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 -0.1% 5.1% 1.9% 3.0% -14.3% 5.9%
Asset Turnover 1.12 1.15 0.92 0.99 0.94 1.23
ROA -0.2% 5.9% 1.7% 2.9% -13.4% 7.2%
Leverage 1.7 1.8 2.0 1.7 -127.7 2.0
ROE -0.3% 10.5% 3.5% 5.1% -1712.5% 14.8%
Emergency Loan $0 $0 $1,708,430 $0 $47,943,578 $0
Sales $104,519,321 $153,242,909 $106,147,705 $99,145,542 $154,065,336 $127,489,302
EBIT $4,191,261 $18,779,814 $9,031,985 $9,260,194 ($11,658,434) $17,000,736
Profits ($148,851) $7,817,267 $2,009,212 $2,950,935 ($22,016,215) $7,487,584
Cumulative Profit $6,020,354 $17,315,458 $13,205,427 $12,976,101 ($42,461,905) $20,355,222
SG&A / Sales 20.1% 15.9% 12.9% 12.5% 14.7% 14.4%
Contrib. Margin % 29.2% 34.7% 28.6% 29.9% 13.0% 31.7%

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 $26.79 ($3.57) 2,143,696 $57 $25.08 ($0.07) $0.00 0.0% -391.5
Baldwin $45.69 $9.04 2,396,937 $110 $30.94 $3.26 $0.00 0.0% 14.0
Chester $34.56 ($9.52) 2,025,817 $70 $28.61 $0.99 $0.00 0.0% 34.8
Digby $37.87 ($3.82) 2,101,721 $80 $27.42 $1.40 $1.00 2.6% 26.9
Erie $1.00 $0.00 2,365,053 $2 ($0.54) ($9.31) $0.00 0.0% -0.1
Ferris $51.82 $4.37 2,000,000 $104 $25.33 $3.74 $2.73 5.3% 13.8

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.5S2025 $13,844,897 12.0% 103.80 BB 12.5S2025 $13,900,000 12.0% 103.80 BB
12.9S2027 $20,850,000 11.9% 108.19 BB 12.9S2027 $20,850,000 11.9% 108.19 BB
Baldwin Erie
12.5S2025 $13,857,271 12.1% 103.45 BB 12.5S2025 $13,900,000 12.6% 98.83 DDD
12.9S2027 $20,850,000 12.0% 107.53 BB 12.9S2027 $20,850,000 13.0% 99.11 DDD
11.3S2032 $5,000,000 10.8% 104.52 BB 11.3S2032 $5,000,000 12.5% 90.32 DDD
11.7S2033 $13,000,000 10.9% 107.22 BB 13.8S2033 $34,064,000 13.4% 103.23 DDD
Chester Ferris
12.5S2025 $13,900,000 12.2% 102.39 B 12.5S2025 $4,190,662 12.2% 102.05 B
12.9S2027 $20,850,000 12.2% 105.57 B 12.9S2027 $20,850,000 12.3% 104.93 B

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) ($149) $7,817 $2,009 $2,951 ($22,016) $7,488
Adjustment for non-cash items:
Depreciation $6,587 $9,040 $7,560 $7,947 $4,204 $5,927
Extraordinary gains/losses/writeoffs ($1,740) ($143) $0 ($114) $3,112 ($789)
Changes in current assets and liablilities
Accounts payable ($1,072) $10 $3,162 ($1,190) ($7,645) $972
Inventory $10,892 $19,070 ($37,806) ($4,149) $20,770 ($6,444)
Accounts Receivable ($1,059) ($2,192) $521 $160 $4,011 ($263)
Net cash from operations $13,459 $33,602 ($24,554) $5,605 $2,436 $6,892

