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

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Round 3
Dec. 31 2027 Soumita
Report Das

Andrews Baldwin Chester

Soumita Das

Digby

Selected Financial Statistics

Andrews Baldwin Chester Digby

ROS -16.3% -0.5% 12.8% 1.3%

Asset Turnover 0.54 0.71 1.24 0.71

ROA -8.8% -0.3% 15.9% 0.9%

Leverage (Assets/Equity) 4.8 2.5 1.7 2.5

ROE -42.3% -0.9% 27% 2.3%

Emergency Loan $74,557,383 $0 $0 $0

Sales $154,825,947 $172,718,549 $219,741,834 $148,454,174

EBIT ($7,947,081) $16,091,175 $51,609,484 $18,124,659

Profits ($25,173,591) ($845,072) $28,206,092 $1,969,244

Cumulative Profit ($25,703,043) $5,513,234 $60,093,127 $9,434,976

SG&A / Sales 9.9% 12.1% 6.4% 9.2%

Contrib. Margin % 20.9% 36.5% 38.1% 36.1%

Percent Of Sales $ Market Share

150%
Digby Andrews
21.3 % 22.3 %
125%

Other
100% SGA
Depr
Var Costs
75% Profit

50%

25%

0%
Baldwin
24.8 %
Chester
-25% 31.6 %
Andrews Baldwin Chester Digby

Market Share information is provided on Page 7.

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Round 3
Stocks & Bonds Soumita Das Dec. 31 2027

Stock Market Summary

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

Andrews $1.00 ($40.38) 2,261,623 $2 $26.30 ($11.13) $0.00 0.0% -0.1

Baldwin $29.82 ($6.72) 3,090,351 $92 $31.94 ($0.27) $0.00 0.0% -109.4

Chester $114.61 $29.68 1,931,074 $221 $54.11 $14.61 $0.00 0.0% 7.9

Digby $29.09 ($2.55) 3,109,211 $90 $27.05 $0.63 $0.00 0.0% 45.9

Closing Stock Price Andrews

Baldwin
$125
Chester
Digby

$100

$75

$50

$25

$0
2020 2021 2022 2023 2024 2025 2026 2027 2028

Bond Market Summary

Company Series# Face Yield Close$ S&P

Andrews

11.2S2031 $8,837,000 12.6% 88.63 DDD

11.9S2032 $7,072,000 13.4% 88.99 DDD

11.4S2035 $14,722,000 13.7% 83.06 DDD

12.7S2036 $50,000,000 14.4% 88.16 DDD

13.5S2037 $50,000,000 14.7% 91.53 DDD

Baldwin

11.2S2031 $8,612,210 12.3% 91.30 CC

12.4S2032 $5,758,930 13.2% 93.85 CC

12.0S2034 $15,724,747 13.2% 90.62 CC

13.0S2035 $17,727,657 13.8% 94.47 CC

13.5S2036 $36,840,381 14.0% 96.56 CC

13.9S2037 $21,956,287 14.1% 98.45 CC

Chester

11.1S2033 $2,364,604 11.7% 95.11 BBB

11.2S2034 $5,849,052 11.8% 95.03 BBB

12.0S2035 $1,297,616 12.2% 98.53 BBB

12.0S2036 $20,875,733 12.2% 98.42 BBB

12.7S2037 $12,447,944 12.4% 102.23 BBB

Digby

11.3S2031 $10,417,600 12.3% 91.59 CC

12.5S2032 $14,665,611 13.3% 94.19 CC

12.5S2033 $7,999,360 13.4% 93.43 CC

12.5S2034 $9,474,919 13.5% 92.75 CC

13.4S2035 $14,403,416 13.9% 96.31 CC

13.8S2036 $27,144,385 14.1% 98.04 CC

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 Company Series# Face Yield Close$ S&P

14.1S2037 $2,489,481 14.2% 99.48 CC

Next Year's Prime Rate 9%

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Round 3
Financial Summary Soumita Das Dec. 31 2027

Cash Flow Statement Survey

Andrews Baldwin Chester Digby
Cash flows from operating activities
Net Income (Loss) ($25,174) ($845) $28,206 $1,969
Adjustment for non-cash items:
Depreciation $22,522 $18,076 $11,184 $15,760
Extraordinary gains/losses/writeoffs $0 $0 $0 $0
Changes in current assets and liabilities:
Accounts payable $6,306 ($572) ($1,417) ($269)
Inventory ($19,846) $747 $6,853 ($11,673)
Accounts receivable ($5,535) ($2,271) ($2,754) $547
Net cash from operations ($21,727) $15,135 $42,073 $6,334

Cash flows from investing activities

Plant improvements (net) ($86,931) ($44,880) ($36,800) ($19,400)
Cash flows from financing activities
Dividends paid $0 $0 $0 $0
Sales of common stock $0 $18,816 $545 $8,661
Purchase of common stock $0 $0 $0 $0
Cash from long term debt issued $50,000 $21,956 $12,448 $2,489
Early retirement of long term debt $0 $0 $0 $0
Retirement of current debt ($29,300) ($35,513) ($32,973) ($42,805)
Cash from current debt borrowing $10,000 $27,965 $19,209 $30,012
Cash from emergency loan $74,557 $0 $0 $0

Net cash from financing activities $105,257 $33,225 ($770) ($1,643)

Net change in cash position ($3,400) $3,480 $4,503 ($14,709)

