Round: 4

Dec. 31, C133484

2025
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 1.4% -1.5% 4.3% -3.2% -3.1% -11.4%
Asset Turnover 0.89 0.83 0.94 0.88 0.80 0.91
ROA 1.3% -1.2% 4.0% -2.8% -2.5% -10.4%
Leverage 1.4 2.0 1.8 2.2 2.6 2.5
ROE 1.7% -2.5% 7.4% -6.1% -6.5% -26.1%
Emergency Loan $0 $0 $0 $0 $8,581,709 $0
Sales $148,057,721 $111,145,125 $126,023,877 $94,486,653 $92,335,681 $102,176,457
EBIT $7,651,744 $4,316,345 $14,529,611 $705,368 $3,772,272 ($11,970,677)
Profits $2,127,522 ($1,639,628) $5,418,042 ($3,002,274) ($2,869,197) ($11,689,245)
Cumulative Profit $11,153,839 ($6,614,228) $14,472,852 $4,819,203 ($5,791,413) ($10,440,221)
SG&A / Sales 22.3% 23.3% 21.6% 25.6% 20.7% 33.1%
Contrib. Margin % 46.8% 47.5% 53.3% 45.8% 35.2% 36.0%

CAPSTONE ® COURIER Page 1

 Round: 4
Stock & Bonds C133484 Dec. 31, 2025
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $31.93 $0.67 4,063,179 $130 $29.98 $0.52 $0.00 0.0% 60.9
Baldwin $14.20 $2.23 3,182,074 $45 $20.63 ($0.52) $0.00 0.0% -27.6
Chester $38.67 $6.77 2,468,800 $95 $29.66 $2.19 $0.00 0.0% 17.6
Digby $16.63 ($7.00) 2,027,938 $34 $24.44 ($1.48) $0.00 0.0% -11.2
Erie $14.09 ($4.00) 2,400,000 $34 $18.42 ($1.20) $0.92 6.5% -11.8
Ferris $1.00 ($11.72) 2,766,933 $3 $16.19 ($4.22) $0.00 0.0% -0.2

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.9S2027 $20,850,000 11.5% 112.65 AA 12.9S2027 $20,850,000 12.0% 107.42 CCC
11.3S2032 $10,000,000 8.7% 129.59 AA 11.5S2033 $5,000,000 9.9% 115.67 CCC
6.3S2035 $7,500,000 6.2% 102.21 AA 7.8S2035 $15,000,000 8.3% 94.15 CCC
Baldwin Erie
12.9S2027 $20,850,000 11.9% 107.98 CCC 12.9S2027 $20,850,000 12.2% 106.12 C
11.3S2032 $11,000,000 9.8% 114.89 CCC 12.4S2033 $32,332,000 10.7% 116.36 C
11.6S2033 $9,500,000 9.8% 118.11 CCC Ferris
11.8S2034 $4,500,000 9.8% 120.89 CCC 12.9S2027 $20,850,000 12.1% 106.31 CC
8.2S2035 $4,000,000 8.3% 98.68 CCC 11.4S2034 $5,335,285 10.1% 112.44 CC
Chester 8.6S2035 $8,534,477 9.0% 95.57 CC
12.9S2027 $20,850,000 11.8% 109.12 BB
11.3S2032 $16,000,000 9.5% 118.35 BB
12.3S2033 $3,000,000 9.8% 126.06 BB
8.0S2035 $3,000,000 7.9% 101.35 BB

Next Year's Prime Rate4.00%

CAPSTONE ® COURIER Page 2
 Round: 4
Financial Summary C133484 Dec. 31, 2025
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $2,128 ($1,640) $5,418 ($3,002) ($2,869) ($11,689)
Adjustment for non-cash items:
Depreciation $13,273 $9,993 $10,247 $8,008 $9,480 $7,940
Extraordinary gains/losses/writeoffs $401 ($1,348) ($64) $0 ($1,484) $0
Changes in current assets and liablilities
Accounts payable ($1,676) $568 ($1,963) ($1,669) $2,685 ($688)
Inventory $1,126 $1,696 $1,739 $9,333 ($10,089) ($602)
Accounts Receivable $785 ($443) $1,157 ($951) $299 $889
Net cash from operations $16,039 $8,827 $16,535 $11,718 ($1,979) ($4,150)