Cash flows from investing activities

Plant improvements(net) $3,205 ($6,700) ($11,800) $9,620 $47,586 ($6,910)
Cash flows from financing activities
Dividends paid $0 $0 $0 ($2,102) $0 ($5,450)
Sales of common stock $7,000 $5,000 $500 $0 $394 $0
Purchase of common stock $0 $0 $0 ($3,000) $0 $0
Cash from long term debt issued $0 $13,000 $0 $0 $34,064 $0
Early retirement of long term debt ($6,950) ($6,950) $0 ($5,000) $0 ($1,750)
Retirement of current debt ($1,316) ($6,429) $0 ($13,500) ($158,309) ($11,359)
Cash from current debt borrowing $0 $0 $5,000 $0 $25,886 $20,127
Cash from emergency loan $0 $0 $1,708 $0 $47,944 $0

Net cash from financing activities ($1,266) $4,621 $7,208 ($23,602) ($50,022) $1,567

Net change in cash position $15,397 $31,523 ($29,146) ($8,377) $0 $1,549

Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $15,397 $31,523 $0 $3,195 $0 $24,345
Accounts Receivable $8,591 $12,595 $8,724 $9,507 $6,331 $10,479
Inventory $9,403 $782 $38,403 $17,824 $120,434 $12,475
Total Current Assets $33,391 $44,900 $47,127 $30,526 $126,766 $47,299

Plant and equipment $98,800 $142,600 $118,400 $119,200 $63,056 $88,900

Accumulated Depreciation ($38,627) ($53,973) ($50,200) ($49,560) ($25,691) ($32,807)
Total Fixed Assets $60,173 $88,627 $68,200 $69,640 $37,365 $56,093

Total Assets $93,564 $133,527 $115,327 $100,166 $164,131 $103,393

Accounts Payable $5,096 $6,655 $8,960 $5,879 $10,823 $7,558

Current Debt $0 $0 $13,658 $1,909 $80,780 $20,127
Total Current Liabilities $5,096 $6,655 $22,618 $7,788 $91,603 $27,685

Long Term Debt $34,695 $52,707 $34,750 $34,750 $73,814 $25,041

Total Liabilities $39,791 $59,362 $57,368 $42,539 $165,416 $52,726

Common Stock $24,214 $32,360 $19,360 $23,137 $18,372 $18,360

Retained Earnings $29,559 $41,805 $38,599 $34,490 ($19,658) $32,307
Total Equity $53,774 $74,165 $57,959 $57,628 ($1,286) $50,667

Total Liabilities & Owners Equity $93,564 $133,527 $115,327 $100,166 $164,131 $103,393

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $104,519 $153,243 $106,148 $99,146 $154,065 $127,489
Variable Costs(Labor,Material,Carry) $74,018 $100,129 $75,813 $69,520 $133,981 $87,015
Contribution Margin $30,501 $53,114 $30,335 $29,626 $20,084 $40,474
Depreciation $6,587 $9,040 $7,560 $7,947 $4,204 $5,927
SGA(R&D,Promo,Sales,Admin) $21,009 $24,433 $13,718 $12,413 $22,704 $18,309
Other(Fees,Writeoffs,TQM,Bonuses) ($1,286) $862 $25 $6 $4,835 ($762)
EBIT $4,191 $18,780 $9,032 $9,260 ($11,658) $17,001
Interest(Short term,Long term) $4,420 $6,508 $5,878 $4,628 $22,213 $5,246
Taxes ($80) $4,295 $1,104 $1,621 ($11,855) $4,114
Profit Sharing $0 $160 $41 $60 $0 $153
Net Profit ($149) $7,817 $2,009 $2,951 ($22,016) $7,488
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 1,013 8 7/27/2023 2.8 17500 6.0 13.9 $28.00 $10.47 $8.24 33% 0% 4.5 800 22%
Acre Low 2,000 0 1/29/2023 6.6 12000 2.8 17.1 $19.50 $5.78 $8.09 28% 44% 6.5 1,400 143%
Adam High 368 233 10/6/2023 1.5 22000 9.2 10.7 $39.00 $14.86 $9.42 34% 0% 4.5 600 99%
Aft Pfmn 530 0 10/11/2023 1.6 27000 10.8 15.1 $33.50 $15.59 $10.13 25% 19% 4.5 450 118%
Agape Size 150 168 10/24/2023 2.4 18500 4.5 9.9 $33.50 $12.47 $9.42 26% 0% 4.5 400 32%

