Page 1 Front Page Page 5 Thrift Segment Analysis Page 9 Market Share

Page 2 Stocks & Bonds Page 6 Core Segment Analysis Page 10 Perceptual Map
Page 3 Financial Summary Page 7 Nano Segment Analysis Page 11 HR/TQM Report
Page 4 Production Analysis Page 8 Elite Segment Analysis

Annual Report Andrews Annual Report Baldwin Annual Report Chester Annual Report Digby

Print

COOKIE SETTINGS
 TOP
Round 4
Dec. 31 2025 Vipul
Report Sharma

Andrews Baldwin Chester

Vipul Sharma

Digby

Selected Financial Statistics

Andrews Baldwin Chester Digby

ROS 3.4% 5.9% 4.7% 17.9%

Asset Turnover 1.26 0.77 0.77 1.42

ROA 4.3% 4.6% 3.6% 25.4%

Leverage (Assets/Equity) 1.3 2.4 2.2 1.7

ROE 5.7% 11% 8% 42.9%

Emergency Loan $0 $0 $0 $0

Sales $168,513,423 $145,479,982 $180,067,123 $250,482,149

EBIT $11,970,967 $27,249,828 $28,817,264 $77,490,349

Profits $5,720,040 $8,655,916 $8,455,409 $44,921,238

Cumulative Profit $28,449,781 $6,575,383 $9,318,340 $100,478,613

SG&A / Sales 13.4% 10.5% 11.9% 5.6%

Contrib. Margin % 35.1% 43.5% 40.6% 43.1%

Percent Of Sales $ Market Share

125%
Andrews
22.6 %

100% Digby
Other 33.6 %
SGA
Depr
Var Costs
75%
Profit

50%

Baldwin
19.5 %
25%

0% Chester
Andrews Baldwin Chester Digby 24.2 %

Market Share information is provided on Page 7.

COMP-XM® INQUIRER Page 1

COOKIE SETTINGS
 TOP
Round 4
Stocks & Bonds Vipul Sharma Dec. 31 2025

Stock Market Summary

Company Close Change Shares MarketCap($M) Book Value Per Share EPS Dividend Yield P/E

Andrews $64.37 ($0.53) 2,051,207 $132 $48.57 $2.79 $0.00 0.0% 23.1

Baldwin $31.98 $15.24 3,294,572 $105 $23.94 $2.63 $1.72 5.4% 12.2

Chester $38.13 $12.11 3,363,272 $128 $31.62 $2.51 $0.00 0.0% 15.2

Digby $175.61 $64.60 1,887,739 $332 $55.41 $23.80 $18.45 10.5% 7.4

Closing Stock Price Andrews

Baldwin
$200
Chester
Digby

$150

$100

$50

$0
2017 2018 2019 2020 2021 2022 2023 2024 2025

Bond Market Summary

Company Series# Face Yield Close$ S&P

Andrews

11.2S2028 $8,837,000 11.1% 100.73 AA

11.9S2029 $7,072,000 11.5% 103.11 AA

11.6S2034 $10,000,000 11.2% 103.89 AA

Baldwin

12.5S2029 $13,656,233 13.1% 95.35 CC

12.5S2030 $7,981,720 13.2% 94.52 CC

12.5S2031 $9,473,587 13.3% 93.80 CC

13.4S2032 $14,407,694 13.8% 97.01 CC

13.9S2033 $34,619,932 14.0% 99.08 CC

Chester

11.9S2031 $13,137,081 12.8% 92.94 CCC

13.0S2032 $17,783,553 13.4% 96.97 CCC

13.6S2033 $35,838,268 13.7% 99.53 CCC

13.9S2034 $21,454,242 13.8% 101.00 CCC

Digby

11.2S2031 $1,144,264 11.7% 95.91 BBB

12.0S2032 $1,307,561 12.1% 99.09 BBB

12.2S2033 $20,150,841 12.2% 100.00 BBB

12.6S2034 $7,956,184 12.3% 102.12 BBB

Next Year's Prime Rate 9%

COMP-XM® INQUIRER Page 2

COOKIE SETTINGS
 TOP
Round 4
Financial Summary Vipul Sharma Dec. 31 2025

Cash Flow Statement Survey

Andrews Baldwin Chester Digby
Cash flows from operating activities
Net Income (Loss) $5,720 $8,656 $8,455 $44,921
Adjustment for non-cash items:
Depreciation $9,663 $16,047 $17,776 $10,277
Extraordinary gains/losses/writeoffs $0 ($957) ($1,352) ($318)
Changes in current assets and liabilities:
Accounts payable $588 ($514) $45 $1,392
Inventory $3,915 $8,993 $5,436 $277
Accounts receivable $1,445 ($1,613) ($1,541) ($3,044)
Net cash from operations $21,331 $30,612 $28,820 $53,505
Cash flows from investing activities
Plant improvements (net) $0 $0 $0 $0
Cash flows from financing activities
Dividends paid $0 ($5,662) $0 ($34,827)
Sales of common stock $0 $0 $4,823 $0
Purchase of common stock $0 $0 $0 ($3,491)
Cash from long term debt issued $0 $0 $0 $0
Early retirement of long term debt $0 ($10,011) ($15,580) ($6,717)
Retirement of current debt $0 ($27,016) ($25,118) ($19,377)
Cash from current debt borrowing $0 $23,304 $29,782 $29,856
Cash from emergency loan $0 $0 $0 $0
Net cash from financing activities $0 ($19,384) ($6,093) ($34,555)
Net change in cash position $21,331 $11,228 $22,727 $18,950

Balance Sheet Survey

Andrews Baldwin Chester Digby
Cash $54,057 $44,290 $49,956 $56,838
Accounts Receivable $13,850 $11,957 $14,800 $20,588
Inventory $1,585 $1,729 $7,283 $15,230
Total Current Assets $69,493 $57,976 $72,039 $92,656
Plant and equipment $144,944 $240,700 $266,640 $154,160
Accumulated Depreciation ($80,253) ($110,376) ($106,078) ($70,259)
Total Fixed Assets $64,691 $130,324 $160,562 $83,901
Total Assets $134,185 $188,301 $232,600 $176,557
Accounts Payable $8,651 $5,997 $8,266 $11,538
Current Debt $0 $23,304 $29,782 $29,856
Total Current Liabilities $8,651 $29,301 $38,048 $41,394
Long Term Debt $25,909 $80,139 $88,213 $30,559
Total Liabilities $34,560 $109,440 $126,262 $71,952
Common Stock $12,080 $47,952 $58,217 $12,479
Retained Earnings $87,544 $30,909 $48,122 $92,126
Total Equity $99,624 $78,861 $106,339 $104,605
Total Liabilities & Owner's Equity $134,185 $188,301 $232,600 $176,557

