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 1.4% 0.1% -3.5% 2.8% -16.4% 2.5%
Asset Turnover 1.52 1.27 1.01 0.88 1.30 1.37
ROA 2.1% 0.1% -3.6% 2.4% -21.3% 3.5%
Leverage 1.5 1.9 2.0 1.6 -4.5 2.1
ROE 3.2% 0.2% -7.1% 4.0% -95.5% 7.3%
Emergency Loan $0 $0 $0 $0 $25,604,831 $0
Sales $125,014,009 $162,236,514 $117,280,248 $86,720,978 $105,720,066 $147,053,768
EBIT $5,449,962 $6,719,080 ($309,896) $8,214,918 ($12,577,556) $11,339,825
Profits $1,717,940 $134,580 ($4,161,330) $2,412,808 ($17,329,931) $3,746,418
Cumulative Profit $7,738,294 $17,450,038 $9,044,098 $15,388,909 ($59,791,836) $24,101,640
SG&A / Sales 19.8% 17.5% 20.9% 22.7% 23.2% 13.6%
Contrib. Margin % 32.1% 39.5% 28.3% 35.3% 15.3% 28.2%

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 $23.57 ($3.22) 2,572,148 $61 $21.04 $0.67 $5.00 21.2% 35.2
Baldwin $36.25 ($9.44) 2,287,513 $83 $29.49 $0.06 $0.80 2.2% 605.9
Chester $23.32 ($11.24) 2,170,501 $51 $27.09 ($1.92) $0.00 0.0% -12.2
Digby $35.82 ($2.05) 2,101,721 $75 $28.57 $1.15 $0.00 0.0% 31.2
Erie $1.00 $0.00 2,838,053 $3 ($6.39) ($6.11) $0.00 0.0% -0.2
Ferris $43.04 ($8.78) 2,000,000 $86 $25.54 $1.87 $1.67 3.9% 23.0

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.5S2025 $507,115 11.8% 105.53 A 12.5S2025 $13,900,000 11.9% 105.04 BBB
12.9S2027 $20,850,000 11.1% 116.66 A 12.9S2027 $20,850,000 11.2% 115.19 BBB
Baldwin Erie
12.5S2025 $13,857,271 12.0% 104.17 B 12.5S2025 $13,900,000 12.3% 102.00 DDD
12.9S2027 $20,850,000 11.5% 112.63 B 12.9S2027 $20,850,000 12.1% 106.43 DDD
11.3S2032 $5,000,000 9.5% 118.96 B 11.3S2032 $5,000,000 10.7% 105.28 DDD
11.7S2033 $13,000,000 9.5% 123.11 B 13.8S2033 $34,064,000 11.5% 119.92 DDD
Chester Ferris
12.5S2025 $13,900,000 12.0% 103.97 B 12.5S2025 $4,190,662 12.1% 103.69 CCC
12.9S2027 $20,850,000 11.5% 112.07 B 12.9S2027 $20,850,000 11.6% 111.24 CCC
11.1S2034 $15,000,000 9.3% 119.28 B 11.3S2034 $3,263,906 9.5% 118.37 CCC

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) $1,718 $135 ($4,161) $2,413 ($17,330) $3,746
Adjustment for non-cash items:
Depreciation $5,787 $9,407 $7,427 $5,120 $4,204 $6,660
Extraordinary gains/losses/writeoffs $307 $525 ($483) ($3,880) $0 ($513)
Changes in current assets and liablilities
Accounts payable $1,750 $851 ($1,873) ($2,101) ($10,823) $1,153
Inventory $553 ($13,107) ($7,662) $9,090 $85,353 ($2,113)
Accounts Receivable ($1,684) ($2,962) ($2,522) ($4,748) ($6,703) ($1,608)
Net cash from operations $8,430 ($5,151) ($9,274) $5,893 $54,702 $7,325

Cash flows from investing activities

Plant improvements(net) $7,800 $975 $3,150 $27,560 $0 ($12,540)
Cash flows from financing activities
Dividends paid ($12,861) ($1,830) $0 $0 $0 ($3,340)
Sales of common stock $11,480 $0 $5,000 $0 $473 $0
Purchase of common stock $0 ($5,000) $0 $0 $0 $0
Cash from long term debt issued $0 $0 $15,000 $0 $0 $3,264
Early retirement of long term debt ($13,845) $0 $0 $0 $0 $0
Retirement of current debt $0 $0 ($13,658) ($1,909) ($80,780) ($20,127)
Cash from current debt borrowing $0 $0 $0 $0 $0 $18,951
Cash from emergency loan $0 $0 $0 $0 $25,605 $0

