etc 10.5 9.4 10/4/2023

CAPSTONE ® COURIER Page 11

 Round: 2
HR/TQM Report C133484 Dec. 31, 2023
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 800 828 508 719 911 685
Complement 800 829 509 719 911 685
1st Shift Complement 538 829 472 639 828 536
2nd Shift Complement 262 0 37 80 83 150
Overtime Percent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Turnover Rate 7.0% 7.0% 7.0% 7.8% 7.0% 8.5%
New Employees 160 107 36 125 337 99
Separated Employees 0 0 428 0 0 0
Recruiting Spend $5,000 $5,000 $5,000 $4,000 $5,000 $2,500
Training Hours 80 80 80 60 80 40
Productivity Index 103.4% 102.7% 102.0% 102.0% 105.1% 100.0%
Recruiting Cost $960 $642 $214 $624 $2,021 $347
Separation Cost $0 $0 $2,140 $0 $0 $0
Training Cost $1,280 $1,326 $814 $863 $1,458 $548
Total HR Admin Cost $2,240 $1,969 $3,168 $1,487 $3,478 $896
Labor Contract Next Year
Wages $23.15 $23.15 $23.15 $23.15 $23.15 $23.15
Benefits 2,500 2,500 2,500 2,500 2,500 2,500
Profit Sharing 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Annual Raise 5.0% 5.0% 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 Erie Ferris
Process Mgt Budgets Last Year
CPI Systems $0 $0 $0 $0 $0 $0
VendorJIT $0 $0 $0 $0 $0 $0
Quality Initiative Training $0 $0 $0 $0 $0 $0
Channel Support Systems $0 $0 $0 $0 $0 $0
Concurrent Engineering $0 $0 $0 $0 $0 $0
UNEP Green Programs $0 $0 $0 $0 $0 $0

TQM Budgets Last Year

Benchmarking $0 $0 $0 $0 $0 $0
Quality Function Deployment Effort $0 $0 $0 $0 $0 $0
CCE/6 Sigma Training $0 $0 $0 $0 $0 $0
GEMI TQEM Sustainability Initiatives $0 $0 $0 $0 $0 $0
Total Expenditures $0 $0 $0 $0 $0 $0

Cumulative Impacts
Material Cost Reduction 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Labor Cost Reduction 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Reduction R&D Cycle Time 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Reduction Admin Costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Demand Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CAPSTONE ® COURIER Page 12


Ethics Report
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Round: 2
C133484 Dec. 31, 2023
ETHICS SUMMARY
The actual dollar impact. Example, $120 means Other increased by $120.
The % of normal. 98% means demand fell 2%.
The % of normal. 104% means matieral costs rose 4%.
The % of normal. 103% means admin costs rose 3%.
The % of normal. 104% means productivity increased by 4%.
The % of normal. 105% means normal awareness was multiplied by 1.05.
The % of normal. 98% means normal accessiblity was multiplied by 0.98.
Normal means the value that would have been produced if the problem had not been presented.

No Impact Andrews Baldwin Chester Digby Erie Ferris

Total
Other (Fees, Writeoffs, etc.) $0 $0 $0 $0 $0 $0 $0
Demand Factor 100% 100% 100% 100% 100% 100% 100%
Material Cost Impact 100% 100% 100% 100% 100% 100% 100%
Admin Cost Impact 100% 100% 100% 100% 100% 100% 100%
Productivity Impact 100% 100% 100% 100% 100% 100% 100%
Awareness Impact 100% 100% 100% 100% 100% 100% 100%
Accessibility Impact 100% 100% 100% 100% 100% 100% 100%

CAPSTONE ® COURIER Page 13

 Annual Report
Round: 2
Annual Report Andrews C133484
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $19,727 14.6% $30,162
current value of your inventory across all products. A zero
Account Receivable $12,103 9.0% $10,291
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $6,421 4.8% $621
Equipment: The current value of your plant. Accum Total Current Assets $38,251 28.3% $41,074
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $139,900 104.0% $114,950
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($43,060) -31.9% ($34,213)
of operations. It includes emergency loans used to keep Total Fixed Assets $96,840 71.7% $80,737
your company solvent should you run out of cash during Total Assets $135,091 100.0% $121,811
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $8,208 6.1% $6,279
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $44,720 33.1% $51,700
Total Liabilities $52,928 39.2% $57,979

Common Stock $48,178 35.7% $32,178

Retained Earnings $33,986 25.2% $31,654
Total Equity $82,164 60.8% $63,832
Total Liab. & O. Equity $135,091 100.0% $121,811

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $2,331 $1,926
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $8,847 $6,797
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs ($30) $526
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $1,929 ($304)
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($5,800) $7,996
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($1,812) ($1,984)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $5,465 $14,957
afloat. Cash Flows from Investing Activities
Plant Improvements ($24,950) ($12,193)
Cash Flows from Financing Activities
Dividends paid $0 $0
Sales of common stock $16,000 $13,818
Purchase of common stock $0 $0
Cash from long term debt $0 $10,000
Retirement of long term debt ($6,950) $0
Change in current debt(net) $0 $0
Net cash from financing activities $9,050 $23,818
Net change in cash position ($10,435) $26,583
Closing cash position $19,727 $30,162

Annual Report Page 14

 Round: 2
Annual Report Andrews C133484
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Able Acre Adam Aft Agape Aston Audi
Total
Size
Sales $45,587 $43,044 $18,935 $18,448 $17,015 $4,227 $0 $0 $147,256 100.0%
Variable Costs:
Direct Labor $12,224 $13,616 $4,130 $5,354 $4,337 $934 $0 $0 $40,597 27.6%
Direct Material $15,800 $13,017 $7,449 $8,687 $6,690 $1,822 $0 $0 $53,465 36.3%
Inventory Carry $0 $293 $176 $151 $23 $128 $0 $0 $771 0.5%
Total Variable $28,024 $26,926 $11,755 $14,192 $11,050 $2,885 $0 $0 $94,832 64.4%
Contribution Margin $17,563 $16,118 $7,179 $4,256 $5,965 $1,343 $0 $0 $52,424 35.6%
Period Costs:
Depreciation $2,200 $3,600 $800 $660 $720 $867 $0 $0 $8,847 6.0%
SG&A: R&D $437 $0 $826 $654 $752 $850 $1,000 $0 $4,519 3.1%
Promotions $1,750 $1,850 $1,850 $2,000 $2,000 $2,000 $0 $0 $11,450 7.8%
Sales $3,000 $2,750 $2,000 $2,500 $3,000 $1,000 $0 $0 $14,250 9.7%
Admin $1,013 $956 $421 $410 $378 $94 $0 $0 $3,271 2.2%
Total Period $8,399 $9,156 $5,897 $6,224 $6,850 $4,811 $1,000 $0 $42,337 28.8%
Net Margin $9,164 $6,962 $1,282 ($1,968) ($885) ($3,468) ($1,000) $0 $10,087 6.9%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $874 0.6%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $9,213 6.3%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,553 3.8%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $1,281 0.9%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $48 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $2,331 1.6%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years 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 15