Round: 2

Dec. 31, C117558

2022
Andrews Baldwin Chester
GARIMA DUBEY Nikhil Chauh Ankit Biswal
Srinivasan K Ashesh Das NITIN KISHORE
AJAY KUMAR PANDEY Chandrashekar Varan Sidhartha Miramir
Sebastian sagayaraj

Digby Erie Ferris

Nivedita G Chainika Dubey
Gajendra J G Das Prakash K C
Chintamani Khanvilk Sneha Kumari
Sriharsha Shivamurt

Selected Financial Statistics

Andrews Baldwin Chester Digby Erie Ferris
ROS 3.2% -0.7% 3.3% 1.8% -4.9% 3.7%
Asset Turnover 1.05 1.09 1.16 1.03 0.86 1.12
ROA 3.3% -0.8% 3.8% 1.9% -4.2% 4.1%
Leverage 2.2 2.0 2.5 1.8 2.4 2.0
ROE 7.5% -1.5% 9.5% 3.4% -9.9% 8.3%
Emergency Loan $0 $658,403 $0 $0 $500,262 $0
Sales $152,551,369 $112,510,924 $180,515,465 $134,019,223 $94,788,125 $106,812,821
EBIT $16,573,726 $4,402,334 $20,064,109 $10,223,530 $474,100 $11,286,176
Profits $4,860,773 ($791,139) $5,888,037 $2,421,603 ($4,649,868) $3,899,313
Cumulative Profit $8,041,388 $8,888,250 $4,289,201 $9,727,896 ($2,677,008) $11,936,539
SG&A / Sales 14.3% 16.1% 13.7% 17.8% 15.6% 16.9%
Contrib. Margin % 33.0% 27.8% 31.7% 31.7% 26.5% 32.3%

CAPSTONE ® COURIER Page 1

 Round: 2
Stock & Bonds C117558 Dec. 31, 2022
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $31.83 $2.85 2,422,020 $77 $26.75 $2.01 $0.00 0.0% 15.8
Baldwin $27.56 ($13.58) 2,000,000 $55 $26.32 ($0.40) $0.00 0.0% -69.8
Chester $28.26 $6.04 2,399,957 $68 $25.73 $2.45 $0.00 0.0% 11.5
Digby $33.91 ($3.13) 2,501,010 $85 $28.38 $0.97 $0.00 0.0% 35.0
Erie $10.57 ($5.50) 2,373,501 $25 $19.83 ($1.96) $0.00 0.0% -5.4
Ferris $35.62 ($0.31) 2,000,000 $71 $23.59 $1.95 $0.41 1.1% 18.3

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
12.5S2024 $13,900,000 12.6% 99.50 CCC 12.5S2024 $13,900,000 12.3% 101.36 BB
14.0S2026 $20,850,000 13.5% 103.58 CCC 14.0S2026 $20,850,000 13.1% 107.03 BB
11.3S2031 $18,000,000 12.2% 92.25 CCC 11.3S2031 $8,274,000 11.5% 97.84 BB
12.4S2032 $12,000,000 12.7% 97.81 CCC Erie
Baldwin 12.5S2024 $13,788,302 12.6% 99.17 CC
12.5S2024 $13,900,000 12.4% 100.51 B 14.0S2026 $20,850,000 13.6% 102.97 CC
14.0S2026 $20,850,000 13.3% 105.44 B 11.3S2031 $1,000,000 12.4% 91.28 CC
11.2S2032 $6,000,000 11.9% 94.40 B 12.8S2032 $20,000,000 12.9% 98.92 CC
Chester Ferris
12.5S2024 $13,900,000 12.7% 98.67 CC 12.5S2024 $4,054,577 12.5% 100.34 B
14.0S2026 $20,850,000 13.7% 102.07 CC 14.0S2026 $20,850,000 13.3% 105.13 B
11.3S2031 $18,994,000 12.6% 89.85 CC
12.8S2032 $25,200,000 13.2% 97.32 CC

