Round: 6

Dec. 31, C112348

2025
Andrews Baldwin Chester
Priyanshi Agarwal Onkar Vengurlekar Deepak Bora
Abhishek Deokar RAHUL NAIR
Tanya Dhingra Shashank Nanjundesw
Vamini Madan shashank nuti
Vamini Madan Anup Reddy
Vivek Raj Arsh Prit Singh

Digby Erie Ferris

Aranya . Naman Bhatia Rhythm Aggarwal
Shreya Agarwal Atharv Chitnis MAYASREE GOSWAMI
Nirvika Ahuja Gourav Dadhich Pallav Kumar
Japna Chawla Saransh Kansal Vithal Lakhotia
Animesh Goyal Swecchha Kumari Ankita Nair
Ridhima Kalra Shilpy Siwach Abhishek Singh

Selected Financial Statistics

Andrews Baldwin Chester Digby Erie Ferris
ROS 4.4% 5.1% 4.2% -7.9% 5.5% -9.2%
Asset Turnover 2.25 0.86 1.03 0.74 1.15 0.93
ROA 9.9% 4.4% 4.4% -5.9% 6.3% -8.5%
Leverage 5.6 2.1 1.9 4.6 2.1 32.2
ROE 55.2% 9.4% 8.4% -26.9% 13.1% -274.7%
Emergency Loan $33,483,454 $0 $0 $79,101,359 $0 $70,262,677
Sales $262,170,587 $234,864,927 $257,795,484 $120,883,461 $222,276,137 $164,150,310
EBIT $31,057,695 $36,176,925 $30,927,797 $4,490,127 $30,339,810 $2,223,007
Profits $11,557,772 $12,042,155 $10,933,052 ($9,607,502) $12,182,314 ($15,058,392)
Cumulative Profit ($23,819,189) $61,735,406 $44,456,098 ($24,161,384) $45,447,734 ($45,162,904)
SG&A / Sales 9.8% 8.7% 17.4% 16.7% 11.4% 14.4%
Contrib. Margin % 27.4% 34.0% 42.7% 29.5% 36.2% 33.7%

CAPSTONE ® COURIER Page 1

 Round: 6
Stock & Bonds C112348 Dec. 31, 2025
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $13.94 $12.94 2,995,029 $42 $6.99 $3.86 $0.00 0.0% 3.6
Baldwin $72.90 $3.71 2,527,431 $184 $50.81 $4.76 $0.62 0.8% 15.3
Chester $63.30 $5.82 3,145,236 $199 $41.24 $3.48 $0.00 0.0% 18.2
Digby $1.00 $0.00 3,842,055 $4 $9.28 ($2.50) $0.00 0.0% -0.4
Erie $65.57 $6.60 2,444,503 $160 $38.09 $4.98 $6.30 9.6% 13.2
Ferris $1.00 $0.00 4,129,392 $4 $1.33 ($3.65) $0.00 0.0% -0.3

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
11.3S2030 $5,000,000 13.4% 84.03 DDD 11.3S2030 $15,000,000 13.4% 84.03 DDD
13.8S2031 $10,000,000 15.1% 91.20 DDD 13.6S2031 $2,000,000 15.0% 90.47 DDD
14.3S2032 $7,056,000 15.5% 92.37 DDD 14.1S2032 $5,000,000 15.4% 91.57 DDD
14.8S2033 $8,000,000 15.8% 93.96 DDD Erie
Baldwin 11.3S2030 $6,571,000 12.7% 89.14 CCC
12.6S2033 $35,984,745 13.9% 90.91 CCC 11.7S2031 $13,430,000 13.1% 89.26 CCC
13.6S2034 $20,411,312 14.3% 95.16 CCC 12.7S2032 $8,070,000 13.7% 92.40 CCC
13.9S2035 $26,554,898 14.4% 96.43 CCC 12.8S2033 $6,780,000 13.9% 92.24 CCC
Chester 13.3S2034 $13,000,000 14.1% 94.17 CCC
11.3S2030 $7,000,000 12.5% 90.41 B 13.3S2035 $21,042,000 14.2% 93.86 CCC
13.3S2033 $14,000,000 13.8% 96.30 B Ferris
13.2S2034 $26,000,000 13.8% 95.56 B 11.3S2030 $3,300,000 13.5% 83.74 DDD
13.1S2035 $40,000,000 13.8% 94.80 B 12.0S2031 $10,570,000 14.2% 84.28 DDD
13.6S2032 $1,500,000 15.2% 89.19 DDD
14.7S2033 $11,000,000 15.8% 93.12 DDD
15.3S2034 $15,000,000 16.0% 95.44 DDD
15.8S2035 $20,000,000 16.2% 97.61 DDD

