FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

-------------------------------------------------------------------------------

       [X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended December 30, 1995

                                                 OR

       [   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

                 For the transition period from _____ to  _____

                           Commission File No. 0-8544

                            SPEIZMAN INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

                          Delaware                       56-0901212
           (State or other jurisdiction of            (I.R.S. Employer
            incorporation or organization)          Identification No.)
                     508 West Fifth St.                     28202
               Charlotte, North Carolina                   (Zip Code)
      (Address of principal executive offices)

                                 (704) 372-3751
              (Registrant's telephone number, including area code)

                                 Not Applicable
             (Former name, former address and former fiscal year, if
                           changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

                             YES  X                 NO  

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.

                                                    Outstanding at
             Class of Common Stock               February 7, 1995

            Par value $.10 per share                 3,208,599


<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                                      INDEX


<TABLE>
<CAPTION>

                                                                                                         Page No.
<S>               <C>                                                                                    <C>
PART I.  FINANCIAL INFORMATION:
         Item 1.  Financial Statements:

           Consolidated Condensed Balance Sheets.................................................         3 - 4

           Consolidated Condensed Statements of Operations.......................................             5

           Consolidated Condensed Statements of Cash Flows.......................................             6

           Notes to Consolidated Financial Statements............................................             7

         Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations..........................................        8 - 10


PART II. OTHER INFORMATION:

         Item 6.  Exhibits and reports on Form 8-K

          (a)  Reports on Form 8-K...............................................................           11

          (b)  Exhibit 11.  Computation of Net Income (Loss) per Share...........................           12

</TABLE>


                                                                          Page 2

<PAGE>

                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>




                                                                         December 30,                    July 1,
                                                                              1995                        1995
                                                                          (Unaudited)
                                ASSETS
CURRENT:
<S>                                                                     <C>                          <C>         
   Cash and cash equivalents                                            $   1,804,207                $  2,436,859
   Accounts receivable, less allowances of
       $173,028 and $207,158                                               10,129,436                  16,078,683
   Inventories                                                             10,543,605                  13,428,014
   Prepaid expenses and other current assets                                2,242,950                   2,458,355
                                                                          ___________                 ___________
        TOTAL CURRENT ASSETS                                               24,720,198                  34,401,911
                                                                          ___________                 ___________


PROPERTY AND EQUIPMENT:
   Leasehold improvements                                                     550,684                     543,874
   Machinery and equipment                                                  1,311,795                     876,565
   Furniture, fixtures and transportation equipment                           763,750                     834,187
                                                                          ___________                  __________
        Total                                                               2,626,229                   2,254,626
   Less accumulated depreciation and amortization                          (1,436,617)                 (1,440,688)
                                                                          ___________                   _________

        NET PROPERTY AND EQUIPMENT                                          1,189,612                     813,938
                                                                          ___________                  __________
OTHER                                                                         626,494                     488,609

                                                                          $26,536,304                 $35,704,458
                                                                           ==========                  ==========

</TABLE>



          See accompanying notes to consolidated financial statements.

      
                                                                          Page 3

<PAGE>




                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>




                                                                          December 30,                  July 1,
                                                                               1995                      1995
                                                                          (Unaudited)
 LIABILITIES AND STOCKHOLDERS' EQUITY

<S>                                                                      <C>                          <C>        
CURRENT LIABILITIES:
   Accounts payable                                                      $  6,989,016                 $15,056,927
   Customers' deposits                                                      1,139,496                     884,881
   Accrued expenses                                                           222,067                     833,886
   Current maturities of long-term debt                                        10,351                      13,190
                                                                           __________                  __________
      TOTAL CURRENT LIABILITIES                                             8,360,930                  16,788,884

LONG-TERM DEBT                                                                135,166                     133,629
                                                                            _________                  __________
      TOTAL LIABILITIES                                                     8,496,096                  16,922,513
                                                                            _________                  __________

STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized  6,000,000
      shares; issued 3,236,199 shares                                         323,620                     323,620
   Additional paid-in capital                                              12,459,965                  12,459,965
   Retained earnings                                                        5,360,281                   6,097,426
   Foreign currency translation adjustment                                     (3,861)                        731
                                                                           __________                  __________
        Total                                                              18,140,005                  18,881,742
   Treasury stock, at cost, 27,600 common shares                              (99,797)                    (99,797)
                                                                           __________                  __________
      TOTAL STOCKHOLDERS' EQUITY                                           18,040,208                  18,781,945
                                                                           __________                  __________
                                                                          $26,536,304                 $35,704,458
                                                                           ==========                  ==========


</TABLE>

          See accompanying notes to consolidated financial statements.

