Consider the financial statements for New England Corporation provided below. The company expects sales to increase by 25% in 2019. Its applicable tax rate in 2019 is expected to be 21% (note that this is significantly less than the rate implied by the Income Statement for 2018). Its dividend payout ratio in 2019 will be exactly the same as what it is in 2018. Accounts payable are the only spontaneous liability for this firm. New Englands management plans to raise any funding needed for growth through long-term debt only. Its current interest rate on its existing short-term and long-term debt will remain the same for 2019, and it does not propose to pay down any of its existing short-term or long-term debt (so, effectively, it will be able to roll over its existing short-term debt at the same rate as it is paying currently). On any new long-term borrowings in 2019, New Englands creditors have indicated that they will charge 7.25%.

New England Corporation
Income Statement ($ thousands)	2018
Sales	$95,023
Cost of goods sold	63,186
SG&A expense	8,241
Depreciation expense	6,106
EBIT	17,490
Interest expense	6,724
EBT	10,766
Taxes	5,092
Net income	5,674
Allocation of net income:
Dividends	$2,921
Addition to retained earnings	$2,753

Balance Sheet ($ thousands)	31-Dec-18
ASSETS
Current assets
Cash and marketable securities	$7,916
Accounts receivable	$22,854
Inventory	$30,991
Total current assets	$61,761
Net PPE	331,083
Total assets	$392,844
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$63,250
Short-term debt	$53,258
Total current liabilities	$116,508
Long-term debt	$58,757
Total liabilities	$175,265
Shareholders' equity
Common Stock & Paid-In Capital	$147,400
Retained earnings	$70,179
Total shareholders' equity	$217,579
Total liabilities and shareholders' equity	$392,844

Make an adjustment to your EFN estimate (Direct Method estimate) if New England Corporation was operating at 90% capacity in 2018. What is the adjusted EFN once the presence of excess capacity is accounted for?