Next Year's Prime Rate10.00%

CAPSTONE ® COURIER Page 2
 Round: 6
Financial Summary C112348 Dec. 31, 2025
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $11,558 $12,042 $10,933 ($9,608) $12,182 ($15,058)
Adjustment for non-cash items:
Depreciation $9,081 $18,180 $21,200 $11,080 $13,829 $12,510
Extraordinary gains/losses/writeoffs $0 $0 $0 $0 $0 $0
Changes in current assets and liablilities
Accounts payable ($2,972) ($1,587) $4,270 ($839) ($546) $11,941
Inventory ($4,462) $12,768 ($13,649) ($33,227) $3,369 ($38,010)
Accounts Receivable ($4,625) ($1,549) ($4,490) $1,811 ($2,243) $4,729
Net cash from operations $8,580 $39,854 $18,264 ($30,782) $26,592 ($23,888)

Cash flows from investing activities

Plant improvements(net) ($6,760) ($24,700) ($66,400) $0 ($24,900) ($17,404)
Cash flows from financing activities
Dividends paid $0 ($1,557) $0 $0 ($15,400) $0
Sales of common stock $499 $0 $20,000 $0 $8,420 $688
Purchase of common stock $0 $0 $0 $0 ($7,144) $0
Cash from long term debt issued $0 $26,555 $40,000 $0 $21,042 $20,000
Early retirement of long term debt $0 $0 $0 $0 $0 $0
Retirement of current debt ($35,802) ($33,039) $0 ($48,319) $0 ($49,659)
Cash from current debt borrowing $0 $29,320 $0 $0 $0 $0
Cash from emergency loan $33,483 $0 $0 $79,101 $0 $70,263

Net cash from financing activities ($1,820) $21,279 $60,000 $30,782 $6,918 $41,292

Net change in cash position $0 $36,433 $11,864 $0 $8,610 $0

Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $0 $70,807 $12,643 $0 $54,207 $0
Accounts Receivable $21,548 $19,304 $21,189 $9,936 $24,359 $8,995
Inventory $46,417 $10,063 $15,385 $84,294 $10,386 $79,067
Total Current Assets $67,965 $100,174 $49,217 $94,230 $88,953 $88,061

Plant and equipment $136,220 $272,700 $318,000 $166,200 $207,440 $187,656

Accumulated Depreciation ($87,903) ($99,747) ($116,547) ($97,800) ($102,272) ($98,947)
Total Fixed Assets $48,317 $172,953 $201,453 $68,400 $105,168 $88,709

Total Assets $116,282 $273,127 $250,670 $162,630 $194,121 $176,770

Accounts Payable $15,560 $11,587 $13,116 $13,352 $11,277 $18,806

Current Debt $49,737 $50,170 $20,850 $91,606 $20,850 $91,113
Total Current Liabilities $65,297 $61,757 $33,966 $104,958 $32,127 $109,919

Long Term Debt $30,056 $82,951 $87,000 $22,000 $68,893 $61,370

Total Liabilities $95,352 $144,708 $120,966 $126,958 $101,020 $171,288

Common Stock $19,356 $50,881 $61,960 $34,440 $43,252 $25,251

Retained Earnings $1,574 $77,538 $67,745 $1,232 $49,849 ($19,769)
Total Equity $20,930 $128,419 $129,704 $35,672 $93,101 $5,482

Total Liabilities & Owners Equity $116,282 $273,127 $250,670 $162,630 $194,121 $176,770

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $262,171 $234,865 $257,795 $120,883 $222,276 $164,150
Variable Costs(Labor,Material,Carry) $190,416 $154,950 $147,774 $85,185 $141,816 $108,760
Contribution Margin $71,755 $79,915 $110,021 $35,698 $80,460 $55,390
Depreciation $9,081 $18,180 $21,200 $11,080 $13,829 $12,510
SGA(R&D,Promo,Sales,Admin) $25,790 $20,481 $44,893 $20,128 $25,411 $23,623
Other(Fees,Writeoffs,TQM,Bonuses) $5,825 $5,078 $13,000 $0 $10,880 $17,034
EBIT $31,058 $36,177 $30,928 $4,490 $30,340 $2,223
Interest(Short term,Long term) $12,914 $17,272 $13,764 $19,271 $11,215 $25,390
Taxes $6,350 $6,617 $6,007 ($5,173) $6,694 ($8,108)
Profit Sharing $236 $246 $223 $0 $249 $0
Net Profit $11,558 $12,042 $10,933 ($9,608) $12,182 ($15,058)
CAPSTONE ® COURIER Page 3
 Round: 6
Production Analysis C112348 Dec. 31, 2025