Income Statement Survey

Andrews Baldwin Chester Digby
Sales $168,513 $145,480 $180,067 $250,482
Variable Costs (Labor, Material, Carry) $109,364 $82,166 $106,880 $142,484
Contribution Margin $59,149 $63,314 $73,187 $107,998
Depreciation $9,663 $16,047 $17,776 $10,277
SGA (R&D, Promo, Sales, Admin) $22,516 $15,325 $21,471 $14,146
Other (Fees, Writeoffs, TQM, Bonuses $15,000 $4,693 $5,123 $6,085
EBIT $11,971 $27,250 $28,817 $77,490
Interest (Short term, Long term) $2,991 $13,661 $15,543 $6,970
Taxes $3,143 $4,756 $4,646 $24,682
Profit Sharing $117 $177 $173 $917
Net Profit $5,720 $8,656 $8,455 $44,921

COMP-XM® INQUIRER Page 3

COOKIE SETTINGS
 TOP
Round 4
Production Analysis Vipul Sharma Dec. 31 2025

Production Capacity

Andrews

Baldwin

Chester

Digby

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,5…

Capacity Production

Andrews Baldwin Chester Digby

Units Produced 7,212 6,634 7,773 7,129

Production Information
Primary Units Unit Revision Age Pfmn Size Material Labor Contr. 2nd Shift & Automation Next Capacity Next Plant
Name Segment Sold Inventory Date Dec.31 MTBF Coord Coord Price Cost Cost Marg. Overtime Round Round Utiliz.

Aft Elite 1,414 0 9/15/2025 1.3 26000 15.8 7.0 $33.00 $12.56 $4.91 48% 100% 8.0 714 198%

Agape Thrift 2,230 147 9/13/2025 1.5 20000 8.7 11.3 $15.00 $7.09 $3.19 28% 77% 9.0 1,130 175%

Abby Core 2,376 0 9/15/2025 1.5 22000 11.5 8.6 $19.00 $9.46 $4.91 25% 100% 8.0 1,200 198%

Adam Nano 1,442 0 8/21/2025 1.4 24000 13.2 3.9 $30.00 $12.20 $6.55 38% 100% 7.0 728 198%

Bid Thrift 1,589 93 6/10/2025 2.6 17000 9.1 10.9 $15.00 $6.69 $1.28 46% 0% 10.0 1,550 99%

Bold Thrift 1,614 80 6/10/2025 2.6 17000 9.3 10.7 $15.00 $6.82 $1.28 45% 0% 10.0 1,700 90%

Brat Core 2,042 0 12/14/2025 1.6 18000 11.8 7.5 $23.00 $9.03 $4.56 41% 64% 8.0 1,100 162%

Bat Core 2,019 23 12/14/2025 1.6 20000 12.5 8.0 $25.00 $9.64 $4.35 44% 38% 8.0 1,300 137%

Cid Thrift 1,079 73 12/19/2024 3.2 14000 8.8 11.2 $15.00 $5.93 $1.21 50% 0% 10.0 1,250 75%

Coat Thrift 1,343 103 12/7/2022 4.1 16000 9.7 10.3 $17.00 $7.14 $1.21 46% 0% 10.0 1,550 80%

Cure Nano 1,472 138 12/21/2025 1.0 18000 13.9 3.1 $28.00 $11.83 $5.78 37% 67% 7.0 900 165%

Camp Elite 1,115 189 12/21/2025 1.0 20000 17.3 5.9 $34.00 $12.62 $5.36 46% 28% 7.0 900 127%

Cent Core 1,515 0 12/14/2025 1.0 16000 11.7 8.1 $19.00 $8.63 $4.09 33% 35% 8.0 1,040 133%

Clack Core 1,657 0 12/14/2025 1.0 16000 11.4 8.5 $20.00 $8.38 $4.25 38% 54% 8.0 1,040 152%

Duck Nano 2,046 291 9/13/2025 1.3 23000 14.6 2.9 $34.00 $13.04 $6.63 41% 100% 7.0 1,100 198%

Dot Elite 1,749 0 8/21/2025 1.6 25000 17.7 5.4 $34.00 $13.82 $6.63 40% 100% 7.0 850 198%

Dune Nano 1,514 223 8/13/2025 1.4 23000 15.0 2.6 $37.00 $13.28 $6.01 47% 35% 7.0 1,150 133%

Dart Elite 1,768 258 8/21/2025 1.3 25000 17.5 5.1 $37.00 $13.83 $6.00 45% 35% 7.0 1,300 133%

COMP-XM® INQUIRER Page 4

COOKIE SETTINGS
 TOP
Round 4
Thrift Market Segment Analysis Vipul Sharma Dec. 31 2025

Thrift Statisitcs Accessibility Thrift

Total Industry Unit Demand 7,746

Actual Industry Unit Sales 7,746

Andrews
Segment % of Total Industry 25.8%

Next Year's Segment Growth Rate 11%

Baldwin
Thrift Customer Buying Criteria
Expectations Importance

1. Price $14.00 - 26.00 55%

Chester
2. Reliability MTBF 14000-20000 20%

3. Ideal Position Pfmn 8.8 Size 11.2 15%

4. Age Ideal Age = 3.0 10%

Digby

0% 20% 40% 60% 80% 100%

Perceptual Map For Thrift Actual vs Potential Market Share Thrift

20 50%

18

16 40%

14

30%
12 Agape
Cid
Bid
Bold
Coat
Size

10
Abby
Clack
Cent 20%
8 Brat

6
10%
4

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Thrift Segment

Market Units Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Agape 29% 2,229 9/13/2025 8.7 11.3 $15.00 20000 1.53 $2,000 100% $2,000 95% 97

