Round: 3

Dec. 31, C133484

2024
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 0.3% -6.8% 2.1% -3.5% 2.6% -6.1%
Asset Turnover 1.08 0.83 1.11 1.01 1.14 1.05
ROA 0.3% -5.6% 2.3% -3.5% 3.0% -6.4%
Leverage 1.5 2.0 1.9 1.9 2.3 2.1
ROE 0.4% -11.1% 4.4% -6.5% 6.9% -13.6%
Emergency Loan $0 $0 $0 $0 $0 $0
Sales $157,613,922 $105,760,949 $140,105,102 $98,066,692 $129,691,806 $112,996,295
EBIT $5,412,014 ($3,708,554) $11,189,948 ($267,309) $13,154,977 ($4,594,030)
Profits $434,247 ($7,157,607) $2,921,153 ($3,425,149) $3,404,580 ($6,901,183)
Cumulative Profit $9,026,317 ($4,974,600) $9,054,810 $7,821,477 ($2,922,216) $1,249,024
SG&A / Sales 22.0% 27.7% 18.5% 23.4% 18.3% 26.9%
Contrib. Margin % 40.6% 41.2% 44.1% 38.3% 37.3% 34.1%

CAPSTONE ® COURIER Page 1

 Round: 3
Stock & Bonds C133484 Dec. 31, 2024
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $31.26 ($1.60) 3,423,310 $107 $29.11 $0.13 $0.49 1.6% 244.5
Baldwin $11.97 ($5.90) 2,931,501 $35 $21.93 ($2.44) $0.00 0.0% -4.9
Chester $31.91 $3.82 2,406,118 $77 $27.35 $1.21 $0.00 0.0% 26.3
Digby $23.62 ($12.17) 2,027,938 $48 $25.93 ($1.69) $0.00 0.0% -14.0
Erie $18.09 $11.65 2,400,000 $43 $20.53 $1.42 $0.00 0.0% 12.8
Ferris $12.72 ($17.37) 2,305,778 $29 $21.96 ($2.99) $0.00 0.0% -4.3

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.5S2025 $7,285,254 11.8% 105.83 AA 12.5S2025 $13,900,000 12.0% 104.36 BB
12.9S2027 $20,850,000 11.0% 117.54 AA 12.9S2027 $20,850,000 11.4% 113.19 BB
11.3S2032 $10,000,000 8.6% 130.68 AA 11.5S2033 $5,000,000 9.3% 123.31 BB
Baldwin Erie
12.5S2025 $13,900,000 12.0% 103.97 B 12.5S2025 $8,891,602 12.1% 103.21 CC
12.9S2027 $20,850,000 11.5% 112.07 B 12.9S2027 $20,850,000 11.7% 109.87 CC
11.3S2032 $11,000,000 9.6% 117.68 B 12.4S2033 $32,332,000 10.3% 120.38 CC
11.6S2033 $9,500,000 9.6% 121.06 B Ferris
11.8S2034 $4,500,000 9.5% 123.94 B 12.5S2025 $9,210,463 12.1% 103.59 CCC
Chester 12.9S2027 $20,850,000 11.6% 110.96 CCC
12.5S2025 $13,900,000 12.0% 104.17 B 11.4S2034 $5,335,285 9.6% 118.29 CCC
12.9S2027 $20,850,000 11.5% 112.63 B
11.3S2032 $16,000,000 9.5% 118.96 B
12.3S2033 $3,000,000 9.7% 126.86 B

Next Year's Prime Rate4.00%

CAPSTONE ® COURIER Page 2
 Round: 3
Financial Summary C133484 Dec. 31, 2024
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $434 ($7,158) $2,921 ($3,425) $3,405 ($6,901)
Adjustment for non-cash items:
Depreciation $10,660 $10,893 $9,596 $7,120 $9,740 $6,740
Extraordinary gains/losses/writeoffs $286 $492 $0 ($740) ($1,382) ($1,027)
Changes in current assets and liablilities
Accounts payable ($252) ($3,316) $1,510 ($1,841) ($5,530) ($434)
Inventory ($4,536) $12,194 ($2,964) ($2,865) $10,422 $216
Accounts Receivable ($851) $1,454 ($376) ($95) ($8,826) ($491)
Net cash from operations $5,740 $14,559 $10,687 ($1,846) $7,829 ($1,898)