Cash flows from investing activities

Plant improvements(net) ($39,200) ($10,110) ($13,064) ($13,320) ($3,100) ($3,000)
Cash flows from financing activities
Dividends paid $0 $0 $0 $0 ($2,208) $0
Sales of common stock $20,000 $3,000 $2,000 $0 $0 $5,866
Purchase of common stock $0 $0 $0 $0 $0 $0
Cash from long term debt issued $7,500 $4,000 $3,000 $15,000 $0 $8,534
Early retirement of long term debt ($7,285) $0 $0 $0 ($5,000) $0
Retirement of current debt $0 $0 $0 $0 $0 ($15,740)
Cash from current debt borrowing $0 $0 $0 $0 $0 $18,303
Cash from emergency loan $0 $0 $0 $0 $8,582 $0

Net cash from financing activities $20,215 $7,000 $5,000 $15,000 $1,374 $16,963

Net change in cash position ($2,946) $5,717 $8,471 $13,398 ($3,705) $9,813
Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $12,721 $10,135 $27,582 $18,598 $0 $16,012
Accounts Receivable $12,169 $9,135 $10,358 $10,355 $13,914 $8,398
Inventory $9,831 $9,645 $2,311 $8,461 $19,804 $15,517
Total Current Assets $34,721 $28,915 $40,251 $37,414 $33,718 $39,927

Plant and equipment $199,100 $161,400 $153,700 $120,120 $142,200 $119,100

Accumulated Depreciation ($66,993) ($56,362) ($59,300) ($49,849) ($60,353) ($46,720)
Total Fixed Assets $132,107 $105,038 $94,400 $70,271 $81,847 $72,380

Total Assets $166,827 $133,954 $134,651 $107,684 $115,564 $112,307

Accounts Payable $6,280 $4,565 $4,674 $3,362 $5,553 $5,271

Current Debt $402 $13,900 $13,900 $13,900 $12,629 $27,513
Total Current Liabilities $6,682 $18,465 $18,574 $17,262 $18,182 $32,784

Long Term Debt $38,350 $49,850 $42,850 $40,850 $53,182 $34,720

Total Liabilities $45,032 $68,315 $61,424 $58,112 $71,364 $67,503

Common Stock $86,925 $46,860 $33,360 $19,360 $26,807 $33,978

Retained Earnings $34,870 $18,779 $39,866 $30,213 $17,394 $10,826
Total Equity $121,795 $65,639 $73,226 $49,573 $44,201 $44,804

Total Liabilities & Owners Equity $166,827 $133,954 $134,651 $107,684 $115,564 $112,307

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $148,058 $111,145 $126,024 $94,487 $92,336 $102,176
Variable Costs(Labor,Material,Carry) $78,716 $58,389 $58,889 $51,250 $59,846 $65,386
Contribution Margin $69,342 $52,756 $67,135 $43,237 $32,490 $36,790
Depreciation $13,273 $9,993 $10,247 $8,008 $9,480 $7,940
SGA(R&D,Promo,Sales,Admin) $33,031 $25,945 $27,172 $24,223 $19,147 $33,801
Other(Fees,Writeoffs,TQM,Bonuses) $15,386 $12,502 $15,186 $10,300 $91 $7,020
EBIT $7,652 $4,316 $14,530 $705 $3,772 ($11,971)
Interest(Short term,Long term) $4,312 $6,839 $6,024 $5,324 $8,186 $6,013
Taxes $1,169 ($883) $2,977 ($1,617) ($1,545) ($6,294)
Profit Sharing $43 $0 $111 $0 $0 $0
Net Profit $2,128 ($1,640) $5,418 ($3,002) ($2,869) ($11,689)
CAPSTONE ® COURIER Page 3
 Round: 4
Production Analysis C133484 Dec. 31, 2025

