Round: 5
Dec. 31,
2026
C125168
Andrews
Ken Williams
Baldwin
Brett Siedschlag
Chester
Miguel Carreon
Ravinderjot Chohan
Digby
Acheem Hodge
Erie
Olympia Jackson
Andrea Winter
Ferris
Hannah Tapp
Selected Financial Statistics
ROS
Asset Turnover
ROA
Leverage
ROE
Emergency Loan
Sales
EBIT
Profits
Cumulative Profit
SG&A / Sales
Contrib. Margin %
CAPSTONE ® COURIER
Andrews
7.0%
1.37
9.5%
1.7
16.3%
$0
$269,742,119
$38,192,663
$18,781,730
$47,475,176
10.1%
35.0%
Baldwin
11.5%
1.05
12.0%
1.3
15.3%
$0
$232,751,948
$46,829,199
$26,675,139
$59,754,012
14.4%
47.2%
Chester
13.9%
1.00
14.0%
1.8
25.0%
$0
$410,936,607
$109,036,227
$57,134,586
$155,036,266
7.8%
45.1%
Digby
-78.3%
0.27
-21.4%
13.5
-288.8%
$81,429,795
$33,017,528
($20,453,638)
($25,854,639)
($44,299,673)
34.5%
-4.4%
Erie
0.0%
0.18
-19.9%
7.3
-146.3%
$129,860,797
$32,624,247
($28,264,651)
($35,407,084)
($44,113,913)
37.9%
-13.8%
Ferris
-14.8%
0.78
-11.6%
3.0
-35.1%
$20,578,939
$111,618,025
($12,986,013)
($16,516,578)
($12,385,782)
16.5%
17.1%
Page 1
Stock & Bonds
C125168
Round: 5
Dec. 31, 2026
Stock Market Summary
Company
Andrews
Baldwin
Chester
Digby
Erie
Ferris
Close
Change
Shares
$70.11
$78.34
$192.50
$1.00
$1.00
$1.00
$24.98
$26.45
$62.53
$0.00
$0.00
($8.55)
2,714,823
3,569,998
2,603,618
2,399,473
2,795,557
2,435,862
MarketCap
($M)
$190
$280
$501
$2
$3
$2
Book Value
Per Share
$42.33
$48.80
$87.80
$3.73
$8.66
$19.34
EPS
Dividend
Yield
P/E
$6.92
$7.47
$21.94
($10.78)
($12.67)
($6.78)
$0.65
$0.50
$0.00
$0.00
$0.00
$0.00
0.9%
0.6%
0.0%
0.0%
0.0%
0.0%
10.1
10.5
8.8
-0.1
-0.1
-0.1
Bond Market Summary
Company
Andrews
Series#
Face
Yield
Close$ S&P
14.0S2027 $20,850,000
11.1S2034 $14,000,000
12.1S2036 $35,000,000
13.9%
12.1%
12.6%
101.06 BBB
91.79 BBB
96.17 BBB
14.0S2027 $20,850,000
11.3S2032 $18,000,000
13.7%
11.3%
102.52 AAA
100.42 AAA
14.0S2027
11.3S2032
12.1S2033
12.1S2035
13.2S2036
13.9%
12.2%
12.7%
12.8%
13.1%
100.80
92.82
95.59
94.89
100.54
Company
Digby
$20,850,000
$15,000,000
$15,000,000
$50,000,000
$52,000,000
BB
BB
BB
BB
BB
Face
Yield
Close$
S&P
14.0S2027 $20,850,000
12.3S2033 $9,500,000
14.2%
14.3%
98.45
85.78
DDD
DDD
14.0S2027 $20,850,000
14.2%
98.45
DDD
14.0S2027 $20,850,000
11.6S2035 $5,000,000
13.3S2036 $40,450,000
14.1%
14.0%
14.7%
98.96
82.94
90.54
C
C
C
Erie
Baldwin
Chester
Series#
Ferris
Next Year's Prime Rate9.50%
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
C125168
Round: 5
Dec. 31, 2026
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$18,782
$26,675
$57,135
($25,855)
($35,407)
($16,517)
$14,267
($1,650)
$17,637
$0
$30,589
$0
$7,610
$0
$10,233
$0
$11,102
$0
($1,985)
$23,571
($4,370)
$48,614
$374
$7,855
($15,172)
$37,370
$10,935
$2,287
($5,061)
$95,883
($6,024)
$24,888
$483
$1,102
($339)
($42,548)
$1,506
($66,555)
($1,178)
($17,118)
$2,055
($21,655)
($43,510)
($41,690)
($120,870)
($354)
$0
($10,800)
($1,765)
$0
$0