Bid 20% 1,514 6/10/2025 9.1 10.9 $15.00 17000 2.65 $1,300 83% $1,600 83% 69

Bold 19% 1,498 6/10/2025 9.3 10.7 $15.00 17000 2.6 $1,300 83% $1,600 83% 67

Cid 13% 1,036 12/19/2024 8.8 11.2 $15.00 14000 3.25 $1,200 72% $1,000 78% 46

Coat 10% 797 12/7/2022 9.7 10.3 $17.00 16000 4.11 $1,200 72% $1,000 78% 36

Abby 5% 403 9/15/2025 YES 11.5 8.6 $19.00 22000 1.5 $2,000 100% $3,000 95% 8

Clack 2% 181 12/14/2025 YES 11.4 8.5 $20.00 16000 0.96 $1,200 62% $900 78% 2

Cent 1% 85 12/14/2025 YES 11.7 8.1 $19.00 16000 0.96 $1,200 67% $900 78% 0

Brat 0% 3 12/14/2025 YES 11.8 7.5 $23.00 18000 1.56 $1,300 83% $1,400 83% 0

COMP-XM® INQUIRER Page 5

COOKIE SETTINGS
 TOP
Round 4
Core Market Segment Analysis Vipul Sharma Dec. 31 2025

Core Statisitcs Accessibility Core

Total Industry Unit Demand 9,778

Actual Industry Unit Sales 9,778

Andrews
Segment % of Total Industry 32.6%

Next Year's Segment Growth Rate 10%

Baldwin
Core Customer Buying Criteria
Expectations Importance

1. Price $20.00 - 32.00 46%

Chester
2. Age Ideal Age = 2.0 20%

3. Reliability MTBF 16000-22000 18%

4. Ideal Position Pfmn 12.1 Size 7.9 16%

Digby

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Perceptual Map For Core Actual vs Potential Market Share Core

20 50%

18

16 40%

14

30%
12 Agape
Cid
Bid
Bold
Coat
Size

10
Abby
Clack
Cent
Bat 20%
8 Brat
Aft

6
Adam 10%
4

2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Core Segment

Market Units Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Brat 21% 2,034 12/14/2025 YES 11.8 7.5 $23.00 18000 1.56 $1,300 83% $1,400 81% 53

Bat 21% 2,010 12/14/2025 12.5 8.0 $25.00 20000 1.57 $1,300 83% $1,400 81% 52

Abby 20% 1,974 9/15/2025 YES 11.5 8.6 $19.00 22000 1.5 $2,000 100% $3,000 78% 80

Clack 15% 1,477 12/14/2025 YES 11.4 8.5 $20.00 16000 0.96 $1,200 62% $900 73% 39

Cent 15% 1,431 12/14/2025 YES 11.7 8.1 $19.00 16000 0.96 $1,200 67% $900 73% 37

Coat 6% 546 12/7/2022 9.7 10.3 $17.00 16000 4.11 $1,200 72% $1,000 73% 10

Bold 1% 116 6/10/2025 9.3 10.7 $15.00 17000 2.6 $1,300 83% $1,600 81% 3

Bid 1% 75 6/10/2025 9.1 10.9 $15.00 17000 2.65 $1,300 83% $1,600 81% 2

Aft 1% 57 9/15/2025 YES 15.8 7.0 $33.00 26000 1.32 $2,000 100% $2,000 78% 0

Cid 0% 43 12/19/2024 8.8 11.2 $15.00 14000 3.25 $1,200 72% $1,000 73% 0

Adam 0% 17 8/21/2025 YES 13.2 3.9 $30.00 24000 1.4 $2,000 100% $3,000 78% 0

COMP-XM® INQUIRER Page 6

COOKIE SETTINGS
 TOP
Round 4
Nano Market Segment Analysis Vipul Sharma Dec. 31 2025

Nano Statisitcs Accessibility Nano

Total Industry Unit Demand 6,164

Actual Industry Unit Sales 6,164

Andrews
Segment % of Total Industry 20.6%

Next Year's Segment Growth Rate 14%

Baldwin
Nano Customer Buying Criteria
Expectations Importance

1. Ideal Position Pfmn 14.0 Size 2.8 35%

Chester
2. Price $28.00 - 40.00 27%

3. Age Ideal Age = 1.0 20%

4. Reliability MTBF 18000-24000 18%

Digby

0% 20% 40% 60% 80% 100%

Perceptual Map For Nano Actual vs Potential Market Share Nano

20 60%

18

16

14 40%

12
Size

10
Bat
8 Brat
Aft 20%

6 Dart
Adam
4 Cure
Duck
Dune
2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Nano Segment

Market Units Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Duck 30% 1,832 9/13/2025 14.6 2.9 $34.00 23000 1.27 $1,400 92% $1,100 80% 66

Dune 24% 1,454 8/13/2025 15.0 2.6 $37.00 23000 1.36 $1,400 92% $1,000 80% 51

Cure 24% 1,453 12/21/2025 13.9 3.1 $28.00 18000 1.02 $1,200 73% $2,400 74% 56

Adam 22% 1,351 8/21/2025 YES 13.2 3.9 $30.00 24000 1.4 $2,000 100% $3,000 84% 85

Aft 1% 49 9/15/2025 YES 15.8 7.0 $33.00 26000 1.32 $2,000 100% $2,000 84% 0

Dart 0% 17 8/21/2025 17.5 5.1 $37.00 25000 1.35 $1,400 91% $1,000 80% 0

Brat 0% 5 12/14/2025 YES 11.8 7.5 $23.00 18000 1.56 $1,300 83% $1,400 12% 0

Bat 0% 3 12/14/2025 12.5 8.0 $25.00 20000 1.57 $1,300 83% $1,400 12% 0

COMP-XM® INQUIRER Page 7

COOKIE SETTINGS
 TOP
Round 4
Elite Market Segment Analysis Vipul Sharma Dec. 31 2025

Elite Statisitcs Accessibility Elite

Total Industry Unit Demand 6,297

Actual Industry Unit Sales 6,297

Andrews
Segment % of Total Industry 21%

Next Year's Segment Growth Rate 16%

Baldwin
Elite Customer Buying Criteria
Expectations Importance

1. Age Ideal Age = 0.0 34%

Chester
2. Price $30.00 - 42.00 24%

3. Ideal Position Pfmn 17.2 Size 6.0 22%

4. Reliability MTBF 20000-26000 20%

Digby

0% 20% 40% 60% 80% 100%

Perceptual Map For Elite Actual vs Potential Market Share Elite

20 80%

18

16
60%
14

12

40%
Size

10
Bat
8 Aft
Camp
6 Dot
Dart 20%
Adam
4 Cure
Duck
Dune
2
0%
0 Andrews Baldwin Chester Digby
0 2 4 6 8 10 12 14 16 18 20
Performance Actual Potential