2nd
Shift Auto
Unit & mation Capacity
Primary Units Inven Revision Age Pfmn Size Material Labor Contr. Over- Next Next Plant
Name Segment Sold tory Date Dec.31 MTBF Coord Coord Price
Cost
Cost Marg. time Round Round Utiliz.
Able Trad 1,851 2,164 6/10/2025 1.7 19000 9.2 10.7 $27.00 $9.24 $9.96 20% 83% 4.3 1,800 182%
Acre Low 3,106 0 7/28/2023 4.6 14000 4.7 15.3 $18.60 $5.01 $7.17 29% 7% 5.3 1,500 106%
Adam High 1,664 186 6/8/2025 1.7 23500 13.5 6.5 $37.00 $13.15 $11.81 32% 78% 3.0 900 176%
Aft Pfmn 1,176 28 6/1/2025 1.5 27000 14.6 12.4 $32.90 $13.00 $12.10 24% 100% 3.1 700 198%
Agape Size 1,188 0 6/1/2025 1.5 21000 7.6 5.4 $33.00 $11.40 $12.10 29% 100% 3.1 700 198%
Amaze Low 693 0 2/22/2025 2.3 13000 4.8 15.2 $21.50 $4.81 $9.08 35% 100% 5.0 450 198%

Baker Low 1,665 0 3/19/2024 3.3 16000 6.5 13.5 $19.50 $7.51 $6.66 26% 32% 7.0 1,100 129%
Bead Low 2,028 148 7/19/2025 5.5 14000 5.2 14.8 $19.50 $5.98 $3.32 54% 0% 9.0 2,500 67%
Bid High 1,714 225 6/23/2025 1.4 24000 14.6 5.4 $37.00 $15.69 $8.87 32% 6% 5.0 1,550 104%
Bold Trad 1,874 82 10/12/2025 1.4 19000 10.1 9.9 $27.00 $10.98 $8.24 30% 37% 6.0 1,500 134%
Buddy Trad 1,809 86 10/21/2025 1.4 19000 10.1 9.9 $27.00 $10.98 $8.17 31% 33% 6.0 1,500 131%

Cake Trad 1,915 364 6/30/2025 1.5 19000 8.5 11.5 $27.00 $8.71 $4.90 48% 4% 7.0 2,100 103%
Cedar Low 2,811 754 6/20/2025 1.7 14000 4.2 15.8 $19.00 $4.66 $4.19 52% 33% 8.0 2,700 132%
Cid High 492 201 2/7/2026 3.6 23500 11.6 8.4 $37.00 $11.87 $5.89 49% 0% 6.0 900 77%
Coat Pfmn 1,678 5 7/14/2025 1.5 27000 14.4 12.5 $32.00 $12.82 $7.04 38% 70% 6.0 1,200 168%
Cure Size 1,683 0 7/14/2025 1.5 21000 7.5 5.6 $32.00 $11.23 $7.04 43% 70% 6.0 1,200 168%
Caesar High 304 0 3/26/2025 0.8 24000 12.8 7.2 $36.50 $12.76 $13.26 28% 100% 3.0 500 152%
Cool Trad 342 0 2/19/2025 0.9 19000 8.0 12.0 $26.50 $8.39 $13.26 18% 100% 3.0 1,000 171%
Coke Low 368 0 1/26/2025 0.9 14500 4.0 16.0 $18.50 $4.67 $13.26 2% 100% 3.0 1,000 184%

Daze Trad 1,037 1,212 3/18/2024 2.9 19000 7.5 12.6 $27.49 $9.08 $8.48 26% 0% 5.0 1,800 83%
Dell Low 2,406 108 2/13/2023 6.1 15000 3.5 16.5 $20.00 $5.06 $4.81 50% 41% 8.0 1,900 132%
Dixie High 204 1,380 7/27/2024 2.4 20000 11.7 8.0 $38.49 $12.53 $9.89 -7% 0% 4.0 1,000 65%
Dot Pfmn 447 611 6/17/2024 3.7 27000 12.5 13.9 $33.49 $13.32 $11.94 11% 14% 3.0 700 106%
Dune Size 659 583 5/3/2024 2.7 21000 6.4 8.0 $32.49 $11.34 $12.84 16% 42% 3.0 700 133%