Baker Trad 1,746 0 5/5/2023 2.0 18000 5.5 14.4 $29.00 $10.15 $5.88 38% 0% 6.5 1,800 54%
Bead Low 1,980 0 8/2/2022 4.0 14000 3.5 16.5 $20.00 $7.00 $6.71 30% 43% 6.0 1,400 141%
Bid High 678 0 8/2/2023 1.4 24000 9.6 10.3 $39.00 $15.84 $8.82 37% 0% 3.5 700 85%
Bold Pfmn 534 23 4/23/2023 1.8 27000 10.2 15.4 $34.50 $15.14 $8.82 29% 0% 3.5 550 90%
Buddy Size 526 10 3/26/2023 1.8 20000 4.5 9.7 $34.50 $13.04 $8.82 36% 0% 3.5 550 90%
Bull 0 0 3/16/2024 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 1.0 700 0%

Cake Trad 1,520 263 3/20/2023 2.1 16000 5.8 14.1 $27.00 $9.83 $8.23 31% 0% 4.0 1,800 99%
Cedar Low 1,919 210 4/12/2022 4.2 14000 2.9 16.8 $22.50 $6.57 $8.22 32% 54% 5.0 1,400 152%
Cid High 209 493 4/4/2022 2.7 23000 8.2 11.8 $39.00 $14.16 $10.68 17% 40% 4.0 500 139%
Coat Pfmn 215 390 4/4/2023 2.0 23000 9.5 15.2 $34.00 $13.56 $9.40 16% 0% 4.0 600 99%
Cure Size 191 408 3/26/2022 3.2 19000 4.0 10.7 $34.00 $11.99 $9.40 20% 0% 4.0 600 99%
Cubic 0 0 4/18/2024 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 1.0 500 0%

Daze Trad 1,040 401 4/20/2022 3.4 17500 5.5 15.1 $27.25 $9.68 $7.05 33% 0% 5.0 1,300 79%
Dell Low 1,782 0 5/25/2017 6.6 14000 2.8 17.1 $19.85 $6.38 $7.05 31% 0% 5.0 1,900 94%
Duck High 363 213 1/18/2023 2.6 24200 8.2 11.2 $37.00 $14.81 $9.40 29% 0% 3.0 900 64%
Dot Pfmn 352 93 6/23/2023 2.5 25000 10.1 15.3 $32.00 $14.51 $9.40 22% 0% 3.0 500 51%
Dune Size 335 152 6/18/2023 1.9 19000 4.0 10.0 $32.00 $12.43 $9.40 28% 0% 3.0 600 71%

Eat Trad 1,371 1,419 9/2/2023 1.8 15100 5.9 13.1 $26.85 $10.10 $7.36 14% 98% 5.0 1 195%
Ebb Low 2,161 777 4/26/2023 2.3 14020 3.6 16.1 $21.00 $7.24 $8.84 19% 100% 4.0 1,500 195%
Echo High 611 864 3/27/2023 2.2 24000 9.3 10.8 $36.70 $15.46 $11.78 16% 99% 2.0 1 195%
Edge Pfmn 846 1,032 8/21/2023 1.6 26200 9.9 13.1 $32.00 $15.45 $11.78 4% 100% 3.0 500 195%
Egg Size 711 1,151 5/14/2023 1.8 19200 4.8 9.4 $31.50 $13.06 $11.78 7% 100% 3.0 500 195%

