Round: 6
Dec. 31,
2024
C96988
Andrews
NISARG KOTHARI
Ajaykumar Patel
Aalap Patel
Samkit Shah
Baldwin
Shiyu Chang
jingwei jiang
Xiwen Li
Li Li
ping xiong
Chester
Max - Laurent Alexa
Michael Dye
josh gamble
Erika Hemond
James Standridge
Digby
Erica Davis
Jana Haggard
Melinda Holley Good
Tyler McGuire
Rob Miller
Erie
Jennifer Hogan
Chase Kilpatrick
Dina Pang
Tia Stone
Nikolas Swett
Amanda Terry
Ferris
Corey Andrews
Ambur Love
Robert McMullen
Noriko Payne
Tara Poe
Selected Financial Statistics
ROS
Asset Turnover
ROA
Leverage
ROE
Emergency Loan
Sales
EBIT
Profits
Cumulative Profit
SG&A / Sales
Contrib. Margin %
CAPSTONE ® COURIER
Andrews
11.7%
0.78
9.2%
2.3
20.9%
$0
$209,732,059
$54,931,617
$24,632,324
$40,762,612
16.7%
55.8%
Baldwin
-0.4%
1.13
-0.4%
2.4
-1.1%
$0
$203,809,081
$9,593,664
($808,213)
$35,760,829
21.7%
44.5%
Chester
0.6%
0.98
0.5%
2.1
1.1%
$0
$80,478,911
$3,590,239
$447,836
($9,161,443)
18.1%
28.4%
Digby
-18.9%
0.82
-15.5%
-4.8
-74.1%
$43,991,389
$84,702,495
($9,949,889)
($16,030,799)
($88,140,948)
31.5%
26.6%
Erie
13.0%
0.82
10.6%
2.1
22.5%
$0
$155,504,949
$42,578,968
$20,202,269
$48,564,545
16.4%
56.9%
Ferris
-2.5%
0.82
-2.1%
4.1
-8.6%
$21,068,511
$159,008,962
$10,347,749
($4,031,021)
($3,768,536)
20.3%
44.6%
Page 1
Stock & Bonds
C96988
Round: 6
Dec. 31, 2024
Stock Market Summary
Company
Close
Change
Shares
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$59.86
$46.49
$7.60
$1.00
$63.10
$14.08
$19.07
($21.46)
$6.60
$0.00
$13.14
($18.43)
3,593,443
1,953,063
2,343,402
3,426,901
3,132,299
2,065,622
MarketCap
($M)
$215
$91
$18
$3
$198
$29
Book Value
EPS
Dividend
Yield
P/E
$32.75
$38.18
$17.05
($6.31)
$28.66
$22.66
$6.85
($0.41)
$0.19
($4.68)
$6.45
($1.95)
$4.00
$1.00
$1.50
$0.00
$1.25
$0.00
6.7%
2.2%
19.7%
0.0%
2.0%
0.0%
8.7
-112.6
39.6
-0.2
9.8
-7.2
Bond Market Summary
Company
Andrews
Series#
Face
Yield
Close$ S&P
11.3S2029
12.5S2030
13.0S2031
13.7S2032
9.1S2033
$18,994,000
$25,969,000
$23,563,000
$31,300,000
$21,482,000
11.6%
12.2%
12.4%
12.6%
10.7%
97.83
102.47
105.04
108.97
85.02
CCC
CCC
CCC
CCC
CCC
11.3S2029 $18,994,000
12.7S2030 $12,000,000
13.2S2031 $8,936,000
13.8S2032 $24,763,000
9.5S2033 $3,400,000
8.8S2034 $8,000,000
11.6%
12.4%
12.6%
12.7%
11.0%
10.8%
97.12
102.46
105.00
108.42
86.20
81.43
CC
CC
CC
CC
CC
CC
7.7S2033 $18,000,000
9.6%
Company
Digby
79.83 CCC
Face
Yield
Close$
S&P
11.3S2029 $8,000,000
13.9S2031 $17,000,000
14.7S2032 $1,500,000
10.3S2034 $14,710,000
12.1%
13.5%
13.8%
12.3%
93.02
102.63
106.65
83.92
DDD
DDD
DDD
DDD
11.3S2029
12.3S2030
13.1S2031
13.4S2032
$18,994,000
$25,969,000
$20,000,000
$10,000,000
11.4%
12.0%
12.3%
12.3%
98.91
102.91
106.93
109.07
CCC
CCC
CCC
CCC
11.3S2029
12.3S2030
13.6S2031
14.6S2032
10.0S2033
9.8S2034
$18,994,000
$25,765,000
$17,797,000
$15,000,000
$11,500,000
$7,000,000
12.1%
12.7%
13.3%
13.6%
11.9%
11.9%
93.68
96.81
102.20
107.17
84.15
82.17
DDD
DDD
DDD
DDD
DDD
DDD
Erie
Baldwin
Chester
Series#
Ferris
Next Year's Prime Rate7.00%
CAPSTONE ® COURIER
Page 2
Financial Summary
Cash Flow Statement Survey
CashFlows from operating activities
Net Income(Loss)
Adjustment for non-cash items:
Depreciation
Extraordinary gains/losses/writeoffs
Changes in current assets and liablilities
Accounts payable
Inventory
Accounts Receivable
Net cash from operations
C96988
Round: 6
Dec. 31, 2024
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$24,632
($808)
$448
($16,031)
$20,202
($4,031)
$20,693
($1,530)
$16,564
($72)
$3,127
$1,522
$4,668
($4,695)
$15,167
$1,092
$18,593
$0
$2,223
($24,775)
($5,667)
$15,576
($530)
$723
$733
$16,610
($3,909)
$17,694
$668
$19,550
($1,679)
$9,877
$812
($7,048)
($603)
$11,891
$477
$48,226
($222)
($11,086)
$1,981
$5,235
($14,190)
($20,694)
$16,120
$17,858
($14,886)
($28,800)
($14,374)
$0
($7,714)
$0
$0
$0
$0
$0
($1,953)
$0
($2,000)
$8,000
$0
$0
$0
$0
($3,515)
$0
($123)
$0
$0
($2,226)
$0
$0
$0
$550
$0
$14,710
$0
($85,062)
$15,000
$43,991
($3,915)
$0
($4,000)
$0
$0
$0
$0
$0
$0
$0
($3,534)
$7,000
$0
($969)
$0
$21,069
Net cash from financing activities
($22,088)
$4,047
($5,864)
($10,810)
($7,915)
$23,565
Net change in cash position
Balance Sheet Survey
Cash
Accounts Receivable
Inventory
Total Current Assets
($20,701)
Andrews
$17,060
$35,051
$32,756
$84,867
($36)
Baldwin
$6,375
$16,751
$18,289
$41,416
$29,805
Chester
$29,805
$9,922
$13,008
$52,736
$0
Digby
$0
$6,962
$62,466
$69,428
$25,425
Erie
$37,615
$12,781
$7,889
$58,285
$0
Ferris
$0
$13,069
$22,654
$35,723
$310,400
($126,088)
$184,312
$248,462
($109,313)
$139,149
$46,900
($17,676)
$29,224
$70,026
($36,344)
$33,682
$227,508
($95,559)
$131,949
$278,900
($121,920)
$156,980
Total Assets
$269,179
$180,565
$81,960
$103,110
$190,234
$192,703
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$9,324
$20,850
$121,308
$151,482
$9,061
$20,850
$76,093
$106,004
$3,156
$20,850
$18,000
$42,006
$3,684
$79,841
$41,210
$124,736
$4,640
$20,850
$74,963
$100,453
$7,927
$41,919
$96,056
$145,902
Common Stock
Retained Earnings
Total Equity
$68,696
$49,001
$117,697
$17,644
$56,917
$74,561
$27,282
$12,672
$39,954
$43,656
($65,281)
($21,626)
$50,926
$38,856
$89,781
$27,408
$19,392
$46,800
Total Liabilities & Owners Equity
$269,179
$180,565
$81,960
$103,110
$190,234
$192,703
Income Statement Survey
Sales
Variable Costs(Labor,Material,Carry)
Depreciation
SGA(R&D,Promo,Sales,Admin)
Other(Fees,Writeoffs,TQM,Bonuses)
EBIT
Interest(Short term,Long term)
Taxes
Profit Sharing
Net Profit
Andrews
$209,732
$92,598
$20,693
$35,123
$6,386
$54,932
$16,262
$13,534
$503
$24,632
Baldwin
$203,809
$113,160
$16,564
$44,134
$20,358
$9,594
$10,837
($435)
$0
($808)
Chester
$80,479
$57,651
$3,127
$14,587
$1,524
$3,590
$2,887
$246
$9
$448
Digby
$84,702
$62,198
$4,668
$26,718
$1,068
($9,950)
$14,713
($8,632)
$0
($16,031)
Erie
$155,505
$67,094
$15,167
$25,513
$5,152
$42,579
$10,864
$11,100
$412
$20,202
Ferris
$159,009
$88,082
$18,593
$32,333
$9,653
$10,348
$16,549
($2,171)
$0
($4,031)
Cash flows from investing activities
Plant improvements(net)
Cash flows from financing activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt issued
Early retirement of long term debt
Retirement of current debt
Cash from current debt borrowing
Cash from emergency loan
Plant and equipment
Accumulated Depreciation
Total Fixed Assets
CAPSTONE ® COURIER
Page 3
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Primary
Segment
Trad
Low
High
Pfmn
Size
Low
Trad
High
Units
Sold
1,278
2,333
494
551
368
1,584
1,330
507
Unit
Inven
tory
542
529
302
275
242
0
254
285
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Trad
Low
High
Pfmn
Size
High
Size
Pfmn
1,453
1,751
930
608
811
748
596
264
407
1,417
12
0
82
58
55
45
6/8/2024
5/9/2024
6/30/2024
7/24/2024
6/24/2024
6/21/2024
6/13/2024
5/5/2024
Col
Cid
Coat
Cure
Cif
Cub
Pfmn
High
Pfmn
Size
High
Size
316
380
282
522
415
479
114
54
154
162
0
78
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
Trad
Low
High
Pfmn
Size
Trad
Size
1,062
852
112
201
218
878
34
Eat
Ebb
Echo
Edge
Edit
Elk
Earn
Trad
Low
Trad
Pfmn
Low
Trad
Pfmn
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Trad
Low
Trad
Pfmn
Size
Low
Trad
High
CAPSTONE ® COURIER
Round: 6
Dec. 31, 2024
C96988
Production Analysis
Price
$27.00
$18.60
$37.00
$32.00
$32.00
$18.60
$27.00
$37.00
Material
Cost
$7.75
$4.44
$12.13
$12.90
$9.99
$4.44
$7.75
$12.13
Labor
Cost
$3.22
$1.18
$6.25
$7.57
$7.30
$1.29
$3.87
$6.63
Contr.
Marg.
57%
68%
47%
31%
42%
68%
56%
46%
2nd
Shift
&
Overtime
7%
38%
0%
8%
0%
100%
100%
14%
10.8
15.3
5.7
11.8
4.6
5.7
4.6
11.8
$25.00
$18.40
$37.00
$32.00
$32.00
$37.30
$32.00
$32.25
$7.82
$4.44
$13.69
$13.34
$11.75
$13.69
$11.75
$13.34
$4.66
$1.20
$7.94
$5.18
$7.88
$8.60
$9.00
$8.98
47%
68%
42%
41%
38%
39%
34%
29%
0%
51%
30%
0%
40%
9%
22%
100%
7.5
10.0
4.1
6.0
5.0
3.5
4.5
6.0
1,800
2,120
730
610
590
585
510
407
74%
149%
129%
66%
138%
107%
121%
129%
15.0
12.5
14.0
8.0
13.0
8.2
11.3
7.5
12.5
5.0
7.0
4.7
$32.25
$36.75
$32.00
$32.00
$36.50
$32.25
$14.44
$8.56
$14.23
$8.56
$13.73
$8.56
$12.19
$9.24
$14.29
$9.78
$12.37 $11.65
21%
36%
24%
29%
34%
23%
0%
0%
0%
20%
0%
67%
4.0
4.0
4.0
4.0
3.0
3.0
300
350
450
500
350
300
74%
42%
22%
119%
28%
165%
14000
12000
22500
27000
18000
14000
17000
9.2
4.0
11.6
11.8
8.0
9.2
6.5
10.8
15.1
8.4
13.9
4.8
10.8
9.0
$25.50
$18.50
$35.75
$32.00
$32.00
$26.50
$34.50
$7.91 $7.82
$4.37 $6.71
$11.72
$6.71
$11.62
$6.71
$10.96
$6.47
$7.91 $8.31
$8.68 $11.66
27%
35%
9%
18%
24%
30%
-21%
0%
0%
0%
0%
50%
15%
10%
4.0
5.0
5.0
5.0
6.0
4.0
1.0
600
1,000
300
1
300
500
300
83%
99%
50%
99%
149%
114%
109%
1.4
6.3
4.5
1.5
4.9
1.3
1.2
14000
12000
23500
27000
12000
15500
27000
9.2
4.7
10.1
14.6
4.7
9.8
15.4
10.8
15.3
9.9
12.4
15.3
10.2
11.8
$26.00
$18.75
$26.50
$32.00
$19.15
$27.80
$32.00
$7.82
$4.44
$10.90
$12.90
$4.44
$8.59
$13.34
$2.54
$1.17
$8.13
$5.08
$1.26
$3.54
$6.10
56%
69%
27%
42%
69%
56%
37%
0%
45%
0%
0%
100%
50%
0%
8.5
10.0
3.0
6.0
10.0
8.0
5.0
1,200
1,798
200
600
800
600
600
79%
143%
74%
77%
198%
149%
35%
1.9
3.2
5.2
1.5
1.5
4.9
3.8
1.2
17500
14000
23000
27000
21000
12000
14000
21000
8.0
4.5
10.3
13.9
7.7
4.0
6.8
14.0
12.0
15.7
10.0
12.5
5.3
16.0
13.0
6.0
$26.00
$19.15
$27.00
$31.89
$32.00
$18.99
$22.00
$37.00
$8.19
$4.91
$11.08
$12.93
$11.67
$4.10
$6.53
$13.04
$5.19
$2.13
$6.23
$7.27
$7.79
$5.77
$6.56
$9.16
46%
63%
15%
35%
38%
47%
30%
40%
0%
6%
0%
0%
0%
96%
45%
58%
6.0
10.0
6.0
4.0
3.5
7.5
6.5
3.5
2,000
2,150
900
600
700
800
750
650
78%
105%
2%
53%
87%
194%
143%
157%
Revision
Age
Date Dec.31
8/12/2024
1.4
1/18/2023
6.3
7/1/2024
1.5
6/10/2024
1.5
6/10/2024
1.5
1/23/2020
4.9
8/12/2024
1.5
7/1/2024
1.3
MTBF
14000
12000
20000
27000
16000
12000
14000
20000
Pfmn
Coord
9.1
4.7
13.5
14.6
7.6
4.7
9.1
13.5
Size
Coord
10.9
15.3
6.5
12.4
5.4
15.3
10.9
6.5
1.5
5.6
1.4
1.5
1.5
1.4
1.1
0.7
14000
12000
24000
27000
21000
24000
21000
27000
9.2
4.7
14.3
15.4
8.2
14.3
8.2
15.4
9/19/2024
6/10/2025
5/21/2024
6/14/2024
6/10/2024
8/11/2024
1.1
2.3
1.7
1.4
1.3
1.2
25000
24000
25000
18000
23000
18000
945
426
521
332
719
268
292
9/8/2024
5/13/2024
5/2/2025
5/28/2025
12/3/2024
5/24/2024
5/18/2025
1.8
2.7
3.9
4.2
1.4
2.3
1.8
1,354
2,217
149
528
990
811
513
243
358
0
118
0
83
0
8/27/2024
1/3/2023
4/21/2021
7/4/2024
1/23/2020
8/5/2024
6/14/2024
1,043
1,792
216
423
631
1,161
471
692
535
8/2/2024
466 11/13/2024
115
1/3/2021
25
6/6/2024
52 5/25/2024
0
2/2/2020
603
3/3/2021
14
5/1/2024
Auto
mation
Next
Round
8.0
10.0
5.0
5.0
5.0
10.0
8.0
5.0
Capacity
Next
Round
1,500
2,100
900
600
600
1,000
1,000
700
Plant
Utiliz.