Balance Sheet Survey

Andrews Baldwin Chester Digby
Cash $0 $27,499 $32,003 $37,452
Accounts Receivable $12,725 $14,196 $18,061 $12,202
Inventory $20,746 $18,193 $20,325 $16,571
Total Current Assets $33,471 $59,888 $70,388 $66,224

Plant and equipment $337,832 $271,140 $167,760 $236,400

Accumulated Depreciation ($85,134) ($88,976) ($61,201) ($93,329)
Total Fixed Assets $252,697 $182,164 $106,559 $143,071

Total Assets $286,168 $242,053 $176,947 $209,295

Accounts Payable $11,490 $8,772 $10,409 $8,598

Current Debt $84,557 $27,965 $19,209 $30,012
Total Current Liabilities $96,047 $36,737 $29,618 $38,610

Long Term Debt $130,631 $106,620 $42,835 $86,595

Total Liabilities $226,679 $143,358 $72,453 $125,205

Common Stock $26,339 $54,215 $12,528 $44,687

Retained Earnings $33,151 $44,479 $91,966 $39,403
Total Equity $59,490 $98,695 $104,494 $84,090

Total Liabilities & Owner's Equity $286,168 $242,053 $176,947 $209,295

Income Statement Survey

Andrews Baldwin Chester Digby
Sales $154,826 $172,719 $219,742 $148,454
Variable Costs (Labor, Material, Carry) $122,440 $109,658 $135,930 $94,928
Contribution Margin $32,386 $63,061 $83,812 $53,526
Depreciation $22,522 $18,076 $11,184 $15,760
SGA (R&D, Promo, Sales, Admin) $15,311 $20,854 $14,119 $13,584
Other (Fees, Writeoffs, TQM, Bonuses $2,500 $8,039 $6,900 $6,058
EBIT ($7,947) $16,091 $51,609 $18,125
Interest (Short term, Long term) $30,782 $17,391 $7,330 $15,033
Taxes ($13,555) ($455) $15,498 $1,082
Profit Sharing $0 $0 $576 $40
Net Profit ($25,174) ($845) $28,206 $1,969

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Round 3
Production Analysis Soumita Das Dec. 31 2027

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 8,500 9,…

Capacity Production

Andrews Baldwin Chester Digby

Units Produced 6,766 7,525 5,990 8,515

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

Acre Nano 1,215 1 3/17/2027 2.1 24000 12.3 5.6 $37.00 $13.41 $10.86 34% 69% 1.0 1,228 167%

Adam Elite 1,019 138 4/15/2027 2.1 26000 14.5 7.9 $42.00 $13.95 $11.04 40% 81% 1.0 1,114 180%

Ark Thrift 1,230 1,047 4/4/2027 3.0 15000 7.3 13.0 $17.00 $5.82 $10.43 -7% 53% 1.0 2,004 151%

Able Core 1,971 0 5/8/2027 2.2 22000 10.3 9.8 $21.50 $10.31 $10.02 5% 34% 1.0 1,991 132%

April Core 198 0 5/21/2026 1.6 24000 10.8 10.6 $19.00 $10.80 $11.92 -21% 0% 2.6 776 34%

Brat Thrift 932 503 12/20/2027 2.2 14000 8.7 11.5 $17.00 $6.82 $1.83 49% 0% 10.0 1,250 79%

Baker Core 1,890 338 12/7/2025 3.1 16000 9.6 10.6 $19.00 $8.14 $4.25 32% 50% 10.0 1,500 149%

Bead Nano 1,307 244 12/17/2027 1.0 18000 13.1 4.4 $30.00 $12.74 $6.69 35% 25% 7.0 1,000 124%

Bid Elite 888 253 12/17/2027 1.0 20000 16.2 6.9 $36.00 $13.59 $6.11 42% 0% 7.0 1,000 78%

Bold Core 1,386 0 12/25/2027 0.9 16000 11.0 9.1 $21.00 $9.31 $5.49 31% 35% 8.0 1,040 133%

Buddy Core 941 0 2/10/2027 0.9 16000 10.7 9.5 $22.00 $9.03 $4.44 38% 79% 8.0 1,040 157%

Crimp Nano 1,782 0 11/5/2027 1.2 23000 13.7 4.5 $34.00 $13.66 $7.91 39% 100% 7.0 1,200 198%

Cake Elite 1,422 135 8/24/2027 1.9 25000 16.5 6.5 $34.00 $14.56 $6.40 36% 32% 7.0 950 130%

Cedar Nano 1,383 363 7/3/2027 1.3 23000 14.2 4.0 $37.00 $14.04 $7.03 40% 27% 7.0 1,250 126%

Cid Elite 1,611 434 7/25/2027 1.3 25000 16.3 6.2 $37.00 $14.57 $7.14 38% 33% 7.0 1,400 132%

Drat Thrift 1,925 204 6/9/2028 3.7 17000 8.0 12.2 $16.00 $6.80 $2.97 37% 54% 10.0 1,400 152%

Daze Thrift 2,016 459 6/9/2028 3.6 17000 8.2 12.0 $16.00 $6.96 $3.01 35% 61% 10.0 1,550 160%

Dino Core 1,684 319 12/16/2026 2.1 18000 11.1 8.5 $24.00 $9.72 $4.59 38% 73% 8.0 1,200 171%

Duck Core 1,874 340 12/18/2026 2.1 20000 11.8 9.0 $24.00 $10.36 $4.45 35% 52% 8.0 1,450 150%

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Thrift Market Segment Round 3
Analysis Soumita Das Dec. 31 2027