Cash flows from investing activities

Plant improvements(net) ($20,000) ($3,065) ($21,440) $6,888 $8,220 ($13,980)
Cash flows from financing activities
Dividends paid ($1,677) $0 $0 $0 $0 $0
Sales of common stock $18,747 $7,000 $3,000 $1,000 $0 $7,230
Purchase of common stock $0 $0 $0 $0 $0 $0
Cash from long term debt issued $0 $4,500 $0 $0 $0 $5,335
Early retirement of long term debt ($6,870) $0 $0 $0 ($5,000) $0
Retirement of current debt $0 ($18,576) ($6,950) ($6,950) ($14,950) ($18,817)
Cash from current debt borrowing $0 $0 $0 $0 $0 $15,740
Cash from emergency loan $0 $0 $0 $0 $0 $0

Net cash from financing activities $10,200 ($7,076) ($3,950) ($5,950) ($19,950) $9,489

Net change in cash position ($4,060) $4,418 ($14,703) ($908) ($3,901) ($6,389)
Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $15,667 $4,418 $19,111 $5,199 $3,705 $6,199
Accounts Receivable $12,955 $8,693 $11,515 $9,404 $14,213 $9,287
Inventory $10,957 $11,341 $4,050 $17,794 $9,715 $14,915
Total Current Assets $39,579 $24,452 $34,677 $32,397 $27,633 $30,401

Plant and equipment $159,900 $163,400 $143,940 $106,800 $146,100 $116,100

Accumulated Depreciation ($53,720) ($59,827) ($52,421) ($41,841) ($59,513) ($38,780)
Total Fixed Assets $106,180 $103,573 $91,519 $64,959 $86,587 $77,320

Total Assets $145,759 $128,025 $126,196 $97,356 $114,219 $107,721

Accounts Payable $7,956 $3,996 $6,637 $5,031 $2,868 $5,958

Current Debt $0 $0 $0 $0 $0 $15,740
Total Current Liabilities $7,956 $3,996 $6,637 $5,031 $2,868 $21,698

Long Term Debt $38,135 $59,750 $53,750 $39,750 $62,074 $35,396

Total Liabilities $46,091 $63,746 $60,387 $44,781 $64,941 $57,094

Common Stock $66,925 $43,860 $31,360 $19,360 $26,807 $28,112

Retained Earnings $32,742 $20,419 $34,448 $33,215 $22,471 $22,515
Total Equity $99,668 $64,279 $65,808 $52,575 $49,278 $50,627

Total Liabilities & Owners Equity $145,759 $128,025 $126,196 $97,356 $114,219 $107,721

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $157,614 $105,761 $140,105 $98,067 $129,692 $112,996
Variable Costs(Labor,Material,Carry) $93,574 $62,175 $78,278 $60,481 $81,369 $74,500
Contribution Margin $64,040 $43,586 $61,827 $37,586 $48,323 $38,496
Depreciation $10,660 $10,893 $9,596 $7,120 $9,740 $6,740
SGA(R&D,Promo,Sales,Admin) $34,642 $29,335 $25,891 $22,923 $23,735 $30,449
Other(Fees,Writeoffs,TQM,Bonuses) $13,326 $7,067 $15,150 $7,810 $1,693 $5,902
EBIT $5,412 ($3,709) $11,190 ($267) $13,155 ($4,594)
Interest(Short term,Long term) $4,730 $7,303 $6,604 $5,002 $7,810 $6,023
Taxes $239 ($3,854) $1,605 ($1,844) $1,871 ($3,716)
Profit Sharing $9 $0 $60 $0 $69 $0
Net Profit $434 ($7,158) $2,921 ($3,425) $3,405 ($6,901)
CAPSTONE ® COURIER Page 3
 Round: 3
Production Analysis C133484 Dec. 31, 2024

