19 17 Analysis of the income statements 18 ($ in thousands) Income Statements 20 2019 2020 Change % Points 21 Sales $5,700 $5,400 22 Cost of goods sold 3,700 -3,600 1 23 Gross profits $2,000 $1,800 24 Operating expenses: 25 Selling and G&A expenses $(820) $(780) 26 Depreciation expenses 340 -500 1 27 Total operating expenses $(1,160) $(1,280) 28 Operating income (earnings before inter $840 $520 29 Interest expense -200 -275 1 30 Earnings before taxes $640. $245 1 31 Income taxes 230 -65 1 32 Net Income $410 $180 1 33 Total 11 11 Points 34