                                                                          Page 4

<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                   (Unaudited)                                   (Unaudited)
                                            For the Three Months Ended                     For the Six Months Ended
                                            ----------------------------                   ------------------------
                                               12-30-95          12-31-94                 12-30-95          12-31-94
                                             (13 Weeks)         (13 Weeks)              (13 Weeks)        (26 Weeks)
                                             ----------         ---------               ----------        ----------

<S>                                              <C>              <C>                      <C>                <C>       
REVENUES                                      $  9,123,704      $ 17,251,361              $17,462,554       $ 29,671,854
                                                 ---------        ----------               ----------         ----------
COSTS AND EXPENSES:
   Cost of sales                                 8,267,912        15,107,089               15,863,583         26,311,120
   Selling expenses                              1,015,167           911,105                1,937,430          1,772,377
   General and administrative
      expenses                                     384,940           451,094                  754,702            777,046
                                                 ---------        ----------               ----------         ----------
   Total costs and expenses                      9,668,019        16,469,288               18,555,715         28,860,543
                                                 ---------        ----------               ----------         ----------
                                                  (554,315)          782,073               (1,093,161)           811,311
NET INTEREST EXPENSE
   (INCOME)                                         (21,208)            3,673                  (3,016)            (7,574)
                                                 ---------        ----------               ----------         ----------

INCOME (LOSS) BEFORE
   TAXES ON INCOME                                (523,017)          778,400               (1,090,145)           818,885

TAXES (BENEFIT)
    ON INCOME                                     (165,000)          262,500                 (353,000)           277,000
                                                 ---------        ----------               ----------         ----------

NET INCOME (LOSS)                             $   (358,107)    $     515,900             $   (737,145)      $    541,885

NET INCOME (LOSS) PER
     SHARE                                      $     (.11)            $ .16                   $ (.23)             $ .17
                                                       ===               ===                      ===                ===
Weighted average number of
  common and equivalent shares                   3,244,835         3,269,190                3,277,935          3,280,618



</TABLE>


          See accompanying notes to consolidated financial statements.

                                                                         Page 5

<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>


                                                                                           (Unaudited)
                                                                                           -----------
                                                                                    For the Six  Months Ended
                                                                                   ---------------------------
                                                                                 12/30/95                  12/31/94
                                                                                (26 Weeks)               (26 Weeks)
                                                                                ------------------------------------
<S>                                                                            <C>                    <C>          
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                                           $  (737,145)           $     541,885
Adjustments to reconcile net income (loss)  to cash provided
   by operating activities:
      Depreciation and amortization                                                 84,894                   87,928
      Provision for inventory obsolescence                                         100,000                  100,000
      Foreign currency translation adjustment                                       (4,592)                  (1,779)
      (Increase) decrease in:
         Accounts receivable                                                     5,949,247                  309,230
         Inventories                                                             2,784,409               (2,420,013)
         Prepaid expenses and deposits                                             215,405                 (441,735)
         Other assets                                                             (137,885)                  67,084
      Increase (decrease) in:
         Accounts payable                                                       (8,067,911)                 765,557
         Customers' deposits                                                       254,615                   (2,660)
         Accrued expenses                                                         (611,819)                (286,293)
                                                                                 ----------               ---------
   Net cash used in operating activities                                          (170,782)              (1,280,796)
                                                                                 ----------               ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Capital expenditures - leased equipment                                    ( 434,630)                       -
      Capital expenditures - other equipment                                      ( 31,821)                (193,998)
      Disposition of property and equipment                                          5,883                   29,691
                                                                                 ----------               ---------
         Net cash used in investing activities                                    (460,568)                (164,307)
                                                                                 ----------               ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
      Principal payments on long-term debt                                          (1,302)                 (81,454)
                                                                                 ----------               ---------
      Issuance of common stock for stock options                                         -                    1,653
      Minority interest in subsidiary                                                    -                    2,000
                                                                                 ----------               ---------
      Net cash provided by (used in) financing activities                           (1,302)                 (77,801)
                                                                                 ----------               ---------
NET INCREASE (DECREASE) IN CASH                                                   (632,652)              (1,522,904)
CASH AT BEGINNING OF PERIOD                                                      2,436,859                5,433,664
                                                                                 ----------               ---------
CASH AT END OF PERIOD                                                         $  1,804,207             $  3,910,760
                                                                                 =========                =========
Supplemental Disclosures:
      Cash paid during period for:
         Interest                                                           $       64,046             $     57,477
         Income taxes                                                              106,929                   23,519


</TABLE>


See accompanying notes to consolidated financial statements.