$35,000
$0
($13,900)
$0
$0
($1,785)
$15,150
$0
$0
$0
($13,900)
$0
$0
$0
$26,000
$0
$52,000
$0
($22,384)
$0
$0
$0
$0
$0
$0
$0
($82,177)
$0
$81,430
$0
$0
$0
$0
$0
($63,306)
$0
$129,861
$0
$0
$0
$40,450
$0
($28,574)
$0
$20,579
$19,335
($535)
$55,616
($748)
$66,555
$32,455
Net change in cash position
Balance Sheet Survey
Cash
Accounts Receivable
Inventory
Total Current Assets
$24,439
Andrews
$37,490
$29,561
$1,018
$68,069
($4,855)
Baldwin
$19,396
$38,898
$313
$58,607
$30,630
Chester
$30,630
$33,776
$13,194
$77,599
$0
Digby
$0
$2,714
$79,756
$82,470
$0
Erie
$0
$2,681
$108,326
$111,007
$0
Ferris
$0
$9,174
$50,753
$59,927
Plant and equipment
Accumulated Depreciation
Total Fixed Assets
$214,000
($84,840)
$129,160
$264,550
($100,651)
$163,899
$458,830
($127,646)
$331,184
$114,154
($75,890)
$38,264
$153,500
($86,860)
$66,640
$166,532
($83,955)
$82,577
Total Assets
$197,229
$222,506
$408,783
$120,733
$177,647
$142,504
Accounts Payable
Current Debt
Total Current Liabilities
$12,473
$0
$12,473
$9,455
$0
$9,455
$27,324
$0
$27,324
$0
$81,430
$81,430
$2,740
$129,861
$132,601
$8,511
$20,579
$29,090
Long Term Debt
Total Liabilities
$69,850
$82,323
$38,850
$48,305
$152,850
$180,174
$30,350
$111,780
$20,850
$153,451
$66,300
$95,390
Common Stock
Retained Earnings
Total Equity
$47,360
$67,546
$114,906
$92,210
$81,991
$174,201
$59,490
$169,118
$228,609
$27,860
($18,906)
$8,954
$47,233
($23,037)
$24,196
$36,709
$10,406
$47,115
Total Liabilities & Owners Equity
$197,229
$222,506
$408,783
$120,733
$177,647
$142,504
Income Statement Survey
Sales
Variable Costs(Labor,Material,Carry)
Contribution Margin
Depreciation
SGA(R&D,Promo,Sales,Admin)
Other(Fees,Writeoffs,TQM,Bonuses)
EBIT
Interest(Short term,Long term)
Taxes
Profit Sharing
Net Profit
Andrews
$269,742
$175,448
$94,294
$14,267
$27,235
$14,600
$38,193
$8,708
$10,320
$383
$18,782
Baldwin
$232,752
$122,926
$109,826
$17,637
$33,503
$11,858
$46,829
$4,953
$14,657
$544
$26,675
Chester
$410,937
$225,502
$185,435
$30,589
$31,910
$13,900
$109,036
$19,343
$31,393
$1,166
$57,135
Digby
$33,018
$34,458
($1,440)
$7,610
$11,403
$0
($20,454)
$19,323
($13,922)
$0
($25,855)
Erie
$32,624
$37,129
($4,505)
$10,233
$12,352
$1,175
($28,265)
$26,208
($19,065)
$0
($35,407)
Ferris
$111,618
$92,518
$19,100
$11,102
$18,462
$2,523
($12,986)
$12,424
($8,894)
$0
($16,517)
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
Ascend
Primary
Segment
Low
Low
High
Trad
Trad
High
Units
Sold
1,478
2,309
1,376
1,751
1,752
1,530
Unit
Inven
tory
0
0
0
0
0
45
Baker
Bead
Bid
Bold
Buddy
Budget
Better
Trad
Low
Trad
Pfmn
Size
Low
High
1,775
2,632
1,177
1,287
941
1,067
416
26
0
0
0
0
0
0
Cake
Cedar
Cid
Coat
Cure
Trad
Low
High
Pfmn
Size
Daze
Dell
Duck
Dot
Dune
Price
$17.50
$17.50
$37.50
$26.75
$26.75
$38.00
Material
Cost
$5.85
$4.77
$13.37
$7.72
$7.66
$13.37
Labor
Cost
$7.84
$7.68
$8.89
$8.67
$8.21
$9.47
Contr.