106%
136%
83%
107%
99%
198%
198%
113%
Page 4
Traditional Segment Analysis
C96988
Round: 6
Dec. 31, 2024
Traditional Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
9,767
|9,767
|28.4%
Next Year's Segment Growth Rate
|4.6%
Traditional Customer Buying Criteria
Expectations
Ideal Age = 2.0
$17.00 - 27.00
Pfmn 9.2 Size 10.8
MTBF 14000-19000
1. Age
2. Price
3. Ideal Position
4. Reliability
Importance
47%
23%
21%
9%
Top Products in Traditional Segment
Name
Baker
Eat
Ajar
Able
Daze
Fast
Dock
Elk
Form
Fist
Echo
Market
Share
15%
14%
14%
13%
11%
10%
9%
8%
3%
2%
1%
Units
Sold to
Seg
1,453
1,354
1,330
1,278
1,061
1,019
878
811
274
176
135
CAPSTONE ® COURIER
Revision
Date
6/8/2024
8/27/2024
8/12/2024
8/12/2024
9/8/2024
8/2/2024
5/24/2024
8/5/2024
3/3/2021
1/3/2021
4/21/2021
Stock
Out
YES
Pfmn
Coord
9.2
9.2
9.1
9.1
9.2
8.0
9.2
9.8
6.8
10.3
10.1
Size
Coord
10.8
10.8
10.9
10.9
10.8
12.0
10.8
10.2
13.0
10.0
9.9
List
Price
$25.00
$26.00
$27.00
$27.00
$25.50
$26.00
$26.50
$27.80
$22.00
$27.00
$26.50
MTBF
14000
14000
14000
14000
14000
17500
14000
15500
14000
23000
23500
Cust.
Age Promo AwareDec.31 Budget ness
1.55 $2,700 94%
1.39 $2,000 92%
1.48 $2,400 84%
1.38 $2,400 91%
1.79 $1,500 73%
1.94 $1,650 85%
2.25 $1,500 62%
1.32 $2,000 80%
3.83 $1,650 52%
5.22 $1,800 75%
4.50
$0 18%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$3,120 91%
56
$1,805 100%
46
$1,451 100%
47
$1,064 100%
44
$1,768 98%
52
$2,550 93%
49
$1,768 98%
45
$1,504 100%
31
$1,500 93%
3
$750 93%
8
$0 100%
6
Page 5
Low End Segment Analysis
C96988
Round: 6
Dec. 31, 2024
Low End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
12,903
|12,903
|37.6%
Next Year's Segment Growth Rate
|5.8%
Low End Customer Buying Criteria
Expectations
$12.00 - 22.00
Ideal Age = 7.0
Pfmn 4.7 Size 15.3
MTBF 12000-17000
1. Price
2. Age
3. Ideal Position
4. Reliability
Importance
53%
24%
16%
7%
Top Products in Low End Segment
Name
Acre
Ebb
Feat
Bead
Ahem
Fishin
Edit
Dell
Form
Fast
Daze
Market
Share
18%
17%
14%
14%
12%
9%
8%
7%
2%
0%
0%
Units
Sold to
Seg
2,333
2,217
1,792
1,751
1,584
1,161
990
852
197
24
1
CAPSTONE ® COURIER
Revision
Date
1/18/2023
1/3/2023
11/13/2024
5/9/2024
1/23/2020
2/2/2020
1/23/2020
5/13/2024
3/3/2021
8/2/2024
9/8/2024
Stock
Out
YES
YES
YES
Pfmn
Coord
4.7
4.7
4.5
4.7
4.7
4.0
4.7
4.0
6.8
8.0
9.2
Size
Coord
15.3
15.3
15.7
15.3
15.3
16.0
15.3
15.1
13.0
12.0
10.8
List
Price
$18.60
$18.75
$19.15
$18.40
$18.60
$18.99
$19.15
$18.50
$22.00
$26.00
$25.50
MTBF
12000
12000
14000
12000
12000
12000
12000
12000
14000
17500
14000
Cust.
Age Promo AwareDec.31 Budget ness
6.28 $2,400 91%
6.30 $2,000 92%
3.21 $1,650 85%
5.62 $2,500 95%
4.94 $2,400 90%
4.91 $1,650 83%
4.94 $2,000 86%
2.67 $1,450 66%
3.83 $1,650 52%
1.94 $1,650 42%
1.79 $1,500 37%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$1,064 100%
43
$1,805 100%
41
$3,000 94%
23
$2,753 98%
42
$1,064 100%
36
$1,800 94%
24
$1,504 100%
30
$1,560 95%
16
$1,500 94%
4
$2,550 94%
0
$1,768 95%
0
Page 6
High End Segment Analysis
C96988
Round: 6
Dec. 31, 2024
High End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
4,334
|4,334
|12.6%
Next Year's Segment Growth Rate
|8.1%
High End Customer Buying Criteria
Expectations
Pfmn 14.3 Size 5.7
Ideal Age = 0.0
MTBF 20000-25000
$27.00 - 37.00
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in High End Segment
Name
Bid
Bill
Funny
Akela
Adam
Cif
Cid
Dixie
Fist
Echo
Market
Share
21%
17%
16%
12%
11%
10%
9%
3%
1%
0%
Units
Sold to
Seg
930
748
692
507
494
415
380
112
40
14
CAPSTONE ® COURIER
Revision
Date
6/30/2024
6/21/2024
5/1/2024
7/1/2024
7/1/2024
6/10/2024
6/10/2025
5/2/2025
1/3/2021
4/21/2021
Stock
Out
YES
YES
Pfmn
Coord
14.3
14.3
14.0
13.5
13.5
13.0
12.5
11.6
10.3
10.1
Size
Coord
5.7
5.7
6.0
6.5
6.5
7.0
7.5
8.4
10.0
9.9
List
Price
$37.00
$37.30
$37.00
$37.00
$37.00
$36.50
$36.75
$35.75
$27.00
$26.50
MTBF
24000
24000
21000
20000
20000
23000
24000
22500
23000
23500
Cust.
Age Promo AwareDec.31 Budget ness
1.44 $2,300 95%
1.36 $2,900 57%
1.22 $1,600 70%
1.26 $2,700 77%
1.45 $2,700 94%
1.31
$650 77%
2.28
$650 81%
3.86 $1,300 86%
5.22 $1,800 41%
4.50
$0 18%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$1,835 100%
66
$2,019 100%
52
$2,100 92%
44
$1,451 100%
35
$1,451 100%
36
$566 95%
29
$870 95%
16
$1,560 100%
6
$750 92%
0
$0 12%
0
Page 7
Performance Segment Analysis
C96988
Round: 6
Dec. 31, 2024
Performance Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,685
|3,685
|10.7%
Next Year's Segment Growth Rate
|9.4%
Performance Customer Buying Criteria
Expectations
MTBF 22000-27000
Pfmn 15.4 Size 11.8
$22.00 - 32.00
Ideal Age = 1.0
1. Reliability
2. Ideal Position
3. Price
4. Age
Importance
43%
29%
19%
9%
Top Products in Performance Segment
Name
Bold
Aft
Edge
Earn
Foam
Col
Coat
Bibibi
Dot
Market
Share
16%
15%
14%
14%
11%
9%
8%
7%
5%
Units
Sold to
Seg
608
551
528
513
423
316
282
264
201
CAPSTONE ® COURIER
Revision
Date
7/24/2024
6/10/2024
7/4/2024
6/14/2024
6/6/2024
9/19/2024
5/21/2024
5/5/2024
5/28/2025
Stock
Out
YES
YES
Pfmn
Coord
15.4
14.6
14.6
15.4
13.9
15.0
14.0
15.4
11.8
Size
Coord
11.8
12.4
12.4
11.8
12.5
11.3
12.5
11.8
13.9
List
Price
$32.00
$32.00
$32.00
$32.00
$31.89
$32.25
$32.00
$32.25
$32.00
MTBF
27000
27000
27000
27000
27000
25000
25000
27000
27000
Cust.
Age Promo AwareDec.31 Budget ness
1.45 $2,300 98%
1.52 $2,500 94%
1.49 $2,000 94%
1.17 $2,000 76%
1.48 $1,250 86%
1.09
$775 53%
1.73
$775 80%
0.65 $1,600 53%
4.24 $1,250 87%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$3,487 100%
82
$1,064 100%
71
$2,005 100%
69
$1,404 100%
69
$1,200 91%
53
$870 87%
30
$522 87%
27
$551 100%
54
$520 91%
24
Page 8
Size Segment Analysis
C96988
Round: 6
Dec. 31, 2024
Size Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,659
|3,659
|10.7%
Next Year's Segment Growth Rate
|9.1%
Size Customer Buying Criteria
Expectations
Pfmn 8.2 Size 4.6
Ideal Age = 1.5
MTBF 16000-21000
$22.00 - 32.00
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in Size Segment
Name
Buddy
Fume
Burger
Cure
Cub
Agape
Dune
Driver
Market
Share
22%
17%
16%
14%
13%
10%
6%
1%
Units
Sold to
Seg
811
631
596
522
479
368
218
34
CAPSTONE ® COURIER
Revision
Date
6/24/2024
5/25/2024
6/13/2024
6/14/2024
8/11/2024
6/10/2024
12/3/2024
5/18/2025
Stock
Out
Pfmn
Coord
8.2
7.7
8.2
8.0
8.2
7.6
8.0
6.5
Size
Coord
4.6
5.3
4.6
5.0
4.7
5.4
4.8
9.0
List
Price
$32.00
$32.00
$32.00
$32.00
$32.25
$32.00
$32.00
$34.50
MTBF
21000
21000
21000
18000
18000
16000
18000
17000
Cust.