Net cash from financing activities ($15,226) ($6,830) $6,342 ($1,909) ($54,702) ($1,252)

Net change in cash position $1,004 ($11,006) $217 $31,544 $0 ($6,466)

Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $16,401 $20,517 $217 $34,739 $0 $17,879
Accounts Receivable $10,275 $15,557 $11,246 $14,256 $13,034 $12,087
Inventory $8,850 $13,889 $46,064 $8,734 $35,081 $14,588
Total Current Assets $35,527 $49,962 $57,528 $57,728 $48,115 $44,554

Plant and equipment $86,800 $141,100 $111,400 $76,800 $63,056 $99,900

Accumulated Depreciation ($40,013) ($63,380) ($53,293) ($35,960) ($29,895) ($37,413)
Total Fixed Assets $46,787 $77,720 $58,107 $40,840 $33,161 $62,487

Total Assets $82,313 $127,682 $115,634 $98,568 $81,276 $107,041

Accounts Payable $6,845 $7,506 $7,087 $3,778 $0 $8,712

Current Debt $0 $0 $0 $0 $25,605 $18,951
Total Current Liabilities $6,845 $7,506 $7,087 $3,778 $25,605 $27,663

Long Term Debt $21,357 $52,707 $49,750 $34,750 $73,814 $28,305

Total Liabilities $28,202 $60,213 $56,837 $38,528 $99,419 $55,968

Common Stock $35,694 $30,178 $24,360 $23,137 $18,845 $18,360

Retained Earnings $18,417 $37,291 $34,438 $36,903 ($36,987) $32,713
Total Equity $54,111 $67,469 $58,797 $60,041 ($18,143) $51,073

Total Liabilities & Owners Equity $82,313 $127,682 $115,634 $98,568 $81,276 $107,041

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $125,014 $162,237 $117,280 $86,721 $105,720 $147,054
Variable Costs(Labor,Material,Carry) $84,900 $98,142 $84,090 $56,101 $89,563 $105,633
Contribution Margin $40,114 $64,095 $33,190 $30,620 $16,157 $41,421
Depreciation $5,787 $9,407 $7,427 $5,120 $4,204 $6,660
SGA(R&D,Promo,Sales,Admin) $24,789 $28,368 $24,557 $19,665 $24,507 $20,021
Other(Fees,Writeoffs,TQM,Bonuses) $4,089 $19,600 $1,517 ($2,380) $24 $3,400
EBIT $5,450 $6,719 ($310) $8,215 ($12,578) $11,340
Interest(Short term,Long term) $2,753 $6,508 $6,092 $4,427 $14,084 $5,458
Taxes $944 $74 ($2,241) $1,326 ($9,332) $2,058
Profit Sharing $35 $3 $0 $49 $0 $76
Net Profit $1,718 $135 ($4,161) $2,413 ($17,330) $3,746
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 1,308 0 8/7/2024 2.1 17500 7.0 13.0 $27.50 $10.51 $9.30 29% 64% 4.5 800 163%
Acre Low 2,400 0 1/3/2024 7.6 12275 2.8 17.1 $19.00 $5.28 $6.52 37% 73% 6.5 1,400 171%
Adam High 323 178 9/10/2024 1.4 24000 10.3 9.8 $38.50 $15.34 $8.12 35% 8% 4.5 250 107%
Aft Pfmn 607 43 6/19/2024 1.6 27000 11.6 14.4 $33.00 $15.30 $9.01 26% 46% 4.5 450 144%
Agape Size 328 171 8/31/2024 1.9 20000 5.2 8.7 $33.50 $12.90 $8.79 32% 34% 4.5 250 133%