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 1,411 19 7/14/2025 1.7 15000 7.0 13.0 $26.45 $7.98 $4.20 52% 5% 9.0 1,100 104%
Acre Low 2,263 236 1/29/2022 8.6 12000 2.8 17.1 $16.75 $4.14 $2.39 58% 54% 10.0 1,500 152%
Adam High 334 116 9/16/2025 1.3 25000 12.0 8.0 $38.00 $14.29 $6.16 43% 0% 6.5 500 61%
Aft Pfmn 489 61 7/23/2025 1.5 27000 13.2 13.3 $32.75 $13.78 $7.04 35% 13% 6.0 450 112%
Agape Size 433 117 7/30/2025 1.4 21000 6.6 6.7 $33.00 $12.19 $6.69 42% 22% 6.5 450 121%
Aston High 502 98 6/27/2025 1.1 25000 12.3 7.6 $38.00 $14.55 $6.64 43% 20% 6.5 500 119%
Audi Low 600 0 2/17/2024 1.9 12000 4.0 15.9 $17.99 $5.02 $7.78 28% 21% 6.0 800 120%

Baker Trad 1,227 225 8/28/2025 1.5 15000 7.3 12.5 $27.25 $8.76 $6.03 45% 19% 9.0 1,050 118%
Bead Low 1,670 478 1/29/2022 8.6 12000 2.8 17.1 $18.20 $4.39 $1.29 67% 45% 10.0 1,500 143%
Bid High 315 64 9/25/2025 1.2 25000 12.0 7.9 $37.99 $15.18 $6.73 41% 0% 6.5 300 79%
Bold Pfmn 397 55 8/24/2025 1.4 27000 12.9 13.4 $32.99 $14.43 $6.84 34% 30% 6.5 300 129%
Buddy Size 341 32 8/5/2025 1.4 21000 6.4 6.9 $32.99 $12.77 $8.27 36% 13% 6.5 275 112%
Black Size 333 15 8/5/2025 1.2 21000 6.4 6.9 $32.99 $12.77 $7.85 37% 0% 6.5 275 95%
Bund 0 0 3/29/2026 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 10.0 250 0%

Cake Trad 1,766 0 8/10/2025 1.6 19000 7.3 12.7 $26.69 $9.26 $3.59 52% 47% 8.0 1,200 146%
Cedar Low 1,931 0 10/17/2025 4.4 13000 3.3 16.7 $17.45 $4.74 $1.24 67% 69% 10.0 1,150 168%
Cid High 424 35 7/17/2025 1.4 25000 11.9 8.1 $37.99 $14.22 $5.20 46% 0% 10.0 400 94%
Coat Pfmn 477 46 7/9/2025 1.5 27000 12.7 13.7 $32.95 $13.46 $5.47 40% 12% 10.0 400 111%
Cure Size 406 40 7/9/2025 1.5 21000 6.3 7.2 $32.99 $11.89 $5.47 47% 12% 10.0 400 111%

Daze Trad 1,378 23 8/11/2025 1.5 16000 7.6 12.3 $27.00 $9.24 $4.09 49% 6% 8.5 1,100 105%
Dell Low 1,422 203 1/7/2025 8.6 12250 2.8 17.1 $19.20 $4.46 $3.41 52% 0% 9.0 1,200 97%
Duck High 180 204 11/27/2025 1.2 24500 12.2 7.9 $38.00 $15.12 $5.69 36% 0% 7.0 250 61%
Dot Pfmn 399 0 7/22/2025 1.4 27000 13.3 13.3 $32.99 $14.66 $6.29 36% 29% 7.5 270 128%
Dune Size 302 93 8/4/2025 1.4 19000 6.6 6.7 $33.00 $12.35 $7.99 35% 21% 6.0 250 120%

Eat Trad 1,156 197 4/18/2025 1.7 18500 7.4 12.8 $27.99 $10.30 $6.26 39% 0% 7.0 1,400 96%
Ebb Low 1,227 426 1/9/2025 8.6 13000 2.8 17.1 $19.20 $4.97 $5.01 45% 0% 8.0 1,600 94%
Echo High 129 172 11/23/2025 1.3 23000 11.8 8.2 $37.99 $15.36 $10.02 25% 0% 3.0 300 26%
Edge Pfmn 253 90 6/2/2025 1.6 27000 13.0 13.3 $33.49 $15.44 $10.02 21% 0% 4.5 350 85%
Egg Size 261 120 5/3/2025 1.6 20000 6.5 6.9 $33.49 $13.32 $10.02 27% 0% 3.0 500 66%
Etc High 372 105 6/13/2025 1.2 25000 12.3 7.6 $38.49 $16.41 $10.02 29% 0% 4.0 500 94%