Marg.
18%
27%
41%
37%
37%
40%
2nd
Shift
&
Overtime
0%
43%
39%
28%
11%
77%
12.3
15.0
11.3
13.4
6.7
15.5
7.8
$26.79
$18.00
$26.49
$32.49
$32.49
$17.49
$37.50
$7.61
$5.19
$8.30
$13.08
$10.21
$4.85
$12.36
$4.38
$2.73
$4.87
$9.49
$9.01
$2.65
$7.84
55%
57%
49%
31%
42%
47%
47%
0%
38%
31%
100%
58%
27%
5%
8.0
10.0
8.0
6.0
6.0
10.0
5.0
1,800
1,700
900
825
700
600
400
96%
137%
129%
198%
157%
126%
104%
7.8
4.2
13.0
13.9
7.2
12.1
15.8
7.0
12.9
6.1
$26.00
$19.49
$37.49
$32.99
$32.99
$8.33
$5.46
$13.94
$13.23
$11.66
$1.10
$1.21
$8.36
$8.73
$9.85
62%
65%
39%
33%
35%
14%
48%
0%
32%
60%
10.0
10.0
4.5
4.5
4.5
2,500
3,405
2,200
2,400
3,200
110%
143%
97%
127%
155%
17500
14000
23000
25000
19000
5.5
3.0
8.0
9.4
4.0
14.5
17.0
12.0
15.5
11.0
$25.00
$21.00
$31.00
$22.00
$33.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
-48%
31%
-11%
-23%
-224%
0%
0%
0%
0%
0%
4.0
5.0
3.0
3.0
3.0
1,804
1,404
903
603
603
0%
0%
0%
0%
0%
3.4
3.8
5.6
6.2
6.2
1.1
12000
15000
22900
15000
16900
10000
6.0
2.5
8.0
9.6
4.2
4.5
15.0
17.0
13.0
15.3
10.8
6.0
$22.00
$19.00
$28.00
$25.00
$31.00
$6.00
$6.17
$4.96
$10.97
$8.75
$9.03
$9.54
$9.13
$7.82
$10.43
$10.43
$10.43
$13.04
-13%
26%
-72%
-78%
-95%
NA
0%
0%
0%
0%
0%
0%
4.0
5.0
3.0
3.0
3.0
1.0
2,300
1,870
1,210
900
850
100
39%
64%
50%
55%
65%
100%
2.9
3.2
2.8
2.8
2.8
2.5
2.5
2.5
16500
13000
22000
24000
19000
15000
15000
15000
5.8
3.5
9.2
10.3
5.3
6.4
6.4
6.4
14.2
16.4
12.1
15.6
11.4
12.4
12.4
12.4
$25.49
$14.00
$29.99
$22.99
$29.99
$30.50
$30.50
$30.50
$7.72 $9.45
$4.94 $8.10
$11.51 $10.80
$11.77 $10.80
$9.57 $10.80
$8.22 $9.45
$8.22 $9.45
$8.22 $9.45
11%
3%
19%
1%
21%
37%
37%
37%
0%
0%
0%
0%
0%
0%
0%
0%
4.0
5.0
3.0
3.0
3.0
4.0
4.0
4.0
1,800
1,600
900
1,000
1,000
502
502
502
44%
62%
99%
99%
99%
99%
99%
99%
Revision
Age
Date Dec.31
7/25/2024
3.8
9/9/2024
5.9
7/29/2026
1.4
5/3/2026
2.0
5/3/2026
2.1
6/21/2026
1.3
MTBF
15000
14000
23000
14000
14000
23000
Pfmn
Coord
4.9
3.7
13.0
8.2
8.0
13.0
Size
Coord
15.0
16.2
7.2
12.0
12.0
7.2
7/12/2026
5/7/2026
4/10/2026
7/16/2026
8/10/2026
1/21/2024
8/17/2026
1.7
5.1
2.2
1.6
1.6
3.9
1.0
14000
12000
14000
27000
16000
12000
20000
7.7
5.0
8.7
13.1
6.7
4.5
12.2
2,542
3,864
2,085
2,417
3,384
531 11/22/2026
68 11/14/2026
336
6/6/2026
0 5/25/2026
0 5/30/2026
1.3
2.7
1.5
1.6
1.6
17000
15500
25000
27000
21000
Low
Low
Trad
Pfmn
Size
360
756
74
255
7
3,127 11/21/2018
200 5/25/2017
316 4/18/2020
355 6/30/2019
244 5/25/2019
8.1
9.6
6.7
7.5
7.6
Eat
Ebb
Echo
Edge
Egg
Exacto
Low
Low
Trad
Pfmn
Size
421
765
171
101
49
0
1,636
438
1,666
879
823
100
7/6/2026
5/8/2026
6/26/2027
5/25/2026
1/29/2026
5/25/2026
Fast
Feat
Fist
Foam
Fume
Fudge
Fruit
Freck
Trad
Low
Trad
Pfmn
Trad