Baker Trad 1,902 186 7/20/2024 1.7 18000 6.2 13.7 $29.00 $9.42 $5.43 48% 17% 6.5 1,800 116%
Bead Low 1,889 0 1/21/2024 5.0 16000 3.5 16.5 $20.00 $6.57 $6.35 34% 36% 6.0 1,400 135%
Bid High 620 76 7/21/2024 1.4 25000 10.5 9.4 $39.00 $14.99 $8.47 40% 0% 3.5 700 99%
Bold Pfmn 476 94 7/1/2024 1.6 27000 11.2 14.7 $34.00 $14.14 $8.47 32% 0% 3.5 550 99%
Buddy Size 555 2 7/11/2024 1.7 21000 5.2 8.7 $34.00 $12.44 $8.47 39% 0% 3.5 550 99%
Bull High 264 283 3/16/2024 0.8 20000 9.6 10.3 $38.00 $12.82 $12.42 24% 27% 1.0 550 99%

Cake Trad 1,858 385 4/28/2024 1.9 16000 6.2 13.7 $28.00 $9.40 $9.03 32% 11% 4.0 1,800 110%
Cedar Low 1,996 393 4/12/2022 5.2 14000 2.9 16.8 $22.50 $5.97 $8.66 32% 57% 5.0 1,400 156%
Cid High 90 502 7/28/2024 2.1 23000 9.0 11.2 $39.00 $13.85 $8.62 -6% 0% 4.0 500 20%
Coat Pfmn 210 279 7/26/2024 1.7 27000 10.2 15.0 $34.00 $14.35 $8.62 21% 0% 4.0 300 33%
Cure Size 112 394 8/2/2024 2.3 19000 4.2 9.7 $34.00 $11.79 $8.62 10% 0% 4.0 400 25%
Cubic Pfmn 181 215 4/18/2024 0.7 25500 9.0 15.0 $32.50 $13.22 $13.04 7% 14% 3.0 500 79%

Daze Trad 858 0 6/21/2024 2.5 15000 5.8 14.6 $28.00 $8.53 $7.38 40% 0% 5.0 500 91%
Dell Low 1,881 0 1/14/2024 7.6 13000 2.8 17.1 $21.00 $5.49 $7.38 38% 0% 5.0 1,900 99%
Duck High 143 217 10/16/2024 1.9 24500 9.3 10.3 $38.00 $14.83 $9.84 24% 0% 3.0 300 49%
Dot Pfmn 289 76 9/11/2024 1.9 27000 10.5 14.2 $33.00 $14.73 $9.84 25% 0% 3.0 300 91%
Dune Size 247 74 10/10/2024 1.5 19000 5.0 9.0 $33.25 $12.38 $9.84 32% 0% 3.0 200 84%

Eat Trad 1,419 0 8/17/2024 1.6 15100 6.6 12.4 $26.00 $0.00 $0.00 21% 0% 5.0 1 0%
Ebb Low 777 0 5/25/2024 2.0 14020 4.1 15.6 $18.50 $0.00 $0.00 12% 0% 4.0 1,500 0%
Echo High 327 537 9/11/2024 1.8 24000 10.2 9.9 $36.25 $0.00 $0.00 13% 0% 2.0 1 0%
Edge Pfmn 732 300 9/5/2024 1.4 26200 10.9 12.4 $31.50 $0.00 $0.00 11% 0% 3.0 500 0%
Egg Size 625 525 9/5/2024 1.5 19200 5.5 8.4 $31.25 $0.00 $0.00 13% 0% 3.0 500 0%

Fast Trad 1,429 0 4/22/2023 3.1 14000 5.3 14.6 $21.50 $8.00 $10.57 12% 92% 4.0 600 190%
Feat Low 1,386 0 7/27/2026 7.6 13000 2.8 17.1 $21.50 $5.49 $7.61 38% 100% 6.0 1,100 198%
Fist High 510 178 11/29/2024 1.1 25000 11.1 8.7 $38.50 $16.48 $9.84 30% 0% 3.0 550 99%
Foam Pfmn 504 135 9/8/2024 1.4 27000 12.6 13.6 $33.40 $16.08 $8.61 24% 0% 4.5 600 91%
Fume Size 682 202 11/28/2024 1.3 16000 5.9 7.3 $33.50 $12.68 $9.81 30% 42% 4.0 700 140%
Fox High 707 85 11/28/2024 0.6 25000 11.8 8.1 $38.50 $17.05 $7.97 35% 60% 5.5 500 158%