Fast Trad 1,087 290 4/22/2023 2.1 14000 5.3 14.6 $29.00 $8.76 $9.72 32% 63% 4.0 800 161%
Feat Low 1,386 0 7/27/2026 6.6 13000 2.8 17.1 $22.00 $6.08 $8.72 32% 100% 6.0 700 198%
Fist High 611 143 12/22/2023 1.2 25000 10.0 9.9 $39.00 $16.52 $10.67 31% 40% 3.0 550 139%
Foam Pfmn 580 94 11/11/2023 1.5 27000 11.6 14.3 $34.00 $16.30 $8.53 28% 8% 4.0 600 107%
Fume Size 644 42 11/9/2023 1.5 19000 5.2 8.5 $34.00 $13.67 $8.23 36% 0% 4.0 600 99%
Fox 0 0 12/12/2023 0.0 25000 10.8 9.1 $39.00 $0.00 $0.00 0% 0% 5.5 500 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
Baker 21% 1,738 5/5/2023 YES 5.5 14.4 $29.00 18000 2.02 $2,500 88% $2,500 77% 46
Cake 18% 1,491 3/20/2023 5.8 14.1 $27.00 16000 2.08 $1,300 70% $1,200 44% 36
Eat 16% 1,339 9/2/2023 5.9 13.1 $26.85 15100 1.80 $1,700 79% $1,450 58% 35
Fast 13% 1,087 4/22/2023 5.3 14.6 $29.00 14000 2.08 $900 59% $1,235 48% 24
Able 11% 939 7/27/2023 6.0 13.9 $28.00 17500 2.76 $1,000 63% $2,200 58% 29
Daze 10% 866 4/20/2022 5.5 15.1 $27.25 17500 3.40 $1,000 61% $1,200 47% 10
Ebb 7% 606 4/26/2023 3.6 16.1 $21.00 14020 2.34 $1,650 77% $1,300 58% 8
Bead 3% 244 8/2/2022 YES 3.5 16.5 $20.00 14000 4.00 $1,500 74% $3,000 77% 1
Edge 1% 88 8/21/2023 9.9 13.1 $32.00 26200 1.56 $1,500 69% $1,250 58% 1
Cedar 0% 21 4/12/2022 2.9 16.8 $22.50 14000 4.16 $1,100 60% $1,000 44% 0
Dune 0% 14 6/18/2023 4.0 10.0 $32.00 19000 1.88 $900 47% $900 47% 0
Aft 0% 6 10/11/2023 YES 10.8 15.1 $33.50 27000 1.64 $1,000 54% $2,000 58% 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 19% 2,000 1/29/2023 YES 2.8 17.1 $19.50 12000 6.60 $900 56% $2,500 51% 27
Cedar 18% 1,898 4/12/2022 2.9 16.8 $22.50 14000 4.16 $1,100 60% $1,000 32% 9
Dell 17% 1,781 5/25/2017 YES 2.8 17.1 $19.85 14000 6.60 $1,000 59% $1,250 39% 25
Bead 16% 1,737 8/2/2022 YES 3.5 16.5 $20.00 14000 4.00 $1,500 74% $3,000 54% 16
Ebb 15% 1,555 4/26/2023 3.6 16.1 $21.00 14020 2.34 $1,650 77% $1,300 35% 6
Feat 13% 1,386 7/27/2026 YES 2.8 17.1 $22.00 13000 6.60 $1,100 64% $1,235 36% 17
Daze 2% 174 4/20/2022 5.5 15.1 $27.25 17500 3.40 $1,000 61% $1,200 39% 1
Able 1% 73 7/27/2023 6.0 13.9 $28.00 17500 2.76 $1,000 63% $2,200 51% 0
Cake 0% 23 3/20/2023 5.8 14.1 $27.00 16000 2.08 $1,300 70% $1,200 32% 0
Eat 0% 4 9/2/2023 5.9 13.1 $26.85 15100 1.80 $1,700 79% $1,450 35% 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
Bid 21% 678 8/2/2023 YES 9.6 10.3 $39.00 24000 1.40 $1,500 68% $3,000 61% 33
Fist 19% 611 12/22/2023 10.0 9.9 $39.00 25000 1.18 $1,100 61% $1,235 44% 36
Echo 19% 611 3/27/2023 9.3 10.8 $36.70 24000 2.23 $1,450 67% $1,250 54% 16
Adam 11% 368 10/6/2023 9.2 10.7 $39.00 22000 1.45 $1,250 65% $2,250 54% 18
Duck 11% 363 1/18/2023 8.2 11.2 $37.00 24200 2.60 $1,000 53% $1,000 35% 8
Edge 11% 356 8/21/2023 9.9 13.1 $32.00 26200 1.56 $1,500 69% $1,250 54% 14
Cid 6% 209 4/4/2022 8.2 11.8 $39.00 23000 2.72 $1,000 53% $900 33% 4
Aft 1% 22 10/11/2023 YES 10.8 15.1 $33.50 27000 1.64 $1,000 54% $2,000 54% 0
Bold 0% 3 4/23/2023 10.2 15.4 $34.50 27000 1.81 $1,000 50% $1,500 61% 0
Foam 0% 3 11/11/2023 11.6 14.3 $34.00 27000 1.47 $1,100 59% $1,235 44% 0
Egg 0% 2 5/14/2023 4.8 9.4 $31.50 19200 1.76 $1,450 67% $1,300 54% 0
Baker 0% 2 5/5/2023 YES 5.5 14.4 $29.00 18000 2.02 $2,500 88% $2,500 61% 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
Foam 22% 577 11/11/2023 11.6 14.3 $34.00 27000 1.47 $1,100 59% $1,235 35% 35
Bold 21% 531 4/23/2023 10.2 15.4 $34.50 27000 1.81 $1,000 50% $1,500 32% 25
Aft 19% 501 10/11/2023 YES 10.8 15.1 $33.50 27000 1.64 $1,000 54% $2,000 41% 37
Edge 16% 402 8/21/2023 9.9 13.1 $32.00 26200 1.56 $1,500 69% $1,250 31% 20
Dot 14% 349 6/23/2023 10.1 15.3 $32.00 25000 2.51 $900 47% $900 26% 16
Coat 8% 214 4/4/2023 9.5 15.2 $34.00 23000 1.96 $900 47% $900 26% 7