Trad
Trad
Trad
479
1,831
643
594
358
330
330
327
1,202
0
427
0
434
203
205
209
3/20/2025
4/18/2025
3/7/2025
3/7/2025
3/7/2025
3/27/2025
3/27/2025
3/27/2025
CAPSTONE ® COURIER
Round: 5
Dec. 31, 2026
C125168
Production Analysis
Auto
mation
Next
Round
6.0
6.0
5.0
6.0
6.0
5.0
Capacity
Next
Round
1,500
1,400
1,000
1,200
1,300
1,000
Plant
Utiliz.
59%
141%
138%
127%
110%
175%
Page 4
Traditional Segment Analysis
C125168
Round: 5
Dec. 31, 2026
Traditional Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
11,471
|11,471
|27.5%
Next Year's Segment Growth Rate
|9.2%
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
Cake
Baker
Agape
Aft
Bid
Fist
Fast
Fudge
Fruit
Freck
Fume
Echo
Market
Share
22%
15%
15%
15%
10%
5%
3%
3%
3%
3%
2%
1%
Units
Sold to
Seg
2,514
1,769
1,752
1,751
1,177
579
392
330
330
327
256
171
CAPSTONE ® COURIER
Revision
Date
11/22/2026
7/12/2026
5/3/2026
5/3/2026
4/10/2026
3/7/2025
3/20/2025
3/27/2025
3/27/2025
3/27/2025
3/7/2025
6/26/2027
Stock
Out
YES
YES
YES
Pfmn
Coord
7.8
7.7
8.0
8.2
8.7
9.2
5.8
6.4
6.4
6.4
5.3
8.0
Size
Coord
12.1
12.3
12.0
12.0
11.3
12.1
14.2
12.4
12.4
12.4
11.4
13.0
List
Price
$26.00
$26.79
$26.75
$26.75
$26.49
$29.99
$25.49
$30.50
$30.50
$30.50
$29.99
$28.00
MTBF
17000
14000
14000
14000
14000
22000
16500
15000
15000
15000
19000
22900
Cust.
Age Promo AwareDec.31 Budget ness
1.27 $2,100 87%
1.75 $2,200 85%
2.05 $1,800 72%
2.03 $1,800 72%
2.21 $2,200 75%
2.76 $1,500 37%
2.85 $1,500 62%
2.50 $1,500 38%
2.50 $1,500 38%
2.50 $1,500 38%
2.79 $1,000 21%
5.58
$850 25%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$3,289 100%
46
$1,750 94%
43
$1,687 100%
50
$1,687 100%
52
$1,875 94%
50
$735 61%
10
$735 61%
2
$735 61%
6
$735 61%
6
$565 61%
6
$735 61%
3
$835 50%
3
Page 5
Low End Segment Analysis
C125168
Round: 5
Dec. 31, 2026
Low End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
15,581
|15,581
|37.3%
Next Year's Segment Growth Rate
|11.7%
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
Cedar
Bead
Acre
Feat
Able
Budget
Ebb
Dell
Eat
Daze
Fast
Cake
Market
Share
25%
17%
15%
12%
9%
7%
5%
5%
3%
2%
1%
0%
Units
Sold to
Seg
3,864
2,632
2,309
1,831
1,478
1,067
765
756
412
344
87
28
CAPSTONE ® COURIER
Revision
Date
11/14/2026
5/7/2026
9/9/2024
4/18/2025
7/25/2024
1/21/2024
5/8/2026
5/25/2017
7/6/2026
11/21/2018
3/20/2025
11/22/2026
Stock
Out
YES
YES
YES
YES
YES
Pfmn
Coord
4.2
5.0
3.7
3.5
4.9
4.5
2.5
3.0
6.0
5.5
5.8
7.8
Size
Coord
15.8
15.0
16.2
16.4
15.0
15.5
17.0
17.0
15.0
14.5
14.2
12.1
List
Price
$19.49
$18.00
$17.50
$14.00
$17.50
$17.49
$19.00
$21.00
$22.00
$25.00
$25.49
$26.00
MTBF
15500
12000
14000
13000
15000
12000
15000
14000
12000
17500
16500
17000
Cust.