Next Year's Prime Rate8.00%

CAPSTONE ® COURIER Page 2
 Round: 2
Financial Summary C117558 Dec. 31, 2022
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $4,861 ($791) $5,888 $2,422 ($4,650) $3,899
Adjustment for non-cash items:
Depreciation $10,967 $8,360 $11,087 $8,453 $8,753 $5,867
Extraordinary gains/losses/writeoffs $0 $0 $0 ($311) ($337) ($794)
Changes in current assets and liablilities
Accounts payable $1,627 $826 ($141) $329 ($1,048) $998
Inventory ($8,692) ($10,766) $10,230 ($8,072) ($469) ($6,983)
Accounts Receivable ($1,739) $210 ($3,823) ($466) ($298) ($476)
Net cash from operations $7,023 ($2,161) $23,241 $2,355 $1,953 $2,511

Cash flows from investing activities

Plant improvements(net) ($22,900) ($15,600) ($35,902) ($11,790) ($2,675) ($6,010)
Cash flows from financing activities
Dividends paid $0 $0 $0 $0 $0 ($816)
Sales of common stock $8,000 $0 $0 $4,500 $6,000 $0
Purchase of common stock $0 $0 $0 $0 $0 $0
Cash from long term debt issued $12,000 $6,000 $25,200 $0 $20,000 $0
Early retirement of long term debt $0 $0 $0 ($5,000) ($6,950) ($1,881)
Retirement of current debt $0 $0 ($17,000) ($10,000) ($20,828) ($11,359)
Cash from current debt borrowing $0 $0 $0 $6,000 $2,000 $16,883
Cash from emergency loan $0 $658 $0 $0 $500 $0

Net cash from financing activities $20,000 $6,658 $8,200 ($4,500) $722 $2,828

Net change in cash position $4,123 ($11,103) ($4,461) ($13,935) $0 ($671)

Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $12,959 $0 $12,448 $20,222 $0 $16,306
Accounts Receivable $12,538 $9,247 $14,837 $11,015 $7,791 $8,779
Inventory $13,813 $18,589 $5,087 $21,537 $25,210 $14,995
Total Current Assets $39,310 $27,837 $32,372 $52,774 $33,001 $40,080

Plant and equipment $164,500 $129,400 $176,702 $129,300 $131,300 $88,000

Accumulated Depreciation ($58,340) ($53,880) ($53,113) ($52,187) ($53,567) ($32,747)
Total Fixed Assets $106,160 $75,520 $123,589 $77,113 $77,733 $55,253

Total Assets $145,470 $103,357 $155,961 $129,888 $110,735 $95,333

Accounts Payable $8,975 $7,382 $8,324 $7,973 $5,520 $6,370

Current Debt $6,950 $2,583 $6,950 $7,909 $2,500 $16,883
Total Current Liabilities $15,925 $9,965 $15,274 $15,882 $8,020 $23,253

Long Term Debt $64,750 $40,750 $78,944 $43,024 $55,638 $24,905

Total Liabilities $80,675 $50,715 $94,218 $58,906 $63,658 $48,158

Common Stock $31,360 $18,360 $32,060 $35,860 $24,360 $18,360

Retained Earnings $33,435 $34,282 $29,683 $35,121 $22,717 $28,815
Total Equity $64,795 $52,642 $61,743 $70,981 $47,076 $47,175

Total Liabilities & Owners Equity $145,470 $103,357 $155,961 $129,888 $110,735 $95,333

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $152,551 $112,511 $180,515 $134,019 $94,788 $106,813
Variable Costs(Labor,Material,Carry) $102,163 $81,285 $123,372 $91,516 $69,713 $72,322
Contribution Margin $50,388 $31,226 $57,143 $42,503 $25,075 $34,491
Depreciation $10,967 $8,360 $11,087 $8,453 $8,753 $5,867
SGA(R&D,Promo,Sales,Admin) $21,848 $18,164 $24,732 $23,836 $14,780 $18,104
Other(Fees,Writeoffs,TQM,Bonuses) $1,000 $300 $1,260 ($11) $1,068 ($766)
EBIT $16,574 $4,402 $20,064 $10,224 $474 $11,286
Interest(Short term,Long term) $8,943 $5,619 $10,821 $6,422 $7,628 $5,165
Taxes $2,671 ($426) $3,235 $1,331 ($2,504) $2,142
Profit Sharing $99 $0 $120 $49 $0 $80
Net Profit $4,861 ($791) $5,888 $2,422 ($4,650) $3,899
CAPSTONE ® COURIER Page 3
 Round: 2
Production Analysis C117558 Dec. 31, 2022