Thrift Statisitcs Accessibility Thrift

Total Industry Unit Demand 6,971

Actual Industry Unit Sales 6,971

Andrews
Segment % of Total Industry 26.1%

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 8.2 Size 12.0 15%

4. Age Ideal Age = 3.0 10%

Digby

0% 10% 20% 30% 40% 50% 60% 70% 80% 9…

Perceptual Map For Thrift Actual vs Potential Market Share Thrift

20 60%

18
50%
16

14 Ark 40%
Drat
Daze
12 Brat
BakerApril
Able 30%
Size

10 Buddy
Bold

8
20%

10%
4

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

Top Products in Thrift Segment

Units
Market 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

Drat 25% 1,735 6/9/2028 8.0 12.2 $16.00 17000 3.74 $1,250 78% $1,400 75% 54

Daze 25% 1,725 6/9/2028 8.2 12.0 $16.00 17000 3.64 $1,250 79% $1,400 75% 55

Ark 18% 1,230 4/4/2027 7.3 13.0 $17.00 15000 2.99 $1,200 80% $1,200 80% 38

Brat 13% 908 12/20/2027 8.7 11.5 $17.00 14000 2.25 $1,140 66% $1,000 72% 31

Baker 10% 694 12/7/2025 9.6 10.6 $19.00 16000 3.11 $1,140 67% $1,000 72% 24

Able 6% 430 5/8/2027 YES 10.3 9.8 $21.50 22000 2.23 $1,200 80% $1,200 80% 16

Bold 3% 178 12/25/2027 YES 11.0 9.1 $21.00 16000 0.88 $1,140 58% $900 72% 0

April 1% 44 5/21/2026 YES 10.8 10.6 $19.00 24000 1.61 $1,000 53% $1,200 80% 20

Buddy 0% 27 2/10/2027 YES 10.7 9.5 $22.00 16000 0.89 $1,140 51% $900 72% 3

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Round 3
Core Market Segment Analysis Soumita Das Dec. 31 2027

Core Statisitcs Accessibility Core

Total Industry Unit Demand 8,880

Actual Industry Unit Sales 8,880

Andrews
Segment % of Total Industry 33.3%

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 11.2 Size 9.0 16%

Digby

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

Perceptual Map For Core Actual vs Potential Market Share Core

20 50%

18

16 40%

14
Drat
Daze
Brat 30%
12
BakerApril
Able
Size

10 Buddy
Bold
Duck
Dino
20%
8

Acre
6
Crimp 10%
4

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

Top Products in Core Segment

Units
Market 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 20% 1,783 12/18/2026 11.8 9.0 $24.00 20000 2.1 $1,250 78% $1,100 76% 50

Dino 18% 1,575 12/16/2026 11.1 8.5 $24.00 18000 2.09 $1,250 78% $1,100 76% 44

Able 17% 1,542 5/8/2027 YES 10.3 9.8 $21.50 22000 2.23 $1,200 80% $1,200 72% 61

Bold 14% 1,208 12/25/2027 YES 11.0 9.1 $21.00 16000 0.88 $1,140 58% $900 72% 38

Baker 13% 1,196 12/7/2025 9.6 10.6 $19.00 16000 3.11 $1,140 67% $1,000 72% 26

Buddy 10% 913 2/10/2027 YES 10.7 9.5 $22.00 16000 0.89 $1,140 51% $900 72% 31

Daze 3% 291 6/9/2028 8.2 12.0 $16.00 17000 3.64 $1,250 79% $1,400 76% 2

Drat 2% 190 6/9/2028 8.0 12.2 $16.00 17000 3.74 $1,250 78% $1,400 76% 0

April 2% 154 5/21/2026 YES 10.8 10.6 $19.00 24000 1.61 $1,000 53% $1,200 72% 44

Brat 0% 24 12/20/2027 8.7 11.5 $17.00 14000 2.25 $1,140 66% $1,000 72% 8

Crimp 0% 3 11/5/2027 YES 13.7 4.5 $34.00 23000 1.24 $1,350 87% $1,000 11% 0

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Round 3
Nano Market Segment Analysis Soumita Das Dec. 31 2027

Nano Statisitcs Accessibility Nano

Total Industry Unit Demand 5,401

Actual Industry Unit Sales 5,401

Andrews
Segment % of Total Industry 20.3%

Next Year's Segment Growth Rate 14%

Baldwin
Nano Customer Buying Criteria
Expectations Importance

1. Ideal Position Pfmn 13.1 Size 4.2 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
50%
16

14 40%

12
30%
Size

10 Duck
Dino
Adam
8 Bid
Cake 20%
Cid
Acre
6
Crimp
Bead
Cedar
10%
4

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

Top Products in Nano Segment

Units
Market 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

Crimp 26% 1,387 11/5/2027 YES 13.7 4.5 $34.00 23000 1.24 $1,350 87% $1,000 83% 62

Cedar 25% 1,325 7/3/2027 14.2 4.0 $37.00 23000 1.34 $1,350 87% $900 83% 48

Bead 22% 1,174 12/17/2027 13.1 4.4 $30.00 18000 1.03 $1,140 67% $1,900 70% 46

Acre 18% 996 3/17/2027 12.3 5.6 $37.00 24000 2.1 $1,500 96% $1,200 62% 36

Adam 3% 141 4/15/2027 14.5 7.9 $42.00 26000 2.08 $1,500 96% $1,200 62% 4

Dino 2% 110 12/16/2026 11.1 8.5 $24.00 18000 2.09 $1,250 78% $1,100 18% 2

Cid 2% 92 7/25/2027 16.3 6.2 $37.00 25000 1.34 $1,350 87% $900 83% 0

Duck 2% 91 12/18/2026 11.8 9.0 $24.00 20000 2.1 $1,250 78% $1,100 18% 1

Bid 1% 68 12/17/2027 16.2 6.9 $36.00 20000 1.04 $1,140 67% $2,200 70% 0

Cake 0% 18 8/24/2027 16.5 6.5 $34.00 25000 1.9 $1,350 87% $1,000 83% 0

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Round 3
Elite Market Segment Analysis Soumita Das Dec. 31 2027