Age Promo AwareDec.31 Budget ness
2.74 $2,000 85%
5.12 $2,000 82%
5.95 $1,900 82%
3.18 $1,500 55%
3.79 $1,900 74%
3.87 $2,500 69%
3.81
$850 42%
9.60
$900 41%
3.44
$850 23%
8.10 $1,000 23%
2.85 $1,500 31%
1.27 $2,100 44%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$3,289 100%
26
$1,750 92%
30
$1,787 99%
50
$735 42%
25
$1,687 99%
32
$1,750 92%
30
$919 44%
5
$858 37%
5
$1,002 44%
2
$936 37%
3
$735 42%
1
$3,289 100%
0
Page 6
High End Segment Analysis
C125168
Round: 5
Dec. 31, 2026
High End Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
5,410
|5,410
|13.0%
Next Year's Segment Growth Rate
|16.2%
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
Cid
Ascend
Adam
Better
Fist
Market
Share
39%
28%
25%
8%
0%
Units
Sold to
Seg
2,085
1,530
1,376
416
3
CAPSTONE ® COURIER
Revision
Date
6/6/2026
6/21/2026
7/29/2026
8/17/2026
3/7/2025
Stock
Out
YES
YES
Pfmn
Coord
13.0
13.0
13.0
12.2
9.2
Size
Coord
7.0
7.2
7.2
7.8
12.1
List
Price
$37.49
$38.00
$37.50
$37.50
$29.99
MTBF
25000
23000
23000
20000
22000
Cust.
Age Promo AwareDec.31 Budget ness
1.50 $1,550 84%
1.25 $2,000 74%
1.42 $2,000 86%
0.95 $2,000 64%
2.76 $1,500 74%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,860 100%
67
$1,588 99%
48
$1,489 99%
53
$1,875 76%
23
$735 64%
0
Page 7
Performance Segment Analysis
C125168
Round: 5
Dec. 31, 2026
Performance Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
4,726
|4,690
|11.3%
Next Year's Segment Growth Rate
|19.8%
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
Coat
Bold
Foam
Dot
Edge
Fist
Market
Share
52%
27%
13%
5%
2%
1%
Units
Sold to
Seg
2,417
1,287
594
242
89
61
CAPSTONE ® COURIER
Revision
Date
5/25/2026
7/16/2026
3/7/2025
6/30/2019
5/25/2026
3/7/2025
Stock
Out
YES
YES
YES
Pfmn
Coord
13.9
13.1
10.3
9.4
9.6
9.2
Size
Coord
12.9
13.4
15.6
15.5
15.3
12.1
List
Price
$32.99
$32.49
$22.99
$22.00
$25.00
$29.99
MTBF
27000
27000
24000
25000
15000
22000
Cust.
Age Promo AwareDec.31 Budget ness
1.59 $2,000 86%
1.64 $2,000 82%
2.85 $1,000 47%
7.50
$700 32%
6.16
$850 24%
2.76 $1,500 37%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,574 100%
65
$1,750 93%
52
$735 56%
4
$663 39%
0
$710 39%
0
$735 56%
0
Page 8
Size Segment Analysis
C125168
Round: 5
Dec. 31, 2026
Size Statistics
Total Industry Unit Demand
Actual Industry Unit Sales
Segment % of Total Industry
4,596
|4,483
|11.0%
Next Year's Segment Growth Rate
|18.3%
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
Cure
Buddy
Fume
Egg
Dune
Market
Share
75%
21%
2%
1%
0%
Units
Sold to
Seg
3,384
941
102
49
7
CAPSTONE ® COURIER
Revision
Date
5/30/2026
8/10/2026
3/7/2025
1/29/2026
5/25/2019
Stock
Out
YES
YES
Pfmn
Coord
7.2
6.7
5.3
4.2
4.0
Size
Coord
6.1
6.7
11.4
10.8
11.0
List
Price
$32.99
$32.49
$29.99
$31.00
$33.00
MTBF
21000
16000
19000
16900
19000
Cust.