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 1,663 432 6/17/2022 2.0 17500 5.9 13.9 $28.00 $10.28 $7.55 34% 18% 6.0 1,800 116%
Acre Low 2,063 447 5/24/2016 6.6 14000 3.0 17.0 $20.50 $6.38 $6.57 34% 33% 7.0 1,900 132%
Adam High 610 5 1/29/2022 2.3 23000 9.5 11.0 $38.50 $15.02 $9.40 36% 0% 3.0 900 45%
Aft Pfmn 572 0 6/24/2022 1.8 27000 10.9 14.9 $33.50 $15.55 $9.40 25% 0% 3.0 600 95%
Agape Size 619 1 5/28/2022 1.8 19000 5.0 9.4 $34.00 $12.94 $9.59 33% 4% 3.0 600 103%
AGS 0 0 2/13/2022 0.9 15000 4.5 15.0 $26.00 $0.00 $0.00 0% 0% 3.0 450 0%

Baker Trad 1,504 31 4/17/2022 2.0 17500 6.2 13.7 $26.50 $10.52 $8.23 28% 0% 4.0 1,800 85%
Bead Low 1,669 311 5/24/2016 6.6 14000 3.0 17.0 $19.50 $6.38 $7.37 25% 11% 6.0 1,400 110%
Bid High 418 180 10/3/2022 1.5 24000 9.4 10.6 $38.00 $15.46 $9.40 33% 0% 4.0 900 66%
Bold Pfmn 356 222 9/20/2022 1.7 27000 11.0 14.5 $34.50 $15.73 $9.40 23% 0% 3.0 600 89%
Buddy Size 352 167 10/5/2022 1.7 20000 5.1 9.5 $34.00 $13.21 $9.40 31% 0% 4.0 600 86%
Buzz 0 0 12/12/2023 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 1.0 400 0%

Cake Trad 1,938 121 5/21/2022 1.9 19000 6.6 13.4 $27.50 $11.30 $7.05 31% 0% 7.0 1,500 96%
Cedar Low 2,827 152 2/13/2021 6.6 17000 3.0 17.0 $19.00 $7.28 $4.30 37% 87% 10.0 1,737 186%
Cid High 830 14 11/6/2022 1.3 25000 10.0 10.0 $39.00 $16.33 $11.22 31% 70% 3.0 500 169%
Coat Pfmn 662 24 9/3/2022 1.6 27000 11.5 14.4 $33.00 $16.06 $9.74 22% 8% 4.0 600 108%
Cure Size 590 0 10/11/2022 1.5 21000 5.3 8.7 $32.70 $14.05 $9.39 30% 0% 4.0 600 83%
Cut 0 0 4/18/2023 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 5.0 400 0%

Daze Trad 1,672 220 4/17/2022 2.1 17500 6.1 13.8 $28.50 $10.42 $8.30 32% 2% 5.0 1,800 101%
Dell Low 1,862 337 5/24/2016 6.6 14000 3.0 17.0 $21.00 $6.38 $6.49 34% 28% 7.0 1,400 127%
Dixie High 557 238 6/22/2022 1.6 23000 9.2 11.2 $38.50 $14.78 $10.33 31% 26% 3.0 600 125%
Dot Pfmn 461 167 3/26/2022 2.0 26000 9.9 15.3 $33.60 $14.53 $9.65 24% 6% 3.0 600 104%
Dune Size 307 125 4/29/2022 2.6 19000 4.4 10.5 $33.60 $12.11 $9.42 32% 0% 3.0 600 40%
Don 0 0 8/17/2023 0.0 0 0.0 0.0 $0.00 $0.00 $0.00 0% 0% 1.0 250 0%

Eat Trad 1,311 578 4/15/2022 2.9 17500 5.5 14.3 $24.00 $9.90 $6.47 23% 0% 5.5 1,800 68%
Ebb Low 1,586 996 5/24/2016 6.6 14000 3.0 17.0 $19.80 $6.38 $7.17 25% 86% 7.0 1,400 184%
Echo High 349 49 8/6/2022 1.6 23000 9.0 11.0 $36.00 $14.78 $9.42 31% 0% 3.0 750 18%
Edge Pfmn 295 6 5/2/2022 2.6 26000 10.0 15.3 $33.00 $14.59 $9.42 26% 0% 3.0 500 25%
Egg Size 283 0 6/27/2022 1.9 19000 4.5 10.0 $34.00 $12.44 $9.42 35% 0% 3.0 600 37%