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 1,438 282 4/5/2024 1.8 15000 6.2 13.7 $27.75 $8.64 $6.56 43% 58% 7.0 1,100 156%
Acre Low 1,989 212 1/29/2022 7.6 12000 2.8 17.1 $19.39 $4.93 $4.39 49% 35% 9.0 1,500 134%
Adam High 355 145 9/21/2024 1.3 24000 10.7 9.2 $38.50 $14.99 $7.27 40% 0% 5.0 500 88%
Aft Pfmn 554 46 6/20/2024 1.6 27000 12.0 14.2 $33.49 $14.80 $8.53 29% 24% 4.5 450 122%
Agape Size 545 4 8/22/2024 1.5 21000 5.7 7.9 $33.49 $13.09 $7.87 38% 21% 5.0 450 120%
Aston High 568 7 8/9/2024 0.8 25000 11.4 8.5 $38.50 $15.86 $6.93 40% 8% 5.0 500 107%
Audi Low 350 0 2/17/2024 0.9 12000 4.0 15.9 $19.49 $5.94 $9.01 22% 2% 4.0 500 87%

Baker Trad 1,244 214 8/2/2024 1.7 14500 6.3 13.6 $27.94 $9.04 $6.00 45% 0% 6.0 1,550 82%
Bead Low 1,973 0 1/29/2022 7.6 12000 2.8 17.1 $18.94 $5.19 $4.38 47% 10% 10.0 1,600 109%
Bid High 210 141 12/14/2024 1.2 25000 10.7 9.2 $38.49 $16.08 $7.20 36% 0% 5.0 450 55%
Bold Pfmn 340 66 10/4/2024 1.5 27000 11.7 14.4 $33.49 $15.36 $6.60 29% 0% 5.5 500 28%
Buddy Size 237 66 11/9/2024 1.4 21000 5.5 8.2 $33.49 $13.56 $8.40 33% 0% 4.0 400 16%
Black Size 186 86 11/30/2024 0.9 21000 5.5 8.2 $33.49 $13.56 $8.40 30% 0% 4.0 400 33%

Cake Trad 1,819 13 7/5/2024 1.7 19000 6.6 13.4 $27.49 $10.08 $6.42 40% 39% 8.0 1,330 138%
Cedar Low 1,980 0 1/29/2022 7.6 12000 2.8 17.1 $18.49 $4.93 $1.36 65% 74% 10.0 1,150 172%
Cid High 511 83 8/5/2024 1.3 25000 11.0 9.0 $38.49 $15.48 $8.87 36% 33% 6.0 450 132%
Coat Pfmn 546 78 7/3/2024 1.6 27000 11.7 14.4 $33.49 $14.59 $9.00 28% 40% 6.0 450 139%
Cure Size 464 0 7/17/2024 1.6 21000 5.6 8.2 $33.49 $12.90 $7.93 38% 0% 6.0 450 92%

Daze Trad 1,359 243 7/3/2024 1.7 16000 6.9 13.2 $27.44 $9.79 $6.10 41% 46% 7.5 1,100 145%
Dell Low 1,558 460 1/6/2024 7.6 13000 2.8 17.1 $20.30 $5.41 $5.17 42% 26% 8.0 1,200 125%
Duck High 217 232 9/29/2024 1.3 23100 10.8 9.5 $38.45 $15.20 $7.71 33% 24% 6.0 250 122%
Dot Pfmn 332 55 10/28/2024 1.4 27050 12.2 14.0 $33.45 $15.53 $8.02 30% 11% 6.0 270 110%
Dune Size 289 96 10/6/2024 1.5 19000 5.7 8.0 $33.49 $12.93 $9.34 32% 14% 4.5 250 112%

Eat Trad 1,438 11 6/20/2024 1.7 19000 6.9 13.0 $28.00 $10.92 $5.80 40% 0% 6.0 1,600 72%
Ebb Low 1,775 148 1/21/2024 7.6 12000 2.8 17.1 $19.50 $5.19 $4.66 47% 1% 7.0 1,800 101%
Echo High 228 222 7/20/2024 1.5 23000 10.0 9.8 $38.49 $14.91 $9.28 28% 0% 3.0 500 24%
Edge Pfmn 373 47 6/17/2024 1.6 27000 12.2 14.2 $33.48 $15.70 $9.28 24% 0% 3.0 400 72%
Egg Size 412 52 9/5/2024 1.5 20000 5.9 7.7 $33.47 $13.65 $9.28 32% 0% 3.0 600 77%
Etc High 513 6 8/15/2024 0.8 25000 11.4 8.5 $38.49 $16.70 $9.89 31% 16% 3.0 550 116%