Eat Trad 1,592 267 7/22/2025 1.4 19000 9.4 10.8 $26.90 $9.70 $5.73 41% 0% 6.8 1,800 95%
Ebb Low 2,204 405 7/19/2025 1.5 17000 5.8 15.5 $18.90 $6.43 $4.23 39% 21% 8.3 1,650 120%
Echo High 1,287 0 8/10/2025 1.4 25000 13.4 6.8 $37.10 $14.04 $10.49 34% 44% 3.5 900 143%
Edge Pfmn 1,210 78 7/19/2025 1.4 27000 14.4 12.7 $32.60 $13.46 $8.39 33% 44% 6.0 900 143%
Egg Size 1,177 0 7/28/2025 1.4 21000 7.3 5.8 $32.60 $11.70 $8.45 37% 48% 6.0 900 146%
Elliot Pfmn 379 1 5/11/2025 0.6 26000 13.8 13.1 $32.30 $12.85 $12.08 22% 100% 4.0 500 126%

Fast Trad 1,603 1,141 6/16/2025 1.7 19000 8.6 11.5 $26.97 $8.78 $6.36 38% 0% 6.0 1,800 95%
Feat Low 2,639 686 5/3/2025 2.8 14000 4.5 15.5 $18.96 $4.87 $6.99 35% 78% 6.5 1,800 170%
Fist High 608 1,505 10/8/2025 1.6 25000 12.9 7.1 $36.97 $13.15 $8.26 26% 66% 5.5 901 159%
Foam Pfmn 772 373 8/31/2025 1.8 27000 13.8 13.0 $32.48 $12.55 $8.60 32% 100% 5.5 600 191%
Fume Size 729 714 9/13/2025 1.8 21000 7.0 6.2 $31.98 $10.95 $8.60 33% 100% 5.5 601 191%
Fuffy 0 0 11/19/2025 1.0 14000 5.1 15.5 $18.97 $0.00 $0.00 0% 0% 1.0 600 0%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C112348 Round: 6
Dec. 31, 2025

Traditional Statistics
Total Industry Unit Demand 12,526
Actual Industry Unit Sales |12,526
Segment % of Total Industry |26.5%

Next Year's Segment Growth Rate |9.2%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $17.00 - 27.00 23%
3. Ideal Position Pfmn 9.2 Size 10.8 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 15% 1,915 6/30/2025 8.5 11.5 $27.00 19000 1.55 $1,500 100% $3,000 93% 57
Bold 15% 1,868 10/12/2025 10.1 9.9 $27.00 19000 1.40 $1,800 100% $1,200 90% 41
Able 15% 1,851 6/10/2025 9.2 10.7 $27.00 19000 1.66 $1,400 100% $2,500 69% 58
Buddy 14% 1,803 10/21/2025 10.1 9.9 $27.00 19000 1.39 $1,800 100% $1,200 90% 41
Fast 13% 1,602 6/16/2025 8.6 11.5 $26.97 19000 1.71 $1,550 100% $2,400 74% 52
Eat 13% 1,592 7/22/2025 9.4 10.8 $26.90 19000 1.43 $1,500 100% $2,000 64% 47
Daze 8% 1,037 3/18/2024 7.5 12.6 $27.49 19000 2.90 $1,800 100% $2,200 74% 19
Baker 4% 518 3/19/2024 YES 6.5 13.5 $19.50 16000 3.26 $1,800 100% $1,200 90% 2
Cool 3% 340 2/19/2025 YES 8.0 12.0 $26.50 19000 0.86 $2,000 70% $3,000 93% 22

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C112348 Round: 6
Dec. 31, 2025

Low End Statistics

Total Industry Unit Demand 17,404
Actual Industry Unit Sales |17,404
Segment % of Total Industry |36.8%

Next Year's Segment Growth Rate |11.7%

Low End Customer Buying Criteria
Expectations Importance
1. Price $12.00 - 22.00 53%
2. Age Ideal Age = 7.0 24%
3. Ideal Position Pfmn 4.7 Size 15.3 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
Acre 18% 3,106 7/28/2023 YES 4.7 15.3 $18.60 14000 4.63 $1,400 100% $1,600 80% 33
Cedar 16% 2,811 6/20/2025 4.2 15.8 $19.00 14000 1.66 $1,500 100% $3,000 91% 19
Feat 15% 2,639 5/3/2025 4.5 15.5 $18.96 14000 2.77 $1,500 100% $1,700 48% 17
Dell 14% 2,406 2/13/2023 3.5 16.5 $20.00 15000 6.10 $1,800 100% $1,500 49% 13
Ebb 13% 2,204 7/19/2025 5.8 15.5 $18.90 17000 1.51 $1,500 100% $2,000 61% 15
Bead 12% 2,028 7/19/2025 5.2 14.8 $19.50 14000 5.52 $1,800 100% $1,200 43% 22
Baker 7% 1,147 3/19/2024 YES 6.5 13.5 $19.50 16000 3.26 $1,800 100% $1,200 43% 9
Amaze 4% 693 2/22/2025 YES 4.8 15.2 $21.50 13000 2.30 $1,800 100% $1,200 80% 10
Coke 2% 368 1/26/2025 YES 4.0 16.0 $18.50 14500 0.93 $2,000 70% $3,000 91% 16
Cool 0% 2 2/19/2025 YES 8.0 12.0 $26.50 19000 0.86 $2,000 70% $3,000 91% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C112348 Round: 6
Dec. 31, 2025