Fast Trad 915 297 4/22/2022 2.1 14000 5.5 14.5 $29.00 $8.76 $9.41 33% 44% 4.0 800 142%
Feat Low 1,050 280 7/27/2025 6.6 13000 3.0 17.0 $22.00 $6.08 $8.52 30% 79% 6.0 700 177%
Fist High 603 86 12/22/2022 1.2 25000 10.2 9.8 $39.00 $16.52 $10.14 33% 20% 3.0 500 119%
Foam Pfmn 420 109 11/11/2022 1.5 27000 11.8 14.2 $34.00 $16.30 $8.23 28% 0% 4.0 600 83%
Fume Size 570 21 11/9/2022 1.5 19000 5.4 8.4 $34.00 $13.67 $8.23 36% 0% 4.0 600 83%
Fox 0 0 12/12/2022 0.0 25000 11.0 9.0 $39.00 $0.00 $0.00 0% 0% 5.5 500 0%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C117558 Round: 2
Dec. 31, 2022

Traditional Statistics
Total Industry Unit Demand 8,776
Actual Industry Unit Sales |8,776
Segment % of Total Industry |30.3%

Next Year's Segment Growth Rate |9.6%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $19.00 - 29.00 23%
3. Ideal Position Pfmn 6.4 Size 13.6 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% 1,866 5/21/2022 6.6 13.4 $27.50 19000 1.92 $2,000 100% $2,000 67% 57
Daze 19% 1,653 4/17/2022 6.1 13.8 $28.50 17500 2.06 $1,500 93% $2,200 64% 49
Able 19% 1,642 6/17/2022 5.9 13.9 $28.00 17500 2.00 $2,000 100% $2,000 67% 51
Baker 17% 1,484 4/17/2022 6.2 13.7 $26.50 17500 2.05 $1,500 77% $1,500 50% 44
Eat 14% 1,195 4/15/2022 5.5 14.3 $24.00 17500 2.91 $1,500 85% $1,200 47% 28
Fast 10% 915 4/22/2022 5.5 14.5 $29.00 14000 2.08 $900 59% $1,235 48% 24
Dune 0% 9 4/29/2022 4.4 10.5 $33.60 19000 2.64 $2,000 89% $2,000 64% 0
Cedar 0% 3 2/13/2021 3.0 17.0 $19.00 17000 6.60 $2,000 98% $2,000 67% 0
Dot 0% 2 3/26/2022 9.9 15.3 $33.60 26000 1.96 $1,500 80% $1,800 64% 0
Acre 0% 2 5/24/2016 3.0 17.0 $20.50 14000 6.60 $2,000 98% $2,000 67% 0
Dell 0% 2 5/24/2016 3.0 17.0 $21.00 14000 6.60 $2,000 92% $2,800 64% 0
Bead 0% 1 5/24/2016 3.0 17.0 $19.50 14000 6.60 $1,500 71% $1,000 50% 0

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C117558 Round: 2
Dec. 31, 2022

Low End Statistics

Total Industry Unit Demand 11,179
Actual Industry Unit Sales |11,179
Segment % of Total Industry |38.7%

Next Year's Segment Growth Rate |11.7%

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 2.7 Size 17.3 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
Cedar 25% 2,824 2/13/2021 3.0 17.0 $19.00 17000 6.60 $2,000 98% $2,000 55% 44
Acre 18% 2,061 5/24/2016 3.0 17.0 $20.50 14000 6.60 $2,000 98% $2,000 58% 33
Dell 17% 1,860 5/24/2016 3.0 17.0 $21.00 14000 6.60 $2,000 92% $2,800 54% 30
Bead 15% 1,667 5/24/2016 3.0 17.0 $19.50 14000 6.60 $1,500 71% $1,000 33% 26
Ebb 14% 1,585 5/24/2016 3.0 17.0 $19.80 14000 6.60 $1,000 59% $1,050 42% 25
Feat 9% 1,049 7/27/2025 3.0 17.0 $22.00 13000 6.60 $1,100 64% $1,235 36% 17
Eat 1% 115 4/15/2022 5.5 14.3 $24.00 17500 2.91 $1,500 85% $1,200 42% 2
Able 0% 14 6/17/2022 5.9 13.9 $28.00 17500 2.00 $2,000 100% $2,000 58% 0
Daze 0% 1 4/17/2022 6.1 13.8 $28.50 17500 2.06 $1,500 93% $2,200 54% 0
Baker 0% 1 4/17/2022 6.2 13.7 $26.50 17500 2.05 $1,500 77% $1,500 33% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C117558 Round: 2
Dec. 31, 2022