Age Promo AwareDec.31 Budget ness
1.51 $2,500 98%
1.48 $1,400 84%
1.14 $2,900 55%
1.43
$825 80%
1.25
$825 67%
1.52 $2,600 93%
1.38 $1,350 84%
1.81 $1,050 17%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,386 100%
100
$2,100 93%
66
$2,202 100%
75
$435 91%
52
$870 91%
50
$1,064 100%
41
$1,664 85%
61
$1,560 85%
3
Page 9
Market Share
Actual Market Share in Units
Industry Unit Sales
% of Market
Round: 6
Dec. 31, 2024
C96988
Trad
9,767
28.4%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
13.1%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Total
14.9%
Low
12,903
37.6%
High
4,334
12.6%
Pfmn
3,685
10.7%
Size
3,659
10.7%
18.1%
11.4%
15.0%
10.0%
12.3%
13.6%
26.7%
30.4%
11.7%
23.1%
15.0%
10.0%
13.6%
21.4%
16.5%
22.1%
17.3%
16.3%
14.9%
13.6%
Col
Cid
Coat
Cure
Cif
Cub
Total
38.7%
7.1%
23.6%
38.5%
8.6%
8.8%
7.6%
14.3%
9.6%
18.4%
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
Total
10.9%
Eat
Ebb
Echo
Edge
Edit
Elk
Earn
Total
13.9%
23.5%
24.9%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
10.4%
0.2%
13.9%
16.2%
13.1%
27.4%
6.6%
2.6%
5.5%
6.0%
9.0%
19.9%
6.6%
2.6%
5.5%
0.9%
6.9%
17.2%
1.4%
0.3%
14.3%
7.7%
8.3%
1.8%
0.3%
13.9%
28.3%
0.9%
11.5%
17.3%
2.8%
15.0%
CAPSTONE ® COURIER
9.0%
1.5%
24.6%
16.0%
16.9%
11.5%
17.3%
Potential Market Share in Units
Total
34,348 Units Demanded
100.0% % of Market
Trad
Low
9,767 12,903
28.4% 37.6%
3.7%
6.8%
1.4%
1.6%
1.1%
4.6%
3.9%
1.5%
24.6%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
12.9%
4.2%
5.1%
2.7%
1.8%
2.4%
2.2%
1.7%
0.8%
20.8%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Total
14.7%
0.9%
1.1%
0.8%
1.5%
1.2%
1.4%
7.0%
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
9.8% Total
Pfmn
3,685
10.7%
Size
3,659
10.7%
Total
34,348
100.0%
10.0%
3.7%
6.2%
1.4%
1.6%
1.1%
5.0%
3.8%
1.4%
24.2%
16.6%
11.1%
14.8%
13.2%
13.4%
26.3%
29.8%
11.4%
22.5%
14.8%
10.0%
12.6%
20.9%
16.8%
22.2%
16.8%
16.3%
14.7%
12.6%
Col
Cid
Coat
Cure
Cif
Cub
Total
3.1%
2.5%
0.3%
0.6%
0.6%
2.6%
High
4,334
12.6%
37.7%
7.0%
23.9%
38.5%
8.5%
8.6%
7.6%
14.3%
11.3%
20.0%
16.1%
13.1%
27.4%
10.7%
6.1%
2.5%
5.4%
6.0%
8.9%
19.6%
6.1%
3.9%
6.5%
0.4%
1.5%
2.9%
2.4%
1.5%
19.1%
Eat
Ebb
Echo
Edge
Edit
Elk
Earn
Total
13.6%
24.6%
26.9%
3.0%
5.2%
0.6%
1.2%
1.8%
3.4%
1.4%
2.0%
18.7%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
10.3%
0.2%
12.8%
2.5%
5.4%
0.9%
6.9%
0.4%
14.2%
11.1%
9.3%
1.8%
0.4%
14.2%
28.4%
0.9%
11.4%
17.3%
2.8%
10.2%
1.4%
14.9%
24.6%
15.9%
16.9%
11.4%
0.9%
1.1%
0.8%
1.5%
1.4%
1.4%
7.2%
3.1%
2.3%
0.3%
0.6%
0.6%
2.5%
9.5%
3.9%
5.9%
0.5%
1.5%
4.2%
2.6%
1.5%
20.2%
15.8%
1.7%
4.2%
4.7%
2.6%
1.8%
2.4%
2.1%
1.7%
0.8%
20.3%
17.3%
3.0%
4.8%
0.6%
1.2%
1.8%
3.8%
1.3%
2.0%
18.6%
Page 10
Perceptual Map
Andrews
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Pfmn
9.1
4.7
13.5
14.6
7.6
4.7
9.1
13.5
Name
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
Pfmn
9.2
4.0
11.6
11.8
8.0
9.2
6.5
Size
10.9
15.3
6.5
12.4
5.4
15.3
10.9
6.5
Digby
CAPSTONE ® COURIER
Size
10.8
15.1
8.4
13.9
4.8
10.8
9.0
Round: 6
Dec. 31, 2024
C96988
Baldwin
Revised
8/12/2024
1/18/2023
7/1/2024
6/10/2024
6/10/2024
1/23/2020
8/12/2024
7/1/2024
Name
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Pfmn
9.2
4.7
14.3
15.4
8.2
14.3
8.2
15.4
Revised
9/8/2024
5/13/2024
5/2/2025
5/28/2025
12/3/2024
5/24/2024
5/18/2025
Name
Eat
Ebb
Echo
Edge
Edit
Elk
Earn
Pfmn
9.2
4.7
10.1
14.6
4.7
9.8
15.4
Size
10.8
15.3
5.7
11.8
4.6
5.7
4.6
11.8
Erie
Size
10.8
15.3
9.9
12.4
15.3
10.2
11.8
Chester
Revised
6/8/2024
5/9/2024
6/30/2024
7/24/2024
6/24/2024
6/21/2024
6/13/2024
5/5/2024
Name
Col
Cid
Coat
Cure
Cif
Cub
Pfmn
15.0
12.5
14.0
8.0
13.0
8.2
Revised
8/27/2024
1/3/2023
4/21/2021
7/4/2024
1/23/2020
8/5/2024
6/14/2024
Name
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Pfmn
8.0
4.5
10.3
13.9
7.7
4.0
6.8
14.0
Size
11.3
7.5
12.5
5.0
7.0
4.7
Ferris
Size
12.0
15.7
10.0
12.5
5.3
16.0
13.0
6.0
Revised
9/19/2024
6/10/2025
5/21/2024
6/14/2024
6/10/2024
8/11/2024
Revised
8/2/2024
11/13/2024
1/3/2021
6/6/2024
5/25/2024
2/2/2020
3/3/2021
5/1/2024
Page 11
HR/TQM Report
C96988
Round: 6
Dec. 31, 2024
HUMAN RESOURCES SUMMARY
Needed Complement
Complement
1st Shift Complement
2nd Shift Complement
Andrews
591
591
495
96
Baldwin
642
642
524
118
Chester
256
256
208
48
Digby
393
394
363
31
Erie
242
242
202
40
Ferris
659
659
537
122
Overtime Percent
Turnover Rate
New Employees
Separated Employees
Recruiting Spend
Training Hours
Productivity Index
0.0%
6.4%
109
0
$5,000
80
120.4%
0.0%
6.5%
42
117
$5,000
80
122.2%
0.0%
9.2%
24
343
$0
0
112.4%
0.0%
7.0%
27
115
$0
80
114.1%
0.0%
6.2%
15
66
$5,000
80
124.4%
0.0%
6.0%
40
55
$5,000
80
125.2%
Recruiting Cost
Separation Cost
Training Cost
Total HR Admin Cost
$652
$0
$946
$1,597
$250
$585
$1,027
$1,862
$24
$1,715
$0
$1,739
$27
$575
$630
$1,233
$91
$330
$387
$808
$239
$275
$1,054
$1,568
Labor Contract Next Year
Wages
Benefits
Profit Sharing
Annual Raise
$28.15
2,500
2.0%
5.0%
$28.15
2,500
2.0%
5.0%
$28.15
2,500
2.0%
5.0%
$28.15
2,500
2.0%
5.0%
$28.15
2,500
2.0%
5.0%
$28.15
2,500
2.0%
5.0%
Baldwin
Chester
Digby
Erie
Ferris
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
Process Mgt Budgets Last Year
CPI Systems
VendorJIT
Quality Initiative Training
Channel Support Systems
Concurrent Engineering
UNEP Green Programs
$0
$0
$0
$1,950
$1,950
$1,950
$2,000
$2,000
$2,000
$2,000
$2,000
$2,000
$0
$0
$0
$0
$0
$0
$500
$500
$500
$500
$500
$500
$0
$0
$0
$1,000
$1,000
$1,000
$750
$750
$750
$1,000
$1,500
$750
TQM Budgets Last Year
Benchmarking
Quality Function Deployment Effort
CCE/6 Sigma Training
GEMI TQEM Sustainability Initiatives
Total Expenditures
$1,950
$0
$0
$0
$7,800
$2,000
$2,000
$2,000
$2,000
$20,000
$0
$0
$0
$0
$0
$500
$500
$500
$500
$5,000
$1,000
$0
$0
$0
$4,000
$750
$1,500
$750
$750
$9,250
11.80%
14.00%
40.01%
60.02%
14.36%
11.80%
14.00%
40.01%
60.02%
14.40%
0.00%
0.04%
20.24%
0.00%
0.09%
10.78%
12.98%
38.41%
53.73%
11.02%
11.80%
14.00%
40.01%
60.02%
14.40%
9.49%
11.50%
27.25%
58.84%
13.81%
Cumulative Impacts
Material Cost Reduction
Labor Cost Reduction
Reduction R&D Cycle Time
Reduction Admin Costs
Demand Increase
CAPSTONE ® COURIER
Page 12
Ethics Report
Round: 6
Dec. 31, 2024
C96988
ETHICS SUMMARY
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Total
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
CAPSTONE ® COURIER
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
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
Page 13
Annual Report
Annual Report
Baldwin
C96988
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total
assets for that year. Cash: Your end-of-year cash
position. Accounts Receivable: Reflects the lag between
delivery and payment of your products. Inventories: The
current value of your inventory across all products. A zero
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant &
Equipment: The current value of your plant. Accum
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year
of operations. It includes emergency loans used to keep
your company solvent should you run out of cash during
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value
of your bonds. Common Stock: The amount of capital
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends.
ASSETS
Cash
Account Receivable
Inventory
Total Current Assets
$41,415
2024
Common
Size
3.5%
9.3%
10.1%
22.9%
$6,412
$17,485
$19,013
$42,910
$139,149
$180,565
138.0%
-60.5%
77.1%
100.0%
$227,886
($92,939)
$134,947
$177,856
$106,004
5.0%
11.5%
42.1%
58.7%
$9,591
$0
$88,943
$98,534
$74,561
$180,565
9.8%
31.5%
41.3%
100.0%
$18,101
$61,222
$79,323
$177,856
$6,375
$16,751
$18,289
Plant & Equipment
Accumulated Depreciation
Total Fixed Assets
Total Assets
LIABILITIES & OWNERS
EQUITY
$248,462
($109,313)
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$9,061
$20,850
$76,093
Common Stock
Retained Earnings
Total Equity
Total Liab. & O. Equity
$17,644
$56,917
Cash Flow Statement
The Cash Flow Statement examines what happened in the Cash Account
during the year. Cash injections appear as positive numbers and cash
withdrawals as negative numbers. The Cash Flow Statement is an excellent
tool for diagnosing emergency loans. When negative cash flows exceed
positives, you are forced to seek emergency funding. For example, if sales
are bad and you find yourself carrying an abundance of excess inventory,
the report would show the increase in inventory as a huge negative cash
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company
afloat.
Annual Report
Round: 6
Dec. 31, 2024
Cash Flows from Operating Activities
Net Income(Loss)
Depreciation
Extraordinary gains/losses/writeoffs
Accounts Payable
Inventory
Accounts Receivable
Net cash from operation
Cash Flows from Investing Activities
Plant Improvements
Cash Flows from Financing Activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt
Retirement of long term debt
Change in current debt(net)
Net cash from financing activities
Net change in cash position
Closing cash position
2023
2024
($808)
$16,564
($72)
($530)
$723
$733
$16,610
2023
$9,476
$14,840
$0
($1,035)
($7,525)
$1,555
$17,311
($20,694)
($22,116)
($1,953)
$0
($2,000)
$8,000
($20,850)
$20,850
$4,047
($36)
$6,375
$0
$0
($1,000)
$3,400
$0
($23,900)
($21,500)
($26,305)
$6,412
Page 14
Annual Report
Baldwin
C96988
2024 Income Statement
(Product Name)
$8,501
2024
Total
$203,809
Common
Size
100.0%
$5,474
$7,043
$138
$12,655
$2,367
$3,554
$122
$6,044
$40,665
$70,300
$2,195
$113,160
20.0%
34.5%
1.1%
55.5%
$10,909
$6,431
$2,457
$90,649
44.5%
$1,023
$488
$2,500
$2,386
$310
$6,706
$780
$480
$2,900
$2,019
$333
$6,512
$816
$456
$2,900
$2,202
$228
$6,602
$814
$350
$1,600
$551
$101
$3,416
$16,564
$3,651
$19,700
$18,350
$2,432
$60,698
8.1%
1.8%
9.7%
9.0%
1.2%
29.8%
$3,091
$4,398
($171)
($959)
$29,951
14.7%
$20,358
$9,594
$1,543
$9,294
($435)
$0
($808)
10.0%
4.7%
0.8%
4.6%
-0.2%
0.0%
-0.4%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Sales
$36,316
$32,210
$34,393
$19,446
$25,941
$27,916
$19,086
Variable Costs:
Direct Labor
Direct Material
Inventory Carry
Total Variable
$7,059
$11,581
$627
$19,267
$2,105
$7,423
$925
$10,454
$7,378
$12,700
$32
$20,110
$3,334
$8,145
$0
$11,480
$6,410
$9,542
$192
$16,144
$6,538
$10,312
$156
$17,006
Contribution Margin
$17,049
$21,757
$14,284
$7,966
$9,797
Period Costs:
Depreciation
SG&A: R&D
Promotions
Sales
Admin
Total Period
$4,320
$443
$2,700
$3,120
$433
$11,015
$6,501
$360
$2,500
$2,753
$384
$12,498
$1,090
$505
$2,300
$1,835
$410
$6,141
$1,220
$570
$2,300
$3,487
$232
$7,808
$6,034
$9,258
$8,143
$158
Net Margin
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs
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
Round: 6
Dec. 31, 2024
Other
EBIT
Short Term Interest
Long Term Interest
Taxes
Profit Sharing
Net Profit
Page 15
Round: 5
Dec. 31,
2023
C96988
Andrews
NISARG KOTHARI
Ajaykumar Patel
Aalap Patel
Samkit Shah
Baldwin
Shiyu Chang
jingwei jiang
Xiwen Li
Li Li
ping xiong
Chester
Max - Laurent Alexa
Michael Dye
josh gamble
Erika Hemond
James Standridge
Digby
Erica Davis
Jana Haggard
Melinda Holley Good
Tyler McGuire
Rob Miller
Erie
Jennifer Hogan
Chase Kilpatrick
Dina Pang
Tia Stone
Nikolas Swett
Amanda Terry
Ferris
Corey Andrews
Ambur Love
Robert McMullen
Noriko Payne
Tara Poe
Selected Financial Statistics
ROS
Asset Turnover
ROA
Leverage
ROE
Emergency Loan
Sales
EBIT
Profits
Cumulative Profit
SG&A / Sales
Contrib. Margin %
CAPSTONE ® COURIER
Andrews
2.7%
0.67
1.8%
2.3
4.2%
$0
$175,822,278
$25,152,025
$4,799,430
$16,130,288
20.5%
53.7%
Baldwin
4.5%
1.20
5.3%
2.2
11.9%
$0
$212,732,591
$26,384,876
$9,475,826
$36,569,042
18.7%
47.6%
Chester
-14.7%
0.94
-13.8%
2.1
-29.2%
$2,226,073
$85,893,783
($14,791,804)
($12,596,165)
($9,609,278)
32.1%
26.9%
Digby
-21.8%
0.72
-15.7%
-21.4
-335.7%
$64,824,507
$94,582,745
($13,922,816)
($20,629,382)
($72,110,150)
23.6%
28.0%
Erie
9.2%
0.90
8.3%
2.3
19.1%
$0
$161,306,778
$35,488,258
$14,822,193
$28,362,275
17.9%
54.5%
Ferris
4.4%
1.06
4.7%
3.2
15.0%
$969,062
$183,108,702