Top Products in Elite Segment

Market Units Sold to Revision Stock Pfmn Size List Age Promo Cust. Sales Cust. Dec. Cust.
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget Awareness Budget Accessibility Survey

Dart 28% 1,751 8/21/2025 17.5 5.1 $37.00 25000 1.35 $1,400 91% $1,000 87% 50

Dot 28% 1,749 8/21/2025 YES 17.7 5.4 $34.00 25000 1.63 $1,400 92% $1,000 87% 54

Aft 21% 1,308 9/15/2025 YES 15.8 7.0 $33.00 26000 1.32 $2,000 100% $2,000 76% 61

Camp 18% 1,115 12/21/2025 17.3 5.9 $34.00 20000 1.03 $1,200 72% $2,400 74% 37

Duck 3% 215 9/13/2025 14.6 2.9 $34.00 23000 1.27 $1,400 92% $1,100 87% 0

Adam 1% 73 8/21/2025 YES 13.2 3.9 $30.00 24000 1.4 $2,000 100% $3,000 76% 0

Dune 1% 60 8/13/2025 15.0 2.6 $37.00 23000 1.36 $1,400 92% $1,000 87% 0

Cure 0% 19 12/21/2025 13.9 3.1 $28.00 18000 1.02 $1,200 73% $2,400 74% 0

Bat 0% 6 12/14/2025 12.5 8.0 $25.00 20000 1.57 $1,300 83% $1,400 5% 0

COMP-XM® INQUIRER Page 8

COOKIE SETTINGS
 TOP
Round 4
Market Share Report Vipul Sharma Dec. 31 2025

Units Sold vs Demand Market Share

11,000 70%

10,000
60%
9,000

8,000 50%

7,000
40%
6,000

5,000
30%
4,000

3,000 20%

2,000
10%
1,000

0 0%
Thrift Core Nano Elite Andrews Baldwin Chester Digby

Industry Unit Sales Total Unit Demand Thrift Core Nano Elite

Actual Market Share in Units Potential Market Share in Units

Thrift Core Nano Elite Total Thrift Core Nano Elite Total

Industry Unit Sales 7,746 9,778 6,164 6,297 29,984 Units Demanded 7,746 9,778 6,164 6,297 29,984

% of Market 25.8% 32.6% 20.6% 21.0% 100.0% % of Market 25.8% 32.6% 20.6% 21.0% 100.0%

Aft 0.6% 0.8% 20.8% 4.7% Aft 0.7% 1.0% 27.7% 6.3%

Agape 28.8% 7.4% Agape 28.1% 7.3%

Abby 5.2% 20.2% 7.9% Abby 7.4% 27.8% 11.0%

Adam 0.2% 21.9% 1.2% 4.8% Adam 0.2% 32.5% 1.7% 7.1%

Total 34.0% 21.0% 22.7% 22.0% 24.9% Total 35.5% 28.8% 33.5% 29.4% 31.6%

Bid 19.5% 0.8% 5.3% Bid 19.1% 0.7% 5.2%

Bold 19.3% 1.2% 5.4% Bold 18.9% 1.0% 5.2%

Brat 20.8% 0.1% 6.8% Brat 18.7% 0.1% 6.1%

Bat 20.6% 0.1% 0.1% 6.7% Bat 18.2% 0.1% 5.9%

Total 38.9% 43.3% 0.1% 0.1% 24.2% Total 38.0% 38.6% 0.1% 0.1% 22.5%

Cid 13.4% 0.4% 3.6% Cid 13.1% 0.4% 3.5%

Coat 10.3% 5.6% 4.5% Coat 10.1% 4.9% 4.2%

Cure 23.6% 0.3% 4.9% Cure 20.3% 0.3% 4.2%

Camp 17.7% 3.7% Camp 15.8% 3.3%

Cent 1.1% 14.6% 5.1% Cent 1.1% 13.3% 4.6%

Clack 2.3% 15.1% 5.5% Clack 2.3% 14.0% 5.2%

Total 27.1% 35.8% 23.6% 18.0% 27.3% Total 26.5% 32.6% 20.3% 16.1% 25.0%

Duck 29.7% 3.4% 6.8% Duck 25.5% 3.1% 5.9%

Dot 27.8% 5.8% Dot 25.8% 5.4%

Dune 23.6% 1.0% 5.1% Dune 20.3% 0.9% 4.4%

Dart 0.3% 27.8% 5.9% Dart 0.3% 24.7% 5.2%

Total 53.6% 59.9% 23.6% Total 46.1% 54.5% 20.9%

COMP-XM® INQUIRER Page 9

COOKIE SETTINGS
 TOP
Round 4
Perceptual Map Vipul Sharma Dec. 31 2025

20

18

16

14

12 Agape
Cid
Bid
Bold
Coat

Size
10
Abby
Clack
CentBat
8 Brat
Aft

Camp
6 Dot
Dart

Adam
4
Cure
Duck
Dune

0
0 2 4 6 8 10 12 14 16 18 20
Performance

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised

Aft 15.8 7.0 9/15/2025 Bid 9.1 10.9 6/10/2025 Cid 8.8 11.2 12/19/2024

Agape 8.7 11.3 9/13/2025 Bold 9.3 10.7 6/10/2025 Coat 9.7 10.3 12/7/2022

Abby 11.5 8.6 9/15/2025 Brat 11.8 7.5 12/14/2025 Cure 13.9 3.1 12/21/2025

Adam 13.2 3.9 8/21/2025 Bat 12.5 8.0 12/14/2025 Camp 17.3 5.9 12/21/2025

Cent 11.7 8.1 12/14/2025

Clack 11.4 8.5 12/14/2025

Digby

Name Pfmn Size Revised

Duck 14.6 2.9 9/13/2025

Dot 17.7 5.4 8/21/2025

Dune 15.0 2.6 8/13/2025

Dart 17.5 5.1 8/21/2025

COMP-XM® INQUIRER Page 10

COOKIE SETTINGS
 TOP
Round 4
HR/TQM Report Vipul Sharma Dec. 31 2025
Human Resources Summary