High End Statistics

Total Industry Unit Demand 3,439
Actual Industry Unit Sales |3,439
Segment % of Total Industry |11.9%

Next Year's Segment Growth Rate |16.5%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 10.7 Size 9.3 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
Cid 24% 830 11/6/2022 10.0 10.0 $39.00 25000 1.27 $2,000 97% $1,500 59% 45
Adam 18% 610 1/29/2022 9.5 11.0 $38.50 23000 2.31 $1,800 88% $1,800 56% 15
Fist 18% 603 12/22/2022 10.2 9.8 $39.00 25000 1.18 $1,100 61% $1,235 44% 36
Dixie 16% 557 6/22/2022 9.2 11.2 $38.50 23000 1.62 $1,500 90% $1,500 51% 16
Bid 12% 418 10/3/2022 9.4 10.6 $38.00 24000 1.45 $1,300 67% $1,500 43% 22
Echo 10% 349 8/6/2022 9.0 11.0 $36.00 23000 1.56 $1,000 53% $1,000 35% 13
Cake 1% 45 5/21/2022 6.6 13.4 $27.50 19000 1.92 $2,000 100% $2,000 59% 0
Aft 0% 8 6/24/2022 YES 10.9 14.9 $33.50 27000 1.76 $1,500 80% $1,500 56% 0
Daze 0% 6 4/17/2022 6.1 13.8 $28.50 17500 2.06 $1,500 93% $2,200 51% 0
Baker 0% 5 4/17/2022 6.2 13.7 $26.50 17500 2.05 $1,500 77% $1,500 43% 0
Coat 0% 4 9/3/2022 11.5 14.4 $33.00 27000 1.60 $1,500 80% $1,500 59% 0
Foam 0% 3 11/11/2022 11.8 14.2 $34.00 27000 1.47 $1,100 59% $1,235 44% 0

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C117558 Round: 2
Dec. 31, 2022

Performance Statistics
Total Industry Unit Demand 2,751
Actual Industry Unit Sales |2,751
Segment % of Total Industry |9.5%

Next Year's Segment Growth Rate |19.7%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 11.4 Size 14.6 29%
3. Price $24.00 - 34.00 19%
4. Age Ideal Age = 1.0 9%

Top Products in Performance Segment

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

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Coat 24% 658 9/3/2022 11.5 14.4 $33.00 27000 1.60 $1,500 80% $1,500 47% 46
Aft 21% 564 6/24/2022 YES 10.9 14.9 $33.50 27000 1.76 $1,500 80% $1,500 42% 42
Dot 17% 460 3/26/2022 9.9 15.3 $33.60 26000 1.96 $1,500 80% $1,800 42% 26
Foam 15% 417 11/11/2022 11.8 14.2 $34.00 27000 1.47 $1,100 59% $1,235 35% 35
Bold 13% 355 9/20/2022 11.0 14.5 $34.50 27000 1.67 $1,000 60% $1,000 28% 29
Edge 11% 294 5/2/2022 10.0 15.3 $33.00 26000 2.58 $1,000 50% $1,000 28% 18
Cake 0% 2 5/21/2022 6.6 13.4 $27.50 19000 1.92 $2,000 100% $2,000 47% 0

CAPSTONE ® COURIER Page 8

Size Segment Analysis C117558 Round: 2
Dec. 31, 2022

Size Statistics
Total Industry Unit Demand 2,769
Actual Industry Unit Sales |2,769
Segment % of Total Industry |9.6%

Next Year's Segment Growth Rate |18.6%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 5.4 Size 8.6 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $24.00 - 34.00 9%