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
Baker 22% 1,902 7/20/2024 6.2 13.7 $29.00 18000 1.73 $1,000 80% $3,000 81% 43
Cake 22% 1,848 4/28/2024 6.2 13.7 $28.00 16000 1.88 $2,000 92% $2,500 63% 41
Eat 16% 1,382 8/17/2024 YES 6.6 12.4 $26.00 15100 1.58 $2,000 98% $1,450 56% 41
Able 15% 1,290 8/7/2024 YES 7.0 13.0 $27.50 17500 2.08 $2,000 87% $2,500 66% 51
Fast 11% 959 4/22/2023 YES 5.3 14.6 $21.50 14000 3.08 $900 58% $725 36% 13
Daze 10% 822 6/21/2024 YES 5.8 14.6 $28.00 15000 2.46 $1,500 76% $1,800 51% 23
Ebb 2% 160 5/25/2024 YES 4.1 15.6 $18.50 14020 1.97 $2,000 96% $1,300 56% 5
Edge 1% 117 9/5/2024 10.9 12.4 $31.50 26200 1.43 $2,000 91% $1,250 56% 0
Cubic 0% 29 4/18/2024 9.0 15.0 $32.50 25500 0.70 $1,200 53% $1,500 63% 1
Dot 0% 5 9/11/2024 10.5 14.2 $33.00 27000 1.90 $1,400 65% $1,550 51% 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 22% 2,400 1/3/2024 YES 2.8 17.1 $19.00 12275 7.60 $2,000 82% $2,500 64% 35
Cedar 19% 1,996 4/12/2022 2.9 16.8 $22.50 14000 5.16 $1,400 74% $2,000 45% 15
Bead 18% 1,889 1/21/2024 YES 3.5 16.5 $20.00 16000 5.00 $800 64% $3,000 67% 28
Dell 18% 1,881 1/14/2024 YES 2.8 17.1 $21.00 13000 7.60 $1,300 70% $1,800 48% 23
Feat 13% 1,386 7/27/2026 YES 2.8 17.1 $21.50 13000 7.60 $1,100 68% $1,305 46% 19
Ebb 6% 617 5/25/2024 YES 4.1 15.6 $18.50 14020 1.97 $2,000 96% $1,300 35% 13
Fast 4% 470 4/22/2023 YES 5.3 14.6 $21.50 14000 3.08 $900 58% $725 46% 5
Daze 0% 36 6/21/2024 YES 5.8 14.6 $28.00 15000 2.46 $1,500 76% $1,800 48% 0
Able 0% 18 8/7/2024 YES 7.0 13.0 $27.50 17500 2.08 $2,000 87% $2,500 64% 0
Cake 0% 10 4/28/2024 6.2 13.7 $28.00 16000 1.88 $2,000 92% $2,500 45% 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
Fox 22% 707 11/28/2024 11.8 8.1 $38.50 25000 0.56 $1,100 41% $1,305 58% 41
Bid 19% 620 7/21/2024 10.5 9.4 $39.00 25000 1.42 $1,500 81% $2,250 75% 41
Fist 16% 510 11/29/2024 11.1 8.7 $38.50 25000 1.13 $1,100 65% $1,305 58% 45
Echo 10% 327 9/11/2024 10.2 9.9 $36.25 24000 1.76 $2,000 90% $1,250 61% 26
Adam 10% 323 9/10/2024 10.3 9.8 $38.50 24000 1.37 $1,800 86% $2,200 60% 30
Bull 8% 264 3/16/2024 9.6 10.3 $38.00 20000 0.79 $500 32% $2,250 75% 13
Edge 8% 254 9/5/2024 10.9 12.4 $31.50 26200 1.43 $2,000 91% $1,250 61% 18
Duck 4% 143 10/16/2024 9.3 10.3 $38.00 24500 1.90 $1,400 69% $2,000 46% 14
Cid 3% 90 7/28/2024 9.0 11.2 $39.00 23000 2.07 $1,500 72% $2,000 42% 6