Fast Trad 1,114 195 6/17/2027 2.8 17500 6.6 13.5 $28.00 $9.22 $9.94 29% 47% 4.0 750 145%
Feat Low 904 210 5/28/2027 8.6 12000 2.8 17.1 $21.00 $4.59 $6.32 44% 6% 6.0 900 105%
Fist High 361 104 8/29/2025 1.2 25000 11.9 8.0 $38.00 $15.81 $7.40 37% 0% 5.0 500 69%
Foam Pfmn 378 115 9/1/2025 1.3 27000 13.9 13.0 $33.00 $15.72 $5.55 33% 0% 6.5 550 72%
Fume Size 291 148 9/8/2025 1.3 19000 7.3 6.6 $33.00 $13.14 $6.17 38% 0% 6.0 500 69%
Fox High 395 62 9/7/2025 0.9 25000 11.7 8.2 $38.00 $15.65 $6.17 41% 0% 6.0 450 99%
Fuel Size 37 12 6/20/2025 0.5 19000 7.8 6.6 $33.00 $13.28 $6.17 38% 0% 6.0 550 10%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C133484 Round: 4
Dec. 31, 2025

Traditional Statistics
Total Industry Unit Demand 8,028
Actual Industry Unit Sales |8,028
Segment % of Total Industry |31.0%

Next Year's Segment Growth Rate |7.1%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $18.00 - 28.00 23%
3. Ideal Position Pfmn 7.6 Size 12.3 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 22% 1,760 8/10/2025 YES 7.3 12.7 $26.69 19000 1.56 $1,400 100% $3,000 87% 66
Able 17% 1,398 7/14/2025 7.0 13.0 $26.45 15000 1.65 $1,400 100% $3,000 88% 54
Daze 17% 1,377 8/11/2025 7.6 12.3 $27.00 16000 1.54 $1,500 94% $2,500 74% 50
Baker 15% 1,223 8/28/2025 7.3 12.5 $27.25 15000 1.54 $1,500 96% $2,000 79% 48
Eat 14% 1,156 4/18/2025 7.4 12.8 $27.99 18500 1.69 $1,100 85% $1,800 67% 46
Fast 14% 1,114 6/17/2027 6.6 13.5 $28.00 17500 2.80 $1,800 100% $2,048 64% 26

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C133484 Round: 4
Dec. 31, 2025

Low End Statistics

Total Industry Unit Demand 10,040
Actual Industry Unit Sales |10,040
Segment % of Total Industry |38.8%

Next Year's Segment Growth Rate |12.6%

Low End Customer Buying Criteria
Expectations Importance
1. Price $13.00 - 23.00 53%
2. Age Ideal Age = 7.0 24%
3. Ideal Position Pfmn 3.5 Size 16.4 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 23% 2,263 1/29/2022 2.8 17.1 $16.75 12000 8.60 $1,400 100% $2,000 86% 47
Cedar 19% 1,931 10/17/2025 YES 3.3 16.7 $17.45 13000 4.40 $1,400 100% $3,000 84% 46
Bead 17% 1,670 1/29/2022 2.8 17.1 $18.20 12000 8.60 $1,500 90% $2,000 75% 34
Dell 14% 1,422 1/7/2025 2.8 17.1 $19.20 12250 8.60 $1,475 94% $2,500 70% 29
Ebb 12% 1,227 1/9/2025 2.8 17.1 $19.20 13000 8.60 $1,000 83% $1,800 61% 25
Feat 9% 904 5/28/2027 2.8 17.1 $21.00 12000 8.60 $1,800 100% $1,807 54% 18
Audi 6% 600 2/17/2024 YES 4.0 15.9 $17.99 12000 1.87 $2,000 86% $1,000 86% 22
Able 0% 12 7/14/2025 7.0 13.0 $26.45 15000 1.65 $1,400 100% $3,000 86% 0
Cake 0% 6 8/10/2025 YES 7.3 12.7 $26.69 19000 1.56 $1,400 100% $3,000 84% 0
Baker 0% 4 8/28/2025 7.3 12.5 $27.25 15000 1.54 $1,500 96% $2,000 75% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C133484 Round: 4
Dec. 31, 2025