Top Products in Size Segment

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

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Agape 22% 619 5/28/2022 5.0 9.4 $34.00 19000 1.79 $1,500 80% $1,500 48% 34
Cure 21% 590 10/11/2022 YES 5.3 8.7 $32.70 21000 1.55 $1,500 86% $2,000 60% 65
Fume 21% 570 11/9/2022 5.4 8.4 $34.00 19000 1.48 $1,100 59% $1,235 39% 39
Buddy 13% 352 10/5/2022 5.1 9.5 $34.00 20000 1.69 $1,200 67% $1,300 37% 31
Dune 11% 298 4/29/2022 4.4 10.5 $33.60 19000 2.64 $2,000 89% $2,000 49% 11
Egg 10% 283 6/27/2022 YES 4.5 10.0 $34.00 19000 1.87 $1,000 50% $1,000 31% 14
Cake 1% 24 5/21/2022 6.6 13.4 $27.50 19000 1.92 $2,000 100% $2,000 60% 0
Baker 0% 14 4/17/2022 6.2 13.7 $26.50 17500 2.05 $1,500 77% $1,500 37% 0
Daze 0% 12 4/17/2022 6.1 13.8 $28.50 17500 2.06 $1,500 93% $2,200 49% 0
Able 0% 7 6/17/2022 5.9 13.9 $28.00 17500 2.00 $2,000 100% $2,000 48% 0

CAPSTONE ® COURIER Page 9

 Round: 2
Market Share C117558 Dec. 31, 2022

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 8,776 11,179 3,439 2,751 2,769 28,914 Units Demanded 8,776 11,179 3,439 2,751 2,769 28,914
% of Market 30.3% 38.7% 11.9% 9.5% 9.6% 100.0% % of Market 30.3% 38.7% 11.9% 9.5% 9.6% 100.0%

Able 18.7% 0.1% 0.3% 5.8% Able 18.7% 0.2% 5.7%

Acre 18.4% 7.1% Acre 18.4% 7.1%
Adam 17.7% 2.1% Adam 20.1% 2.4%
Aft 0.2% 20.5% 2.0% Aft 0.3% 22.3% 2.2%
Agape 22.3% 2.1% Agape 23.3% 2.2%
Total 18.7% 18.6% 18.0% 20.5% 22.6% 19.1% Total 18.7% 18.6% 20.4% 22.3% 23.5% 19.7%

Baker 16.9% 0.2% 0.5% 5.2% Baker 17.0% 0.2% 0.4% 5.2%
Bead 14.9% 5.8% Bead 14.9% 5.8%
Bid 12.2% 1.5% Bid 11.8% 1.4%
Bold 12.9% 1.2% Bold 12.6% 1.2%
Buddy 12.7% 1.2% Buddy 10.8% 1.0%
Total 16.9% 14.9% 12.3% 12.9% 13.2% 14.9% Total 17.0% 14.9% 12.0% 12.7% 11.3% 14.6%

Cake 21.3% 1.3% 0.9% 6.7% Cake 21.2% 1.3% 0.8% 6.7%
Cedar 25.3% 9.8% Cedar 25.3% 9.8%
Cid 24.1% 2.9% Cid 23.6% 2.8%
Coat 0.1% 23.9% 2.3% Coat 23.4% 2.2%
Cure 21.3% 2.0% Cure 27.7% 2.7%
Total 21.3% 25.3% 25.6% 24.0% 22.2% 23.7% Total 21.3% 25.3% 24.9% 23.5% 28.5% 24.1%

Daze 18.8% 0.2% 0.4% 5.8% Daze 18.8% 0.2% 0.4% 5.8%
Dell 16.6% 6.4% Dell 16.6% 6.4%
Dixie 16.2% 1.9% Dixie 15.6% 1.9%
Dot 16.7% 1.6% Dot 16.3% 1.6%
Dune 10.8% 1.1% Dune 9.2% 0.9%
Total 19.0% 16.7% 16.4% 16.7% 11.2% 16.8% Total 18.9% 16.7% 15.8% 16.3% 9.6% 16.5%

Eat 13.6% 1.0% 4.5% Eat 13.6% 1.0% 4.5%

Ebb 14.2% 5.5% Ebb 14.2% 5.5%
Echo 10.1% 1.2% Echo 9.8% 1.2%
Edge 10.7% 1.0% Edge 10.4% 1.0%
Egg 10.2% 1.0% Egg 9.1% 0.9%
Total 13.6% 15.2% 10.1% 10.7% 10.2% 13.2% Total 13.6% 15.2% 9.8% 10.4% 9.1% 13.0%