                                                                          Page 6

<PAGE>





                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1.   Management Statement re Adjustments

           In the opinion of management, the accompanying unaudited consolidated
           financial statements contain all adjustments necessary to present the
           Registrant's financial position, the results of operations and
           changes in cash flow for the periods indicated.

           The accounting policies followed by the Registrant are set forth on
           page F-6 of the Registrant's Form 10-K for the fiscal year ended July
           1, 1995, which is incorporated by reference.

Note 2.   Inventories

           Inventories consisted of the following:

<TABLE>
<CAPTION>

                                                                  December 30,                July 1,
                                                                      1995                     1995
                                                                  ------------              ----------
                                                                  (unaudited)
<S>                                                             <C>                        <C>        
           Machines                                             $    7,279,578             $10,106,300
           Parts and supplies                                        3,264,027               3,321,714
                                                                    ----------              ----------
                     Total                                       $  10,543,605             $13,428,014
                                                                    ==========              ==========
</TABLE>

Note 3.   Taxes on Income

           Taxes on income are allocated to interim periods on the basis of an
           estimated annual effective tax rate.

Note 4.   Net Income Per Share

           Net income per share is computed by dividing net income by the
           average number of common and common equivalent shares outstanding
           during the period. Common equivalent shares include those common
           shares which are issuable upon the exercise of stock options, when
           dilutive, net of shares assumed to have been repurchased with the
           proceeds.


                                                                          Page 7

<PAGE>





                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


GENERAL

The Company's revenues are generated primarily from its distribution of textile
equipment, principally knitting machines, to manufacturers of textile products
and, to a lesser extent, from the sale of parts used in such equipment and from
the sale of used textile equipment.

RESULTS OF OPERATIONS

Revenues in the Company's second fiscal quarter ended December 30, 1995 declined
by approximately $8.1 million or 47.1%. Major elements of this decline are
hosiery equipment sales which were down $6.9 million and sweater and trim
equipment sales which were down $1.6 million. The decline in hosiery equipment
sales appears to be related to poor retail sales of garments in the fall and
winter season of 1995. The decline in sweater and trim equipment appears to be
related to the same poor retail environment coupled with the general decline in
the consumption of sweaters. In the six months ended December 30, 1995, the
Company's revenues declined by $12.2 million or 41.2%. Major elements in that
decline are hosiery equipment sales which were down $10.0 million and sweater
and trim equipment sales which were down $3.4 million. Both declines reflect the
same poor retail environments which affected the second quarter performance.

Cost of sales as a percentage of revenues in the Company's fiscal 1996 second
quarter which ended December 30 increased to 90.6% from 87.6% in the same
quarter of last year. Service expenses, a component of cost of sales, accounted
for most of this unfavorable shift. Service expenses between the second quarter
of the current year and the second quarter of last year declined by about 5.4%;
however, as a percent of the reduced revenues, service expenses increased by
2.4% quarter to quarter. In the year-to-date, cost of sales as a percentage of
revenues increased to 90.8% as compared to 88.7% in the same period of last
year. Service expenses as a component of cost of sales remained constant between
the two six-month periods at $1.0 million, accounting for 2.4% of the overall
unfavorable shift of 2.1%.

Selling expenses in the second quarter increased by $104,000 as compared to the
second quarter of last year. Material elements of this overall increase occurred
in sales salaries, travel expenses, consulting fees and rental and space costs.
These increases were partially offset by decreases in salespersons' commissions
and in letter of credit expenses. In the year-to-date, selling expenses
increased by $165,000 in fiscal 1996 as compared to the same period of last
year. The Company's United Kingdom subsidiary accounted for $47,000 of this
increase. Elements similar to the quarterly elements accounted for this change
in the Company's year-to-date selling expenses.