Age Promo AwareDec.31 Budget ness
1.58 $2,000 85%
1.63 $2,000 80%
2.79 $1,000 43%
6.21
$800 19%
7.60
$700 27%
Cust.
Dec.
Sales Access- Cust
Budget ibility
Survey
$2,288 100%
73
$1,750 87%
25
$735 62%
0
$710 40%
0
$663 40%
0
Page 9
Market Share
C125168
Actual Market Share in Units
Industry Unit Sales
% of Market
Able
Acre
Adam
Aft
Agape
Ascend
Total
Trad
11,471
27.6%
Low
15,581
37.4%
Size
4,483
10.8%
24.3%
25.7%
23.8%
Cake
Cedar
Cid
Coat
Cure
Total
21.9%
0.2%
24.8%
21.9%
25.0%
Daze
Dell
Duck
Dot
Dune
Total
0.1%
2.2%
4.9%
28.3%
53.7%
21.0%
Baker
Bead
Bid
Bold
Buddy
Budget
Better
Total
13.8%
7.7%
7.7%
4.3%
6.3%
2.8%
3.1%
2.3%
2.6%
1.0%
22.3%
Cake
Cedar
Cid
Coat
Cure
Total
20.0%
75.5%
75.5%
6.1%
9.3%
5.0%
5.8%
8.1%
34.3%
16.9%
10.3%
27.4%
21.0%
6.9%
27.4%
38.5%
51.5%
0.7%
0.1%
0.9%
38.5%
51.5%
0.9%
1.8%
0.2%
0.6%
0.2%
0.2%
Daze
Dell
Duck
Dot
Dune
3.5% Total
1.1%
1.0%
1.8%
0.4%
0.2%
0.1%
5.2%
7.1%
5.2%
2.6%
4.9%
1.5%
1.9%
1.7%
7.6%
3.4%
0.6%
11.8%
5.1%
2.2%
2.9%
2.9%
2.9%
19.3%
CAPSTONE ® COURIER
1.9%
1.1%
1.3%
12.7%
2.3%
12.3%
Trad
Low
11,471 15,581
27.5% 37.3%
Able
Acre
Adam
Aft
Agape
Ascend
Total
25.4%
30.5%
Potential Market Share in Units
Total
41,635 Units Demanded
100.0% % of Market
3.5%
5.5%
3.3%
4.2%
4.2%
3.7%
24.5%
15.3%
15.3%
15.4%
Fast
Feat
Fist
Foam
Fume
Fudge
Fruit
Freck
Total
Pfmn
4,690
11.3%
9.5%
14.8%
Baker
Bead
Bid
Bold
Buddy
Budget
Better
Total
Eat
Ebb
Echo
Edge
Egg
Exacto
Total
High
5,410
13.0%
14.0%
2.3%
Round: 5
Dec. 31, 2026
Eat
Ebb
Echo
Edge
Egg
Exacto
3.6% Total
1.1%
4.4%
1.5%
1.4%
0.9%
0.8%
0.8%
0.8%
11.8%
Fast
Feat
Fist
Foam
Fume
Fudge
Fruit
Freck
Total
High
5,410
13.0%
Pfmn
4,726
11.3%
Size
4,596
11.0%
12.5%
23.3%
26.7%
52.4%
4.6%
8.7%
3.3%
4.3%
4.3%
3.5%
28.8%
11.1%
11.1%
19.9%
3.8%
4.9%
4.0%
4.3%
2.2%
4.4%
1.4%
25.0%
78.7%
78.7%
5.5%
6.2%
4.7%
5.7%
8.7%
30.9%
25.7%
15.8%
15.7%
31.5%
35.8%
13.1%
14.6%
38.0%
19.9%
11.8%
28.4%
25.0%
38.0%
16.7%
36.4%
50.8%
20.0%
16.8%
36.4%
50.8%
1.4%
3.4%
2.3%
0.6%
1.3%
0.2%
0.3%
2.4%
2.3%
1.7%
0.8%
1.3%
0.4%
0.2%
0.6%
0.8%
4.8%
2.0%
3.5%
1.4%
1.5%
5.5%
3.3%
0.3%
11.8%
4.6%
2.1%
2.6%
2.6%
2.6%
17.8%
1.7%
0.1%
2.7%
1.1%
1.0%
4.4%
1.3%
0.8%
0.7%
0.7%
0.7%
0.7%
10.3%
0.2%
6.9%
12.1%
Total
41,784
100.0%
7.1%
1.1%
Page 10
Perceptual Map
C125168
Andrews
Name
Able
Acre
Adam
Aft
Agape
Ascend
Pfmn
4.9
3.7
13.0
8.2
8.0
13.0
Name
Daze
Dell
Duck
Dot
Dune
Pfmn
5.5
3.0
8.0
9.4
4.0
Size
15.0
16.2
7.2
12.0
12.0
7.2
Digby
CAPSTONE ® COURIER
Size
14.5
17.0
12.0
15.5
11.0
Baldwin
Revised
7/25/2024
9/9/2024
7/29/2026
5/3/2026
5/3/2026
6/21/2026
Name
Baker
Bead
Bid