$26,904,712
$8,133,469
$262,485
16.3%
44.1%
Page 1
Stock & Bonds
C96988
Round: 5
Dec. 31, 2023
Stock Market Summary
Company
Close
Change
Shares
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$40.79
$67.95
$1.00
$1.00
$49.97
$32.51
$4.05
$10.83
($17.50)
$0.00
$11.04
$19.14
3,782,571
1,982,494
2,466,402
2,876,901
3,212,354
2,174,312
MarketCap
($M)
$154
$135
$2
$3
$161
$71
Book Value
EPS
Dividend
Yield
P/E
$30.44
$40.01
$17.49
($2.14)
$24.12
$25.00
$1.27
$4.78
($5.11)
($7.17)
$4.61
$3.74
$0.00
$0.00
$0.00
$0.00
$8.50
$0.00
0.0%
0.0%
0.0%
0.0%
17.0%
0.0%
32.1
14.2
-0.2
-0.1
10.8
8.7
Bond Market Summary
Company
Andrews
Series#
Face
Yield
Close$ S&P
14.0S2024
11.3S2029
12.5S2030
13.0S2031
13.7S2032
9.1S2033
$20,850,000
$18,994,000
$25,969,000
$23,563,000
$31,300,000
$21,482,000
13.4%
10.2%
10.6%
10.6%
10.6%
9.0%
104.68
110.80
118.18
122.78
128.90
101.29
CCC
CCC
CCC
CCC
CCC
CCC
14.0S2024
11.3S2029
12.7S2030
13.2S2031
13.8S2032
9.5S2033
$20,850,000
$18,994,000
$12,000,000
$8,936,000
$24,763,000
$3,400,000
13.4%
10.2%
10.6%
10.6%
10.6%
9.1%
104.78
111.28
119.76
124.53
130.22
104.53
CCC
CCC
CCC
CCC
CCC
CCC
14.0S2024 $20,850,000
7.7S2033 $18,000,000
13.3%
8.2%
104.97 CCC
94.12 CCC
Company
Digby
Face
Yield
Close$
S&P
14.0S2024 $20,850,000
11.3S2029 $8,000,000
13.9S2031 $17,000,000
14.7S2032 $1,500,000
13.5%
10.8%
11.7%
11.8%
103.35
104.32
119.00
125.04
DDD
DDD
DDD
DDD
14.0S2024
11.3S2029
12.3S2030
13.1S2031
13.4S2032
$20,850,000
$18,994,000
$25,969,000
$20,000,000
$10,000,000
13.4%
10.2%
10.5%
10.6%
10.5%
104.68
110.80
117.17
123.33
127.09
CCC
CCC
CCC
CCC
CCC
14.0S2024
11.3S2029
12.3S2030
13.6S2031
14.6S2032
10.0S2033
$20,850,000
$18,994,000
$25,765,000
$17,797,000
$15,000,000
$11,500,000
13.5%
10.6%
11.0%
11.3%
11.4%
9.9%
103.83
106.57
112.25
120.42
127.86
101.24
C
C
C
C
C
C
Erie
Baldwin
Chester
Series#
Ferris
Next Year's Prime Rate4.00%
CAPSTONE ® COURIER
Page 2
Financial Summary
Cash Flow Statement Survey
CashFlows from operating activities
Net Income(Loss)
Adjustment for non-cash items:
Depreciation
Extraordinary gains/losses/writeoffs
Changes in current assets and liablilities
Accounts payable
Inventory
Accounts Receivable
Net cash from operations
C96988
Round: 5
Dec. 31, 2023
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$4,799
$9,476
($12,596)
($20,629)
$14,822
$8,133
$20,013
$0
$14,840
$0
$4,780
$2,344
$6,500
($825)
$14,248
($2,886)
$16,673
$0
$1,289
($5,917)
($4,383)
$15,802
($1,035)
($7,525)
$1,555
$17,311
$2,431
($26,803)
$326
($29,519)
$308
($5,886)
$1,087
($19,445)
($2,444)
$7,282
$1,271
$32,294
$1,220
$1,752
$926
$28,705
($31,600)
($22,116)
$19,910
($13,575)
$10,718
($21,200)
$0
$12,000
$0
$21,482
$0
($13,900)
$0
$0
$0
$0
($1,000)
$3,400
$0
($23,900)
$0
$0
$0
$5,000
$0
$18,000
$0
($15,617)
$0
$2,226
$0
$0
($151)
$0
$0
($51,890)
$20,237
$64,825
($27,305)
$0
($6,581)
$0
$0
($13,900)
$0
$0
$0
$0
($1,531)
$11,500
$0
($18,443)
$0
$969
$19,582
($21,500)
$9,609
$33,020
($47,786)
($7,505)
$3,784
Andrews
$37,761
$29,384
$7,982
$75,127
($26,305)
Baldwin
$6,412
$17,485
$19,013
$42,909
$0
Chester
$0
$10,590
$30,702
$41,292
$0
Digby
$0
$7,774
$72,343
$80,117
($4,774)
Erie
$12,190
$13,258
$19,780
$45,228
$0
Ferris
$0
$15,050
$11,568
$26,618
$300,200
($110,915)
$189,285
$227,886
($92,939)
$134,947
$71,700
($21,707)
$49,993
$97,500
($45,987)
$51,513
$213,726
($80,404)
$133,322
$250,100
($103,327)
$146,773
Total Assets
$264,412
$177,856
$91,285
$131,630
$178,551
$173,391
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$7,101
$0
$142,158
$149,259
$9,591
$0
$88,943
$98,534
$7,064
$2,226
$38,850
$48,140
$5,364
$85,062
$47,350
$137,775
$5,243
$0
$95,813
$101,056
$8,150
$969
$109,906
$119,025
Common Stock
Retained Earnings
Total Equity
$73,628
$41,524
$115,152
$18,101
$61,222
$79,322
$27,360
$15,784
$43,144
$43,106
($49,251)
($6,145)
$53,697
$23,797
$77,495
$29,313
$25,052
$54,365
Total Liabilities & Owners Equity
$264,412
$177,856
$91,285
$131,630
$178,551
$173,391
Income Statement Survey
Sales
Variable Costs(Labor,Material,Carry)
Depreciation
SGA(R&D,Promo,Sales,Admin)
Other(Fees,Writeoffs,TQM,Bonuses)
EBIT
Interest(Short term,Long term)
Taxes
Profit Sharing
Net Profit
Andrews
$175,822
$81,441
$20,013
$36,042
$13,174
$25,152
$17,618
$2,637
$98
$4,799
Baldwin
$212,733
$111,446
$14,840
$39,876
$20,185
$26,385
$11,509
$5,206
$193
$9,476
Chester
$85,894
$62,831
$4,780
$27,581
$5,494
($14,792)
$4,587
($6,783)
$0
($12,596)
Digby
$94,583
$68,053
$6,500
$22,275
$11,677
($13,923)
$17,815
($11,108)
$0
($20,629)
Erie
$161,307
$73,445
$14,248
$28,912
$9,213
$35,488
$12,220
$8,144
$302
$14,822
Ferris
$183,109
$102,296
$16,673
$29,887
$7,348
$26,905
$14,136
$4,469
$166
$8,133
Cash flows from investing activities
Plant improvements(net)
Cash flows from financing activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt issued
Early retirement of long term debt
Retirement of current debt
Cash from current debt borrowing
Cash from emergency loan
Net cash from financing activities
Net change in cash position
Balance Sheet Survey
Cash
Accounts Receivable
Inventory
Total Current Assets
Plant and equipment
Accumulated Depreciation
Total Fixed Assets
CAPSTONE ® COURIER
Page 3
Primary
Segment
Trad
Low
High
Pfmn
Size
Low
Trad
High
Units
Sold
1,439
1,051
611
597
442
1,000
800
490
Unit
Inven
tory
236
0
54
183
15
0
0
0
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Trad
Low
High
Pfmn
Size
High
Size
1,523
2,912
874
571
870
696
267
0
526
0
1
207
75
178
95
0
Col
Cid
Coat
Cure
Cif
Cub
Pfmn
High
Pfmn
Size
High
Size
388
338
359
577
359
496
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
Trad
Low
High
Pfmn
Size
Trad
1,296
1,351
327
296
331
18
0
1,512
287
485
532
491
576
0
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Trad
Low
Trad
Pfmn
Size
Low
Trad
Pfmn
1,606
2,512
149
588
15
734
638
466
649
0
0
184
122
0
0
303
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Trad
Low
Trad
Pfmn
Size
Low
Trad
High
1,453
2,480
281
423
662
782
792
481
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
CAPSTONE ® COURIER
Round: 5
Dec. 31, 2023
C96988
Production Analysis
Revision
Age
Date Dec.31
8/20/2023
1.4
1/18/2023
5.3
6/27/2023
1.4
6/11/2023
1.5
6/11/2023
1.5
1/23/2020
3.9
8/20/2023
1.6
6/27/2023
1.0
7/28/2023
5/9/2024
7/1/2023
7/25/2023
6/25/2023
6/22/2023
4/6/2023
5/5/2024
207 9/13/2023
286 12/21/2023
337 9/13/2023
90 11/12/2023
316 12/12/2023
62 11/2/2023
Labor
Cost
$3.09
$1.03
$7.21
$9.14
$8.24
$1.18
$3.65
$7.21
Contr.
Marg.
59%
69%
47%
29%
43%
67%
58%
48%
2nd
Shift
&
Overtime
0%
0%
0%
30%
0%
44%
62%
0%
$27.00
$19.00
$38.00
$32.85
$33.00
$38.25
$33.50
$0.00
$8.05 $5.36
$3.72 $2.55
$13.95
$7.48
$13.53
$5.15
$11.94
$8.16
$13.95
$9.02
$11.94 $10.19
$0.00 $0.00
48%
66%
44%
37%
39%
37%
31%
0%
15%
36%
12%
0%
62%
25%
99%
0%
6.5
10.0
4.1
6.0
4.3
3.0
3.0
4.0
1,800
2,120
745
610
590
585
460
240
114%
134%
111%
80%
160%
124%
145%
0%
12.5
7.5
13.0
5.6
7.5
5.6
$33.00
$37.50
$33.00
$32.50
$37.50
$33.00
$15.34 $10.40
$15.12
$8.40
$14.78
$8.40
$13.54
$8.40
$15.01
$9.81
$13.54 $10.93
18%
33%
23%
32%
28%
25%
100%
0%
0%
0%
5%
41%
4.0
4.0
4.0
4.0
3.0
3.0
500
500
700
700
650
400
198%
94%
97%
95%
104%
140%
8.2
3.2
11.6
11.8
7.0
9.8
6.5
12.2
15.1
8.4
13.9
6.6
10.2
9.0
$27.25
$19.25
$37.00
$33.00
$32.75
$32.00
$30.00
$7.79
$4.24
$12.57
$12.35
$10.82
$0.00
$0.00
$9.28
$7.03
$8.26
$6.67
$6.88
$0.00
$0.00
27%
34%
31%
19%
34%
-194%
0%
68%
13%
100%
0%
100%
0%
0%
4.0
5.0
5.0
5.0
6.0
4.0
1.0
1,200
1,000
500
350
300
500
300
166%
111%
198%
50%
198%
0%
0%
14000
12000
23500
27000
16000
12000
15500
27000
8.5
4.7
10.1
13.6
4.8
4.7
9.1
14.4
11.5
15.3
9.9
13.1
9.4
15.3
10.9
12.5
$26.25
$19.15
$27.00
$32.50
$23.00
$19.60
$28.30
$32.50
$7.98
$4.87
$11.58
$13.06
$0.00
$4.87
$8.78
$13.53
$3.03
$1.04
$8.08
$5.61
$0.00
$1.01
$3.13
$7.27
51%
68%
26%
41%
-54%
66%
58%
32%
0%
7%
0%
30%
0%
0%
7%
72%
8.5
10.0
3.0
6.0
3.0
10.0
8.0
5.0
1,200
1,798
200
600
1
500
600
600
80%
106%
74%
129%
0%
97%
106%
170%
17500
14000
23000
27000
21000
12000
14000
21000
7.2
4.0
10.3
13.0
7.0
4.0
6.8
13.4
12.8
16.5
10.0
13.0
6.0
16.0
13.0
6.6
$26.75
$19.75
$27.50
$32.50
$32.50
$21.00
$22.50
$37.50
$8.51
$5.06
$12.18
$13.59
$12.38
$4.66
$7.31
$13.96
$5.88
$2.81
$7.49
$7.49
$8.27
$5.37
$7.76
$8.31
45%
59%
10%
31%
36%
51%
32%
42%
0%
12%
0%
0%
7%
32%
78%
8%
6.0
9.0
5.0
4.0
3.5
6.5
5.5
3.5
2,000
2,150
900
600
700
600
750
450
74%
111%
21%
69%
106%
130%
176%
107%
MTBF
14000
12000
20000
27000
16000
12000
14000
20000
Pfmn
Coord
8.4
4.7
12.6
13.6
6.9
4.7
8.4
12.6
Size
Coord
11.6
15.3
7.4
13.1
6.4
15.3
11.6
7.4
Price
$27.50
$19.10
$37.50
$32.50
$32.50
$19.10
$27.50
$37.50
1.5
9.6
1.4
1.5
1.5
1.2
0.7
0.0
14000
12000
24000
27000
21000
24000
21000
0
8.6
3.0
13.4
14.4
7.5
13.4
7.5
0.0
11.4
17.0
6.6
12.5
5.6
6.6
5.6
0.0
0.9
1.3
1.9
1.3
1.1
1.1
27000
24000
27000
21000
24000
21000
14.4
12.5
13.5
7.5
12.2
7.5
1/12/2023
3/14/2023
8/13/2022
4/15/2022
8/4/2023
2/3/2021
3/10/2023
2.3
3.7
2.9
3.2
1.7
2.9
0.8
14000
10500
22500
27000
18000
10500
17000
8/10/2023
1/3/2023
4/21/2021
7/9/2023
9/13/2020
1/23/2020
8/10/2023
11/7/2023
1.4
5.3
3.5
1.5
4.7
3.9
1.2
0.8
24 10/22/2022
0
1/7/2023
310
1/3/2021
132
9/8/2023
78 8/16/2023
0
2/2/2020
0
3/3/2021
0 11/5/2023
2.5
5.3
4.2
1.4
1.4
3.9
2.8
0.8
Material
Cost
$7.91
$4.87
$12.35
$13.06
$10.15
$4.87
$7.91
$12.35
Auto
mation
Next
Round
8.0
10.0
5.0
4.0
4.0
10.0
8.0
5.0
Capacity
Next
Round
1,800
2,100
900
600
600
800
800
700
Plant
Utiliz.
92%
37%
74%
129%
76%
143%
160%
97%
Page 4
Traditional Segment Analysis
C96988
Round: 5
Dec. 31, 2023
Traditional Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
9,747
|9,747
|28.4%
Next Year's Segment Growth Rate
|0.2%
Traditional Customer Buying Criteria
Expectations
Ideal Age = 2.0
$17.50 - 27.50
Pfmn 8.5 Size 11.5
MTBF 14000-19000
1. Age
2. Price
3. Ideal Position
4. Reliability
Importance
47%
23%
21%
9%
Top Products in Traditional Segment
Name
Eat
Baker
Able
Fast
Daze
Ajar
Form
Elk
Fist
Echo
Dock
Market
Share
16%
16%
15%
15%
13%
8%
7%
7%
2%
1%
0%
Units
Sold to
Seg
1,606
1,523
1,439
1,429
1,296
800
722
637
155
122
18
CAPSTONE ® COURIER
Revision
Date
8/10/2023
7/28/2023
8/20/2023
10/22/2022
1/12/2023
8/20/2023
3/3/2021
8/10/2023
1/3/2021
4/21/2021
2/3/2021
Stock
Out
YES
YES
YES
YES
Pfmn
Coord
8.5
8.6
8.4
7.2
8.2
8.4
6.8
9.1
10.3
10.1
9.8
Size
Coord
11.5
11.4
11.6
12.8
12.2
11.6
13.0
10.9
10.0
9.9
10.2
List
Price
$26.25
$27.00
$27.50
$26.75
$27.25
$27.50
$22.50
$28.30
$27.50
$27.00
$32.00
MTBF
14000
14000
14000
17500
14000
14000
14000
15500
23000
23500
10500
Cust.
Age Promo AwareDec.31 Budget ness
1.44 $2,000 92%
1.53 $2,300 92%
1.39 $1,900 89%
2.49 $1,700 88%
2.27 $1,700 73%
1.58 $1,900 78%
2.83 $1,800 78%
1.25 $2,000 74%
4.22 $1,700 72%
3.50
$0 27%
2.91 $1,500 56%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,160 100%
50
$2,903 83%
48
$1,790 100%
44
$1,763 87%
36
$1,935 85%
40
$2,441 100%
49
$1,175 87%
25
$1,800 100%
28
$1,175 87%
5
$0 100%
8
$1,613 85%
0
Page 5
Low End Segment Analysis
C96988
Round: 5
Dec. 31, 2023
Low End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
12,916
|12,916
|37.6%
Next Year's Segment Growth Rate
|-0.1%
Low End Customer Buying Criteria
Expectations
$12.50 - 22.50
Ideal Age = 7.0
Pfmn 4.2 Size 15.8
MTBF 12000-17000
1. Price
2. Age
3. Ideal Position
4. Reliability
Importance
53%
24%
16%
7%
Top Products in Low End Segment
Name
Bead
Ebb
Feat
Dell
Acre
Ahem
Fishin
Edit
Form
Fast
Market
Share
23%
19%
19%
10%
8%
8%
6%
6%
1%
0%
Units
Sold to
Seg
2,912
2,512
2,480
1,351
1,051
1,000
782
734
71
23
CAPSTONE ® COURIER
Revision
Date
5/9/2024
1/3/2023
1/7/2023
3/14/2023
1/18/2023
1/23/2020
2/2/2020
1/23/2020
3/3/2021
10/22/2022
Stock
Out
YES
YES
YES
YES
YES
YES
YES
YES
Pfmn
Coord
3.0
4.7
4.0
3.2
4.7
4.7
4.0
4.7
6.8
7.2
Size
Coord
17.0
15.3
16.5
15.1
15.3
15.3
16.0
15.3
13.0
12.8
List
Price
$19.00
$19.15
$19.75
$19.25
$19.10
$19.10
$21.00
$19.60
$22.50
$26.75
MTBF
12000
12000
14000
10500
12000
12000
12000
12000
14000
17500
Cust.