High End Statistics

Total Industry Unit Demand 3,014
Actual Industry Unit Sales |3,014
Segment % of Total Industry |11.7%

Next Year's Segment Growth Rate |13.8%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 12.3 Size 7.6 43%
2. Age Ideal Age = 0.0 29%
3. Reliability MTBF 20000-25000 19%
4. Price $28.00 - 38.00 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
Aston 17% 502 6/27/2025 12.3 7.6 $38.00 25000 1.14 $1,700 100% $2,000 91% 77
Cid 14% 424 7/17/2025 11.9 8.1 $37.99 25000 1.38 $1,400 99% $3,000 85% 68
Fox 13% 395 9/7/2025 11.7 8.2 $38.00 25000 0.86 $2,100 94% $2,048 84% 67
Etc 12% 372 6/13/2025 12.3 7.6 $38.49 25000 1.17 $1,300 80% $1,800 87% 57
Fist 12% 361 8/29/2025 11.9 8.0 $38.00 25000 1.25 $2,200 100% $2,048 84% 65
Adam 11% 334 9/16/2025 12.0 8.0 $38.00 25000 1.29 $1,400 100% $2,500 91% 72
Bid 10% 315 9/25/2025 12.0 7.9 $37.99 25000 1.25 $1,500 95% $2,000 71% 64
Duck 6% 180 11/27/2025 12.2 7.9 $38.00 24500 1.20 $1,475 93% $2,100 66% 59
Echo 4% 129 11/23/2025 11.8 8.2 $37.99 23000 1.28 $1,000 78% $1,200 87% 44
Fuel 0% 3 6/20/2025 7.8 6.6 $33.00 19000 0.53 $2,100 71% $0 84% 1

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C133484 Round: 4
Dec. 31, 2025

Performance Statistics
Total Industry Unit Demand 2,393
Actual Industry Unit Sales |2,393
Segment % of Total Industry |9.3%

Next Year's Segment Growth Rate |14.4%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 13.2 Size 13.3 29%
3. Price $23.00 - 33.00 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
Aft 20% 489 7/23/2025 13.2 13.3 $32.75 27000 1.51 $1,400 100% $3,000 79% 73
Coat 20% 477 7/9/2025 12.7 13.7 $32.95 27000 1.54 $1,400 99% $3,000 81% 71
Dot 17% 399 7/22/2025 YES 13.3 13.3 $32.99 27000 1.44 $1,475 95% $2,500 64% 63
Bold 17% 397 8/24/2025 12.9 13.4 $32.99 27000 1.41 $1,500 90% $2,000 66% 62
Foam 16% 378 9/1/2025 13.9 13.0 $33.00 27000 1.30 $2,000 100% $2,048 57% 56
Edge 11% 253 6/2/2025 13.0 13.3 $33.49 27000 1.59 $1,000 69% $1,200 39% 37

CAPSTONE ® COURIER Page 8

Size Segment Analysis C133484 Round: 4
Dec. 31, 2025

Size Statistics
Total Industry Unit Demand 2,400
Actual Industry Unit Sales |2,400
Segment % of Total Industry |9.3%

Next Year's Segment Growth Rate |15.1%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 6.6 Size 6.7 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $23.00 - 33.00 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 18% 433 7/30/2025 6.6 6.7 $33.00 21000 1.44 $1,400 100% $3,000 83% 93
Cure 17% 406 7/9/2025 6.3 7.2 $32.99 21000 1.51 $1,400 99% $3,000 82% 81
Buddy 14% 341 8/5/2025 6.4 6.9 $32.99 21000 1.42 $1,500 90% $1,500 78% 79
Black 14% 333 8/5/2025 6.4 6.9 $32.99 21000 1.16 $1,500 88% $1,500 78% 76
Dune 13% 302 8/4/2025 6.6 6.7 $33.00 19000 1.45 $1,475 93% $2,500 67% 68
Fume 12% 291 9/8/2025 7.3 6.6 $33.00 19000 1.29 $2,100 100% $2,048 59% 51
Egg 11% 261 5/3/2025 6.5 6.9 $33.49 20000 1.57 $1,100 77% $1,600 51% 49
Fuel 1% 34 6/20/2025 7.8 6.6 $33.00 19000 0.53 $2,100 71% $0 59% 20