Fast Trad 1,207 220 2/26/2024 1.8 17500 6.6 13.5 $28.50 $10.08 $10.13 28% 60% 4.0 750 158%
Feat Low 1,091 173 5/28/2027 7.6 12000 2.8 17.1 $22.00 $5.18 $7.37 38% 0% 6.0 900 99%
Fist High 396 118 11/16/2024 1.2 25000 10.9 8.9 $38.50 $16.25 $7.37 37% 0% 5.0 500 89%
Foam Pfmn 450 96 11/20/2024 1.3 27000 12.9 13.6 $33.50 $16.20 $6.14 32% 0% 6.5 550 81%
Fume Size 453 92 11/20/2024 1.3 19000 6.5 7.6 $33.50 $13.52 $6.14 40% 0% 6.0 500 99%
Fox High 237 61 7/27/2024 0.4 25000 10.8 9.1 $38.50 $16.12 $7.42 37% 78% 6.0 400 74%
Fuel 0 0 6/20/2025 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 6.0 500 0%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C133484 Round: 3
Dec. 31, 2024

Traditional Statistics
Total Industry Unit Demand 8,514
Actual Industry Unit Sales |8,514
Segment % of Total Industry |30.8%

Next Year's Segment Growth Rate |-5.7%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $18.50 - 28.50 23%
3. Ideal Position Pfmn 6.9 Size 13.0 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 21% 1,811 7/5/2024 6.6 13.4 $27.49 19000 1.73 $1,400 100% $3,000 83% 64
Eat 17% 1,435 6/20/2024 6.9 13.0 $28.00 19000 1.68 $1,200 90% $2,300 71% 53
Able 17% 1,434 4/5/2024 6.2 13.7 $27.75 15000 1.85 $1,700 100% $3,000 85% 48
Daze 16% 1,358 7/3/2024 6.9 13.2 $27.44 16000 1.70 $1,450 87% $2,000 69% 45
Baker 15% 1,236 8/2/2024 6.3 13.6 $27.94 14500 1.74 $1,500 90% $3,000 84% 46
Fast 14% 1,207 2/26/2024 6.6 13.5 $28.50 17500 1.80 $1,800 100% $1,908 62% 46
Audi 0% 34 2/17/2024 YES 4.0 15.9 $19.49 12000 0.87 $1,500 61% $1,000 85% 0

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C133484 Round: 3
Dec. 31, 2024

Low End Statistics

Total Industry Unit Demand 10,704
Actual Industry Unit Sales |10,704
Segment % of Total Industry |38.7%

Next Year's Segment Growth Rate |-6.2%

Low End Customer Buying Criteria
Expectations Importance
1. Price $13.50 - 23.50 53%
2. Age Ideal Age = 7.0 24%
3. Ideal Position Pfmn 3.0 Size 16.9 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 19% 1,989 1/29/2022 2.8 17.1 $19.39 12000 7.60 $1,700 100% $2,000 78% 39
Cedar 19% 1,980 1/29/2022 YES 2.8 17.1 $18.49 12000 7.60 $1,400 99% $3,000 77% 48
Bead 18% 1,973 1/29/2022 YES 2.8 17.1 $18.94 12000 7.60 $1,500 80% $3,000 76% 40
Ebb 17% 1,775 1/21/2024 2.8 17.1 $19.50 12000 7.60 $1,300 92% $2,300 63% 34
Dell 15% 1,558 1/6/2024 2.8 17.1 $20.30 13000 7.60 $1,450 87% $2,000 63% 30
Feat 10% 1,091 5/28/2027 2.8 17.1 $22.00 12000 7.60 $1,800 100% $1,683 51% 21
Audi 3% 316 2/17/2024 YES 4.0 15.9 $19.49 12000 0.87 $1,500 61% $1,000 78% 9
Baker 0% 8 8/2/2024 6.3 13.6 $27.94 14500 1.74 $1,500 90% $3,000 76% 0
Cake 0% 8 7/5/2024 6.6 13.4 $27.49 19000 1.73 $1,400 100% $3,000 77% 0
Able 0% 5 4/5/2024 6.2 13.7 $27.75 15000 1.85 $1,700 100% $3,000 78% 0
Daze 0% 1 7/3/2024 6.9 13.2 $27.44 16000 1.70 $1,450 87% $2,000 63% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C133484 Round: 3
Dec. 31, 2024