Andrews Baldwin Chester Digby

Needed Complement 452 281 425 595

Complement 452 281 425 595

1st Shift Complement 232 208 305 364

2nd Shift Complement 220 73 120 232

Overtime % 0.0% 0.0% 0.0% 0.0%

Turnover Rate 7.0% 8.0% 6.1% 10.0%

New Employees 31 22 26 60

Separated Employees 82 67 86 2

Recruiting Spend $3,000 $2,500 $5,000 $0

Training Hours 80 40 80 0

Productivity Index 106.3% 118.4% 132.0% 100.0%

Recruiting Cost $126 $78 $156 $60

Separation Cost $410 $336 $430 $10

Training Cost $723 $225 $680 $0

Total HR Admin Cost $1,259 $638 $1,265 $70

Labor Contract Next Year

Wages $31.04 $31.04 $31.04 $31.04

Benefits 2,500 2,500 2,500 2,500

Profit Sharing 2.0% 2.0% 2.0% 2.0%

Annual Raise 5.0% 5.0% 5.0% 5.0%

TQM Summary

Andrews Baldwin Chester Digby

Process Mgt Budgets Last Year

CPI Systems $2,000 $1,250 $1,500 $0

Vendor/JIT $2,000 $1,250 $1,500 $0

Quality Initiative Training $1,000 $0 $0 $1,250

Channel Support Systems $1,000 $1,500 $0 $1,250

Concutrent Engineering $1,000 $0 $0 $1,250

UNEP Green Programs $2,000 $0 $1,500 $0

TQM Budgets Last Year

Benchmarking $1,000 $0 $1,500 $0

Quality Function Deployment Effort $1,000 $0 $0 $0

CCE/6 Sigma Training $2,000 $750 $0 $1,250

GEMI TQEM Sustainability Initiatives $2,000 $750 $0 $1,250

Total Expenditures $15,000 $5,500 $6,000 $6,250

Cumulative Impacts

Material Cost Reduction 11.80% 10.20% 6.07% 9.48%

Labor Cost Reduction 13.97% 4.39% 0.28% 14.00%

Reduction R&D Cycle Time 40.01% 0.00% 0.00% 40.01%

Reduction Admin Costs 60.02% 34.91% 60.02% 0.00%

Demand Increase 14.40% 10.57% 2.35% 12.78%

COMP-XM® INQUIRER Page 11

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Andrews C59559 Dec. 31 2025

Balance Sheet
ASSETS 2025 2024
DEFINITIONS: Common Size: The common size column
Common Size
simply represents each item as a percentage of total assets
for that year. Cash: Your end-of-year cash position. Cash $54,057 40.3% $32,727
Accounts Receivable: Reflects the lag between delivery and
Accounts Receivable $13,850 10.3% $15,295
payment of your products. Inventories: The current value of
your inventory across all products. A zero indicates your Inventory $1,585 1.2% $5,500
company stocked out. Unmet demand would, of course, fall to
Total Current Assets $69,492 51.8% $53,522
your competitors. Plant & Equipment: The current value of
your plant. Accum Deprec: The total accumulated Plant & Equipment $144,944 108% $144,944
depreciation from your plant. Accts Payable: What the
Accumulated Depreciation ($80,253) -59.8% ($70,590)
company currently owes suppliers for materials and services.
Current Debt: The debt the company is obligated to pay Total Fixed Assets $64,691 48.2% $74,354
during the next year of operations. It includes emergency
loans used to keep your company solvent should you run out Total assets $134,185 100% $127,877
of cash during the year. Long Term Debt: The company's LIABILITIES & OWNERS' EQUITY
long term debt is in the form of bonds, and this represents the
total value of your bonds. Common Stock: The amount of Accounts Payable $8,651 6.4% $8,063
capital invested by shareholders in the company. Retained Current Debt $0 0% $0
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends. Long Term Debt $25,909 19.3% $25,909

Total Liabilities $34,560 25.8% $33,972

Common Stock $12,080 9% $12,080

Retained Earnings $87,544 65.2% $81,824

Total Equity $99,624 74.2% $93,904

Total Liab. & O. Equity $134,185 100% $127,877

Cash Flow Statement

Cash Flows from Operating Activities: 2025 2024
The Cash Flow Statement examines what happened in the Cash Account during the year. Cash
Net income (Loss) $5,720 $7,623
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 Depreciation $9,663 $9,663
positives, you are forced to seek emergency funding. For example, if sales are bad and you find
Extraordinary gain/losses/writeoffs $0 $0
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 Accounts Payable $588 ($1,243)
your starting cash and force you to beg for money to keep your company afloat.
Inventory $3,915 $31,166

Accounts Receivable $1,445 ($192)

Cash Flow Summary Andrews Net cash from operations $21,331 $47,018
25k
Cash Flows from Investing Activities:

Plant Improvements $0 ($15,088)

Cash Flows from Financing Activities:

20k
Dividends paid $0 $0

Sales of Common Stock $0 $0

15k
Purchase of Common Stock $0 $0

Cash from long term debt $0 $10,000

Retirement of long term debt $0 $0

10k
Change in current debt (net) $0 ($31,300)

Net cash from financing activities $0 ($21,300)

5k
Net change in cash position $21,331 $10,630

Closing cash position $54,057 $32,727

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Andrews C59559 Dec. 31 2025

2025 Income Statement

Product Name Aft Agape Abby Adam NA NA NA NA Total Common Size

Sales $46,660 $33,452 $45,151 $43,250 $0 $0 $0 $0 $168,513 100%

Variable Costs:

Direct Labor $6,943 $8,313 $11,669 $9,439 $0 $0 $0 $0 $36,363 21.6%

Direct Material $17,562 $15,766 $22,049 $17,434 $0 $0 $0 $0 $72,811 43.2%

Inventory Carry $0 $190 $0 $0 $0 $0 $0 $0 $190 0.1%

Total Variable $24,505 $24,269 $33,718 $26,872 $0 $0 $0 $0 $109,364 64.9%

Contribution Margin $22,156 $9,183 $11,434 $16,378 $0 $0 $0 $0 $59,150 35.1%

Period Costs:

Depreciation $1,809 $3,164 $3,040 $1,650 $0 $0 $0 $0 $9,663 5.7%

R&D $715 $710 $715 $645 $0 $0 $0 $0 $2,785 1.7%

Promotions $2,000 $2,000 $2,000 $2,000 $0 $0 $0 $0 $8,000 4.7%

Sales $2,000 $2,000 $3,000 $3,000 $0 $0 $0 $0 $10,000 5.9%

Admin $479 $344 $464 $444 $0 $0 $0 $0 $1,731 1%

Total Period $7,003 $8,217 $9,219 $7,739 $0 $0 $0 $0 $32,179 19.1%

Net Margin $15,152 $965 $2,215 $8,639 $0 $0 $0 $0 $26,971 16%

Other $15,000 8.9%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the
product that was sold. Inventory Carry Cost: the cost to carry unsold goods in inventory. EBIT $11,971 7.1%
Depreciation: Calculated on straight-line 15-year depreciation of plant value. R&D Costs: R&D
Short Term Interest $0 0%
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 Long Term Interest $2,991 1.8%
product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees
Taxes $3,143 1.9%
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 Profit Sharing $117 0.1%
sell capacity or liquidate inventory as the result of eliminating a production line. If the amount appears
Net Profit $5,720 3.4%
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 year's
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
Variables Margins
rate. Profit Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus 50%
interest, taxes, and profit sharing.