Age Promo AwareDec.31 Budget ness
9.60 $2,300 94%
5.30 $2,000 92%
5.29 $1,600 89%
3.70 $1,200 62%
5.28 $1,900 89%
3.94 $1,900 87%
3.91 $1,800 86%
3.94 $2,000 83%
2.83 $1,800 39%
2.49 $1,700 45%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,903 92%
16
$2,160 100%
33
$2,350 89%
29
$1,290 87%
10
$1,790 100%
34
$1,790 100%
26
$940 89%
16
$1,800 100%
22
$1,175 89%
2
$1,763 89%
0
Page 6
High End Segment Analysis
C96988
Round: 5
Dec. 31, 2023
High End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
4,329
|4,329
|12.6%
Next Year's Segment Growth Rate
|0.1%
High End Customer Buying Criteria
Expectations
Pfmn 13.4 Size 6.6
Ideal Age = 0.0
MTBF 20000-25000
$27.50 - 37.50
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in High End Segment
Name
Bid
Bill
Adam
Akela
Funny
Cif
Cid
Dixie
Fist
Echo
Market
Share
20%
16%
14%
11%
11%
8%
8%
8%
3%
1%
Units
Sold to
Seg
874
696
611
490
481
359
338
327
125
27
CAPSTONE ® COURIER
Revision
Date
7/1/2023
6/22/2023
6/27/2023
6/27/2023
11/5/2023
12/12/2023
12/21/2023
8/13/2022
1/3/2021
4/21/2021
Stock
Out
YES
YES
YES
Pfmn
Coord
13.4
13.4
12.6
12.6
13.4
12.2
12.5
11.6
10.3
10.1
Size
Coord
6.6
6.6
7.4
7.4
6.6
7.5
7.5
8.4
10.0
9.9
List
Price
$38.00
$38.25
$37.50
$37.50
$37.50
$37.50
$37.50
$37.00
$27.50
$27.00
MTBF
24000
24000
20000
20000
21000
24000
24000
22500
23000
23500
Cust.
Age Promo AwareDec.31 Budget ness
1.39 $2,200 97%
1.20 $2,900 36%
1.42 $1,800 92%
1.03 $1,800 66%
0.77 $2,000 63%
1.08 $1,600 87%
1.28 $1,900 92%
2.86 $1,600 93%
4.22 $1,700 61%
3.50
$0 27%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$1,935 100%
62
$2,258 100%
43
$2,441 100%
37
$2,441 100%
37
$1,645 85%
46
$1,800 99%
46
$1,350 99%
47
$2,043 95%
12
$1,175 85%
6
$0 18%
3
Page 7
Performance Segment Analysis
C96988
Round: 5
Dec. 31, 2023
Performance Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,688
|3,688
|10.7%
Next Year's Segment Growth Rate
|-0.1%
Performance Customer Buying Criteria
Expectations
MTBF 22000-27000
Pfmn 14.4 Size 12.5
$22.50 - 32.50
Ideal Age = 1.0
1. Reliability
2. Ideal Position
3. Price
4. Age
Importance
43%
29%
19%
9%
Top Products in Performance Segment
Name
Aft
Edge
Bold
Earn
Foam
Col
Coat
Dot
Market
Share
16%
16%
15%
13%
11%
11%
10%
8%
Units
Sold to
Seg
597
588
571
466
423
388
359
296
CAPSTONE ® COURIER
Revision
Date
6/11/2023
7/9/2023
7/25/2023
11/7/2023
9/8/2023
9/13/2023
9/13/2023
4/15/2022
Stock
Out
Pfmn
Coord
13.6
13.6
14.4
14.4
13.0
14.4
13.5
11.8
Size
Coord
13.1
13.1
12.5
12.5
13.0
12.5
13.0
13.9
List
Price
$32.50
$32.50
$32.85
$32.50
$32.50
$33.00
$33.00
$33.00
MTBF
27000
27000
27000
27000
27000
27000
27000
27000
Cust.
Age Promo AwareDec.31 Budget ness
1.50 $1,600 92%
1.50 $2,000 96%
1.48 $2,300 98%
0.79 $2,000 67%
1.41 $1,400 90%
0.90 $2,300 48%
1.86 $1,300 90%
3.24 $1,500 93%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$1,790 97%
70
$2,400 99%
70
$2,419 83%
68
$1,680 99%
66
$1,763 84%
53
$2,250 89%
47
$1,350 89%
49
$1,828 92%
29
Page 8
Size Segment Analysis
C96988
Round: 5
Dec. 31, 2023
Size Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,659
|3,659
|10.7%
Next Year's Segment Growth Rate
|0.0%
Size Customer Buying Criteria
Expectations
Pfmn 7.5 Size 5.6
Ideal Age = 1.5
MTBF 16000-21000
$22.50 - 32.50
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in Size Segment
Name
Buddy
Fume
Cure
Cub
Agape
Dune
Burger
Egg
Market
Share
24%
18%
16%
14%
12%
9%
7%
0%
Units
Sold to
Seg
870
662
577
496
442
331
267
15
CAPSTONE ® COURIER
Revision
Date
6/25/2023
8/16/2023
11/12/2023
11/2/2023
6/11/2023
8/4/2023
4/6/2023
9/13/2020
Stock
Out
Pfmn
Coord
7.5
7.0
7.5
7.5
6.9
7.0
7.5
4.8
Size
Coord
5.6
6.0
5.6
5.6
6.4
6.6
5.6
9.4
List
Price
$33.00
$32.50
$32.50
$33.00
$32.50
$32.75
$33.50
$23.00
MTBF
21000
21000
21000
21000
16000
18000
21000
16000
Cust.
Age Promo AwareDec.31 Budget ness
1.51 $2,300 98%
1.37 $1,700 89%
1.32 $2,050 91%
1.12 $1,450 72%
1.50 $1,700 91%
1.69 $1,750 92%
0.73 $1,800 34%
4.68
$0 27%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,903 91%
88
$940 86%
67
$900 93%
79
$1,350 93%
64
$1,790 99%
41
$2,043 89%
39
$806 91%
42
$0 17%
1
Page 9
Market Share
Actual Market Share in Units
Industry Unit Sales
% of Market
Round: 5
Dec. 31, 2023
C96988
Trad
9,747
28.4%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
14.8%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Total
15.6%
Low
12,916
37.6%
High
4,329
12.6%
Pfmn
3,688
10.7%
Size
3,659
10.7%
8.1%
14.1%
16.2%
12.1%
7.7%
8.2%
23.0%
15.9%
11.3%
25.4%
16.2%
12.1%
22.6%
20.2%
15.5%
23.8%
16.1%
15.6%
22.6%
Col
Cid
Coat
Cure
Cif
Cub
Total
36.3%
15.5%
7.3%
31.1%
10.5%
13.3%
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Total
16.5%
24.3%
25.1%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
14.7%
0.2%
19.2%
10.5%
7.5%
8.0%
0.2%
13.5%
10.5%
7.5%
8.0%
9.0%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Total
13.3%
0.6%
15.9%
5.7%
6.5%
1.6%
0.6%
12.6%
28.6%
0.4%
2.9%
11.5%
18.1%
7.4%
23.7%
CAPSTONE ® COURIER
6.1%
0.5%
26.0%
11.1%
14.0%
11.5%
18.1%
Pfmn
3,688
10.7%
Size
3,659
10.7%
Total
34,340
100.0%
12.0%
3.6%
6.1%
1.6%
1.7%
1.3%
4.5%
3.8%
1.7%
24.2%
12.8%
16.2%
11.9%
13.3%
25.9%
28.0%
13.5%
26.3%
16.2%
11.9%
14.1%
20.0%
15.5%
23.7%
14.6%
13.3%
14.1%
34.6%
15.5%
7.3%
31.0%
10.5%
13.9%
30.1%
8.8%
3.2%
2.4%
0.9%
0.9%
0.9%
8.8%
8.3%
9.7%
16.2%
7.6%
14.8%
20.2%
11.4%
6.4%
6.9%
8.0%
0.2%
11.5%
14.1%
2.1%
1.9%
1.4%
19.5%
4.2%
7.2%
0.8%
1.2%
1.9%
2.3%
2.3%
1.4%
21.4%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
12.5%
6.4%
6.9%
8.0%
4.0%
6.0%
1.0%
1.7%
15.9%
2.8%
3.8%
5.3%
2.5%
1.7%
2.5%
1.8%
0.8%
18.4%
1.1%
0.9%
1.0%
1.7%
1.0%
1.5%
7.2%
7.2%
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Total
0.4%
High
4,329
12.6%
16.1%
Col
Cid
Coat
Cure
Cif
Cub
Total
Daze
Dell
Dixie
Dot
Dune
Dock
10.5% Total
4.7%
7.3%
0.4%
1.7%
19.4%
1.3%
4.4%
8.5%
2.5%
1.7%
2.5%
2.0%
0.8%
22.5%
9.0%
8.3%
Daze
Dell
Dixie
Dot
Dune
Dock
Total
12.6%
3.8%
3.9%
0.9%
0.9%
1.0%
15.8%
20.2%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
13.6%
29.3%
9.7%
Trad
Low
9,747 12,916
28.4% 37.6%
4.2%
3.1%
1.8%
1.7%
1.3%
2.9%
2.3%
1.4%
18.7%
1.1%
1.0%
1.0%
1.7%
1.0%
1.5%
7.3%
7.8%
16.1%
Potential Market Share in Units
Total
34,340 Units Demanded
100.0% % of Market
1.4%
15.9%
0.4%
10.0%
8.1%
25.0%
25.8%
1.4%
12.6%
28.6%
0.4%
16.5%
1.4%
2.6%
11.5%
17.7%
10.4%
8.3%
0.7%
24.3%
25.7%
13.3%
15.9%
11.5%
17.7%
3.8%
2.3%
1.4%
20.1%
3.6%
6.2%
0.7%
1.2%
1.9%
3.1%
3.2%
1.7%
21.7%
Page 10
Perceptual Map
Andrews
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Pfmn
8.4
4.7
12.6
13.6
6.9
4.7
8.4
12.6
Name
Daze
Dell
Dixie
Dot
Dune
Dock
Driver
Pfmn
8.2
3.2
11.6
11.8
7.0
9.8
6.5
Size
11.6
15.3
7.4
13.1
6.4
15.3
11.6
7.4
Digby
CAPSTONE ® COURIER
Size
12.2
15.1
8.4
13.9
6.6
10.2
9.0
Round: 5
Dec. 31, 2023
C96988
Baldwin
Revised
8/20/2023
1/18/2023
6/27/2023
6/11/2023
6/11/2023
1/23/2020
8/20/2023
6/27/2023
Name
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Pfmn
8.6
3.0
13.4
14.4
7.5
13.4
7.5
Revised
1/12/2023
3/14/2023
8/13/2022
4/15/2022
8/4/2023
2/3/2021
3/10/2023
Name
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Pfmn
8.5
4.7
10.1
13.6
4.8
4.7
9.1
14.4
Size
11.4
17.0
6.6
12.5
5.6
6.6
5.6
Erie
Size
11.5
15.3
9.9
13.1
9.4
15.3
10.9
12.5
Chester
Revised
7/28/2023
5/9/2024
7/1/2023
7/25/2023
6/25/2023
6/22/2023
4/6/2023
Name
Col
Cid
Coat
Cure
Cif
Cub
Pfmn
14.4
12.5
13.5
7.5
12.2
7.5
Revised
8/10/2023
1/3/2023
4/21/2021
7/9/2023
9/13/2020
1/23/2020
8/10/2023
11/7/2023
Name
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Pfmn
7.2
4.0
10.3
13.0
7.0
4.0
6.8
13.4
Size
12.5
7.5
13.0
5.6
7.5
5.6
Ferris
Size
12.8
16.5
10.0
13.0
6.0
16.0
13.0
6.6
Revised
9/13/2023
12/21/2023
9/13/2023
11/12/2023
12/12/2023
11/2/2023
Revised
10/22/2022
1/7/2023
1/3/2021
9/8/2023
8/16/2023
2/2/2020
3/3/2021
11/5/2023
Page 11
HR/TQM Report
C96988
Round: 5
Dec. 31, 2023
HUMAN RESOURCES SUMMARY
Needed Complement
Complement
1st Shift Complement
2nd Shift Complement
Andrews
519
520
469
51
Baldwin
759
759
594
165
Chester
600
599
518
81
Digby
509
509
332
177
Erie
308
308
254
54
Ferris
714
714
630
84
Overtime Percent
Turnover Rate
New Employees
Separated Employees
Recruiting Spend
Training Hours
Productivity Index
0.0%
6.6%
118
0
$5,000
80
116.9%
0.0%
6.5%
50
131
$5,000
80
117.7%
0.1%
6.7%
222
0
$5,000
80
115.7%
0.1%
7.0%
35
12
$0
80
110.5%
0.0%
6.3%
19
245
$5,000
80
119.9%
0.0%
6.1%
76
0
$5,000
80
120.7%
Recruiting Cost
Separation Cost
Training Cost
Total HR Admin Cost
$710
$0
$832
$1,542
$298
$655
$1,214
$2,168
$1,331
$0
$958
$2,290
$35
$60
$814
$910
$116
$1,225
$493
$1,834
$454
$0
$1,142
$1,596
Labor Contract Next Year
Wages
Benefits
Profit Sharing
Annual Raise
$26.81
2,500
2.0%
5.0%
$26.81
2,500
2.0%
5.0%
$26.81
2,500
2.0%
5.0%
$26.81
2,500
2.0%
5.0%
$26.81
2,500
2.0%
5.0%
$26.81
2,500
2.0%
5.0%
Baldwin
Chester
Digby
Erie
Ferris
$950
$950
$950
$1,450
$1,450
$1,450
$2,000
$2,000
$2,000
$2,000
$2,000
$2,000
$0
$0
$500
$500
$0
$500
$1,000
$1,500
$1,000
$1,500
$1,500
$1,500
$1,000
$1,000
$1,000
$1,500
$1,500
$1,500
$750
$750
$750
$1,500
$0
$750
TQM Budgets Last Year
Benchmarking
Quality Function Deployment Effort
CCE/6 Sigma Training
GEMI TQEM Sustainability Initiatives
Total Expenditures
$1,450
$950
$950
$950
$11,500
$2,000
$2,000
$2,000
$2,000
$20,000
$0
$0
$500
$0
$2,000
$1,000
$1,500
$1,000
$1,000
$12,500
$1,500
$1,000
$1,000
$1,000
$12,000
$750
$0
$750
$750
$6,750
Cumulative Impacts
Material Cost Reduction
Labor Cost Reduction
Reduction R&D Cycle Time
Reduction Admin Costs
Demand Increase
11.80%
14.00%
39.08%
59.18%
11.37%
11.80%
14.00%
40.01%
60.02%
14.40%
0.00%
0.04%
20.24%
0.00%
0.09%
10.08%
12.21%
36.31%
47.85%
9.46%
11.80%
14.00%
40.01%
60.02%
14.29%
6.44%
7.92%
0.00%
50.17%
9.72%
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
Process Mgt Budgets Last Year
CPI Systems
VendorJIT
Quality Initiative Training
Channel Support Systems
Concurrent Engineering
UNEP Green Programs
CAPSTONE ® COURIER
Page 12
Ethics Report
Round: 5
Dec. 31, 2023
C96988
ETHICS SUMMARY
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Total
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
CAPSTONE ® COURIER
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
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
Page 13
Annual Report
Annual Report
Baldwin
C96988
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total
assets for that year. Cash: Your end-of-year cash
position. Accounts Receivable: Reflects the lag between
delivery and payment of your products. Inventories: The
current value of your inventory across all products. A zero
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant &
Equipment: The current value of your plant. Accum
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year
of operations. It includes emergency loans used to keep
your company solvent should you run out of cash during
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value
of your bonds. Common Stock: The amount of capital
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends.