Elite Statisitcs Accessibility Elite

Total Industry Unit Demand 5,423

Actual Industry Unit Sales 5,423

Andrews
Segment % of Total Industry 20.3%

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 16.0 Size 7.1 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
Adam
8 Bid
Cake
Cid
Acre
6 20%
Crimp
Bead
Cedar
4

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

Top Products in Elite Segment

Units
Market 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

Cid 28% 1,520 7/25/2027 16.3 6.2 $37.00 25000 1.34 $1,350 87% $900 87% 48

Cake 26% 1,404 8/24/2027 16.5 6.5 $34.00 25000 1.9 $1,350 87% $1,000 87% 47

Adam 16% 878 4/15/2027 14.5 7.9 $42.00 26000 2.08 $1,500 96% $1,200 71% 23

Bid 15% 819 12/17/2027 16.2 6.9 $36.00 20000 1.04 $1,140 67% $2,200 69% 30

Crimp 7% 392 11/5/2027 YES 13.7 4.5 $34.00 23000 1.24 $1,350 87% $1,000 87% 8

Acre 4% 219 3/17/2027 12.3 5.6 $37.00 24000 2.1 $1,500 96% $1,200 71% 6

Bead 2% 133 12/17/2027 13.1 4.4 $30.00 18000 1.03 $1,140 67% $1,900 69% 1

Cedar 1% 58 7/3/2027 14.2 4.0 $37.00 23000 1.34 $1,350 87% $900 87% 1

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Round 3
Market Share Report Soumita Das Dec. 31 2027

Units Sold vs Demand Market Share

10,000 70%

9,000
60%
8,000

7,000 50%

6,000
40%
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 6,971 8,880 5,401 5,423 26,675 Units Demanded 6,971 8,880 5,401 5,423 26,675

% of Market 26.1% 33.3% 20.3% 20.3% 100.0% % of Market 26.1% 33.3% 20.3% 20.3% 100.0%

Acre 18.4% 4.0% 4.6% Acre 21.2% 4.7% 5.2%

Adam 2.6% 16.2% 3.8% Adam 2.4% 16.0% 3.8%

Ark 17.7% 4.6% Ark 16.5% 4.3%

Able 6.2% 17.4% 7.4% Able 7.4% 20.4% 8.7%

April 0.6% 1.7% 0.7% April 5.6% 15.3% 6.6%

Total 24.4% 19.1% 21.0% 20.2% 21.1% Total 29.4% 35.7% 23.7% 20.7% 28.6%

Brat 13.0% 0.3% 3.5% Brat 12.2% 0.2% 3.2%

Baker 10.0% 13.5% 7.1% Baker 9.3% 10.1% 5.8%

Bead 21.7% 2.5% 4.9% Bead 20.3% 2.4% 4.6%

Bid 1.3% 15.1% 3.3% Bid 1.2% 14.9% 3.3%

Bold 2.6% 13.6% 5.2% Bold 2.5% 12.3% 4.7%

Buddy 0.4% 10.3% 3.5% Buddy 0.4% 9.2% 3.2%

Total 25.9% 37.6% 23.0% 17.6% 27.5% Total 24.3% 31.8% 21.5% 17.4% 24.8%

Crimp 25.7% 7.2% 6.7% Crimp 26.4% 7.5% 6.9%

Cake 0.3% 25.9% 5.3% Cake 0.3% 25.6% 5.3%

Cedar 24.5% 1.1% 5.2% Cedar 23.0% 1.1% 4.9%

Cid 1.7% 28.0% 6.0% Cid 1.6% 27.7% 6.0%

Total 52.3% 62.2% 23.2% Total 51.3% 61.9% 23.0%

Drat 24.9% 2.1% 7.2% Drat 23.2% 1.6% 6.6%

Daze 24.7% 3.3% 7.6% Daze 23.1% 2.5% 6.8%

Dino 17.7% 2.0% 6.3% Dino 13.3% 1.9% 4.8%

Duck 20.1% 1.7% 7.0% Duck 15.1% 1.6% 5.3%

Total 49.6% 43.2% 3.7% 28.1% Total 46.3% 32.5% 3.5% 23.6%

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Round 3
Perceptual Map Soumita Das Dec. 31 2027