High End Statistics

Total Industry Unit Demand 3,238
Actual Industry Unit Sales |3,238
Segment % of Total Industry |11.7%

Next Year's Segment Growth Rate |-6.9%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 11.4 Size 8.5 43%
2. Age Ideal Age = 0.0 29%
3. Reliability MTBF 20000-25000 19%
4. Price $28.50 - 38.50 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
Aston 18% 568 8/9/2024 11.4 8.5 $38.50 25000 0.77 $2,000 92% $2,000 83% 71
Etc 16% 513 8/15/2024 11.4 8.5 $38.49 25000 0.80 $1,300 74% $1,800 85% 65
Cid 16% 511 8/5/2024 11.0 9.0 $38.49 25000 1.32 $1,400 98% $3,000 80% 63
Fist 12% 396 11/16/2024 10.9 8.9 $38.50 25000 1.16 $2,100 100% $1,908 74% 59
Adam 11% 355 9/21/2024 10.7 9.2 $38.50 24000 1.29 $1,700 100% $2,500 83% 51
Fox 7% 237 7/27/2024 10.8 9.1 $38.50 25000 0.42 $2,100 71% $1,908 74% 57
Echo 7% 228 7/20/2024 10.0 9.8 $38.49 23000 1.47 $1,200 84% $1,800 85% 27
Duck 7% 217 9/29/2024 10.8 9.5 $38.45 23100 1.33 $1,450 86% $2,000 63% 36
Bid 6% 210 12/14/2024 10.7 9.2 $38.49 25000 1.23 $1,500 88% $2,000 73% 52
Eat 0% 2 6/20/2024 6.9 13.0 $28.00 19000 1.68 $1,200 90% $2,300 85% 0

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C133484 Round: 3
Dec. 31, 2024

Performance Statistics
Total Industry Unit Demand 2,595
Actual Industry Unit Sales |2,595
Segment % of Total Industry |9.4%

Next Year's Segment Growth Rate |-7.8%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 12.2 Size 14.0 29%
3. Price $23.50 - 33.50 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
Aft 21% 554 6/20/2024 12.0 14.2 $33.49 27000 1.58 $1,900 100% $3,000 71% 62
Coat 21% 546 7/3/2024 11.7 14.4 $33.49 27000 1.61 $1,400 97% $3,000 74% 63
Foam 17% 450 11/20/2024 12.9 13.6 $33.50 27000 1.27 $2,000 100% $1,908 51% 49
Edge 14% 373 6/17/2024 12.2 14.2 $33.48 27000 1.60 $1,050 70% $1,100 45% 42
Bold 13% 340 10/4/2024 11.7 14.4 $33.49 27000 1.48 $1,500 80% $2,000 65% 52
Dot 13% 332 10/28/2024 12.2 14.0 $33.45 27050 1.43 $1,450 89% $2,000 54% 52

CAPSTONE ® COURIER Page 8

Size Segment Analysis C133484 Round: 3
Dec. 31, 2024

Size Statistics
Total Industry Unit Demand 2,587
Actual Industry Unit Sales |2,587
Segment % of Total Industry |9.4%