Bold
Buddy
Budget
Better
Pfmn
7.7
5.0
8.7
13.1
6.7
4.5
12.2
Revised
11/21/2018
5/25/2017
4/18/2020
6/30/2019
5/25/2019
Name
Eat
Ebb
Echo
Edge
Egg
Exacto
Pfmn
6.0
2.5
8.0
9.6
4.2
4.5
Size
12.3
15.0
11.3
13.4
6.7
15.5
7.8
Erie
Size
15.0
17.0
13.0
15.3
10.8
6.0
Round: 5
Dec. 31, 2026
Chester
Revised
7/12/2026
5/7/2026
4/10/2026
7/16/2026
8/10/2026
1/21/2024
8/17/2026
Name
Cake
Cedar
Cid
Coat
Cure
Pfmn
7.8
4.2
13.0
13.9
7.2
Revised
7/6/2026
5/8/2026
6/26/2027
5/25/2026
1/29/2026
5/25/2026
Name
Fast
Feat
Fist
Foam
Fume
Fudge
Fruit
Freck
Pfmn
5.8
3.5
9.2
10.3
5.3
6.4
6.4
6.4
Size
12.1
15.8
7.0
12.9
6.1
Ferris
Size
14.2
16.4
12.1
15.6
11.4
12.4
12.4
12.4
Revised
11/22/2026
11/14/2026
6/6/2026
5/25/2026
5/30/2026
Revised
3/20/2025
4/18/2025
3/7/2025
3/7/2025
3/7/2025
3/27/2025
3/27/2025
3/27/2025
Page 11
HR/TQM Report
C125168
Round: 5
Dec. 31, 2026
HUMAN RESOURCES SUMMARY
Needed Complement
Complement
1st Shift Complement
2nd Shift Complement
Andrews
1,234
1,234
936
298
Baldwin
753
754
551
203
Chester
1,333
1,333
1,021
312
Digby
89
89
89
0
Erie
660
661
661
0
Ferris
979
979
979
0
Overtime Percent
Turnover Rate
New Employees
Separated Employees
Recruiting Spend
Training Hours
Productivity Index
0.0%
7.4%
92
326
$1,000
65
108.2%
0.0%
6.8%
51
140
$4,000
80
111.5%
0.0%
6.3%
273
0
$5,000
80
117.9%
0.0%
8.9%
8
622
$30
30
103.3%
0.0%
8.4%
56
60
$2,000
40
106.0%
0.0%
9.6%
94
133
$200
10
100.0%
Recruiting Cost
Separation Cost
Training Cost
Total HR Admin Cost
$183
$1,630
$1,604
$3,417
$255
$700
$1,206
$2,161
$1,639
$0
$2,133
$3,772
$8
$3,110
$53
$3,172
$167
$300
$529
$995
$113
$665
$196
$974
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%
Starting Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Ceiling Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Adjusted Labor Demands
Wages
Benefits
Profit Sharing
Annual Raise
Strike Days
TQM SUMMARY
Andrews
Baldwin
Chester
Digby
Erie
Ferris
$1,000
$1,500
$1,500
$1,500
$1,500
$1,500
$1,700
$0
$1,800
$1,800
$0
$0
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$0
$0
$0
$0
$0
$0
$100
$100
$150
$150
$200
$150
$0
$0
$0
$500
$0
$0
TQM Budgets Last Year
Benchmarking
Quality Function Deployment Effort
CCE/6 Sigma Training
GEMI TQEM Sustainability Initiatives
Total Expenditures
$1,500
$1,500
$1,500
$1,500
$14,500
$1,950
$0
$1,950
$1,900
$11,100
$1,000
$1,000
$1,000
$1,000
$10,000
$0
$0
$0
$0
$0
$75
$100
$100
$50
$1,175
$0
$0
$0
$0
$500
Cumulative Impacts
Material Cost Reduction
Labor Cost Reduction
Reduction R&D Cycle Time
Reduction Admin Costs
Demand Increase
11.62%
13.73%