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 23% 607 6/19/2024 11.6 14.4 $33.00 27000 1.58 $1,500 72% $2,200 52% 44
Foam 19% 504 9/8/2024 12.6 13.6 $33.40 27000 1.39 $1,100 64% $1,305 35% 37
Bold 18% 476 7/1/2024 11.2 14.7 $34.00 27000 1.65 $1,000 55% $3,000 51% 35
Edge 14% 361 9/5/2024 10.9 12.4 $31.50 26200 1.43 $2,000 91% $1,250 32% 26
Dot 11% 285 9/11/2024 10.5 14.2 $33.00 27000 1.90 $1,400 65% $1,550 33% 30
Coat 8% 210 7/26/2024 10.2 15.0 $34.00 27000 1.69 $1,200 59% $1,500 48% 24
Cubic 6% 153 4/18/2024 9.0 15.0 $32.50 25500 0.70 $1,200 53% $1,500 48% 15

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
Fume 26% 682 11/28/2024 5.9 7.3 $33.50 16000 1.28 $1,100 64% $1,305 38% 29
Egg 24% 625 9/5/2024 5.5 8.4 $31.25 19200 1.53 $2,000 90% $1,300 40% 41
Buddy 21% 555 7/11/2024 5.2 8.7 $34.00 21000 1.65 $1,000 55% $3,000 55% 32
Agape 13% 328 8/31/2024 5.2 8.7 $33.50 20000 1.86 $1,750 75% $2,000 48% 30
Dune 10% 247 10/10/2024 5.0 9.0 $33.25 19000 1.55 $1,100 56% $1,350 33% 18
Cure 4% 112 8/2/2024 4.2 9.7 $34.00 19000 2.29 $1,200 59% $1,500 33% 8
Eat 1% 36 8/17/2024 YES 6.6 12.4 $26.00 15100 1.58 $2,000 98% $1,450 40% 2

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 15.2% 0.2% 4.7% Able 16.5% 5.1%

Acre 22.4% 8.7% Acre 26.9% 10.4%
Adam 10.0% 1.2% Adam 9.9% 1.2%
Aft 23.4% 2.2% Aft 23.7% 2.2%
Agape 12.7% 1.2% Agape 12.6% 1.2%
Total 15.2% 22.6% 10.0% 23.4% 12.7% 18.0% Total 16.5% 27.0% 9.9% 23.6% 12.6% 20.1%

Baker 22.4% 6.9% Baker 19.1% 5.9%

Bead 17.6% 6.8% Bead 17.9% 6.9%
Bid 19.2% 2.2% Bid 19.1% 2.2%
Bold 18.4% 1.7% Bold 18.3% 1.7%
Buddy 21.5% 2.0% Buddy 21.8% 2.0%
Bull 8.2% 1.0% Bull 8.1% 0.9%
Total 22.4% 17.6% 27.3% 18.4% 21.5% 20.6% Total 19.1% 17.9% 27.2% 18.3% 21.8% 19.8%

Cake 21.7% 6.7% Cake 18.5% 5.7%

Cedar 18.6% 7.2% Cedar 10.0% 3.9%
Cid 2.8% 0.3% Cid 2.8% 0.3%
Coat 8.1% 0.8% Coat 8.1% 0.8%
Cure 4.3% 0.4% Cure 4.3% 0.4%
Cubic 0.3% 5.9% 0.7% Cubic 0.3% 5.9% 0.6%
Total 22.1% 18.7% 2.8% 14.0% 4.3% 16.1% Total 18.8% 10.0% 2.8% 14.0% 4.3% 11.7%

Daze 9.7% 0.3% 3.1% Daze 8.9% 0.2% 2.8%

Dell 17.6% 6.8% Dell 17.8% 6.9%
Duck 4.4% 0.5% Duck 4.4% 0.5%
Dot 11.0% 1.1% Dot 10.9% 1.0%
Dune 9.5% 0.9% Dune 9.5% 0.9%
Total 9.7% 17.9% 4.4% 11.0% 9.6% 12.4% Total 8.9% 18.0% 4.4% 10.9% 9.5% 12.1%

Eat 16.2% 1.4% 5.1% Eat 20.0% 1.7% 6.3%

Ebb 1.9% 5.8% 2.8% Ebb 4.7% 9.4% 5.1%
Echo 10.1% 1.2% Echo 10.1% 1.2%
Edge 1.4% 7.8% 13.9% 2.6% Edge 1.3% 7.8% 13.8% 2.6%
Egg 24.2% 2.3% Egg 24.0% 2.2%
Total 19.5% 5.8% 17.9% 13.9% 25.6% 14.0% Total 26.1% 9.4% 17.9% 13.9% 25.7% 17.5%