40%

30%

20%

10%

0%

Aft Agape Abby Adam NA

NA NA NA

COOKIE SETTINGS
 Profit History Market Share History
$25,000 40%

$20,000
30%

$15,000

20%

$10,000

10%
$5,000

$0 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

ROE History Asset Turnover History

40% 2.0

30% 1.5

20% 1.0

10% 0.5

0% 0.0

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

COOKIE SETTINGS
 ROS History ROA History
15% 20%

12.5%

15%

10%

7.5% 10%

5%

5%

2.5%

0% 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Baldwin C59559 Dec. 31 2025

Balance Sheet
ASSETS 2025 2024
DEFINITIONS: Common Size: The common size column
Common Size
simply represents each item as a percentage of total assets
for that year. Cash: Your end-of-year cash position. Cash $44,290 23.5% $33,062
Accounts Receivable: Reflects the lag between delivery and
Accounts Receivable $11,957 6.3% $10,345
payment of your products. Inventories: The current value of
your inventory across all products. A zero indicates your Inventory $1,729 0.9% $10,722
company stocked out. Unmet demand would, of course, fall to
Total Current Assets $57,976 30.8% $54,129
your competitors. Plant & Equipment: The current value of
your plant. Accum Deprec: The total accumulated Plant & Equipment $240,700 127.8% $240,700
depreciation from your plant. Accts Payable: What the
Accumulated Depreciation ($110,376) -58.6% ($94,329)
company currently owes suppliers for materials and services.
Current Debt: The debt the company is obligated to pay Total Fixed Assets $130,324 69.2% $146,371
during the next year of operations. It includes emergency
loans used to keep your company solvent should you run out Total assets $188,301 100% $200,500
of cash during the year. Long Term Debt: The company's LIABILITIES & OWNERS' EQUITY
long term debt is in the form of bonds, and this represents the
total value of your bonds. Common Stock: The amount of Accounts Payable $5,997 3.2% $6,511
capital invested by shareholders in the company. Retained Current Debt $23,304 12.4% $27,016
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends. Long Term Debt $80,139 42.6% $91,107

Total Liabilities $109,440 58.1% $124,634

Common Stock $47,952 25.5% $47,952

Retained Earnings $30,909 16.4% $27,915

Total Equity $78,861 41.9% $75,867

Total Liab. & O. Equity $188,301 100% $200,500

Cash Flow Statement

Cash Flows from Operating Activities: 2025 2024
The Cash Flow Statement examines what happened in the Cash Account during the year. Cash
Net income (Loss) $8,656 ($2,561)
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 Depreciation $16,047 $16,047
positives, you are forced to seek emergency funding. For example, if sales are bad and you find
Extraordinary gain/losses/writeoffs ($957) ($45)
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 Accounts Payable ($514) ($1,038)
your starting cash and force you to beg for money to keep your company afloat.
Inventory $8,993 ($1,473)

Accounts Receivable ($1,613) $1,101

Cash Flow Summary Baldwin Net cash from operations $30,612 $12,031
40k
Cash Flows from Investing Activities:

Plant Improvements $0 ($13,000)

30k
Cash Flows from Financing Activities:

Dividends paid ($5,662) $0

20k
Sales of Common Stock $0 $8,219

10k Purchase of Common Stock $0 $0

Cash from long term debt $0 $0

0 Retirement of long term debt ($10,011) ($413)

Change in current debt (net) ($3,712) ($16,737)

-10k
Net cash from financing activities ($19,384) ($8,932)

Net change in cash position $11,228 ($9,901)

-20k
Closing cash position $44,290 $33,062

-30k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Baldwin C59559 Dec. 31 2025

2025 Income Statement

Product Name Bid Bold Brat Bat Na Na Na Na Total Common Size

Sales $23,830 $24,213 $46,956 $50,481 $0 $0 $0 $0 $145,480 100%

Variable Costs:

Direct Labor $2,234 $2,282 $9,278 $8,794 $0 $0 $0 $0 $22,588 15.5%

Direct Material $10,549 $10,954 $18,419 $19,449 $0 $0 $0 $0 $59,370 40.8%

Inventory Carry $90 $79 $0 $38 $0 $0 $0 $0 $207 0.1%

Total Variable $12,873 $13,315 $27,696 $28,282 $0 $0 $0 $0 $82,166 56.5%

Contribution Margin $10,957 $10,898 $19,259 $22,200 $0 $0 $0 $0 $63,314 43.5%

Period Costs:

Depreciation $4,753 $5,213 $2,787 $3,293 $0 $0 $0 $0 $16,047 11%

R&D $446 $446 $966 $966 $0 $0 $0 $0 $2,824 1.9%

Promotions $1,300 $1,300 $1,300 $1,300 $0 $0 $0 $0 $5,200 3.6%

Sales $1,600 $1,600 $1,400 $1,400 $0 $0 $0 $0 $6,000 4.1%

Admin $213 $217 $420 $452 $0 $0 $0 $0 $1,301 0.9%

Total Period $8,312 $8,776 $6,873 $7,411 $0 $0 $0 $0 $31,372 21.6%

Net Margin $2,644 $2,123 $12,387 $14,789 $0 $0 $0 $0 $31,943 22%

Other $4,693 3.2%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the
product that was sold. Inventory Carry Cost: the cost to carry unsold goods in inventory. EBIT $27,250 18.7%
Depreciation: Calculated on straight-line 15-year depreciation of plant value. R&D Costs: R&D
Short Term Interest $3,030 2.1%
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 Long Term Interest $10,632 7.3%
product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees
Taxes $4,756 3.3%
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 Profit Sharing $177 0.1%
sell capacity or liquidate inventory as the result of eliminating a production line. If the amount appears
Net Profit $8,656 5.9%
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 year's
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
Variables Margins
rate. Profit Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus 50%
interest, taxes, and profit sharing.