20

18

16

14
Ark
Drat
Daze
12 Brat
Baker
April
Able
Size 10 Buddy
Bold
Duck
Dino
Adam
8
Bid
Cake
Cid
6 Acre

Crimp
Bead
Cedar
4

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

Acre 12.3 5.6 3/17/2027 Brat 8.7 11.5 12/20/2027 Crimp 13.7 4.5 11/5/2027

Adam 14.5 7.9 4/15/2027 Baker 9.6 10.6 12/7/2025 Cake 16.5 6.5 8/24/2027

Ark 7.3 13.0 4/4/2027 Bead 13.1 4.4 12/17/2027 Cedar 14.2 4.0 7/3/2027

Able 10.3 9.8 5/8/2027 Bid 16.2 6.9 12/17/2027 Cid 16.3 6.2 7/25/2027

April 10.8 10.6 5/21/2026 Bold 11.0 9.1 12/25/2027

Buddy 10.7 9.5 2/10/2027

Digby

Name Pfmn Size Revised

Drat 8.0 12.2 6/9/2028

Daze 8.2 12.0 6/9/2028

Dino 11.1 8.5 12/16/2026

Duck 11.8 9.0 12/18/2026

COMP-XM® INQUIRER Page 10

COOKIE SETTINGS
 TOP
Round 3
HR/TQM Report Soumita Das Dec. 31 2027
Human Resources Summary

Andrews Baldwin Chester Digby

Needed Complement 1006 549 613 445

Complement 1006 549 613 445

1st Shift Complement 671 422 420 279

2nd Shift Complement 335 127 193 166

Overtime % 0.0% 0.0% 0.0% 0.0%

Turnover Rate 9.9% 6.0% 10.0% 8.0%

New Employees 967 33 61 36

Separated Employees 0 62 145 47

Recruiting Spend $100 $5,000 $0 $2,500

Training Hours 0 80 0 40

Productivity Index 100.0% 126.2% 100.0% 116.9%

Recruiting Cost $1,063 $198 $61 $125

Separation Cost $0 $312 $725 $233

Training Cost $0 $878 $0 $356

Total HR Admin Cost $1,063 $1,388 $786 $714

Labor Contract Next Year

Wages $29.56 $29.56 $29.56 $29.56

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 $0 $1,500 $0 $1,250

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

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

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

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

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

TQM Budgets Last Year

Benchmarking $0 $1,500 $0 $0

Quality Function Deployment Effort $0 $0 $0 $0

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

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

Total Expenditures $0 $6,000 $6,250 $5,500

Cumulative Impacts

Material Cost Reduction 3.42% 1.41% 6.43% 6.03%

Labor Cost Reduction 4.24% 0.05% 13.93% 1.78%

Reduction R&D Cycle Time 20.19% 0.00% 39.79% 0.00%

Reduction Admin Costs 32.46% 43.11% 0.00% 16.23%

Demand Increase 4.55% 0.45% 9.37% 5.47%

COMP-XM® INQUIRER Page 11

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 3
Annual Report Andrews C59559 Dec. 31 2027

Balance Sheet
ASSETS 2027 2026
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $0 0% $3,400

end-of-year cash position. Accounts Accounts Receivable $12,725 4.4% $7,190

Receivable: Reflects the lag between delivery and
Inventory $20,746 7.2% $899
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $33,471 11.7% $11,489

zero indicates your company stocked out. Unmet Plant & Equipment $337,832 118.1% $250,901
demand would, of course, fall to your competitors.
Accumulated Depreciation ($85,134) -29.7% ($62,612)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $252,698 88.3% $188,289

depreciation from your plant. Accts Payable: Total assets $286,168 100% $199,778
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $11,490 4% $5,184
of operations. It includes emergency loans used to
Current Debt $84,557 29.5% $29,300
keep your company solvent should you run out of
Long Term Debt $130,631 45.6% $80,631
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $226,678 79.2% $115,115
this represents the total value of your bonds.
Common Stock $26,339 9.2% $26,339
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $33,151 11.6% $58,324

Earnings: The profits that the company chose to Total Equity $59,490 20.8% $84,663
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $286,168 100% $199,778

Cash Flow Statement

Cash Flows from Operating Activities: 2027 2026
The Cash Flow Statement examines what happened in the Cash
Net income (Loss) ($25,174) $11,142
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $22,522 $16,727

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs $0 $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable $6,306 ($7,309)
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 Inventory ($19,846) ($899)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($5,535) ($1,725)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations ($21,727) $17,935
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements ($86,931) ($100,881)

Cash Flow Summary Andrews
Cash Flows from Financing Activities:
150k
Dividends paid $0 $0

Sales of Common Stock $0 $4,500

100k
Purchase of Common Stock $0 $0

Cash from long term debt $50,000 $50,000

50k Retirement of long term debt $0 ($11,300)

Change in current debt (net) $55,257 $17,300

0 Net cash from financing activities $105,257 $60,500

Net change in cash position ($3,400) ($22,446)

Closing cash position $0 $3,400

-50k

-100k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 3
Annual Report Andrews C59559 Dec. 31 2027

2027 Income Statement

Product Name Acre Adam Ark Able NA NA April NA Total Common Size

Sales $44,969 $42,793 $20,916 $42,385 $0 $0 $3,763 $0 $154,826 100%

Variable Costs:

Direct Labor $13,196 $10,820 $12,827 $19,751 $0 $0 $2,361 $0 $58,956 38.1%

Direct Material $16,568 $14,374 $7,516 $20,345 $0 $0 $2,192 $0 $60,994 39.4%

Inventory Carry $2 $410 $2,077 $0 $0 $0 $0 $0 $2,489 1.6%

Total Variable $29,765 $25,605 $22,421 $40,096 $0 $0 $4,553 $0 $122,440 79.1%

Contribution Margin $15,204 $17,188 ($1,505) $2,290 $0 $0 ($790) $0 $32,386 20.9%

Period Costs:

Depreciation $4,197 $3,592 $6,017 $7,534 $0 $0 $1,183 $0 $22,522 14.5%

R&D $210 $290 $260 $355 $0 $0 $0 $0 $1,116 0.7%

Promotions $1,500 $1,500 $1,200 $1,200 $0 $0 $1,000 $0 $6,400 4.1%

Sales $1,200 $1,200 $1,200 $1,200 $0 $0 $1,200 $0 $6,000 3.9%

Admin $521 $496 $243 $492 $0 $0 $44 $0 $1,795 1.2%

Total Period $7,628 $7,078 $8,920 $10,781 $0 $0 $3,426 $0 $37,833 24.4%

Net Margin $7,576 $10,110 ($10,425) ($8,491) $0 $0 ($4,217) $0 ($5,447) -3.5%

Other $2,500 1.6%

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 EBIT ($7,947) -5.1%
goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $14,172 9.2%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $16,610 10.7%
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: Taxes ($13,555) -8.8%
Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $0 0%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit ($25,174) -16.3%
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 Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
60%
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
40%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

20%

0%

-20%

-40%

Acre Adam Ark Able NA

NA April NA

COOKIE SETTINGS
 Profit History Market Share History
$30,000 40%

$20,000

30%

$10,000

$0 20%

$-10,000

10%

$-20,000

$-30,000 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROE History Asset Turnover History

40% 1.5

1.3
20%

1.0
0%

0.8

-20%
0.5

-40%
0.3

-60% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROS History ROA History

20% 30%

20%
10%

10%

0%

0%

-10%
-10%

-20% -20%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 3
Annual Report Baldwin C59559 Dec. 31 2027

Balance Sheet
ASSETS 2027 2026
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $27,499 11.4% $24,019

end-of-year cash position. Accounts Accounts Receivable $14,196 5.9% $11,926

Receivable: Reflects the lag between delivery and
Inventory $18,193 7.5% $18,940
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $59,888 24.7% $54,885

zero indicates your company stocked out. Unmet Plant & Equipment $271,140 112% $226,260
demand would, of course, fall to your competitors.
Accumulated Depreciation ($88,976) -36.8% ($70,900)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $182,164 75.3% $155,360

depreciation from your plant. Accts Payable: Total assets $242,053 100% $210,245
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $8,772 3.6% $9,344
of operations. It includes emergency loans used to
Current Debt $27,965 11.6% $35,513
keep your company solvent should you run out of
Long Term Debt $106,620 44% $84,664
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $143,357 59.2% $129,521
this represents the total value of your bonds.
Common Stock $54,215 22.4% $35,399
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $44,479 18.4% $45,325

Earnings: The profits that the company chose to Total Equity $98,694 40.8% $80,724
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $242,053 100% $210,245

Cash Flow Statement

Cash Flows from Operating Activities: 2027 2026
The Cash Flow Statement examines what happened in the Cash
Net income (Loss) ($845) ($1,675)
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $18,076 $13,724

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs $0 $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable ($572) $3,132
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 Inventory $747 ($17,954)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($2,271) ($1,246)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $15,135 ($4,019)
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements ($44,880) ($60,960)

Cash Flow Summary Baldwin
Cash Flows from Financing Activities:
40k
Dividends paid $0 $0

Sales of Common Stock $18,816 $16,875

20k
Purchase of Common Stock $0 $0

Cash from long term debt $21,956 $36,840

0 Retirement of long term debt $0 ($11,300)

Change in current debt (net) ($7,548) $13,731

-20k Net cash from financing activities $33,225 $56,146

Net change in cash position $3,480 ($8,834)

Closing cash position $27,499 $24,019

-40k

-60k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 3
Annual Report Baldwin C59559 Dec. 31 2027

2027 Income Statement

Product Name Brat Baker Bead Bid Bold Buddy Na Na Total Common Size

Sales $15,847 $35,906 $39,205 $31,955 $29,111 $20,694 $0 $0 $172,719 100%

Variable Costs:

Direct Labor $1,950 $8,027 $8,843 $6,051 $7,604 $4,172 $0 $0 $36,647 21.2%

Direct Material $5,695 $15,882 $16,259 $11,836 $12,419 $8,738 $0 $0 $70,828 41%

Inventory Carry $495 $513 $563 $612 $0 $0 $0 $0 $2,183 1.3%

Total Variable $8,139 $24,423 $25,665 $18,499 $20,023 $12,910 $0 $0 $109,658 63.5%

Contribution Margin $7,708 $11,483 $13,540 $13,456 $9,088 $7,785 $0 $0 $63,060 36.5%

Period Costs:

Depreciation $3,833 $4,600 $2,267 $2,267 $2,635 $2,475 $0 $0 $18,076 10.5%

R&D $983 $0 $973 $973 $995 $114 $0 $0 $4,039 2.3%

Promotions $1,140 $1,140 $1,140 $1,140 $1,140 $1,140 $0 $0 $6,840 4%

Sales $1,000 $1,000 $1,900 $2,200 $900 $900 $0 $0 $7,900 4.6%

Admin $190 $432 $471 $384 $350 $249 $0 $0 $2,076 1.2%

Total Period $7,147 $7,172 $6,751 $6,964 $6,020 $4,877 $0 $0 $38,930 22.5%

Net Margin $562 $4,312 $6,789 $6,492 $3,068 $2,908 $0 $0 $24,130 14%

Other $8,039 4.7%

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 EBIT $16,091 9.3%
goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $3,496 2%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $13,896 8%
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: Taxes ($455) -0.3%
Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $0 0%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit ($845) -0.5%
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 Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
60%
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 50%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.
40%