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
Egg 27% 708 5/14/2023 4.8 9.4 $31.50 19200 1.76 $1,450 67% $1,300 37% 30
Fume 25% 644 11/9/2023 5.2 8.5 $34.00 19000 1.48 $1,100 59% $1,235 39% 39
Buddy 20% 526 3/26/2023 4.5 9.7 $34.50 20000 1.85 $1,000 50% $1,500 38% 21
Dune 12% 321 6/18/2023 4.0 10.0 $32.00 19000 1.88 $900 47% $900 30% 14
Cure 7% 191 3/26/2022 4.0 10.7 $34.00 19000 3.18 $900 47% $900 30% 4
Agape 6% 148 10/24/2023 4.5 9.9 $33.50 18500 2.39 $1,000 50% $1,500 38% 14
Eat 1% 29 9/2/2023 5.9 13.1 $26.85 15100 1.80 $1,700 79% $1,450 37% 3
Baker 0% 6 5/5/2023 YES 5.5 14.4 $29.00 18000 2.02 $2,500 88% $2,500 38% 0
Cake 0% 6 3/20/2023 5.8 14.1 $27.00 16000 2.08 $1,300 70% $1,200 30% 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 11.1% 0.7% 3.7% Able 10.7% 0.3% 3.4%

Acre 18.8% 7.3% Acre 27.1% 10.5%
Adam 11.4% 1.3% Adam 10.5% 1.2%
Aft 0.7% 19.5% 1.9% Aft 0.7% 21.5% 2.1%
Agape 5.7% 0.5% Agape 5.6% 0.5%
Total 11.2% 19.5% 12.1% 19.5% 5.8% 14.8% Total 10.8% 27.5% 11.3% 21.5% 5.7% 17.8%

Baker 20.6% 0.3% 6.4% Baker 22.7% 0.2% 7.0%

Bead 2.9% 16.3% 7.2% Bead 3.0% 15.3% 6.8%
Bid 21.0% 2.5% Bid 26.0% 3.1%
Bold 20.6% 1.9% Bold 20.1% 1.9%
Buddy 20.4% 1.9% Buddy 22.6% 2.1%
Total 23.5% 16.3% 21.1% 20.6% 20.6% 19.9% Total 25.6% 15.3% 26.2% 20.1% 22.9% 20.9%