Fast 10.4% 3.2% Fast 10.4% 3.2%

Feat 9.4% 3.6% Feat 9.4% 3.6%
Fist 17.5% 2.1% Fist 17.1% 2.0%
Foam 15.2% 1.5% Foam 14.8% 1.4%
Fume 20.6% 2.0% Fume 18.0% 1.7%
Total 10.4% 9.4% 17.6% 15.2% 20.6% 12.3% Total 10.4% 9.4% 17.2% 14.8% 18.0% 12.0%

CAPSTONE ® COURIER Page 10

 Round: 2
Perceptual Map C117558 Dec. 31, 2022

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 5.9 13.9 6/17/2022 Baker 6.2 13.7 4/17/2022 Cake 6.6 13.4 5/21/2022
Acre 3.0 17.0 5/24/2016 Bead 3.0 17.0 5/24/2016 Cedar 3.0 17.0 2/13/2021
Adam 9.5 11.0 1/29/2022 Bid 9.4 10.6 10/3/2022 Cid 10.0 10.0 11/6/2022
Aft 10.9 14.9 6/24/2022 Bold 11.0 14.5 9/20/2022 Coat 11.5 14.4 9/3/2022
Agape 5.0 9.4 5/28/2022 Buddy 5.1 9.5 10/5/2022 Cure 5.3 8.7 10/11/2022
AGS 4.5 15.0 2/13/2022

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 6.1 13.8 4/17/2022 Eat 5.5 14.3 4/15/2022 Fast 5.5 14.5 4/22/2022
Dell 3.0 17.0 5/24/2016 Ebb 3.0 17.0 5/24/2016 Feat 3.0 17.0 7/27/2025
Dixie 9.2 11.2 6/22/2022 Echo 9.0 11.0 8/6/2022 Fist 10.2 9.8 12/22/2022
Dot 9.9 15.3 3/26/2022 Edge 10.0 15.3 5/2/2022 Foam 11.8 14.2 11/11/2022
Dune 4.4 10.5 4/29/2022 Egg 4.5 10.0 6/27/2022 Fume 5.4 8.4 11/9/2022
Fox 11.0 9.0 12/12/2022

CAPSTONE ® COURIER Page 11

 Round: 2
HR/TQM Report C117558 Dec. 31, 2022
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 938 820 842 870 593 667
Complement 938 820 843 870 593 667
1st Shift Complement 809 798 658 778 442 507
2nd Shift Complement 129 22 185 92 151 160
Overtime Percent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Turnover Rate 8.5% 8.5% 7.0% 7.0% 7.0% 8.9%
New Employees 218 179 59 105 42 137
Separated Employees 0 0 45 0 122 0
Recruiting Spend $3,000 $1,000 $2,000 $2,500 $1,000 $2,500
Training Hours 40 40 80 80 80 30
Productivity Index 100.4% 100.0% 101.4% 101.7% 101.2% 100.0%
Recruiting Cost $871 $357 $177 $367 $83 $480
Separation Cost $0 $0 $225 $0 $610 $0
Training Cost $750 $656 $1,349 $1,392 $949 $400
Total HR Admin Cost $1,621 $1,013 $1,751 $1,759 $1,642 $881
Labor Contract Next Year
Wages $23.15 $23.15 $23.15 $23.15 $23.15 $23.15
Benefits 2,500 2,500 2,500 2,500 2,500 2,500
Profit Sharing 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Annual Raise 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Starting Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Ceiling Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Adjusted Labor Demands
Wages
Benefits
Profit Sharing
Annual Raise
Strike Days

TQM SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Process Mgt Budgets Last Year
CPI Systems $0 $0 $0 $0 $0 $0
VendorJIT $0 $0 $0 $0 $0 $0
Quality Initiative Training $0 $0 $0 $0 $0 $0
Channel Support Systems $0 $0 $0 $0 $0 $0
Concurrent Engineering $0 $0 $0 $0 $0 $0
UNEP Green Programs $0 $0 $0 $0 $0 $0

TQM Budgets Last Year

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

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

CAPSTONE ® COURIER Page 12


Ethics Report
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Round: 2
C117558 Dec. 31, 2022
ETHICS SUMMARY
The actual dollar impact. Example, $120 means Other increased by $120.
The % of normal. 98% means demand fell 2%.
The % of normal. 104% means matieral costs rose 4%.
The % of normal. 103% means admin costs rose 3%.
The % of normal. 104% means productivity increased by 4%.
The % of normal. 105% means normal awareness was multiplied by 1.05.
The % of normal. 98% means normal accessiblity was multiplied by 0.98.
Normal means the value that would have been produced if the problem had not been presented.