Fast 11.3% 4.4% 5.2% Fast 10.6% 2.9% 4.4%

Feat 13.0% 5.0% Feat 14.7% 5.7%
Fist 15.8% 1.8% Fist 15.7% 1.8%
Foam 19.4% 1.8% Foam 19.3% 1.8%
Fume 26.4% 2.5% Fume 26.2% 2.5%
Fox 21.8% 2.6% Fox 22.2% 2.6%
Total 11.3% 17.3% 37.6% 19.4% 26.4% 18.9% Total 10.6% 17.6% 37.9% 19.3% 26.2% 18.8%

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 7.0 13.0 8/7/2024 Baker 6.2 13.7 7/20/2024 Cake 6.2 13.7 4/28/2024
Acre 2.8 17.1 1/3/2024 Bead 3.5 16.5 1/21/2024 Cedar 2.9 16.8 4/12/2022
Adam 10.3 9.8 9/10/2024 Bid 10.5 9.4 7/21/2024 Cid 9.0 11.2 7/28/2024
Aft 11.6 14.4 6/19/2024 Bold 11.2 14.7 7/1/2024 Coat 10.2 15.0 7/26/2024
Agape 5.2 8.7 8/31/2024 Buddy 5.2 8.7 7/11/2024 Cure 4.2 9.7 8/2/2024
Bull 9.6 10.3 3/16/2024 Cubic 9.0 15.0 4/18/2024

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 5.8 14.6 6/21/2024 Eat 6.6 12.4 8/17/2024 Fast 5.3 14.6 4/22/2023
Dell 2.8 17.1 1/14/2024 Ebb 4.1 15.6 5/25/2024 Feat 2.8 17.1 7/27/2026
Duck 9.3 10.3 10/16/2024 Echo 10.2 9.9 9/11/2024 Fist 11.1 8.7 11/29/2024
Dot 10.5 14.2 9/11/2024 Edge 10.9 12.4 9/5/2024 Foam 12.6 13.6 9/8/2024
Dune 5.0 9.0 10/10/2024 Egg 5.5 8.4 9/5/2024 Fume 5.9 7.3 11/28/2024
Fox 11.8 8.1 11/28/2024

CAPSTONE ® COURIER Page 11

 Round: 3
HR/TQM Report C133484 Dec. 31, 2024
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 664 873 820 455 0 820
Complement 664 873 820 455 0 820
1st Shift Complement 425 758 655 455 0 558
2nd Shift Complement 239 115 165 0 0 262
Overtime Percent 0.0% 0.1% 0.0% 0.0% -100.0% 0.0%
Turnover Rate 8.4% 7.0% 8.0% 10.0% 0.0% 8.7%
New Employees 132 269 66 46 0 115
Separated Employees 0 0 173 199 818 0
Recruiting Spend $2,500 $5,000 $1,600 $0 $0 $2,500
Training Hours 40 80 50 0 0 30
Productivity Index 104.5% 107.8% 102.4% 100.0% 100.0% 101.6%
Recruiting Cost $461 $1,612 $171 $46 $0 $404
Separation Cost $0 $0 $865 $995 $4,090 $0
Training Cost $531 $1,397 $820 $0 $0 $492
Total HR Admin Cost $992 $3,009 $1,856 $1,041 $4,090 $896
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 $0 $2,000 $100 $0 $0 $0
VendorJIT $0 $2,000 $100 $0 $0 $0
Quality Initiative Training $0 $2,000 $100 $0 $0 $0
Channel Support Systems $0 $2,000 $100 $0 $0 $750
Concurrent Engineering $1,500 $2,000 $100 $750 $0 $750
UNEP Green Programs $0 $1,500 $100 $0 $0 $0

TQM Budgets Last Year

Benchmarking $0 $1,500 $100 $0 $0 $750
Quality Function Deployment Effort $1,500 $2,000 $100 $750 $0 $750
CCE/6 Sigma Training $0 $2,000 $100 $0 $0 $750
GEMI TQEM Sustainability Initiatives $0 $2,000 $100 $0 $0 $0
Total Expenditures $3,000 $19,000 $1,000 $1,500 $0 $3,750