40.01%
60.02%
14.04%
9.76%
13.72%
38.64%
39.61%
4.21%
11.80%
14.00%
40.01%
60.02%
14.40%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
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, 2026
C125168
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
Chester
C125168
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
$77,600
2026
Common
Size
7.5%
8.3%
3.2%
19.0%
$0
$28,715
$15,481
$44,196
$331,184
$408,783
112.0%
-31.2%
81.0%
100.0%
$337,960
($97,057)
$240,903
$285,098
$180,174
6.7%
0.0%
37.4%
44.1%
$16,390
$22,384
$100,850
$139,624
$228,608
$408,783
14.6%
41.4%
55.9%
100.0%
$33,490
$111,984
$145,474
$285,098
$30,630
$33,776
$13,194
Plant & Equipment
Accumulated Depreciation
Total Fixed Assets
Total Assets
LIABILITIES & OWNERS
EQUITY
$458,830
($127,646)
Accounts Payable
Current Debt
Long Term Debt
Total Liabilities
$27,324
$0
$152,850
Common Stock
Retained Earnings
Total Equity
Total Liab. & O. Equity
$59,490
$169,118
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, 2026
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
2025
2026
$57,135
$30,589
$0
$10,935
$2,287
($5,061)
$95,883
2025
$44,900
$22,531
$0
($4,334)
($9,812)
($5,702)
$47,582
($120,870)
($106,140)
$0
$26,000
$0
$52,000
$0
($22,384)
$55,616
$30,630
$30,630
($3,605)
$0
$0
$50,000
($10,900)
$22,384
$57,878
($680)
$0
Page 14
Annual Report
Chester
Round: 5
Dec. 31, 2026
C125168
2026 Income Statement
(Product Name)
$0
2026
Total
$410,937
Common
Size
100.0%
$0
$0
$0
$0
$0
$0
$0
$0
$80,046
$143,872
$1,583
$225,502
19.5%
35.0%
0.4%
54.9%
$0
$0
$0
$185,435
45.1%
$5,120
$414
$2,000
$2,288
$1,337
$11,159
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$30,589
$3,038
$9,650
$14,300
$4,922
$62,499
7.4%
0.7%
2.3%
3.5%
1.2%
15.2%
$27,504
$0
$0
$0
$122,936
29.9%
$13,900
$109,036
$0
$19,343
$31,393
$1,166
$57,135
3.4%
26.5%
0.0%
4.7%
7.6%
0.3%
13.9%
Cake
Cedar
Cid
Coat
Cure
Sales
$66,101
$75,314
$78,155
$79,736
$111,631
$0
$0
Variable Costs:
Direct Labor
Direct Material
Inventory Carry
Total Variable
$3,070
$21,626
$619
$25,315
$4,671
$21,331
$55
$26,057
$17,868
$29,172
$909
$47,949
$21,100
$32,113
$0
$53,213
$33,338
$39,629
$0
$72,967
$0
$0
$0
$0
Contribution Margin
$40,786
$49,257
$30,205
$26,523
$38,664
Period Costs:
Depreciation
SG&A: R&D
Promotions
Sales
Admin
Total Period
$7,667
$905
$2,100
$3,289
$792
$14,752
$10,442
$882
$2,000
$3,289
$902
$17,515
$3,520
$435
$1,550
$2,860
$936
$9,301
$3,840
$402
$2,000
$2,574
$955
$9,771
Net Margin
$26,034
$31,742
$20,904
$16,752
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