CAPSTONE ® COURIER Page 9

 Round: 4
Market Share C133484 Dec. 31, 2025

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 8,028 10,040 3,014 2,393 2,400 25,876 Units Demanded 8,028 10,040 3,014 2,393 2,400 25,876
% of Market 31.0% 38.8% 11.7% 9.3% 9.3% 100.0% % of Market 31.0% 38.8% 11.7% 9.3% 9.3% 100.0%

Able 17.4% 0.1% 5.5% Able 17.3% 5.4%

Acre 22.5% 8.7% Acre 21.6% 8.4%
Adam 11.1% 1.3% Adam 11.1% 1.3%
Aft 20.4% 1.9% Aft 20.2% 1.9%
Agape 18.0% 1.7% Agape 18.0% 1.7%
Aston 16.7% 1.9% Aston 16.6% 1.9%
Audi 6.0% 2.3% Audi 7.6% 3.0%
Total 17.4% 28.6% 27.7% 20.4% 18.0% 23.3% Total 17.3% 29.4% 27.7% 20.2% 18.0% 23.5%

Baker 15.2% 4.7% Baker 15.2% 4.7%

Bead 16.6% 6.5% Bead 16.0% 6.2%
Bid 10.4% 1.2% Bid 10.4% 1.2%
Bold 16.6% 1.5% Bold 16.4% 1.5%
Buddy 14.2% 1.3% Buddy 14.2% 1.3%
Black 13.9% 1.3% Black 13.9% 1.3%
Total 15.2% 16.7% 10.4% 16.6% 28.1% 16.6% Total 15.2% 16.0% 10.4% 16.4% 28.1% 16.3%

Cake 21.9% 6.8% Cake 22.3% 7.0%

Cedar 19.2% 7.5% Cedar 20.6% 8.0%
Cid 14.1% 1.6% Cid 14.1% 1.6%
Coat 19.9% 1.8% Coat 19.7% 1.8%
Cure 16.9% 1.6% Cure 16.9% 1.6%
Total 21.9% 19.3% 14.1% 19.9% 16.9% 19.3% Total 22.3% 20.7% 14.1% 19.7% 16.9% 20.0%

Daze 17.2% 5.3% Daze 17.1% 5.3%

Dell 14.2% 5.5% Dell 13.6% 5.3%
Duck 6.0% 0.7% Duck 6.0% 0.7%
Dot 16.7% 1.5% Dot 17.6% 1.6%
Dune 12.6% 1.2% Dune 12.6% 1.2%
Total 17.2% 14.2% 6.0% 16.7% 12.6% 14.2% Total 17.1% 13.6% 6.0% 17.6% 12.6% 14.1%

Eat 14.4% 4.5% Eat 14.3% 4.4%

Ebb 12.2% 4.7% Ebb 11.7% 4.6%
Echo 4.3% 0.5% Echo 4.3% 0.5%
Edge 10.6% 1.0% Edge 10.5% 1.0%
Egg 10.9% 1.0% Egg 10.9% 1.0%
Etc 12.3% 1.4% Etc 12.3% 1.4%
Total 14.4% 12.2% 16.6% 10.6% 10.9% 13.1% Total 14.3% 11.7% 16.6% 10.5% 10.9% 12.9%

Fast 13.9% 4.3% Fast 13.8% 4.3%

Feat 9.0% 3.5% Feat 8.6% 3.4%
Fist 12.0% 1.4% Fist 12.0% 1.4%
Foam 15.8% 1.5% Foam 15.6% 1.4%
Fume 12.1% 1.1% Fume 12.1% 1.1%
Fox 13.1% 1.5% Fox 13.1% 1.5%
Fuel 1.4% 0.1% Fuel 1.4%
Total 13.9% 9.0% 25.2% 15.8% 13.5% 13.5% Total 13.8% 8.6% 25.2% 15.6% 13.5% 13.3%