Next Year's Segment Growth Rate |-7.2%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 5.9 Size 7.7 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $23.50 - 33.50 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 21% 545 8/22/2024 5.7 7.9 $33.49 21000 1.47 $1,900 100% $3,000 77% 79
Cure 18% 464 7/17/2024 YES 5.6 8.2 $33.49 21000 1.56 $1,400 97% $3,000 75% 73
Fume 17% 453 11/20/2024 6.5 7.6 $33.50 19000 1.28 $2,000 98% $1,908 55% 48
Egg 16% 412 9/5/2024 5.9 7.7 $33.47 20000 1.49 $1,200 78% $1,500 56% 56
Dune 11% 289 10/6/2024 5.7 8.0 $33.49 19000 1.50 $1,450 87% $2,000 58% 53
Buddy 9% 237 11/9/2024 5.5 8.2 $33.49 21000 1.44 $1,500 80% $1,250 70% 58
Black 7% 186 11/30/2024 5.5 8.2 $33.49 21000 0.93 $1,500 78% $1,250 70% 53

CAPSTONE ® COURIER Page 9

 Round: 3
Market Share C133484 Dec. 31, 2024

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 8,514 10,704 3,238 2,595 2,587 27,637 Units Demanded 8,514 10,704 3,238 2,595 2,587 27,637
% of Market 30.8% 38.7% 11.7% 9.4% 9.4% 100.0% % of Market 30.8% 38.7% 11.7% 9.4% 9.4% 100.0%

Able 16.8% 5.2% Able 16.7% 5.2%

Acre 18.6% 7.2% Acre 17.6% 6.8%
Adam 11.0% 1.3% Adam 10.7% 1.3%
Aft 21.3% 2.0% Aft 21.4% 2.0%
Agape 21.1% 2.0% Agape 22.5% 2.1%
Aston 17.5% 2.1% Aston 19.7% 2.3%
Audi 0.4% 2.9% 1.3% Audi 0.4% 3.2% 1.4%
Total 17.2% 21.6% 28.5% 21.3% 21.1% 21.0% Total 17.2% 20.8% 30.4% 21.3% 22.5% 21.0%

Baker 14.5% 4.5% Baker 14.4% 4.5%

Bead 18.4% 7.1% Bead 18.2% 7.1%
Bid 6.5% 0.8% Bid 6.3% 0.7%
Bold 13.1% 1.2% Bold 13.1% 1.2%
Buddy 9.2% 0.9% Buddy 8.5% 0.8%
Black 7.2% 0.7% Black 6.6% 0.6%
Total 14.5% 18.5% 6.5% 13.1% 16.4% 15.2% Total 14.4% 18.3% 6.3% 13.1% 15.1% 14.9%

Cake 21.3% 6.6% Cake 21.7% 6.7%

Cedar 18.5% 7.2% Cedar 21.6% 8.4%
Cid 15.8% 1.8% Cid 15.3% 1.8%
Coat 21.1% 2.0% Coat 21.0% 2.0%
Cure 17.9% 1.7% Cure 22.0% 2.1%
Total 21.3% 18.6% 15.8% 21.1% 17.9% 19.3% Total 21.7% 21.7% 15.3% 21.1% 22.0% 20.9%

Daze 16.0% 4.9% Daze 15.8% 4.9%

Dell 14.6% 5.6% Dell 13.8% 5.3%
Duck 6.7% 0.8% Duck 6.5% 0.8%
Dot 12.8% 1.2% Dot 12.8% 1.2%
Dune 11.2% 1.1% Dune 10.2% 1.0%
Total 16.0% 14.6% 6.7% 12.8% 11.2% 13.6% Total 15.8% 13.8% 6.5% 12.8% 10.3% 13.2%

Eat 16.9% 5.2% Eat 16.7% 5.2%

Ebb 16.6% 6.4% Ebb 15.7% 6.1%
Echo 7.0% 0.8% Echo 6.9% 0.8%
Edge 14.4% 1.4% Edge 14.4% 1.3%
Egg 15.9% 1.5% Egg 14.4% 1.3%
Etc 15.9% 1.9% Etc 15.4% 1.8%
Total 16.9% 16.6% 23.0% 14.4% 16.0% 17.2% Total 16.8% 15.7% 22.3% 14.4% 14.4% 16.6%

Fast 14.2% 4.4% Fast 14.1% 4.3%

Feat 10.2% 4.0% Feat 9.6% 3.7%
Fist 12.2% 1.4% Fist 11.9% 1.4%
Foam 17.3% 1.6% Foam 17.3% 1.6%
Fume 17.5% 1.6% Fume 15.8% 1.5%
Fox 7.3% 0.9% Fox 7.3% 0.8%
Total 14.2% 10.2% 19.6% 17.3% 17.5% 13.9% Total 14.1% 9.6% 19.1% 17.3% 15.8% 13.4%