ASSETS
Cash
Account Receivable
Inventory
Total Current Assets
$42,910
2023
Common
Size
3.6%
9.8%
10.7%
24.1%
$32,717
$19,040
$11,487
$63,244
$134,947
$177,856
128.0%
-52.3%
75.9%
100.0%
$205,770
($78,099)
$127,671
$190,915
$98,534
5.4%
0.0%
50.0%
55.4%
$10,626
$23,900
$85,543
$120,069
$79,323
$177,856
10.2%
34.4%
44.6%
100.0%
$18,360
$52,487
$70,847
$190,915
$6,412
$17,485
$19,013
Plant & Equipment
Accumulated Depreciation
Total Fixed Assets
Total Assets
LIABILITIES & OWNERS
EQUITY
$227,886
($92,939)
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$9,591
$0
$88,943
Common Stock
Retained Earnings
Total Equity
Total Liab. & O. Equity
$18,101
$61,222
Cash Flow Statement
The Cash Flow Statement examines what happened in the Cash Account
during the year. Cash injections appear as positive numbers and cash
withdrawals as negative numbers. The Cash Flow Statement is an excellent
tool for diagnosing emergency loans. When negative cash flows exceed
positives, you are forced to seek emergency funding. For example, if sales
are bad and you find yourself carrying an abundance of excess inventory,
the report would show the increase in inventory as a huge negative cash
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company
afloat.
Annual Report
Round: 5
Dec. 31, 2023
Cash Flows from Operating Activities
Net Income(Loss)
Depreciation
Extraordinary gains/losses/writeoffs
Accounts Payable
Inventory
Accounts Receivable
Net cash from operation
Cash Flows from Investing Activities
Plant Improvements
Cash Flows from Financing Activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt
Retirement of long term debt
Change in current debt(net)
Net cash from financing activities
Net change in cash position
Closing cash position
2022
2023
$9,476
$14,840
$0
($1,035)
($7,525)
$1,555
$17,311
2022
$13,604
$13,418
$0
$1,363
($669)
($4,275)
$23,440
($22,116)
($34,160)
$0
$0
($1,000)
$3,400
$0
($23,900)
($21,500)
($26,305)
$6,412
$0
$0
$0
$24,763
($13,900)
$21,400
$32,263
$21,543
$32,717
Page 14
Annual Report
Baldwin
Round: 5
Dec. 31, 2023
C96988
2023 Income Statement
(Product Name)
$0
2023
Total
$212,733
Common
Size
100.0%
$2,717
$3,231
$254
$6,201
$0
$0
$0
$0
$41,947
$67,218
$2,282
$111,446
19.7%
31.6%
1.1%
52.4%
$9,952
$2,728
$0
$101,286
47.6%
$913
$488
$2,300
$2,903
$373
$6,976
$702
$480
$2,900
$2,258
$346
$6,685
$552
$266
$1,800
$806
$116
$3,540
$0
$1,000
$0
$0
$0
$1,000
$14,840
$4,888
$16,100
$16,125
$2,763
$54,716
7.0%
2.3%
7.6%
7.6%
1.3%
25.7%
$4,067
$3,267
($813)
($1,000)
$46,570
21.9%
$20,185
$26,385
$0
$11,509
$5,206
$193
$9,476
9.5%
12.4%
0.0%
5.4%
2.4%
0.1%
4.5%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Bibibi
Sales
$41,132
$55,337
$33,230
$18,758
$28,721
$26,626
$8,929
Variable Costs:
Direct Labor
Direct Material
Inventory Carry
Total Variable
$8,167
$12,547
$859
$21,572
$7,465
$11,353
$0
$18,818
$6,605
$12,160
$4
$18,769
$3,474
$7,772
$488
$11,735
$7,100
$10,396
$182
$17,677
$6,419
$9,760
$495
$16,674
Contribution Margin
$19,559
$36,519
$14,462
$7,023
$11,043
Period Costs:
Depreciation
SG&A: R&D
Promotions
Sales
Admin
Total Period
$3,840
$579
$2,300
$2,903
$534
$10,156
$6,501
$1,000
$2,300
$2,903
$719
$13,423
$1,113
$505
$2,200
$1,935
$432
$6,184
$1,220
$570
$2,300
$2,419
$244
$6,752
$9,403
$23,096
$8,278
$271
Net Margin
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs
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
Other
EBIT
Short Term Interest
Long Term Interest
Taxes
Profit Sharing
Net Profit
Page 15
Round: 4
Dec. 31,
2022
C96988
Andrews
NISARG KOTHARI
Ajaykumar Patel
Aalap Patel
Samkit Shah
Baldwin
Shiyu Chang
jingwei jiang
Xiwen Li
Li Li
ping xiong
Chester
Max - Laurent Alexa
Michael Dye
josh gamble
Erika Hemond
James Standridge
Digby
Erica Davis
Jana Haggard
Melinda Holley Good
Tyler McGuire
Rob Miller
Erie
Jennifer Hogan
Chase Kilpatrick
Dina Pang
Tia Stone
Nikolas Swett
Amanda Terry
Ferris
Corey Andrews
Ambur Love
Robert McMullen
Noriko Payne
Tara Poe
Selected Financial Statistics
ROS
Asset Turnover
ROA
Leverage
ROE
Emergency Loan
Sales
EBIT
Profits
Cumulative Profit
SG&A / Sales
Contrib. Margin %
CAPSTONE ® COURIER
Andrews
5.7%
0.83
4.7%
2.4
11.5%
$0
$198,376,434
$35,104,726
$11,295,468
$11,330,859
20.2%
53.6%
Baldwin
5.9%
1.21
7.1%
2.7
19.2%
$0
$231,651,284
$35,505,624
$13,603,681
$27,093,216
13.6%
43.9%
Chester
-0.9%
0.96
-0.9%
1.8
-1.6%
$5,723,858
$88,538,575
$3,665,535
($808,335)
$2,986,886
23.1%
32.1%
Digby
-12.7%
0.91
-11.5%
8.1
-93.5%
$36,440,129
$107,806,489
($5,907,186)
($13,679,493)
($51,480,767)
26.3%
29.4%
Erie
7.1%
0.83
5.8%
2.2
12.9%
$0
$176,765,308
$33,487,967
$12,485,492
$13,540,082
15.0%
50.7%
Ferris
-0.1%
1.13
-0.1%
3.6
-0.2%
$4,543,363
$194,374,716
$15,336,879
($112,600)
($7,870,983)
18.9%
38.5%
Page 1
Stock & Bonds
C96988
Round: 4
Dec. 31, 2022
Stock Market Summary
Company
Close
Change
Shares
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$36.73
$57.12
$18.50
$1.00
$38.93
$13.38
$14.96
$19.65
($1.89)
$0.00
$16.65
$12.38
3,455,906
2,000,000
2,196,134
3,027,901
3,381,405
2,288,750
MarketCap
($M)
$127
$114
$41
$3
$132
$31
Book Value
EPS
Dividend
Yield
P/E
$28.46
$35.42
$23.10
$4.83
$28.56
$20.87
$3.27
$6.80
($0.37)
($4.52)
$3.69
($0.05)
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.2
8.4
-50.4
-0.2
10.5
-277.5
Bond Market Summary
Company
Andrews
Series#
Face
Yield
Close$ S&P
14.0S2024
11.3S2029
12.5S2030
13.0S2031
13.7S2032
$20,850,000
$18,994,000
$25,969,000
$23,563,000
$31,300,000
12.9%
10.2%
10.5%
10.5%
10.6%
108.61
111.03
118.75
123.29
129.39
CC
CC
CC
CC
CC
14.0S2024
11.3S2029
12.7S2030
13.2S2031
13.8S2032
$20,850,000
$18,994,000
$12,000,000
$8,936,000
$24,763,000
13.0%
10.4%
10.8%
10.8%
10.9%
107.86
108.91
117.39
121.74
127.00
C
C
C
C
C
14.0S2024 $20,850,000
12.6%
111.28
BB
Company
Digby
Face
Yield
Close$
S&P
14.0S2024 $20,850,000
11.3S2029 $8,000,000
13.9S2031 $17,000,000
14.7S2032 $1,500,000
13.2%
10.8%
11.5%
11.6%
106.40
104.82
120.49
126.69
DDD
DDD
DDD
DDD
14.0S2024
11.3S2029
12.3S2030
13.1S2031
13.4S2032
$20,850,000
$18,994,000
$25,969,000
$20,000,000
$10,000,000
12.8%
10.0%
10.3%
10.4%
10.3%
109.17
112.67
119.52
125.99
129.78
CCC
CCC
CCC
CCC
CCC
14.0S2024
11.3S2029
12.3S2030
13.6S2031
14.6S2032
$20,850,000
$18,994,000
$25,765,000
$17,797,000
$15,000,000
13.1%
10.6%
11.0%
11.3%
11.4%
106.94
106.33
112.27
120.73
128.26
DDD
DDD
DDD
DDD
DDD
Erie
Baldwin
Chester
Series#
Ferris
Next Year's Prime Rate4.00%
CAPSTONE ® COURIER
Page 2
Financial Summary
Cash Flow Statement Survey
CashFlows from operating activities
Net Income(Loss)
Adjustment for non-cash items:
Depreciation
Extraordinary gains/losses/writeoffs
Changes in current assets and liablilities
Accounts payable
Inventory
Accounts Receivable
Net cash from operations
C96988
Round: 4
Dec. 31, 2022
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$11,295
$13,604
($808)
($13,679)
$12,485
($113)
$17,907
$0
$13,418
$0
$6,980
($3,837)
$5,747
($5,553)
$15,621
($1,650)
$15,260
$0
($1,899)
$21,030
($11,552)
$36,781
$1,363
($669)
($4,275)
$23,440
($1,576)
$3,260
$3,961
$7,980
$1,457
$6,619
($1,754)
($7,165)
$1,978
($9,542)
($2,521)
$16,371
($6,096)
$33,699
($619)
$42,132
($43,510)
($34,160)
($28,296)
$29,900
($23,350)
($23,900)
$0
$0
$0
$31,300
$0
($14,000)
$0
$0
$0
$0
$0
$24,763
$0
($2,500)
$10,000
$0
$0
$4,000
$0
$0
$0
$0
$0
$5,724
$0
$200
($10)
$1,500
$0
($62,415)
$1,550
$36,440
$0
$0
$0
$10,000
$0
$0
$0
$0
$0
$0
($120)
$15,000
$0
($37,655)
$0
$4,543
$17,300
$32,263
$9,724
($22,735)
$10,000
($18,232)
Net change in cash position
Balance Sheet Survey
Cash
Accounts Receivable
Inventory
Total Current Assets
$10,571
Andrews
$33,977
$25,001
$2,065
$61,043
$21,543
Baldwin
$32,717
$19,040
$11,487
$63,244
($10,592)
Chester
$0
$10,916
$3,899
$14,815
$0
Digby
$0
$8,861
$66,457
$75,318
$3,021
Erie
$16,964
$14,529
$27,062
$58,555
$0
Ferris
$0
$15,976
$13,320
$29,296
Plant and equipment
Accumulated Depreciation
Total Fixed Assets
$268,600
($90,902)
$177,698
$205,770
($78,099)
$127,671
$104,700
($27,673)
$77,027
$86,200
($42,587)
$43,613
$234,308
($78,905)
$155,403
$228,900
($86,653)
$142,247
Total Assets
$238,741
$190,915
$91,841
$118,931
$213,958
$171,542
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$5,812
$13,900
$120,676
$140,388
$10,626
$23,900
$85,543
$120,069
$4,634
$15,617
$20,850
$41,101
$5,055
$51,890
$47,350
$104,295
$7,687
$13,900
$95,813
$117,400
$6,930
$18,443
$98,406
$123,779
Common Stock
Retained Earnings
Total Equity
$61,628
$36,724
$98,353
$18,360
$52,487
$70,847
$22,360
$28,380
$50,740
$43,555
($28,920)
$14,636
$57,625
$38,934
$96,558
$30,284
$17,479
$47,762
Total Liabilities & Owners Equity
$238,741
$190,915
$91,841
$118,931
$213,958
$171,542
Income Statement Survey
Sales
Variable Costs(Labor,Material,Carry)
Depreciation
SGA(R&D,Promo,Sales,Admin)
Other(Fees,Writeoffs,TQM,Bonuses)
EBIT
Interest(Short term,Long term)
Taxes
Profit Sharing
Net Profit
Andrews
$198,376
$91,996
$17,907
$40,104
$13,265
$35,105
$17,372
$6,206
$231
$11,295
Baldwin
$231,651
$129,988
$13,418
$31,502
$21,238
$35,506
$14,150
$7,475
$278
$13,604
Chester
$88,539
$60,107
$6,980
$20,423
($2,637)
$3,666
$4,909
($435)
$0
($808)
Digby
$107,806
$76,100
$5,747
$28,335
$3,532
($5,907)
$15,138
($7,366)
$0
($13,679)
Erie
$176,765
$87,226
$15,621
$26,580
$13,850
$33,488
$13,888
$6,860
$255
$12,485
Ferris
$194,375
$119,607
$15,260
$36,669
$7,502
$15,337
$15,510
($61)
$0
($113)
Cash flows from investing activities
Plant improvements(net)
Cash flows from financing activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt issued
Early retirement of long term debt
Retirement of current debt
Cash from current debt borrowing
Cash from emergency loan
Net cash from financing activities
CAPSTONE ® COURIER
Page 3
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
NA
Col
Cid
Coat
Cure
Cif
Cub
Primary
Segment
Trad
Low
High
Pfmn
Size
Low
Trad
High
Units
Sold
1,858
2,700
577
694
407
635
367
328
Unit
Inven
tory
19
271
0
8
0
0
0
4
Trad
Low
High
Pfmn
Size
High
1,891
2,974
864
695
990
894
0
0
High
Pfmn
Size
High
Size
Round: 4
Dec. 31, 2022
C96988
Production Analysis
Revision
Age
Date Dec.31
9/21/2022
1.4
1/18/2023
8.6
8/15/2022
1.3
8/4/2022
1.4
8/4/2022
1.4
1/23/2020
2.9
3/11/2021
1.8
6/8/2022
0.6
0
68
48
289
0
151
0
0
6/5/2022
1/2/2020
9/29/2022
6/25/2022
6/11/2022
6/11/2022
4/6/2023
1/1/2000
0
541
578
594
396
446
0
152
16
0
0
0
Labor
Cost
$4.12
$1.23
$8.23
$8.23
$8.23
$1.09
$4.12
$9.53
Contr.
Marg.
