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                                                                    EXHIBIT 13.1


                            THOMASTON  MILLS, INC.
                                      
                      CONDENSED STATEMENTS OF OPERATIONS
                 (Dollars in Thousands except Per Share Data)
                                 (Unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended                            Six Months Ended
                                                   December 28,           December 30,          December 28,            December 30,
                                                       1996                  1995                   1996                    1995
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<S>                                             <C>                        <C>                <C>                   <C>
Net Sales                                       $   68,172                 $    61,385        $     137,085         $    129,9081
Cost of sales                                       63,518                      57,244              128,367               119,246
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Selling, general and administrative expenses         4,654                        4,141                8,718                10,735
Other income (expense)-net                           4,913                        4,918               10,132                10,001
                                                       100                          113                  163                   313
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                                                      (159)                        (664)              (1,251)                1,047
Interest expense                                       957                          791                1,786                 1,566
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Income (loss) before income taxes                   (1,116)                      (1,455)              (3,037)                 (519)
Provision for income taxes (benefit)                  (424)                        (553)              (1,154)                 (197)
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Net income (loss)                               $     (692)                $       (902)      $       (1,883)       $         (322)
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Average Number of Shares                         6,547,579                    6,537,196            6,546,744             6,536,603 
  Net income (loss) per share                   $  (0.1100)                $    (0.1400)      $      (0.2900)       $      (0.0500)
  Dividends paid per share                      $   0.0750                 $     0.0725       $       0.1500        $       0.1450
====================================================================================================================================
</TABLE>

                           CONDENSED BALANCE SHEETS
                            (Dollars in Thousands)
                                  (Unaudited)

<TABLE>
<CAPTION>


                                                                                                 December 28,          December 30,
                                                                                                      1996                  1995
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<S>                                                                                               <C>                <C>
ASSETS                 
Current Assets                                                                                                                   
  Cash and cash equivalents                                                                       $     1,942        $      1,380
  Accounts receivable                                                                                  44,800              39,612
    Less allowance for uncollectible accounts                                                            (415)               (415
  Inventories                                                                                          49,436              44,736
  Other current assets                                                                                  2,743               1,476
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                      Total Current Assets                                                             98,506              86,789

Property, Plant and Equipment                                                                         236,056             224,452
  Less allowance for depreciation                                                                    (151,748)           (137,101)
Other assets                                                                                            2,120               1,385
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                                                                                                  $   184,934        $    175,525
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
  Accounts payable                                                                                $     7,440        $      8,244
  Accrued liabilities                                                                                   7,052               5,107
  Current portion of capital lease obligations                                                            376                 455
  Current portion of long-term debt                                                                     2,648               2,748
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                      Total Current Liabilities                                                        17,516              16,554
                                                   
Obligations under capital leases                                                                        1,294               1,075
Long-term debt                                                                                         52,807              41,455
Deferred income taxes                                                                                   6,874               7,233
Other liabilities                                                                                         236                 148
Shareholders' Equity                                                                                  106,207             109,060
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                                                                                                  $   184,934        $    175,525
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</TABLE>