Analize this Income statement

Year Ended July 31 (in 000's, except for per share data)	2023	2022
Sales (Note 2)	$46,751	$53,884
Costs and expenses
Cost of sales	35,746	41,788
Depreciation	3,918	3,370
	39,664	45,158
Gross profit	7,087	8,726
Selling and administrative (Note 13)	5,831	6,399
Income before the following items	1,256	2,327
Foreign exchange gain	-62	-325
Other income	-108	-346
Loss on sale of capital assets	65	35
Interest on long-term debt and leases	462	382
Interest income, net	-238	-28
	119	-282
Income before income taxes	1,137	2,609
Income tax provision (Note 4)
Deferred (recovery) expense (Note 4)	-185	488
	-185	488
Net income and comprehensive income	$1,322	$2,121
Earnings per common share (Note 11) Basic
	$0.23	$0.36
Diluted	0.22	$0.35

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The income statement shows a decrease in revenue o... View the full answer