Cake 17.6% 0.2% 0.2% 5.5% Cake 17.1% 0.2% 5.3%

Cedar 0.3% 17.8% 7.0% Cedar 0.2% 8.0% 3.2%
Cid 6.5% 0.8% Cid 6.1% 0.7%
Coat 8.3% 0.8% Coat 8.1% 0.8%
Cure 7.4% 0.7% Cure 7.2% 0.7%
Total 17.9% 18.1% 6.5% 8.3% 7.6% 14.8% Total 17.4% 8.1% 6.2% 8.1% 7.4% 10.7%

Daze 10.3% 1.6% 3.8% Daze 10.1% 0.7% 3.4%

Dell 16.8% 6.5% Dell 25.2% 9.7%
Duck 11.2% 1.3% Duck 10.7% 1.3%
Dot 13.5% 1.3% Dot 13.2% 1.3%
Dune 0.2% 12.4% 1.2% Dune 0.2% 12.0% 1.2%
Total 10.5% 18.4% 11.2% 13.6% 12.4% 14.1% Total 10.3% 25.9% 10.7% 13.2% 12.0% 16.8%

Eat 15.8% 1.1% 5.0% Eat 15.3% 1.1% 4.8%

Ebb 7.2% 14.6% 7.9% Ebb 7.0% 6.5% 4.7%
Echo 18.9% 2.2% Echo 17.7% 2.1%
Edge 1.0% 11.0% 15.6% 3.1% Edge 1.0% 10.0% 15.2% 2.9%
Egg 27.5% 2.6% Egg 26.6% 2.5%
Total 24.1% 14.7% 30.0% 15.6% 28.6% 20.8% Total 23.4% 6.6% 27.8% 15.2% 27.7% 17.0%

Fast 12.9% 4.0% Fast 12.5% 3.8%

Feat 13.0% 5.1% Feat 16.7% 6.5%
Fist 18.9% 2.2% Fist 17.9% 2.1%
Foam 22.4% 2.1% Foam 21.8% 2.1%
Fume 25.0% 2.4% Fume 24.4% 2.3%
Total 12.9% 13.0% 19.0% 22.4% 25.0% 15.7% Total 12.5% 16.7% 18.0% 21.8% 24.4% 16.8%

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 7/27/2023 Baker 5.5 14.4 5/5/2023 Cake 5.8 14.1 3/20/2023
Acre 2.8 17.1 1/29/2023 Bead 3.5 16.5 8/2/2022 Cedar 2.9 16.8 4/12/2022
Adam 9.2 10.7 10/6/2023 Bid 9.6 10.3 8/2/2023 Cid 8.2 11.8 4/4/2022
Aft 10.8 15.1 10/11/2023 Bold 10.2 15.4 4/23/2023 Coat 9.5 15.2 4/4/2023
Agape 4.5 9.9 10/24/2023 Buddy 4.5 9.7 3/26/2023 Cure 4.0 10.7 3/26/2022

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 5.5 15.1 4/20/2022 Eat 5.9 13.1 9/2/2023 Fast 5.3 14.6 4/22/2023
Dell 2.8 17.1 5/25/2017 Ebb 3.6 16.1 4/26/2023 Feat 2.8 17.1 7/27/2026
Duck 8.2 11.2 1/18/2023 Echo 9.3 10.8 3/27/2023 Fist 10.0 9.9 12/22/2023
Dot 10.1 15.3 6/23/2023 Edge 9.9 13.1 8/21/2023 Foam 11.6 14.3 11/11/2023
Dune 4.0 10.0 6/18/2023 Egg 4.8 9.4 5/14/2023 Fume 5.2 8.5 11/9/2023
Fox 10.8 9.1 12/12/2023

