MOVADO GROUP, INC. Consolidated Balance Sheets January 31, (in thousands, except share and per share amounts) 2001 2000 ASSETS Current assets: Cash $023,059 $026,615 Trade receivables, net 98,797 96,258 Inventories, net 95,863 77,075 Other 23,501 18,076 Total current assets 241,220 218,024 Plant, property and equipment, net 32,906 27,593 Other assets 16,279 14,032 $290,405 $259,649 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Loans payable to banks $008,800 $013,500 Current portion of long-term debt 5,000 5,000 Accounts payable 28,819 17,562 Accrued liabilities 28,157 19,065 Current taxes payable 12,677 2,013 Deferred taxes payable 3,130 3,419 Total current liabilities 86,583 60,559 Long-term debt 40,000 45,000 Deferred and noncurrent foreign income taxes 3,517 5,105 Other liabilities 835 1,170 Total liabilities 130,935 111,834 Commitments and contingencies (Note 10) Shareholders’ equity Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued — — Common Stock, $0.01 par value, 20,000,000 shares authorized; 9,600,435 and 9,496,529 shares issued, respectively 96 95 Class A Common Stock, $0.01 par value, 10,000,000 shares authorized; 3,509,733 and 3,509,733 shares issued and  outstanding, respectively 35 35 Capital in excess of par value 67,242 66,113 Retained earnings 138,176 118,615 Accumulated other comprehensive income (18,169) (16,462) Treasury stock, 1,556,670 and 920,690 shares at cost, respectively (27,910) (20,581) Total shareholders’ equity 159,470 147,815 $290,405 $259,649 See Notes to Consolidated Financial Statements 39