CAPSTONE ® COURIER Page 10

 Round: 3
Perceptual Map C133484 Dec. 31, 2024

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 6.2 13.7 4/5/2024 Baker 6.3 13.6 8/2/2024 Cake 6.6 13.4 7/5/2024
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 10.7 9.2 9/21/2024 Bid 10.7 9.2 12/14/2024 Cid 11.0 9.0 8/5/2024
Aft 12.0 14.2 6/20/2024 Bold 11.7 14.4 10/4/2024 Coat 11.7 14.4 7/3/2024
Agape 5.7 7.9 8/22/2024 Buddy 5.5 8.2 11/9/2024 Cure 5.6 8.2 7/17/2024
Aston 11.4 8.5 8/9/2024 Black 5.5 8.2 11/30/2024
Audi 4.0 15.9 2/17/2024

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 6.9 13.2 7/3/2024 Eat 6.9 13.0 6/20/2024 Fast 6.6 13.5 2/26/2024
Dell 2.8 17.1 1/6/2024 Ebb 2.8 17.1 1/21/2024 Feat 2.8 17.1 5/28/2027
Duck 10.8 9.5 9/29/2024 Echo 10.0 9.8 7/20/2024 Fist 10.9 8.9 11/16/2024
Dot 12.2 14.0 10/28/2024 Edge 12.2 14.2 6/17/2024 Foam 12.9 13.6 11/20/2024
Dune 5.7 8.0 10/6/2024 Egg 5.9 7.7 9/5/2024 Fume 6.5 7.6 11/20/2024
Etc 11.4 8.5 8/15/2024 Fox 10.8 9.1 7/27/2024

CAPSTONE ® COURIER Page 11

 Round: 3
HR/TQM Report C133484 Dec. 31, 2024
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 729 396 524 456 544 556
Complement 729 396 524 456 543 556
1st Shift Complement 578 383 392 353 531 463
2nd Shift Complement 151 13 132 103 12 93
Overtime Percent 0.0% 0.1% 0.0% 0.0% 0.1% 0.0%
Turnover Rate 6.7% 6.8% 6.9% 7.4% 9.5% 8.4%
New Employees 49 27 51 34 51 47
Separated Employees 71 433 0 263 368 129
Recruiting Spend $5,000 $5,000 $5,000 $4,500 $0 $2,500
Training Hours 80 80 80 65 0 40
Productivity Index 108.8% 108.0% 107.5% 107.2% 102.9% 103.3%
Recruiting Cost $293 $162 $307 $184 $51 $163
Separation Cost $355 $2,165 $0 $1,315 $1,840 $643
Training Cost $1,166 $634 $838 $593 $0 $445
Total HR Admin Cost $1,814 $2,961 $1,145 $2,092 $1,891 $1,252
Labor Contract Next Year
Wages $24.31 $24.31 $24.31 $24.31 $24.31 $24.31
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 $1,500 $0 $1,500 $1,000 $0 $0
VendorJIT $1,500 $0 $1,500 $750 $0 $0
Quality Initiative Training $1,500 $0 $1,500 $1,000 $0 $0
Channel Support Systems $0 $1,500 $1,500 $0 $0 $900
Concurrent Engineering $1,500 $1,500 $1,500 $1,500 $1,500 $900
UNEP Green Programs $1,500 $1,500 $1,500 $750 $0 $900

TQM Budgets Last Year

Benchmarking $0 $0 $1,500 $0 $0 $900
Quality Function Deployment Effort $1,500 $1,500 $1,500 $1,500 $1,500 $900
CCE/6 Sigma Training $1,500 $0 $1,500 $1,000 $0 $900
GEMI TQEM Sustainability Initiatives $1,500 $0 $1,500 $1,000 $0 $900
Total Expenditures $12,000 $6,000 $15,000 $8,500 $3,000 $6,300