CAPSTONE ® COURIER Page 10

 Round: 4
Perceptual Map C133484 Dec. 31, 2025

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 7.0 13.0 7/14/2025 Baker 7.3 12.5 8/28/2025 Cake 7.3 12.7 8/10/2025
Acre 2.8 17.1 1/29/2022 Bead 2.8 17.1 1/29/2022 Cedar 3.3 16.7 10/17/2025
Adam 12.0 8.0 9/16/2025 Bid 12.0 7.9 9/25/2025 Cid 11.9 8.1 7/17/2025
Aft 13.2 13.3 7/23/2025 Bold 12.9 13.4 8/24/2025 Coat 12.7 13.7 7/9/2025
Agape 6.6 6.7 7/30/2025 Buddy 6.4 6.9 8/5/2025 Cure 6.3 7.2 7/9/2025
Aston 12.3 7.6 6/27/2025 Black 6.4 6.9 8/5/2025
Audi 4.0 15.9 2/17/2024

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 7.6 12.3 8/11/2025 Eat 7.4 12.8 4/18/2025 Fast 6.6 13.5 6/17/2027
Dell 2.8 17.1 1/7/2025 Ebb 2.8 17.1 1/9/2025 Feat 2.8 17.1 5/28/2027
Duck 12.2 7.9 11/27/2025 Echo 11.8 8.2 11/23/2025 Fist 11.9 8.0 8/29/2025
Dot 13.3 13.3 7/22/2025 Edge 13.0 13.3 6/2/2025 Foam 13.9 13.0 9/1/2025
Dune 6.6 6.7 8/4/2025 Egg 6.5 6.9 5/3/2025 Fume 7.3 6.6 9/8/2025
Etc 12.3 7.6 6/13/2025 Fox 11.7 8.2 9/7/2025
Fuel 7.8 6.6 6/20/2025

CAPSTONE ® COURIER Page 11

 Round: 4
HR/TQM Report C133484 Dec. 31, 2025
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 508 348 275 265 522 477
Complement 508 348 275 265 522 477
1st Shift Complement 425 296 214 244 522 414
2nd Shift Complement 83 52 61 21 0 63
Overtime Percent 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%
Turnover Rate 6.6% 6.7% 6.8% 7.1% 9.5% 8.3%
New Employees 34 23 19 19 50 40
Separated Employees 221 48 249 191 21 79
Recruiting Spend $5,000 $5,000 $5,000 $4,750 $0 $2,500
Training Hours 80 80 80 70 0 40
Productivity Index 113.7% 113.0% 112.5% 112.2% 102.1% 106.6%
Recruiting Cost $202 $140 $112 $108 $50 $139
Separation Cost $1,105 $240 $1,245 $955 $105 $396
Training Cost $813 $557 $440 $371 $0 $382
Total HR Admin Cost $2,120 $937 $1,797 $1,434 $155 $917
Labor Contract Next Year
Wages $25.53 $25.53 $25.53 $25.53 $25.53 $25.53
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 $1,500 $1,500 $750 $0 $0
VendorJIT $1,500 $1,500 $1,500 $1,250 $0 $0
Quality Initiative Training $1,500 $1,500 $1,500 $500 $0 $0
Channel Support Systems $1,500 $1,500 $1,500 $900 $0 $900
Concurrent Engineering $1,500 $1,500 $1,500 $1,500 $1,500 $900
UNEP Green Programs $1,500 $1,500 $1,500 $1,000 $0 $900

TQM Budgets Last Year

Benchmarking $0 $0 $1,500 $500 $0 $900
Quality Function Deployment Effort $1,500 $1,500 $1,500 $1,500 $0 $900
CCE/6 Sigma Training $1,500 $1,500 $1,500 $750 $0 $900
GEMI TQEM Sustainability Initiatives $1,500 $1,500 $1,500 $900 $0 $900
Total Expenditures $13,500 $13,500 $15,000 $9,550 $1,500 $6,300