40%

30%

20%

10%

0%

Bid Bold Brat Bat NA NA

NA NA

COOKIE SETTINGS
 Profit History Market Share History
$15,000 40%

$10,000
30%

$5,000

20%

$0

10%
$-5,000

$-10,000 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

ROE History Asset Turnover History

20% 1.5

15%

10% 1.0

5%

0% 0.5

-5%

-10% 0.0

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

COOKIE SETTINGS
 ROS History ROA History
10% 10%

7.5% 7.5%

5% 5%

2.5% 2.5%

0% 0%

-2.5% -2.5%

-5% -5%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Chester C59559 Dec. 31 2025

Balance Sheet
ASSETS 2025 2024
DEFINITIONS: Common Size: The common size column
Common Size
simply represents each item as a percentage of total assets
for that year. Cash: Your end-of-year cash position. Cash $49,956 21.5% $27,229
Accounts Receivable: Reflects the lag between delivery and
Accounts Receivable $14,800 6.4% $13,259
payment of your products. Inventories: The current value of
your inventory across all products. A zero indicates your Inventory $7,283 3.1% $12,719
company stocked out. Unmet demand would, of course, fall to
Total Current Assets $72,039 31% $53,207
your competitors. Plant & Equipment: The current value of
your plant. Accum Deprec: The total accumulated Plant & Equipment $266,640 114.6% $266,640
depreciation from your plant. Accts Payable: What the
Accumulated Depreciation ($106,078) -45.6% ($88,302)
company currently owes suppliers for materials and services.
Current Debt: The debt the company is obligated to pay Total Fixed Assets $160,562 69% $178,338
during the next year of operations. It includes emergency
loans used to keep your company solvent should you run out Total assets $232,600 100% $231,545
of cash during the year. Long Term Debt: The company's LIABILITIES & OWNERS' EQUITY
long term debt is in the form of bonds, and this represents the
total value of your bonds. Common Stock: The amount of Accounts Payable $8,266 3.6% $8,221
capital invested by shareholders in the company. Retained Current Debt $29,782 12.8% $25,118
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends. Long Term Debt $88,213 37.9% $105,145

Total Liabilities $126,261 54.3% $138,484

Common Stock $58,217 25% $53,394

Retained Earnings $48,122 20.7% $39,666

Total Equity $106,339 45.7% $93,060

Total Liab. & O. Equity $232,600 100% $231,545

Cash Flow Statement

Cash Flows from Operating Activities: 2025 2024
The Cash Flow Statement examines what happened in the Cash Account during the year. Cash
Net income (Loss) $8,455 ($1,633)
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 Depreciation $17,776 $17,776
positives, you are forced to seek emergency funding. For example, if sales are bad and you find
Extraordinary gain/losses/writeoffs ($1,352) $0
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 Accounts Payable $45 $1,152
your starting cash and force you to beg for money to keep your company afloat.
Inventory $5,436 ($863)

Accounts Receivable ($1,541) ($2,472)

Cash Flow Summary Chester Net cash from operations $28,820 $13,959
40k
Cash Flows from Investing Activities:

Plant Improvements $0 ($45,980)

Cash Flows from Financing Activities:

30k
Dividends paid $0 $0

Sales of Common Stock $4,823 $16,513

20k
Purchase of Common Stock $0 $0

Cash from long term debt $0 $21,454

Retirement of long term debt ($15,580) $0

10k
Change in current debt (net) $4,665 ($9,326)

Net cash from financing activities ($6,093) $28,642

0
Net change in cash position $22,727 ($3,379)

Closing cash position $49,956 $27,229

-10k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Chester C59559 Dec. 31 2025

2025 Income Statement

Product Name Cid Coat Cure Camp Cent Clack Na Na Total Common Size

Sales $16,179 $22,826 $41,221 $37,906 $28,793 $33,142 $0 $0 $180,067 100%

Variable Costs:

Direct Labor $1,459 $2,134 $8,615 $6,084 $6,379 $7,055 $0 $0 $31,726 17.6%

Direct Material $6,620 $10,096 $17,126 $13,906 $12,871 $13,661 $0 $0 $74,280 41.3%

Inventory Carry $65 $113 $289 $407 $0 $0 $0 $0 $874 0.5%

Total Variable $8,145 $12,343 $26,030 $20,397 $19,250 $20,716 $0 $0 $106,880 59.4%

Contribution Margin $8,034 $10,483 $15,191 $17,509 $9,543 $12,426 $0 $0 $73,187 40.6%

Period Costs:

Depreciation $3,833 $4,753 $2,040 $2,040 $2,635 $2,475 $0 $0 $17,776 9.9%

R&D $0 $0 $985 $985 $966 $966 $0 $0 $3,902 2.2%

Promotions $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $0 $0 $7,200 4%

Sales $1,000 $1,000 $2,400 $2,400 $900 $900 $0 $0 $8,600 4.8%

Admin $159 $224 $405 $372 $283 $326 $0 $0 $1,769 1%

Total Period $6,192 $7,178 $7,030 $6,997 $5,984 $5,866 $0 $0 $39,247 21.8%

Net Margin $1,842 $3,306 $8,162 $10,512 $3,559 $6,559 $0 $0 $33,940 18.8%

Other $5,123 2.8%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the
product that was sold. Inventory Carry Cost: the cost to carry unsold goods in inventory. EBIT $28,817 16%
Depreciation: Calculated on straight-line 15-year depreciation of plant value. R&D Costs: R&D
Short Term Interest $3,812 2.1%
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 Long Term Interest $11,731 6.5%
product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees
Taxes $4,646 2.6%
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 Profit Sharing $173 0.1%
sell capacity or liquidate inventory as the result of eliminating a production line. If the amount appears
Net Profit $8,455 4.7%
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 year's
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
Variables Margins
rate. Profit Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus 60%
interest, taxes, and profit sharing.