56%
70%
44%
33%
40%
66%
43%
41%
2nd
Shift
&
Overtime
0%
68%
0%
0%
0%
15%
0%
50%
$27.00
$19.00
$38.50
$33.50
$33.50
$38.50
$0.00
$0.00
$8.64 $6.09
$4.13 $3.03
$14.24
$8.89
$13.74
$7.66
$12.15
$8.94
$14.24 $10.19
$0.00 $0.00
$0.00 $0.00
43%
60%
41%
33%
37%
35%
0%
0%
0%
37%
24%
100%
100%
97%
0%
0%
6.1
8.8
4.1
6.0
4.3
3.0
3.0
0.0
1,800
2,120
745
610
590
585
250
0
88%
136%
122%
198%
198%
195%
0%
0%
13.4
8.7
13.9
7.0
8.2
7.0
$6.00
$36.50
$33.00
$33.50
$37.50
$33.50
$0.00
$15.00
$14.85
$13.79
$14.98
$13.79
$0.00
$8.40
$8.40
$8.40
$9.60
$9.60
0%
34%
28%
34%
35%
29%
0%
0%
0%
0%
0%
0%
4.0
4.0
4.0
4.0
3.0
3.0
300
700
1,600
1,300
650
400
0%
64%
99%
99%
99%
99%
MTBF
14000
12000
20000
27000
16000
12000
14000
20000
Pfmn
Coord
7.7
3.0
11.7
12.6
6.2
4.7
7.7
11.7
Size
Coord
12.3
17.0
8.3
13.8
7.4
15.3
12.3
8.3
Price
$28.00
$19.60
$38.00
$33.00
$33.00
$19.60
$28.00
$38.00
1.6
8.6
1.3
1.5
1.5
0.9
0.0
0.0
15800
12000
24000
27000
21000
24000
0
0
7.8
3.0
12.5
13.4
6.8
12.5
0.0
0.0
12.2
17.0
7.5
13.2
6.6
7.5
0.0
0.0
6/23/2022
9/2/2022
9/28/2021
5/20/2022
8/24/2022
5/9/2022
0.5
1.6
2.4
1.5
1.1
1.1
27000
24000
27000
22000
24000
22000
13.3
11.0
12.4
6.6
10.4
6.6
Material
Cost
$8.13
$4.15
$12.65
$13.30
$10.37
$5.39
$8.13
$12.65
Auto
mation
Next
Round
8.0
10.0
4.0
3.0
3.0
10.0
8.0
4.0
Capacity
Next
Round
1,800
2,100
900
600
600
700
500
500
Plant
Utiliz.
93%
166%
45%
84%
27%
114%
20%
83%
Daze
Dell
Dixie
Dot
Dune
Dock
Trad
Low
High
Pfmn
Size
1,370
1,043
344
407
633
0
1,150
747
218
655
228
594
1/12/2023
5/18/2020
8/13/2022
4/15/2022
8/25/2022
2/3/2021
2.6
5.6
1.9
2.2
2.0
1.9
14000
12000
22500
27000
18000
10500
6.8
3.0
11.6
11.8
6.1
9.8
13.2
15.0
8.4
13.9
7.6
10.2
$27.25
$20.75
$39.00
$34.50
$33.75
$40.00
$8.07
$5.44
$14.32
$13.95
$11.66
$9.44
$9.47
$7.78
$6.89
$6.89
$5.74
$8.03
29%
29%
37%
22%
38%
NA
60%
38%
0%
0%
0%
0%
4.0
5.0
5.0
5.0
6.0
4.0
1,000
800
300
600
300
500
158%
136%
33%
99%
50%
20%
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Trad
Low
High
Pfmn
Size
Low
Trad
Pfmn
1,884
2,550
297
729
91
835
483
270
1,293
599
0
0
137
247
0
88
7/15/2022
1/3/2023
4/21/2021
6/8/2022
9/13/2020
1/23/2020
7/29/2022
7/17/2022
1.5
8.6
2.5
1.5
3.7
2.9
1.1
0.5
14000
12000
23500
27000
16000
12000
15500
27000
7.8
3.0
10.1
12.6
4.8
4.7
8.4
12.6
12.2
17.0
9.9
13.8
9.4
15.3
11.6
13.8
$27.50
$19.85
$28.50
$33.00
$24.00
$20.10
$28.80
$33.00
$8.21 $4.74
$4.15 $1.22
$12.43
$8.08
$13.32
$8.38
$9.16 $8.08
$5.40 $1.23
$9.05 $4.04
$13.32 $10.01
48%
69%
27%
33%
12%
59%
48%
26%
57%
75%
0%
8%
0%
87%
0%
100%
8.0
10.0
3.0
6.0
3.0
10.0
8.0
5.0
1,800
1,798
300
600
200
500
600
400
155%
173%
99%
107%
99%
186%
47%
90%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Trad
Low
High
Pfmn
Size
Low
Trad
High
1,901
2,762
296
571
723
560
526
233
0 10/22/2022
91
1/7/2023
402
1/3/2021
140
9/8/2022
0 8/24/2022
0
2/2/2020
0
3/3/2021
0
8/2/2022
1.5
8.6
3.2
1.5
1.4
2.9
1.8
0.4
17500
14000
23000
27000
21000
12000
14000
21000
7.2
3.0
10.3
12.2
6.3
4.0
6.8
12.4
12.8
17.0
10.0
13.9
6.9
16.0
13.0
7.7
$27.25
$19.75
$36.50
$33.00
$33.00
$21.00
$26.50
$38.00
$9.50
$5.12
$13.47
$14.31
$13.08
$5.34
$8.24
$14.64
37%
50%
27%
28%
31%
41%
35%
35%
0%
0%
0%
0%
0%
0%
0%
29%
5.5
8.5
4.0
4.0
3.5
6.5
5.0
3.5
2,000
2,150
900
600
700
600
450
450
47%
97%
74%
85%
52%
48%
89%
52%
CAPSTONE ® COURIER
$6.70
$3.91
$8.94
$8.38
$8.94
$6.15
$7.82
$9.88
Page 4
Traditional Segment Analysis
C96988
Round: 4
Dec. 31, 2022
Traditional Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
10,504
|10,504
|28.4%
Next Year's Segment Growth Rate
|-7.2%
Traditional Customer Buying Criteria
Expectations
Ideal Age = 2.0
$18.00 - 28.00
Pfmn 7.8 Size 12.2
MTBF 14000-19000
1. Age
2. Price
3. Ideal Position
4. Reliability
Importance
47%
23%
21%
9%
Top Products in Traditional Segment
Name
Baker
Eat
Fast
Able
Daze
Form
Elk
Ajar
Echo
Edit
Ahem
Market
Share
18%
18%
18%
18%
13%
5%
5%
3%
1%
1%
1%
Units
Sold to
Seg
1,891
1,884
1,883
1,858
1,364
523
482
367
115
82
56
CAPSTONE ® COURIER
Revision
Date
6/5/2022
7/15/2022
10/22/2022
9/21/2022
1/12/2023
3/3/2021
7/29/2022
3/11/2021
4/21/2021
1/23/2020
1/23/2020
Stock
Out
YES
YES
YES
YES
YES
YES
YES
Pfmn
Coord
7.8
7.8
7.2
7.7
6.8
6.8
8.4
7.7
10.1
4.7
4.7
Size
Coord
12.2
12.2
12.8
12.3
13.2
13.0
11.6
12.3
9.9
15.3
15.3
List
Price
$27.00
$27.50
$27.25
$28.00
$27.25
$26.50
$28.80
$28.00
$28.50
$20.10
$19.60
MTBF
15800
14000
17500
14000
14000
14000
15500
14000
23500
12000
12000
Cust.
Age Promo AwareDec.31 Budget ness
1.65 $2,000 91%
1.49 $1,400 92%
1.49 $1,400 92%
1.42 $1,400 92%
2.57 $1,200 67%
1.83 $2,000 76%
1.11 $1,400 66%
1.81 $2,000 75%
2.50
$0 41%
2.94 $1,400 54%
2.94 $2,000 61%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,448 87%
57
$2,160 100%
47
$3,788 94%
48
$2,043 100%
42
$3,006 72%
25
$1,212 94%
38
$1,800 100%
22
$2,786 100%
49
$0 100%
10
$1,800 100%
0
$2,043 100%
0
Page 5
Low End Segment Analysis
C96988
Round: 4
Dec. 31, 2022
Low End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
13,948
|13,948
|37.8%
Next Year's Segment Growth Rate
|-7.4%
Low End Customer Buying Criteria
Expectations
$13.00 - 23.00
Ideal Age = 7.0
Pfmn 3.7 Size 16.3
MTBF 12000-17000
1. Price
2. Age
3. Ideal Position
4. Reliability
Importance
53%
24%
16%
7%
Top Products in Low End Segment
Name
Bead
Feat
Acre
Ebb
Dell
Edit
Ahem
Fishin
Fast
Daze
Form
Market
Share
21%
20%
19%
18%
7%
5%
4%
4%
0%
0%
0%
Units
Sold to
Seg
2,974
2,762
2,700
2,550
1,043
753
579
560
18
6
2
CAPSTONE ® COURIER
Revision
Date
1/2/2020
1/7/2023
1/18/2023
1/3/2023
5/18/2020
1/23/2020
1/23/2020
2/2/2020
10/22/2022
1/12/2023
3/3/2021
Stock
Out
YES
YES
YES
YES
Pfmn
Coord
3.0
3.0
3.0
3.0
3.0
4.7
4.7
4.0
7.2
6.8
6.8
Size
Coord
17.0
17.0
17.0
17.0
15.0
15.3
15.3
16.0
12.8
13.2
13.0
List
Price
$19.00
$19.75
$19.60
$19.85
$20.75
$20.10
$19.60
$21.00
$27.25
$27.25
$26.50
MTBF
12000
14000
12000
12000
12000
12000
12000
12000
17500
14000
14000
Cust.
Age Promo AwareDec.31 Budget ness
8.60 $1,900 94%
8.60 $1,400 93%
8.60 $1,400 92%
8.60 $1,400 92%
5.61 $1,200 66%
2.94 $1,400 79%
2.94 $2,000 90%
2.91 $1,700 88%
1.49 $1,400 67%
2.57 $1,200 50%
1.83 $2,000 47%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,220 82%
32
$3,485 88%
30
$2,043 98%
29
$2,160 90%
27
$2,756 74%
15
$1,800 90%
12
$2,043 98%
14
$1,212 88%
13
$3,788 88%
0
$3,006 74%
0
$1,212 88%
0
Page 6
High End Segment Analysis
C96988
Round: 4
Dec. 31, 2022
High End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
4,655
|4,655
|12.6%
Next Year's Segment Growth Rate
|-7.0%
High End Customer Buying Criteria
Expectations
Pfmn 12.5 Size 7.5
Ideal Age = 0.0
MTBF 20000-25000
$28.00 - 38.00
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in High End Segment
Name
Bill
Bid
Adam
Cid
Cif
Dixie
Akela
Fist
Funny
Echo
Elk
Market
Share
19%
19%
12%
12%
9%
7%
7%
6%
5%
4%
0%
Units
Sold to
Seg
894
864
577
541
396
344
328
296
233
182
1
CAPSTONE ® COURIER
Revision
Date
6/11/2022
9/29/2022
8/15/2022
9/2/2022
8/24/2022
8/13/2022
6/8/2022
1/3/2021
8/2/2022
4/21/2021
7/29/2022
Stock
Out
YES
YES
YES
YES
YES
Pfmn
Coord
12.5
12.5
11.7
11.0
10.4
11.6
11.7
10.3
12.4
10.1
8.4
Size
Coord
7.5
7.5
8.3
8.7
8.2
8.4
8.3
10.0
7.7
9.9
11.6
List
Price
$38.50
$38.50
$38.00
$36.50
$37.50
$39.00
$38.00
$36.50
$38.00
$28.50
$28.80
MTBF
24000
24000
20000
24000
24000
22500
20000
23000
21000
23500
15500
Cust.
Age Promo AwareDec.31 Budget ness
0.88 $2,800 29%
1.28 $1,900 97%
1.33 $1,400 93%
1.55 $1,400 93%
1.12 $1,500 88%
1.86 $1,900 97%
0.56 $2,000 55%
3.22 $1,400 91%
0.41 $1,600 49%
2.50
$0 41%
1.11 $1,400 41%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$120 82%
39
$2,760 82%
60
$2,786 83%
32
$1,720 88%
32
$1,720 88%
32
$2,505 88%
26
$2,786 83%
34
$455 83%
7
$455 83%
40
$0 27%
7
$1,800 27%
0
Page 7
Performance Segment Analysis
C96988
Round: 4
Dec. 31, 2022
Performance Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,945
|3,945
|10.7%
Next Year's Segment Growth Rate
|-6.5%
Performance Customer Buying Criteria
Expectations
MTBF 22000-27000
Pfmn 13.4 Size 13.2
$23.00 - 33.00
Ideal Age = 1.0
1. Reliability
2. Ideal Position
3. Price
4. Age
Importance
43%
29%
19%
9%
Top Products in Performance Segment
Name
Edge
Bold
Aft
Coat
Foam
Dot
Earn
Market
Share
18%
18%
18%
15%
14%
10%
7%
Units
Sold to
Seg
729
695
694
578
571
407
270
CAPSTONE ® COURIER
Revision
Date
6/8/2022
6/25/2022
8/4/2022
9/28/2021
9/8/2022
4/15/2022
7/17/2022
Stock
Out
YES
Pfmn
Coord
12.6
13.4
12.6
12.4
12.2
11.8
12.6
Size
Coord
13.8
13.2
13.8
13.9
13.9
13.9
13.8
List
Price
$33.00
$33.50
$33.00
$33.00
$33.00
$34.50
$33.00
MTBF
27000
27000
27000
27000
27000
27000
27000
Cust.
Age Promo AwareDec.31 Budget ness
1.53 $2,000 97%
1.52 $2,300 99%
1.44 $2,000 97%
2.43 $1,425 94%
1.51 $1,400 94%
2.24 $2,600 100%
0.45 $2,000 55%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,400 81%
62
$1,200 65%
56
$2,043 78%
59
$2,150 73%
47
$2,273 73%
50
$2,129 84%
31
$1,680 81%
47
Page 8
Size Segment Analysis
C96988
Round: 4
Dec. 31, 2022
Size Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
3,885
|3,885
|10.5%
Next Year's Segment Growth Rate
|-5.8%
Size Customer Buying Criteria
Expectations
Pfmn 6.8 Size 6.6
Ideal Age = 1.5
MTBF 16000-21000
$23.00 - 33.00
1. Ideal Position
2. Age
3. Reliability
4. Price
Importance
43%
29%
19%
9%
Top Products in Size Segment
Name
Buddy
Fume
Dune
Cure
Cub
Agape
Egg
Market
Share
25%
19%
16%
15%
11%
10%
2%
Units
Sold to
Seg
990
723
633
594
446
407
91
CAPSTONE ® COURIER
Revision
Date
6/11/2022
8/24/2022
8/25/2022
5/20/2022
5/9/2022
8/4/2022
9/13/2020
Stock
Out
YES
YES
YES
YES
YES
Pfmn
Coord
6.8
6.3
6.1
6.6
6.6
6.2
4.8
Size
Coord
6.6
6.9
7.6
7.0
7.0
7.4
9.4
List
Price
$33.50
$33.00
$33.75
$33.50
$33.50
$33.00
$24.00
MTBF
21000
21000
18000
22000
22000
16000
16000
Cust.