High End Statistics

Total Industry Unit Demand 6,286
Actual Industry Unit Sales |6,286
Segment % of Total Industry |13.3%

Next Year's Segment Growth Rate |16.2%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 14.3 Size 5.7 43%
2. Age Ideal Age = 0.0 29%
3. Reliability MTBF 20000-25000 19%
4. Price $27.00 - 37.00 9%

Top Products in High End Segment

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

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Bid 27% 1,714 6/23/2025 14.6 5.4 $37.00 24000 1.42 $1,800 100% $1,200 39% 42
Adam 26% 1,664 6/8/2025 13.5 6.5 $37.00 23500 1.70 $1,800 100% $1,800 52% 36
Echo 20% 1,287 8/10/2025 YES 13.4 6.8 $37.10 25000 1.36 $1,500 100% $1,800 50% 40
Fist 10% 608 10/8/2025 12.9 7.1 $36.97 25000 1.65 $1,500 95% $1,500 48% 26
Cid 8% 492 2/7/2026 11.6 8.4 $37.00 23500 3.60 $1,500 100% $3,000 85% 8
Caesar 5% 304 3/26/2025 YES 12.8 7.2 $36.50 24000 0.77 $2,000 70% $3,000 85% 39
Dixie 3% 204 7/27/2024 11.7 8.0 $38.49 20000 2.41 $1,650 100% $1,800 41% 2
Buddy 0% 6 10/21/2025 10.1 9.9 $27.00 19000 1.39 $1,800 100% $1,200 39% 0
Bold 0% 6 10/12/2025 10.1 9.9 $27.00 19000 1.40 $1,800 100% $1,200 39% 0

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C112348 Round: 6
Dec. 31, 2025

Performance Statistics
Total Industry Unit Demand 5,662
Actual Industry Unit Sales |5,662
Segment % of Total Industry |12.0%

Next Year's Segment Growth Rate |19.8%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 15.4 Size 11.8 29%
3. Price $22.00 - 32.00 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 30% 1,678 7/14/2025 14.4 12.5 $32.00 27000 1.49 $1,500 100% $3,000 84% 66
Edge 21% 1,210 7/19/2025 14.4 12.7 $32.60 27000 1.42 $1,500 100% $1,800 62% 45
Aft 21% 1,176 6/1/2025 14.6 12.4 $32.90 27000 1.55 $1,400 100% $2,200 51% 44
Foam 14% 772 8/31/2025 13.8 13.0 $32.48 27000 1.78 $1,500 100% $1,500 45% 33
Dot 8% 447 6/17/2024 12.5 13.9 $33.49 27000 3.68 $2,000 97% $2,200 33% 13
Elliot 7% 379 5/11/2025 13.8 13.1 $32.30 26000 0.64 $1,000 46% $1,000 62% 22

CAPSTONE ® COURIER Page 8

Size Segment Analysis C112348 Round: 6
Dec. 31, 2025

Size Statistics
Total Industry Unit Demand 5,437
Actual Industry Unit Sales |5,437
Segment % of Total Industry |11.5%

Next Year's Segment Growth Rate |18.3%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 8.2 Size 4.6 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $22.00 - 32.00 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
Cure 31% 1,683 7/14/2025 YES 7.5 5.6 $32.00 21000 1.49 $1,500 100% $3,000 85% 58
Agape 22% 1,188 6/1/2025 YES 7.6 5.4 $33.00 21000 1.54 $1,500 100% $2,000 48% 40
Egg 22% 1,177 7/28/2025 YES 7.3 5.8 $32.60 21000 1.43 $1,800 100% $2,000 53% 33
Fume 13% 729 9/13/2025 7.0 6.2 $31.98 21000 1.76 $1,600 100% $1,900 60% 29
Dune 12% 659 5/3/2024 6.4 8.0 $32.49 21000 2.66 $1,650 100% $1,800 46% 12

CAPSTONE ® COURIER Page 9

 Round: 6
Market Share C112348 Dec. 31, 2025

Actual Market Share in Units Potential Market Share in Units

Trad Low High Pfmn Size Total Trad Low High Pfmn Size Total
Industry Unit Sales 12,526 17,404 6,286 5,662 5,437 47,315 Units Demanded 12,526 17,404 6,286 5,662 5,437 47,315
% of Market 26.5% 36.8% 13.3% 12.0% 11.5% 100.0% % of Market 26.5% 36.8% 13.3% 12.0% 11.5% 100.0%