50%

40%

30%

20%

10%

0%

Cid Coat Cure Camp Cent Clack

NA NA

COOKIE SETTINGS
 Profit History Market Share History
$12,500 30%

$10,000
25%

$7,500
20%

$5,000
15%
$2,500

10%
$0

5%
$-2,500

$-5,000 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

ROE History Asset Turnover History

25% 1.5

20% 1.3

15% 1.0

10% 0.8

5% 0.5

0% 0.3

-5% 0.0

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

COOKIE SETTINGS
 ROS History ROA History
12.5% 12.5%

10% 10%

7.5% 7.5%

5% 5%

2.5% 2.5%

0% 0%

-2.5% -2.5%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 4
Annual Report Digby C59559 Dec. 31 2025

Balance Sheet
ASSETS 2025 2024
DEFINITIONS: Common Size: The common size column
Common Size
simply represents each item as a percentage of total assets
for that year. Cash: Your end-of-year cash position. Cash $56,838 32.2% $37,888
Accounts Receivable: Reflects the lag between delivery and
Accounts Receivable $20,588 11.7% $17,543
payment of your products. Inventories: The current value of
your inventory across all products. A zero indicates your Inventory $15,230 8.6% $15,507
company stocked out. Unmet demand would, of course, fall to
Total Current Assets $92,656 52.5% $70,938
your competitors. Plant & Equipment: The current value of
your plant. Accum Deprec: The total accumulated Plant & Equipment $154,160 87.3% $154,160
depreciation from your plant. Accts Payable: What the
Accumulated Depreciation ($70,259) -39.8% ($59,981)
company currently owes suppliers for materials and services.
Current Debt: The debt the company is obligated to pay Total Fixed Assets $83,901 47.5% $94,179
during the next year of operations. It includes emergency
loans used to keep your company solvent should you run out Total assets $176,557 100% $165,117
of cash during the year. Long Term Debt: The company's LIABILITIES & OWNERS' EQUITY
long term debt is in the form of bonds, and this represents the
total value of your bonds. Common Stock: The amount of Accounts Payable $11,538 6.5% $10,146
capital invested by shareholders in the company. Retained Current Debt $29,856 16.9% $19,377
Earnings: The profits that the company chose to keep
instead of paying to shareholders as dividends. Long Term Debt $30,559 17.3% $37,594

Total Liabilities $71,953 40.8% $67,117

Common Stock $12,479 7.1% $12,940

Retained Earnings $92,126 52.2% $85,061

Total Equity $104,605 59.2% $98,001

Total Liab. & O. Equity $176,557 100% $165,117

Cash Flow Statement

Cash Flows from Operating Activities: 2025 2024
The Cash Flow Statement examines what happened in the Cash Account during the year. Cash
Net income (Loss) $44,921 $28,915
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 Depreciation $10,277 $10,277
positives, you are forced to seek emergency funding. For example, if sales are bad and you find
Extraordinary gain/losses/writeoffs ($318) $0
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 Accounts Payable $1,392 $514
your starting cash and force you to beg for money to keep your company afloat.
Inventory $277 $5,562

Accounts Receivable ($3,044) ($3,656)

Cash Flow Summary Digby Net cash from operations $53,505 $41,614
75k
Cash Flows from Investing Activities:

Plant Improvements $0 ($27,900)

Cash Flows from Financing Activities:

50k
Dividends paid ($34,827) ($435)

Sales of Common Stock $0 $0

25k
Purchase of Common Stock ($3,491) ($2,462)

Cash from long term debt $0 $7,956

Retirement of long term debt ($6,717) $0

0
Change in current debt (net) $10,479 ($10,259)

Net cash from financing activities ($34,555) ($5,200)

-25k
Net change in cash position $18,950 $8,514

Closing cash position $56,838 $37,888

-50k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 4
Annual Report Digby C59559 Dec. 31 2025

2025 Income Statement

Product Name Duck Dot Dune Dart Na Na Na Na Total Common Size

Sales $69,571 $59,452 $56,026 $65,433 $0 $0 $0 $0 $250,482 100%

Variable Costs:

Direct Labor $13,747 $11,605 $9,276 $10,947 $0 $0 $0 $0 $45,576 18.2%

Direct Material $26,303 $24,064 $20,173 $24,541 $0 $0 $0 $0 $95,080 38%

Inventory Carry $684 $0 $521 $622 $0 $0 $0 $0 $1,828 0.7%

Total Variable $40,735 $35,669 $29,969 $36,110 $0 $0 $0 $0 $142,484 56.9%

Contribution Margin $28,836 $23,783 $26,057 $29,323 $0 $0 $0 $0 $107,998 43.1%

Period Costs:

Depreciation $2,797 $1,927 $2,607 $2,947 $0 $0 $0 $0 $10,277 4.1%

R&D $710 $645 $623 $645 $0 $0 $0 $0 $2,622 1%

Promotions $1,400 $1,400 $1,400 $1,400 $0 $0 $0 $0 $5,600 2.2%

Sales $1,100 $1,000 $1,000 $1,000 $0 $0 $0 $0 $4,100 1.6%

Admin $506 $433 $408 $476 $0 $0 $0 $0 $1,823 0.7%

Total Period $6,513 $5,404 $6,037 $6,468 $0 $0 $0 $0 $24,423 9.8%

Net Margin $22,323 $18,378 $20,019 $22,855 $0 $0 $0 $0 $83,575 33.4%

Other $6,085 2.4%

Definitions: Sales: Unit sales times list price. Direct Labor: Labor costs incurred to produce the
product that was sold. Inventory Carry Cost: the cost to carry unsold goods in inventory. EBIT $77,490 30.9%
Depreciation: Calculated on straight-line 15-year depreciation of plant value. R&D Costs: R&D
Short Term Interest $3,224 1.3%
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 Long Term Interest $3,746 1.5%
product. Other: Charges not included in other categories such as Fees, Write Offs, and TQM. The fees
Taxes $24,682 9.9%
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 Profit Sharing $917 0.4%
sell capacity or liquidate inventory as the result of eliminating a production line. If the amount appears
Net Profit $44,921 17.9%
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 year's
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
Variables Margins
rate. Profit Sharing: Profits shared with employees under the labor contract. Net Profit: EBIT minus 50%
interest, taxes, and profit sharing.

40%

30%

20%

10%

0%

Duck Dot Dune Dart NA NA

NA NA

COOKIE SETTINGS
 Profit History Market Share History
$50,000 40%

$40,000
30%

$30,000

20%

$20,000

10%
$10,000

$0 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

ROE History Asset Turnover History

50% 2.0

40%
1.5

30%

1.0

20%

0.5
10%

0% 0.0

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

COOKIE SETTINGS
 ROS History ROA History
20% 30%

25%

15%

20%

10% 15%

10%

5%

5%

0% 0%

2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
2023 2024 2025 2023 2024 2025

Annual Report Page 2

COOKIE SETTINGS