Age Promo AwareDec.31 Budget ness
1.51 $2,300 99%
1.37 $1,400 92%
1.98 $1,750 95%
1.52 $1,275 90%
1.08 $1,230 69%
1.44 $2,000 95%
3.68
$0 40%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$1,440 71%
74
$2,273 76%
66
$2,129 79%
27
$1,548 79%
63
$1,462 79%
53
$2,043 80%
34
$0 25%
2
Page 9
Market Share
Actual Market Share in Units
Industry Unit Sales
% of Market
Round: 4
Dec. 31, 2022
C96988
Trad
10,504
28.4%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
17.7%
Baker
Bead
Bid
Bold
Buddy
Bill
Total
18.0%
Low
13,948
37.8%
High
4,655
12.6%
Pfmn
3,945
10.7%
Size
3,885
10.5%
19.4%
12.4%
17.6%
10.5%
0.5%
3.5%
4.2%
21.7%
23.5%
7.0%
19.4%
17.6%
10.5%
21.3%
18.6%
17.6%
25.5%
18.0%
21.3%
Cid
Coat
Cure
Cif
Cub
Total
19.2%
37.8%
17.6%
25.5%
11.6%
Daze
Dell
Dixie
Dot
Dune
Dock
Total
13.0%
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Total
17.9%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
14.7%
10.3%
7.4%
10.3%
16.3%
18.3%
1.1%
3.9%
18.5%
2.4%
0.8%
4.6%
5.4%
24.4%
23.7%
17.9%
0.1%
19.8%
3.9%
6.9%
25.3%
2.4%
6.4%
14.5%
18.6%
4.0%
5.0%
22.9%
CAPSTONE ® COURIER
24.0%
5.0%
11.4%
14.5%
5.1%
8.1%
2.3%
1.9%
2.7%
2.4%
22.5%
Baker
Bead
Bid
Bold
Buddy
Bill
Total
16.9%
16.3%
7.4%
7.5%
14.1%
3.7%
2.8%
0.9%
1.1%
1.7%
7.5%
13.0%
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Total
11.5%
26.8%
15.3%
8.5%
18.6%
Trad
Low
10,504 13,948
28.4% 37.8%
5.0%
7.3%
1.6%
1.9%
1.1%
1.7%
1.0%
0.9%
20.5%
1.5%
1.6%
1.6%
1.1%
1.2%
6.9%
14.7%
20.1%
Potential Market Share in Units
Total
36,936 Units Demanded
100.0% % of Market
High
4,655
12.6%
Pfmn
3,945
10.7%
Size
3,885
10.5%
Total
36,936
100.0%
10.0%
4.0%
7.0%
1.5%
1.8%
1.1%
2.7%
3.2%
1.1%
22.3%
18.5%
11.8%
16.9%
0.8%
11.2%
6.5%
26.2%
24.9%
8.6%
20.3%
16.9%
10.0%
20.4%
18.8%
16.9%
23.5%
16.9%
20.3%
Cid
Coat
Cure
Cif
Cub
Total
17.8%
36.5%
16.9%
23.5%
9.5%
17.8%
40.1%
1.2%
1.8%
2.3%
1.6%
1.9%
8.8%
5.4%
3.0%
2.7%
0.8%
1.1%
0.6%
5.4%
8.0%
16.9%
22.3%
12.4%
21.9%
Daze
Dell
Dixie
Dot
Dune
Dock
10.3% Total
10.4%
5.1%
6.9%
0.8%
2.0%
0.3%
2.3%
1.3%
0.7%
19.3%
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Total
14.3%
5.1%
7.5%
0.8%
1.6%
2.0%
1.5%
1.4%
0.6%
20.5%
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Total
14.2%
16.9%
7.1%
6.1%
9.9%
10.3%
7.1%
6.1%
9.9%
4.1%
6.6%
1.0%
2.0%
17.5%
1.5%
4.8%
7.7%
2.4%
1.8%
2.5%
2.2%
21.4%
4.8%
18.9%
1.1%
0.8%
5.9%
5.1%
22.4%
22.6%
4.9%
6.7%
25.6%
1.1%
18.9%
5.0%
13.9%
19.8%
5.9%
10.0%
24.2%
25.0%
5.3%
10.3%
13.9%
19.8%
2.1%
1.7%
0.7%
18.4%
4.1%
7.1%
0.6%
1.5%
2.1%
2.2%
2.9%
0.7%
21.2%
Page 10
Perceptual Map
Andrews
Name
Able
Acre
Adam
Aft
Agape
Ahem
Ajar
Akela
Pfmn
7.7
3.0
11.7
12.6
6.2
4.7
7.7
11.7
Name
Daze
Dell
Dixie
Dot
Dune
Dock
Pfmn
6.8
3.0
11.6
11.8
6.1
9.8
Size
12.3
17.0
8.3
13.8
7.4
15.3
12.3
8.3
Digby
CAPSTONE ® COURIER
Size
13.2
15.0
8.4
13.9
7.6
10.2
Round: 4
Dec. 31, 2022
C96988
Baldwin
Revised
9/21/2022
1/18/2023
8/15/2022
8/4/2022
8/4/2022
1/23/2020
3/11/2021
6/8/2022
Name
Baker
Bead
Bid
Bold
Buddy
Bill
Pfmn
7.8
3.0
12.5
13.4
6.8
12.5
Revised
1/12/2023
5/18/2020
8/13/2022
4/15/2022
8/25/2022
2/3/2021
Name
Eat
Ebb
Echo
Edge
Egg
Edit
Elk
Earn
Pfmn
7.8
3.0
10.1
12.6
4.8
4.7
8.4
12.6
Size
12.2
17.0
7.5
13.2
6.6
7.5
Erie
Size
12.2
17.0
9.9
13.8
9.4
15.3
11.6
13.8
Chester
Revised
6/5/2022
1/2/2020
9/29/2022
6/25/2022
6/11/2022
6/11/2022
Name
Col
Cid
Coat
Cure
Cif
Cub
Pfmn
13.3
11.0
12.4
6.6
10.4
6.6
Revised
7/15/2022
1/3/2023
4/21/2021
6/8/2022
9/13/2020
1/23/2020
7/29/2022
7/17/2022
Name
Fast
Feat
Fist
Foam
Fume
Fishin
Form
Funny
Pfmn
7.2
3.0
10.3
12.2
6.3
4.0
6.8
12.4
Size
13.4
8.7
13.9
7.0
8.2
7.0
Ferris
Size
12.8
17.0
10.0
13.9
6.9
16.0
13.0
7.7
Revised
6/23/2022
9/2/2022
9/28/2021
5/20/2022
8/24/2022
5/9/2022
Revised
10/22/2022
1/7/2023
1/3/2021
9/8/2022
8/24/2022
2/2/2020
3/3/2021
8/2/2022
Page 11
HR/TQM Report
C96988
Round: 4
Dec. 31, 2022
HUMAN RESOURCES SUMMARY
Needed Complement
Complement
1st Shift Complement
2nd Shift Complement
Andrews
436
436
395
41
Baldwin
889
890
618
272
Chester
417
417
417
0
Digby
521
521
388
133
Erie
553
553
405
148
Ferris
682
682
673
9
Overtime Percent
Turnover Rate
New Employees
Separated Employees
Recruiting Spend
Training Hours
Productivity Index
0.1%
6.7%
29
285
$5,000
80
113.0%
0.0%
6.7%
91
0
$5,000
80
112.9%
0.0%
6.7%
28
195
$5,000
80
112.7%
0.1%
7.0%
134
0
$0
80
106.8%
0.0%
6.4%
72
0
$5,000
80
115.1%
0.0%
6.1%
42
629
$5,000
80
116.4%
Recruiting Cost
Separation Cost
Training Cost
Total HR Admin Cost
$175
$1,425
$698
$2,298
$548
$0
$1,424
$1,972
$168
$975
$667
$1,811
$134
$0
$834
$968
$435
$0
$885
$1,319
$252
$3,145
$1,091
$4,488
Labor Contract Next Year
Wages
Benefits
Profit Sharing
Annual Raise
$25.53
2,500
2.0%
5.0%
$25.53
2,500
2.0%
5.0%
$25.53
2,500
2.0%
5.0%
$25.53
2,500
2.0%
5.0%
$25.53
2,500
2.0%
5.0%
$25.53
2,500
2.0%
5.0%
Baldwin
Chester
Digby
Erie
Ferris
$1,950
$1,950
$1,950
$0
$0
$0
$2,000
$2,000
$2,000
$2,000
$2,000
$2,000
$0
$0
$0
$0
$500
$0
$1,500
$1,500
$1,500
$0
$0
$0
$1,500
$1,500
$1,500
$1,500
$1,500
$1,500
$750
$750
$750
$1,500
$0
$750
TQM Budgets Last Year
Benchmarking
Quality Function Deployment Effort
CCE/6 Sigma Training
GEMI TQEM Sustainability Initiatives
Total Expenditures
$0
$1,950
$1,950
$1,950
$11,700
$2,000
$2,000
$2,000
$2,000
$20,000
$0
$500
$0
$0
$1,000
$0
$1,500
$1,500
$1,500
$9,000
$1,500
$1,500
$1,500
$1,500
$15,000
$750
$0
$750
$750
$6,750
Cumulative Impacts
Material Cost Reduction
Labor Cost Reduction
Reduction R&D Cycle Time
Reduction Admin Costs
Demand Increase
11.19%
13.85%
15.93%
25.82%
1.99%
11.63%
13.86%
40.01%
60.02%
14.30%
0.00%
0.00%
20.24%
0.00%
0.00%
3.99%
6.21%
2.81%
4.66%
0.30%
11.08%
13.57%
36.31%
55.78%
9.63%
2.93%
3.64%
0.00%
28.68%
3.23%
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
Process Mgt Budgets Last Year
CPI Systems
VendorJIT
Quality Initiative Training
Channel Support Systems
Concurrent Engineering
UNEP Green Programs
CAPSTONE ® COURIER
Page 12
Ethics Report
Round: 4
Dec. 31, 2022
C96988
ETHICS SUMMARY
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Total
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
CAPSTONE ® COURIER
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
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
$0
100%
100%
100%
100%
100%
100%
Page 13
Annual Report
Annual Report
Baldwin
C96988
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total
assets for that year. Cash: Your end-of-year cash
position. Accounts Receivable: Reflects the lag between
delivery and payment of your products. Inventories: The
current value of your inventory across all products. A zero
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant &
Equipment: The current value of your plant. Accum
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year
of operations. It includes emergency loans used to keep
your company solvent should you run out of cash during
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value
of your bonds. Common Stock: The amount of capital
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends.
ASSETS
Cash
Account Receivable
Inventory
Total Current Assets
$63,244
2022
Common
Size
17.1%
10.0%
6.0%
33.1%
$11,173
$14,765
$10,818
$36,756
$127,671
$190,915
108.0%
-40.9%
66.9%
100.0%
$171,610
($64,681)
$106,929
$143,685
$120,069
5.6%
12.5%
44.8%
62.9%
$9,262
$2,500
$74,680
$86,442
$70,847
$190,915
9.6%
27.5%
37.1%
100.0%
$18,360
$38,883
$57,243
$143,685
$32,717
$19,040
$11,487
Plant & Equipment
Accumulated Depreciation
Total Fixed Assets
Total Assets
LIABILITIES & OWNERS
EQUITY
$205,770
($78,099)
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$10,626
$23,900
$85,543
Common Stock
Retained Earnings
Total Equity
Total Liab. & O. Equity
$18,360
$52,487
Cash Flow Statement
The Cash Flow Statement examines what happened in the Cash Account
during the year. Cash injections appear as positive numbers and cash
withdrawals as negative numbers. The Cash Flow Statement is an excellent
tool for diagnosing emergency loans. When negative cash flows exceed
positives, you are forced to seek emergency funding. For example, if sales
are bad and you find yourself carrying an abundance of excess inventory,
the report would show the increase in inventory as a huge negative cash
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company
afloat.
Annual Report
Round: 4
Dec. 31, 2022
Cash Flows from Operating Activities
Net Income(Loss)
Depreciation
Extraordinary gains/losses/writeoffs
Accounts Payable
Inventory
Accounts Receivable
Net cash from operation
Cash Flows from Investing Activities
Plant Improvements
Cash Flows from Financing Activities
Dividends paid
Sales of common stock
Purchase of common stock
Cash from long term debt
Retirement of long term debt
Change in current debt(net)
Net cash from financing activities
Net change in cash position
Closing cash position
2021
2022
$13,604
$13,418
$0
$1,363
($669)
($4,275)
$23,440
2021
$1,296
$11,441
($312)
$1,652
($7,471)
($1,933)
$4,673
($34,160)
($24,708)
$0
$0
$0
$24,763
($13,900)
$21,400
$32,263
$21,543
$32,717
$0
$0
$0
$8,936
$0
($4,450)
$4,486
($15,549)
$11,173
Page 14
Annual Report
Baldwin
Round: 4
Dec. 31, 2022
C96988
2022 Income Statement
(Product Name)
$0
2022
Total
$231,651
Common
Size
100.0%
$0
$0
$0
$0
$0
$0
$0
$0
$52,304
$76,306
$1,378
$129,988
22.6%
32.9%
0.6%
56.1%
$12,120
$0
$0
$101,663
43.9%
$913
$450
$2,300
$1,440
$375
$5,477
$702
$450
$2,800
$120
$389
$4,461
$0
$1,000
$0
$0
$0
$1,000
$0
$0
$0
$1,920
$0
$1,920
$13,418
$3,573
$13,200
$12,108
$2,620
$44,920
5.8%
1.5%
5.7%
5.2%
1.1%
19.4%
$6,782
$7,660
($1,000)
($1,920)
$56,744
24.5%
$21,238
$35,506
$2,964
$11,186
$7,475
$278
$13,604
9.2%
15.3%
1.3%
4.8%
3.2%
0.1%
5.9%
Baker
Bead
Bid
Bold
Buddy
Bill
Burger
Sales
$51,047
$56,514
$33,258
$23,267
$33,156
$34,410
$0
Variable Costs:
Direct Labor
Direct Material
Inventory Carry
Total Variable
$11,934
$17,002
$0
$28,935
$9,399
$13,124
$62
$22,585
$7,681
$11,798
$130
$19,609
$5,325
$9,604
$744
$15,673
$8,862
$12,034
$0
$20,896
$9,103
$12,744
$443
$22,289
Contribution Margin
$22,111
$33,929
$13,648
$7,594
$12,260
$3,648
$432
$2,000
$2,448
$577
$9,106
$5,823
$0
$1,900
$2,220
$639
$10,582
$1,113
$755
$1,900
$2,760
$376
$6,904
$1,220
$486
$2,300
$1,200
$263
$5,470
$13,006
$23,347
$6,745
$2,124
Period Costs:
Depreciation
SG&A: R&D
Promotions
Sales
Admin
Total Period
Net Margin
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs
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
Other
EBIT
Short Term Interest
Long Term Interest
Taxes
Profit Sharing
Net Profit
Page 15
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