No Impact Andrews Baldwin Chester Digby Erie Ferris

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

CAPSTONE ® COURIER Page 13

 Annual Report
Round: 2
Annual Report Baldwin C117558
Dec. 31, 2022
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2022 2021
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 $0 0.0% $11,103
current value of your inventory across all products. A zero
Account Receivable $9,247 8.9% $9,457
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $18,589 18.0% $7,823
Equipment: The current value of your plant. Accum Total Current Assets $27,836 26.9% $28,383
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $129,400 125.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($53,880) -52.1% ($45,520)
of operations. It includes emergency loans used to keep Total Fixed Assets $75,520 73.1% $68,280
your company solvent should you run out of cash during Total Assets $103,357 100.0% $96,663
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 $7,382 7.1% $6,556
instead of paying to shareholders as dividends.
Current Debt $2,583 2.5% $0
Long Term Debt $40,750 39.4% $36,674
Total Liabilities $50,715 49.1% $43,230

Common Stock $18,360 17.8% $18,360

Retained Earnings $34,282 33.2% $35,073
Total Equity $52,642 50.9% $53,433
Total Liab. & O. Equity $103,357 100.0% $96,663

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2022 2021
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) ($791) $5,491
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $8,360 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 ($26)
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $826 ($27)
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($10,766) $794
the report would show the increase in inventory as a huge negative cash
Accounts Receivable $210 ($1,150)
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 ($2,161) $12,669
afloat. Cash Flows from Investing Activities
Plant Improvements ($15,600) $0
Cash Flows from Financing Activities
Dividends paid $0 $0
Sales of common stock $0 $0
Purchase of common stock $0 $0
Cash from long term debt $6,000 $0
Retirement of long term debt ($1,924) ($5,000)
Change in current debt(net) $2,583 $0
Net cash from financing activities $6,658 ($5,000)
Net change in cash position ($11,103) $7,669
Closing cash position $0 $11,103

Annual Report Page 14

 Round: 2
Annual Report Baldwin C117558
Dec. 31, 2022
2022 Income Statement
2022 Common
(Product Name) Baker Bead Bid Bold Buddy Buzz
Total
Size
Sales $39,850 $32,541 $15,880 $12,269 $11,971 $0 $0 $0 $112,511 100.0%
Variable Costs:
Direct Labor $12,372 $12,414 $3,929 $3,331 $3,310 $0 $0 $0 $35,355 31.4%
Direct Material $16,165 $11,358 $6,247 $5,462 $4,468 $0 $0 $0 $43,699 38.8%
Inventory Carry $71 $531 $526 $660 $442 $0 $0 $0 $2,231 2.0%
Total Variable $28,607 $24,303 $10,703 $9,452 $8,219 $0 $0 $0 $81,285 72.2%
Contribution Margin $11,242 $8,238 $5,177 $2,817 $3,752 $0 $0 $0 $31,226 27.8%
Period Costs:
Depreciation $2,640 $2,800 $1,320 $720 $880 $0 $0 $0 $8,360 7.4%
SG&A: R&D $296 $0 $765 $730 $771 $1,000 $0 $0 $3,563 3.2%
Promotions $1,500 $1,500 $1,300 $1,000 $1,200 $0 $0 $0 $6,500 5.8%
Sales $1,500 $1,000 $1,500 $1,000 $1,300 $0 $0 $0 $6,300 5.6%
Admin $638 $521 $254 $196 $192 $0 $0 $0 $1,801 1.6%
Total Period $6,574 $5,821 $5,140 $3,647 $4,342 $1,000 $0 $0 $26,524 23.6%
Net Margin $4,668 $2,417 $38 ($830) ($591) ($1,000) $0 $0 $4,702 4.2%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $300 0.3%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $4,402 3.9%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $291 0.3%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,329 4.7%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes ($426) -0.4%
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 ($791) -0.7%
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