30%

20%

10%

0%

Brat Baker Bead Bid Bold

Buddy 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 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

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

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

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%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 3
Annual Report Chester C59559 Dec. 31 2027

Balance Sheet
ASSETS 2027 2026
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $32,003 18.1% $27,500

end-of-year cash position. Accounts Accounts Receivable $18,061 10.2% $15,307

Receivable: Reflects the lag between delivery and
Inventory $20,325 11.5% $27,178
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $70,389 39.8% $69,985

zero indicates your company stocked out. Unmet Plant & Equipment $167,760 94.8% $130,960
demand would, of course, fall to your competitors.
Accumulated Depreciation ($61,201) -34.6% ($50,017)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $106,559 60.2% $80,943

depreciation from your plant. Accts Payable: Total assets $176,947 100% $150,928
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $10,409 5.9% $11,825
of operations. It includes emergency loans used to
Current Debt $19,209 10.9% $32,973
keep your company solvent should you run out of
Long Term Debt $42,835 24.2% $30,387
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $72,453 40.9% $75,185
this represents the total value of your bonds.
Common Stock $12,528 7.1% $11,983
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $91,966 52% $63,760

Earnings: The profits that the company chose to Total Equity $104,494 59.1% $75,743
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $176,947 100% $150,928

Cash Flow Statement

Cash Flows from Operating Activities: 2027 2026

The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $28,206 $16,049
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $11,184 $8,731

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs $0 $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable ($1,417) $3,459
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 Inventory $6,853 ($21,785)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable ($2,754) ($1,655)
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $42,073 $4,798
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements ($36,800) ($37,000)

Cash Flow Summary Chester
Cash Flows from Financing Activities:
60k
Dividends paid $0 $0

Sales of Common Stock $545 $3,184

40k
Purchase of Common Stock $0 $0

20k Cash from long term debt $12,448 $20,876

Retirement of long term debt $0 ($11,300)

0 Change in current debt (net) ($13,764) $18,767

Net cash from financing activities ($770) $31,527

-20k Net change in cash position $4,503 ($675)

Closing cash position $32,003 $27,500

-40k

-60k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
 TOP
Round 3
Annual Report Chester C59559 Dec. 31 2027

2027 Income Statement

Product Name Crimp Cake Cedar Cid Na Na Na Na Total Common Size

Sales $60,598 $48,349 $51,171 $59,625 $0 $0 $0 $0 $219,742 100%

Variable Costs:

Direct Labor $14,095 $9,895 $10,150 $11,953 $0 $0 $0 $0 $46,094 21%

Direct Material $23,193 $20,881 $19,616 $23,707 $0 $0 $0 $0 $87,397 39.8%

Inventory Carry $0 $350 $936 $1,152 $0 $0 $0 $0 $2,439 1.1%

Total Variable $37,288 $31,127 $30,702 $36,813 $0 $0 $0 $0 $135,930 61.9%

Contribution Margin $23,310 $17,222 $20,468 $22,812 $0 $0 $0 $0 $83,812 38.1%

Period Costs:

Depreciation $3,024 $2,153 $2,833 $3,173 $0 $0 $0 $0 $11,184 5.1%

R&D $858 $655 $510 $571 $0 $0 $0 $0 $2,595 1.2%

Promotions $1,350 $1,350 $1,350 $1,350 $0 $0 $0 $0 $5,400 2.5%

Sales $1,000 $1,000 $900 $900 $0 $0 $0 $0 $3,800 1.7%

Admin $641 $511 $541 $631 $0 $0 $0 $0 $2,324 1.1%

Total Period $6,873 $5,670 $6,135 $6,625 $0 $0 $0 $0 $25,303 11.5%

Net Margin $16,437 $11,552 $14,334 $16,187 $0 $0 $0 $0 $58,509 26.6%

Other $6,900 3.1%

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 EBIT $51,609 23.5%

goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $2,171 1%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $5,159 2.3%
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: Taxes $15,498 7.1%
Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $576 0.3%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $28,206 12.8%
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 Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
50%
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
40%
upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

30%

20%

10%

0%

Crimp Cake Cedar Cid NA

NA NA NA

COOKIE SETTINGS
 Profit History Market Share History
$30,000 40%

$25,000

30%

$20,000

$15,000 20%

$10,000

10%

$5,000

$0 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROE History Asset Turnover History

30% 2.0

25%

1.5

20%

15% 1.0

10%

0.5

5%

0% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROS History ROA History

15% 20%

12.5%

15%

10%

7.5% 10%

5%

5%

2.5%

0% 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

COOKIE SETTINGS
Annual Report Page 2

COOKIE SETTINGS
 PRINT

Annual Report
TOP
Round 3
Annual Report Digby C59559 Dec. 31 2027

Balance Sheet
ASSETS 2027 2026
DEFINITIONS: Common Size: The common
Common Size
size column simply represents each item as a
percentage of total assets for that year. Cash: Your Cash $37,452 17.9% $52,161

end-of-year cash position. Accounts Accounts Receivable $12,202 5.8% $12,749

Receivable: Reflects the lag between delivery and
Inventory $16,571 7.9% $4,898
payment of your products. Inventories: The
current value of your inventory across all products. A Total Current Assets $66,225 31.6% $69,808

zero indicates your company stocked out. Unmet Plant & Equipment $236,400 113% $217,000
demand would, of course, fall to your competitors.
Accumulated Depreciation ($93,329) -44.6% ($77,569)
Plant & Equipment: The current value of your
plant. Accum Deprec: The total accumulated Total Fixed Assets $143,071 68.4% $139,431