Able 14.8% 3.9% Able 14.5% 3.8%

Acre 17.8% 6.6% Acre 20.0% 7.4%
Adam 26.5% 3.5% Adam 20.4% 2.7%
Aft 20.8% 2.5% Aft 20.9% 2.5%
Agape 21.9% 2.5% Agape 24.9% 2.9%
Amaze 4.0% 1.5% Amaze 5.9% 2.2%
Total 14.8% 21.8% 26.5% 20.8% 21.9% 20.5% Total 14.5% 25.9% 20.4% 20.9% 24.9% 21.4%

Baker 4.1% 6.6% 3.5% Baker 4.1% 5.5% 3.1%

Bead 11.7% 4.3% Bead 9.2% 3.4%
Bid 27.3% 3.6% Bid 21.2% 2.8%
Bold 14.9% 4.0% Bold 14.7% 3.9%
Buddy 14.4% 3.8% Buddy 14.2% 3.8%
Total 33.4% 18.2% 27.5% 19.2% Total 32.9% 14.7% 21.3% 17.0%

Cake 15.3% 4.0% Cake 15.0% 4.0%

Cedar 16.2% 5.9% Cedar 13.1% 4.8%
Cid 7.8% 1.0% Cid 6.1% 0.8%
Coat 29.6% 3.5% Coat 30.6% 3.7%
Cure 31.0% 3.6% Cure 34.2% 3.9%
Caesar 4.8% 0.6% Caesar 23.0% 3.1%
Cool 2.7% 0.7% Cool 4.3% 1.2%
Coke 2.1% 0.8% Coke 12.1% 4.4%
Total 18.0% 18.3% 12.7% 29.6% 31.0% 20.3% Total 19.3% 25.3% 29.2% 30.6% 34.2% 25.9%

Daze 8.3% 2.2% Daze 8.2% 2.2%

Dell 13.8% 5.1% Dell 11.3% 4.2%
Dixie 3.3% 0.4% Dixie 2.6% 0.3%
Dot 7.9% 0.9% Dot 7.4% 0.9%
Dune 12.1% 1.4% Dune 10.4% 1.2%
Total 8.3% 13.8% 3.3% 7.9% 12.1% 10.1% Total 8.2% 11.3% 2.6% 7.4% 10.4% 8.8%

Eat 12.7% 3.4% Eat 12.5% 3.3%

Ebb 12.7% 4.7% Ebb 10.3% 3.8%
Echo 20.5% 2.7% Echo 18.9% 2.5%
Edge 21.4% 2.6% Edge 20.9% 2.5%
Egg 21.6% 2.5% Egg 19.1% 2.2%
Elliot 6.7% 0.8% Elliot 7.3% 0.9%
Total 12.7% 12.7% 20.5% 28.1% 21.6% 16.6% Total 12.5% 10.3% 18.9% 28.2% 19.1% 15.2%

Fast 12.8% 3.4% Fast 12.6% 3.3%

Feat 15.2% 5.6% Feat 12.4% 4.6%
Fist 9.7% 1.3% Fist 7.6% 1.0%
Foam 13.6% 1.6% Foam 12.9% 1.5%
Fume 13.4% 1.5% Fume 11.5% 1.3%
Total 12.8% 15.2% 9.7% 13.6% 13.4% 13.4% Total 12.6% 12.4% 7.6% 12.9% 11.5% 11.8%

CAPSTONE ® COURIER Page 10

 Round: 6
Perceptual Map C112348 Dec. 31, 2025

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 9.2 10.7 6/10/2025 Baker 6.5 13.5 3/19/2024 Cake 8.5 11.5 6/30/2025
Acre 4.7 15.3 7/28/2023 Bead 5.2 14.8 7/19/2025 Cedar 4.2 15.8 6/20/2025
Adam 13.5 6.5 6/8/2025 Bid 14.6 5.4 6/23/2025 Cid 11.6 8.4 2/7/2026
Aft 14.6 12.4 6/1/2025 Bold 10.1 9.9 10/12/2025 Coat 14.4 12.5 7/14/2025
Agape 7.6 5.4 6/1/2025 Buddy 10.1 9.9 10/21/2025 Cure 7.5 5.6 7/14/2025
Amaze 4.8 15.2 2/22/2025 Caesar 12.8 7.2 3/26/2025
Cool 8.0 12.0 2/19/2025
Coke 4.0 16.0 1/26/2025