Cumulative Impacts
Material Cost Reduction 11.35% 6.07% 11.35% 6.04% 0.00% 1.69%
Labor Cost Reduction 13.57% 6.21% 13.57% 5.63% 0.00% 1.19%
Reduction R&D Cycle Time 40.01% 40.01% 40.01% 40.01% 39.58% 30.04%
Reduction Admin Costs 22.03% 4.66% 60.02% 13.11% 0.00% 25.58%
Demand Increase 12.27% 13.95% 14.04% 6.95% 0.19% 7.59%

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: 4
C133484 Dec. 31, 2025
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: 4
Annual Report Andrews C133484
Dec. 31, 2025
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2025 2024
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 $12,721 7.6% $15,667
current value of your inventory across all products. A zero
Account Receivable $12,169 7.3% $12,955
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $9,831 5.9% $10,957
Equipment: The current value of your plant. Accum Total Current Assets $34,721 20.8% $39,579
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $199,100 119.0% $159,900
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($66,993) -40.2% ($53,720)
of operations. It includes emergency loans used to keep Total Fixed Assets $132,107 79.2% $106,180
your company solvent should you run out of cash during Total Assets $166,827 100.0% $145,759
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 $6,280 3.8% $7,956
instead of paying to shareholders as dividends.
Current Debt $402 0.2% $0
Long Term Debt $38,350 23.0% $38,135
Total Liabilities $45,032 27.0% $46,091

Common Stock $86,925 52.1% $66,925

Retained Earnings $34,870 20.9% $32,742
Total Equity $121,795 73.0% $99,667
Total Liab. & O. Equity $166,827 100.0% $145,759

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2025 2024
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $2,128 $434
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $13,273 $10,660
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $401 $286
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($1,676) ($252)
are bad and you find yourself carrying an abundance of excess inventory,
Inventory $1,126 ($4,536)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable $785 ($851)
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 $16,039 $5,740
afloat. Cash Flows from Investing Activities
Plant Improvements ($39,200) ($20,000)
Cash Flows from Financing Activities
Dividends paid $0 ($1,677)
Sales of common stock $20,000 $18,747
Purchase of common stock $0 $0
Cash from long term debt $7,500 $0
Retirement of long term debt ($7,687) ($6,870)
Change in current debt(net) $402 $0
Net cash from financing activities $20,215 $10,200
Net change in cash position ($2,946) ($4,060)
Closing cash position $12,721 $15,667

Annual Report Page 14

 Round: 4
Annual Report Andrews C133484
Dec. 31, 2025
2025 Income Statement
2025 Common
(Product Name) Able Acre Adam Aft Agape Aston Audi
Total
Size
Sales $37,315 $37,900 $12,695 $16,001 $14,284 $19,067 $10,795 $0 $148,058 100.0%
Variable Costs:
Direct Labor $6,588 $5,834 $2,193 $3,504 $2,901 $3,335 $4,669 $0 $29,024 19.6%
Direct Material $11,452 $9,970 $4,713 $6,727 $5,199 $7,318 $3,133 $0 $48,512 32.8%
Inventory Carry $28 $198 $288 $154 $262 $250 $0 $0 $1,180 0.8%
Total Variable $18,068 $16,002 $7,195 $10,384 $8,362 $10,902 $7,802 $0 $78,716 53.2%
Contribution Margin $19,247 $21,898 $5,501 $5,617 $5,922 $8,165 $2,992 $0 $69,342 46.8%
Period Costs:
Depreciation $3,080 $4,600 $1,067 $900 $960 $1,067 $1,600 $0 $13,273 9.0%
SG&A: R&D $541 $0 $717 $566 $586 $494 $0 $0 $2,904 2.0%
Promotions $1,400 $1,400 $1,400 $1,400 $1,400 $1,700 $2,000 $0 $10,700 7.2%
Sales $3,000 $2,000 $2,500 $3,000 $3,000 $2,000 $1,000 $0 $16,500 11.1%
Admin $738 $749 $251 $316 $282 $377 $213 $0 $2,928 2.0%
Total Period $8,759 $8,749 $5,935 $6,182 $6,228 $5,638 $4,813 $0 $46,305 31.3%
Net Margin $10,488 $13,149 ($434) ($565) ($306) $2,528 ($1,821) $0 $23,038 15.6%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $15,386 10.4%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $7,652 5.2%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $20 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $4,292 2.9%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $1,169 0.8%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $43 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $2,128 1.4%
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