Cumulative Impacts
Material Cost Reduction 5.03% 0.03% 5.03% 1.48% 0.00% 0.32%
Labor Cost Reduction 6.21% 0.00% 6.21% 2.47% 0.00% 0.22%
Reduction R&D Cycle Time 27.25% 27.25% 27.25% 27.25% 27.25% 8.66%
Reduction Admin Costs 4.66% 0.00% 43.11% 0.44% 0.00% 5.60%
Demand Increase 1.98% 6.11% 6.63% 0.68% 0.19% 1.78%

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: 3
C133484 Dec. 31, 2024
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: 3
Annual Report Andrews C133484
Dec. 31, 2024
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2024 2023
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 $15,667 10.7% $19,727
current value of your inventory across all products. A zero
Account Receivable $12,955 8.9% $12,103
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $10,957 7.5% $6,421
Equipment: The current value of your plant. Accum Total Current Assets $39,579 27.2% $38,251
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $159,900 110.0% $139,900
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($53,720) -36.9% ($43,060)
of operations. It includes emergency loans used to keep Total Fixed Assets $106,180 72.8% $96,840
your company solvent should you run out of cash during Total Assets $145,759 100.0% $135,091
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 $7,956 5.5% $8,208
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $38,135 26.2% $44,720
Total Liabilities $46,091 31.6% $52,928

Common Stock $66,925 45.9% $48,178

Retained Earnings $32,742 22.5% $33,986
Total Equity $99,667 68.4% $82,164
Total Liab. & O. Equity $145,759 100.0% $135,091

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2024 2023
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $434 $2,331
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $10,660 $8,847
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $286 ($30)
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($252) $1,929
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($4,536) ($5,800)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($851) ($1,812)
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 $5,740 $5,465
afloat. Cash Flows from Investing Activities
Plant Improvements ($20,000) ($24,950)
Cash Flows from Financing Activities
Dividends paid ($1,677) $0
Sales of common stock $18,747 $16,000
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt ($6,870) ($6,950)
Change in current debt(net) $0 $0
Net cash from financing activities $10,200 $9,050
Net change in cash position ($4,060) ($10,435)
Closing cash position $15,667 $19,727

Annual Report Page 14

 Round: 3
Annual Report Andrews C133484
Dec. 31, 2024
2024 Income Statement
2024 Common
(Product Name) Able Acre Adam Aft Agape Aston Audi
Total
Size
Sales $39,909 $38,562 $13,660 $18,557 $18,265 $21,849 $6,812 $0 $157,614 100.0%
Variable Costs:
Direct Labor $9,437 $9,080 $2,632 $4,783 $4,300 $4,008 $3,149 $0 $37,390 23.7%
Direct Material $12,761 $10,411 $5,243 $8,264 $7,043 $8,995 $2,153 $0 $54,869 34.8%
Inventory Carry $522 $249 $387 $129 $9 $18 $0 $0 $1,315 0.8%
Total Variable $22,720 $19,740 $8,262 $13,176 $11,353 $13,022 $5,301 $0 $93,574 59.4%
Contribution Margin $17,189 $18,822 $5,398 $5,381 $6,911 $8,828 $1,511 $0 $64,040 40.6%
Period Costs:
Depreciation $2,493 $4,200 $867 $720 $780 $867 $733 $0 $10,660 6.8%
SG&A: R&D $265 $0 $736 $476 $651 $616 $131 $0 $2,876 1.8%
Promotions $1,700 $1,700 $1,700 $1,900 $1,900 $2,000 $1,500 $0 $12,400 7.9%
Sales $3,000 $2,000 $2,500 $3,000 $3,000 $2,000 $1,000 $0 $16,500 10.5%
Admin $726 $701 $248 $337 $332 $397 $124 $0 $2,866 1.8%
Total Period $8,185 $8,601 $6,051 $6,433 $6,663 $5,880 $3,488 $0 $45,302 28.7%
Net Margin $9,004 $10,220 ($653) ($1,052) $248 $2,947 ($1,977) $0 $18,738 11.9%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $13,326 8.5%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $5,412 3.4%
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 $4,730 3.0%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $239 0.2%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $9 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $434 0.3%
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