MOVADO GROUP, INC. Consolidated Statements of Income Fiscal Year Ended January 31, (in thousands, except per share amounts) 2001 2000 1999 Net sales $320,841 $295,067 $277,836 Costs and expenses: Cost of sales 123,392 126,667 111,766 Selling, general and administrative 163,317 152,631 133,395 286,709 279,298 245,161 Operating income 34,132 15,769 32,675 Interest expense, net 6,443 5,372 5,437 Gain on disposition of business — 4,752 — Income before income taxes 27,689 15,149 27,238 Provision for income taxes 6,922 1,428 6,265 Net income $020,767 $013,721 $ 0 20,973 Net income per share – Basic $1.78 $1.10 $1.63 Weighted average shares outstanding 11,651 12,527 12,842 Net income per share – Diluted $1.75 $1.06 $1.58 Weighted average shares and share equivalents outstanding 11,866 12,890 13,256 Comprehensive Income: Net Income $020,767 $013,721 $ 0 20,973 Other comprehensive income, net of tax: Foreign currency translation adjustment (1,707) (10,456) (869) Comprehensive income $019,060 $003,265 $ 0 20,104 See Notes to Consolidated Financial Statements 38