Cumulative Impacts
Material Cost Reduction 0.00% 5.77% 0.00% 0.00% 0.00% 0.01%
Labor Cost Reduction 0.00% 7.22% 0.00% 0.00% 0.00% 0.04%
Reduction R&D Cycle Time 27.25% 30.30% 0.00% 3.93% 0.00% 3.93%
Reduction Admin Costs 0.00% 44.67% 0.00% 0.00% 0.00% 2.44%
Demand Increase 0.19% 7.37% 0.00% 0.02% 0.00% 0.32%

CAPSTONE ® COURIER Page 12

 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 $16,401 19.9% $15,397
current value of your inventory across all products. A zero
Account Receivable $10,275 12.5% $8,591
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $8,850 10.8% $9,403
Equipment: The current value of your plant. Accum Total Current Assets $35,526 43.2% $33,391
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $86,800 105.0% $98,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($40,013) -48.6% ($38,627)
of operations. It includes emergency loans used to keep Total Fixed Assets $46,787 56.8% $60,173
your company solvent should you run out of cash during Total Assets $82,313 100.0% $93,564
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 $6,845 8.3% $5,096
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $21,357 25.9% $34,695
Total Liabilities $28,202 34.3% $39,791

Common Stock $35,694 43.4% $24,214

Retained Earnings $18,417 22.4% $29,559
Total Equity $54,111 65.7% $53,773
Total Liab. & O. Equity $82,313 100.0% $93,564

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) $1,718 ($149)
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $5,787 $6,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $307 ($1,740)
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $1,750 ($1,072)
are bad and you find yourself carrying an abundance of excess inventory,
Inventory $553 $10,892
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($1,684) ($1,059)
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 $8,430 $13,459
afloat. Cash Flows from Investing Activities
Plant Improvements $7,800 $3,205
Cash Flows from Financing Activities
Dividends paid ($12,861) $0
Sales of common stock $11,480 $7,000
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt ($13,845) ($6,950)
Change in current debt(net) $0 ($1,316)
Net cash from financing activities ($15,226) ($1,266)
Net change in cash position $1,004 $15,397
Closing cash position $16,401 $15,397

Annual Report Page 13

 Round: 3
Annual Report Andrews C133484
Dec. 31, 2024
2024 Income Statement
2024 Common
(Product Name) Able Acre Adam Aft Agape
Total
Size
Sales $35,975 $45,603 $12,417 $20,025 $10,994 $0 $0 $0 $125,014 100.0%
Variable Costs:
Direct Labor $12,150 $15,644 $2,813 $5,468 $2,920 $0 $0 $0 $38,996 31.2%
Direct Material $13,494 $13,226 $4,716 $9,315 $4,091 $0 $0 $0 $44,841 35.9%
Inventory Carry $0 $0 $498 $125 $439 $0 $0 $0 $1,062 0.9%
Total Variable $25,644 $28,870 $8,027 $14,909 $7,451 $0 $0 $0 $84,900 67.9%
Contribution Margin $10,331 $16,733 $4,390 $5,116 $3,544 $0 $0 $0 $40,114 32.1%
Period Costs:
Depreciation $1,280 $2,987 $400 $720 $400 $0 $0 $0 $5,787 4.6%
SG&A: R&D $610 $8 $705 $473 $675 $0 $0 $0 $2,471 2.0%
Promotions $2,000 $2,000 $1,800 $1,500 $1,750 $0 $0 $0 $9,050 7.2%
Sales $2,500 $2,500 $2,200 $2,200 $2,000 $0 $0 $0 $11,400 9.1%
Admin $537 $681 $185 $299 $164 $0 $0 $0 $1,867 1.5%
Total Period $6,927 $8,176 $5,291 $5,192 $4,989 $0 $0 $0 $30,575 24.5%
Net Margin $3,403 $8,557 ($900) ($76) ($1,446) $0 $0 $0 $9,539 7.6%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $4,089 3.3%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $5,450 4.4%
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 $2,753 2.2%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $944 0.8%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $35 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $1,718 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 14