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 7.5 12.6 3/18/2024 Eat 9.4 10.8 7/22/2025 Fast 8.6 11.5 6/16/2025
Dell 3.5 16.5 2/13/2023 Ebb 5.8 15.5 7/19/2025 Feat 4.5 15.5 5/3/2025
Dixie 11.7 8.0 7/27/2024 Echo 13.4 6.8 8/10/2025 Fist 12.9 7.1 10/8/2025
Dot 12.5 13.9 6/17/2024 Edge 14.4 12.7 7/19/2025 Foam 13.8 13.0 8/31/2025
Dune 6.4 8.0 5/3/2024 Egg 7.3 5.8 7/28/2025 Fume 7.0 6.2 9/13/2025
Elliot 13.8 13.1 5/11/2025 Fuffy 5.1 15.5 11/19/2025

CAPSTONE ® COURIER Page 11

 Round: 6
HR/TQM Report C112348 Dec. 31, 2025
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 1,425 950 1,042 868 890 970
Complement 1,425 950 1,042 880 889 970
1st Shift Complement 835 780 734 749 673 620
2nd Shift Complement 590 170 308 131 216 350
Overtime Percent 0.1% 0.0% 0.0% 0.0% 0.1% 0.0%
Turnover Rate 9.6% 9.5% 6.7% 9.9% 8.2% 8.2%
New Employees 477 90 376 87 73 368
Separated Employees 0 217 0 0 78 0
Recruiting Spend $2,000 $2,000 $3,000 $1,500 $2,000 $2,000
Training Hours 40 30 80 40 80 80
Productivity Index 102.5% 106.9% 114.3% 105.4% 113.3% 110.9%
Recruiting Cost $1,431 $270 $1,505 $217 $218 $1,105
Separation Cost $0 $1,083 $0 $0 $390 $0
Training Cost $1,140 $570 $1,667 $704 $1,422 $1,552
Total HR Admin Cost $2,571 $1,923 $3,172 $921 $2,031 $2,657
Labor Contract Next Year
Wages $29.25 $29.74 $30.00 $29.04 $29.00 $28.78
Benefits 2,700 2,625 2,750 2,625 2,675 2,688
Profit Sharing 2.2% 2.1% 2.2% 2.1% 2.2% 2.2%
Annual Raise 5.3% 5.3% 5.5% 5.3% 5.3% 5.4%
Starting Negotiation Position
Wages $28.50 $26.81 $30.00 $25.53 $28.00 $27.55
Benefits 2,650 2,500 2,750 2,500 2,600 2,625
Profit Sharing 2.1% 2.0% 2.2% 2.0% 2.1% 2.1%
Annual Raise 5.2% 5.0% 5.5% 5.0% 5.2% 5.3%
Ceiling Negotiation Position
Wages $31.35 $29.49 $33.00 $28.08 $30.80 $30.31
Benefits 2,915 2,750 3,025 2,750 2,860 2,888
Profit Sharing 2.3% 2.2% 2.4% 2.2% 2.3% 2.3%
Annual Raise 5.7% 5.5% 6.1% 5.5% 5.7% 5.8%
Adjusted Labor Demands
Wages $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
Benefits 2,750 2,750 2,750 2,750 2,750 2,750
Profit Sharing 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
Annual Raise 5.5% 5.5% 5.5% 5.5% 5.5% 5.5%
Strike Days 0 4 0 13 0 0

TQM SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Process Mgt Budgets Last Year
CPI Systems $0 $0 $1,000 $0 $800 $1,500
VendorJIT $0 $0 $1,000 $0 $900 $1,500
Quality Initiative Training $0 $0 $1,000 $0 $0 $1,500
Channel Support Systems $1,200 $750 $1,000 $0 $750 $2,000
Concurrent Engineering $1,200 $750 $1,000 $0 $850 $1,500
UNEP Green Programs $1,200 $0 $1,000 $0 $0 $1,500

TQM Budgets Last Year

Benchmarking $1,200 $750 $1,000 $0 $1,500 $1,500
Quality Function Deployment Effort $0 $750 $1,000 $0 $1,500 $2,000
CCE/6 Sigma Training $1,000 $750 $1,000 $0 $1,500 $1,500
GEMI TQEM Sustainability Initiatives $0 $0 $1,000 $0 $1,500 $1,500
Total Expenditures $5,800 $3,750 $10,000 $0 $9,300 $16,000

Cumulative Impacts
Material Cost Reduction 11.12% 0.28% 11.68% 0.31% 7.03% 11.27%
Labor Cost Reduction 13.61% 1.17% 13.96% 0.98% 5.21% 11.72%
Reduction R&D Cycle Time 39.15% 38.78% 40.01% 13.54% 36.24% 40.01%
Reduction Admin Costs 59.27% 44.30% 60.02% 4.66% 51.38% 60.02%
Demand Increase 12.42% 7.43% 14.40% 3.62% 6.16% 14.02%

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: 6
C112348 Dec. 31, 2025
ETHICS SUMMARY
The actual dollar impact. Example, $120 means Other increased by $120.
The % of normal. 98% means demand fell 2%.
The % of normal. 104% means matieral costs rose 4%.
The % of normal. 103% means admin costs rose 3%.
The % of normal. 104% means productivity increased by 4%.
The % of normal. 105% means normal awareness was multiplied by 1.05.
The % of normal. 98% means normal accessiblity was multiplied by 0.98.
Normal means the value that would have been produced if the problem had not been presented.