depreciation from your plant. Accts Payable: Total assets $209,295 100% $209,238
What the company currently owes suppliers for
LIABILITIES & OWNERS' EQUITY
materials and services. Current Debt: The debt
the company is obligated to pay during the next year Accounts Payable $8,598 4.1% $8,868
of operations. It includes emergency loans used to
Current Debt $30,012 14.3% $42,805
keep your company solvent should you run out of
Long Term Debt $86,595 41.4% $84,105
cash during the year. Long Term Debt: The
company's long term debt is in the form of bonds, and Total Liabilities $125,205 59.8% $135,778
this represents the total value of your bonds.
Common Stock $44,687 21.4% $36,026
Common Stock: The amount of capital invested
by shareholders in the company. Retained Retained Earnings $39,403 18.8% $37,434

Earnings: The profits that the company chose to Total Equity $84,090 40.2% $73,460
keep instead of paying to shareholders as dividends.
Total Liab. & O. Equity $209,295 100% $209,238

Cash Flow Statement

Cash Flows from Operating Activities: 2027 2026
The Cash Flow Statement examines what happened in the Cash
Net income (Loss) $1,969 $207
Account during the year. Cash injections appear as positive numbers and
cash withdrawals as negative numbers. The Cash Flow Statement is an Depreciation $15,760 $14,467

excellent tool for diagnosing emergency loans. When negative cash flows Extraordinary gain/losses/writeoffs $0 $0
exceed positives, you are forced to seek emergency funding. For example,
Accounts Payable ($269) $703
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 Inventory ($11,673) ($4,898)

negative cash flow. Too much unexpected inventory could outstrip your Accounts Receivable $547 $325
inflows, exhaust your starting cash and force you to beg for money to
Net cash from operations $6,334 $10,804
keep your company afloat.
Cash Flows from Investing Activities:

Plant Improvements ($19,400) ($39,440)

Cash Flow Summary Digby
Cash Flows from Financing Activities:
10k
Dividends paid $0 $0

5k Sales of Common Stock $8,661 $8,404

Purchase of Common Stock $0 $0

0
Cash from long term debt $2,489 $27,144

Retirement of long term debt $0 ($11,300)

-5k
Change in current debt (net) ($12,793) $17,674

-10k Net cash from financing activities ($1,643) $41,922

Net change in cash position ($14,709) $13,286

-15k
Closing cash position $37,452 $52,161

-20k

-25k

Operations Investment Finance Chg. Cash

Annual Report Page 1

COOKIE SETTINGS
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Round 3
Annual Report Digby C59559 Dec. 31 2027

2027 Income Statement

Product Name Drat Daze Dino Duck Na Na Na Na Total Common Size

Sales $30,801 $32,258 $40,422 $44,973 $0 $0 $0 $0 $148,454 100%

Variable Costs:

Direct Labor $5,722 $6,070 $7,748 $8,370 $0 $0 $0 $0 $27,910 18.8%

Direct Material $13,530 $14,488 $16,929 $20,081 $0 $0 $0 $0 $65,029 43.8%

Inventory Carry $245 $562 $562 $620 $0 $0 $0 $0 $1,988 1.3%

Total Variable $19,497 $21,120 $25,239 $29,072 $0 $0 $0 $0 $94,928 63.9%

Contribution Margin $11,304 $11,138 $15,183 $15,902 $0 $0 $0 $0 $53,527 36.1%

Period Costs:

Depreciation $4,293 $4,753 $3,040 $3,673 $0 $0 $0 $0 $15,760 10.6%

R&D $1,000 $1,000 $0 $0 $0 $0 $0 $0 $2,000 1.3%

Promotions $1,250 $1,250 $1,250 $1,250 $0 $0 $0 $0 $5,000 3.4%

Sales $1,400 $1,400 $1,100 $1,100 $0 $0 $0 $0 $5,000 3.4%

Admin $329 $344 $431 $480 $0 $0 $0 $0 $1,584 1.1%

Total Period $8,272 $8,748 $5,821 $6,503 $0 $0 $0 $0 $29,344 19.8%

Net Margin $3,032 $2,390 $9,361 $9,398 $0 $0 $0 $0 $24,182 16.3%

Other $6,058 4.1%

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 EBIT $18,125 12.2%

goods in inventory. Depreciation: Calculated on straight-line 15-year depreciation of Short Term Interest $3,812 2.6%
plant value. R&D Costs: R&D department expenditures for each product. Admin:
Long Term Interest $11,222 7.6%
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: Taxes $1,082 0.7%

Charges not included in other categories such as Fees, Write Offs, and TQM. The fees Profit Sharing $40 0%
include money paid to investment bankers and brokerage firms to issue new stocks or
Net Profit $1,969 1.3%
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 Variables Margins
money on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and
40%
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 rate. Profit Sharing: Profits shared with employees under the labor 30%
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

20%

10%

0%

Drat Daze Dino Duck NA NA

NA NA

COOKIE SETTINGS
 Profit History Market Share History
$12,500 40%

$10,000
30%

$7,500

20%

$5,000

10%
$2,500

$0 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROE History Asset Turnover History

20% 1.5

1.3

15%

1.0

10% 0.8

0.5

5%

0.3

0% 0.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

ROS History ROA History

10% 8%

7.5% 6%

5% 4%

2.5% 2%

0% 0%

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
2026 2027 2026 2027

COOKIE SETTINGS
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COOKIE SETTINGS
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