CAPSTONE ® COURIER Page 11

 Round: 2
HR/TQM Report C133484 Dec. 31, 2023
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 587 665 993 654 818 777
Complement 588 665 993 654 818 777
1st Shift Complement 478 591 844 654 409 541
2nd Shift Complement 110 74 149 0 409 235
Overtime Percent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Turnover Rate 7.0% 7.8% 8.9% 10.0% 10.0% 8.9%
New Employees 41 52 445 65 82 136
Separated Employees 90 184 0 121 999 0
Recruiting Spend $5,000 $2,000 $800 $0 $0 $2,500
Training Hours 80 60 30 0 0 30
Productivity Index 102.0% 100.8% 100.0% 100.0% 100.0% 100.0%
Recruiting Cost $247 $155 $801 $65 $82 $475
Separation Cost $450 $920 $0 $605 $4,995 $0
Training Cost $941 $798 $596 $0 $0 $466
Total HR Admin Cost $1,638 $1,873 $1,397 $670 $5,077 $941
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

 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 $15,397 16.5% $0
current value of your inventory across all products. A zero
Account Receivable $8,591 9.2% $7,531
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $9,403 10.0% $20,295
Equipment: The current value of your plant. Accum Total Current Assets $33,391 35.7% $27,826
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $98,800 106.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($38,627) -41.3% ($45,520)
of operations. It includes emergency loans used to keep Total Fixed Assets $60,173 64.3% $68,280
your company solvent should you run out of cash during Total Assets $93,564 100.0% $96,106
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 $5,096 5.4% $6,167
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $1,316
Long Term Debt $34,695 37.1% $41,700
Total Liabilities $39,791 42.5% $49,183

Common Stock $24,214 25.9% $17,214

Retained Earnings $29,559 31.6% $29,708
Total Equity $53,773 57.5% $46,922
Total Liab. & O. Equity $93,564 100.0% $96,106

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) ($149) $1,835
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $6,587 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs ($1,740) $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($1,072) ($416)
are bad and you find yourself carrying an abundance of excess inventory,
Inventory $10,892 ($11,678)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($1,059) $776
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 $13,459 ($1,896)
afloat. Cash Flows from Investing Activities
Plant Improvements $3,205 $0
Cash Flows from Financing Activities
Dividends paid $0 $0
Sales of common stock $7,000 $0
Purchase of common stock $0 ($3,000)
Cash from long term debt $0 $0
Retirement of long term debt ($6,950) $0
Change in current debt(net) ($1,316) $1,316
Net cash from financing activities ($1,266) ($1,684)
Net change in cash position $15,397 ($3,580)
Closing cash position $15,397 $0

Annual Report Page 13

 Round: 2
Annual Report Andrews C133484
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Able Acre Adam Aft Agape
Total
Size
Sales $28,373 $39,002 $14,359 $17,746 $5,038 $0 $0 $0 $104,519 100.0%
Variable Costs:
Direct Labor $7,985 $16,181 $3,467 $5,365 $1,371 $0 $0 $0 $34,369 32.9%
Direct Material $11,145 $12,091 $5,356 $8,011 $1,916 $0 $0 $0 $38,520 36.9%
Inventory Carry $18 $0 $670 $0 $440 $0 $0 $0 $1,128 1.1%
Total Variable $19,148 $28,272 $9,493 $13,377 $3,728 $0 $0 $0 $74,018 70.8%
Contribution Margin $9,225 $10,731 $4,866 $4,370 $1,310 $0 $0 $0 $30,501 29.2%
Period Costs:
Depreciation $1,280 $2,987 $960 $720 $640 $0 $0 $0 $6,587 6.3%
SG&A: R&D $575 $80 $774 $786 $824 $0 $0 $0 $3,040 2.9%
Promotions $1,000 $900 $1,250 $1,000 $1,000 $0 $0 $0 $5,150 4.9%
Sales $2,200 $2,500 $2,250 $2,000 $1,500 $0 $0 $0 $10,450 10.0%
Admin $643 $884 $326 $402 $114 $0 $0 $0 $2,369 2.3%
Total Period $5,699 $7,351 $5,560 $4,909 $4,078 $0 $0 $0 $27,596 26.4%
Net Margin $3,526 $3,380 ($694) ($539) ($2,768) $0 $0 $0 $2,905 2.8%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other ($1,286) -1.2%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $4,191 4.0%
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 $4,420 4.2%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes ($80) -0.1%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $0 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit ($149) -0.1%
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