No Impact Andrews Baldwin Chester Digby Erie Ferris

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

CAPSTONE ® COURIER Page 13

 Annual Report
Round: 6
Annual Report Erie C112348
Dec. 31, 2025
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2025 2024
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $54,207 27.9% $45,597
current value of your inventory across all products. A zero
Account Receivable $24,359 12.5% $22,116
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $10,386 5.4% $13,756
Equipment: The current value of your plant. Accum Total Current Assets $88,952 45.8% $81,469
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $207,440 107.0% $182,540
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($102,272) -52.7% ($88,443)
of operations. It includes emergency loans used to keep Total Fixed Assets $105,168 54.2% $94,097
your company solvent should you run out of cash during Total Assets $194,121 100.0% $175,567
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 $11,277 5.8% $11,823
instead of paying to shareholders as dividends.
Current Debt $20,850 10.7% $0
Long Term Debt $68,893 35.5% $68,701
Total Liabilities $101,020 52.0% $80,524

Common Stock $43,252 22.3% $38,040

Retained Earnings $49,849 25.7% $57,003
Total Equity $93,101 48.0% $95,043
Total Liab. & O. Equity $194,121 100.0% $175,567

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2025 2024
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $12,182 $9,144
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $13,829 $11,809
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($546) $2,053
are bad and you find yourself carrying an abundance of excess inventory,
Inventory $3,369 ($9,555)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($2,243) ($3,755)
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 $26,592 $9,697
afloat. Cash Flows from Investing Activities
Plant Improvements ($24,900) ($19,940)
Cash Flows from Financing Activities
Dividends paid ($15,400) $0
Sales of common stock $8,420 $7,000
Purchase of common stock ($7,144) $0
Cash from long term debt $21,042 $13,000
Retirement of long term debt ($20,850) $0
Change in current debt(net) $20,850 ($13,900)
Net cash from financing activities $6,918 $6,100
Net change in cash position $8,610 ($4,143)
Closing cash position $54,207 $45,597

Annual Report Page 14

 Round: 6
Annual Report Erie C112348
Dec. 31, 2025
2025 Income Statement
2025 Common
(Product Name) Eat Ebb Echo Edge Egg Elliot
Total
Size
Sales $42,817 $41,665 $47,755 $39,442 $38,364 $12,233 $0 $0 $222,276 100.0%
Variable Costs:
Direct Labor $9,205 $9,898 $13,500 $10,152 $10,197 $4,576 $0 $0 $57,528 25.9%
Direct Material $15,457 $14,807 $17,858 $16,198 $13,801 $4,922 $0 $0 $83,042 37.4%
Inventory Carry $496 $545 $0 $203 $0 $2 $0 $0 $1,246 0.6%
Total Variable $25,157 $25,249 $31,358 $26,553 $23,998 $9,500 $0 $0 $141,816 63.8%
Contribution Margin $17,660 $16,415 $16,398 $12,889 $14,366 $2,733 $0 $0 $80,460 36.2%
Period Costs:
Depreciation $3,984 $4,312 $1,200 $1,800 $1,800 $733 $0 $0 $13,829 6.2%
SG&A: R&D $561 $553 $614 $554 $579 $361 $0 $0 $3,224 1.5%
Promotions $1,500 $1,500 $1,500 $1,500 $1,800 $1,000 $0 $0 $8,800 4.0%
Sales $2,000 $2,000 $1,800 $1,800 $2,000 $1,000 $0 $0 $10,600 4.8%
Admin $537 $522 $599 $495 $481 $153 $0 $0 $2,787 1.3%
Total Period $8,582 $8,888 $5,713 $6,149 $6,660 $3,248 $0 $0 $39,240 17.7%
Net Margin $9,077 $7,528 $10,684 $6,740 $7,705 ($515) $0 $0 $41,220 18.5%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $10,880 4.9%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $30,340 13.6%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $2,481 1.1%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $8,734 3.9%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $6,694 3.0%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $249 0.1%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $12,182 5.5%
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