General and administrative expenses in the current quarter declined by about
$66,000. The quarterly decrease relates to reductions in executive bonuses and
in bad debt provisions. In the year-to-date, general and administrative expenses
declined by about $22,000 as compared to the same period of last year. This
reflects decreases in executive bonuses and in bad debt provisions. (No
executive bonuses were accrued in either of the current periods.)

                                                                          Page 8

<PAGE>


Interest expense is shown net of interest income. The favorable shift of about
$25,000 in the latest quarter results from a $27,000 increase in interest
income, as compared to the second quarter of last year.

OUTLOOK

Late in the Company's current second quarter, the sock industry served by the
Company began to demonstrate some improvement. Demand for Lonati single cylinder
athletic sock machines with patterning capability increased strongly. The
Company is not certain as to how long this surge in demand will continue. Demand
for double cylinder and dial rib socks made on other machines sold by the
Company remains sluggish. The sweater manufacturing industry in the United
States and in the United Kingdom continues to display substantial weakness.

In August 1995, the Company became the U.S. distributor for Orizio Paolo,
S.p.A., an Italian manufacturer of circular fabric knitting machines. The
Company formed a new division to market these machines which are used to
manufacture tee-shirt fabric and other knitted fabric. This new division has
recorded sales of $1.2 million of this type of equipment since it was formed.

LIQUIDITY AND CAPITAL RESOURCES

At December 30, 1995, the Company's working capital position was approximately
$16.4 million, down about $1.2 million from that same position at the end of the
prior fiscal year, July 1, 1995. The Company's current ratio at December 30 is
2.96 to 1 as compared to 2.05 to 1 at July 1, 1995.

Operating activities used about $171,000 in cash in the six months ended
December 30, 1995. They used $1.3 million in the same period of last year. In
the current period, this requirement reflects a $8.7 million reduction in
payables and accruals, largely offset by a $5.9 million reduction in receivables
and a $2.8 million reduction in inventories.

Investing activities used about $461,000 in the current year-to-date as compared
to about $164,000 in the first six months of last year. This increase reflects
about $435,000 in hosiery equipment inventory which the Company leased in the
current period to customers.

Overall, net cash declined by about $633,000 in the current six-month period. In
the same period of last year, net cash declined about $1.5 million.

The Company presently has no material commitments for capital expenditures and
does not anticipate incurring such commitments in the balance of fiscal 1996.

SEASONALITY AND OTHER FACTORS

There are certain seasonal factors that may affect the Company's business.
Traditionally, manufacturing businesses in Italy close for the month of August,
and the Company's customers close for one week in

                                                                          Page 9

<PAGE>


July. Consequently, no shipments or deliveries, as the case may be, of machines
distributed by the Company that are manufactured in Italy are made during these
periods in the Company's first quarter. In addition, manufacturing businesses in
Italy generally close for two weeks in December, during the Company's second
quarter. Fluctuations in customer orders or other factors may cause quarterly
variations in net revenues from year to year.

EFFECTS OF INFLATION AND CHANGING PRICES

Management believes that inflation has not had a material effect on the
Company's operations.

A substantial portion of the Company's machine and spare part purchases are
denominated and payable in Italian lira. Currency fluctuations of the lira could
result in substantial price level changes and therefore impede or promote
import/export sales and substantially impact profits. However, to reduce
exposure to adverse foreign currency fluctuations during the period from
customer orders to payment for goods sold, the Company enters into forward
foreign exchange contracts. The Company is not able to assess the quantitative
effect that such currency fluctuations could have upon the Company's operations.
There can be no assurance that fluctuations in foreign currency exchange rates
will not have a significantly adverse effect on future operations.



                                                                         Page 10



<PAGE>


                           PART II. OTHER INFORMATION



Item 6.   Exhibits and reports on Form 8-K

           (a)  No reports on Form 8-K were filed by the Registrant during or
                applicable to the period reported here.

           (b)  Exhibit 11. - Computation of Net Income (Loss) Per Share


                                                                         Page 11






<PAGE>


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                               SPEIZMAN INDUSTRIES, INC.
                                                             (Registrant)




Date:      February 13, 1995                   /s/ Robert S. Speizman
           ---------------------               ----------------------
                                               Robert S. Speizman
                                               President


Date:      February 13, 1995                   /s/ Josef Sklut
           ---------------------               ----------------------
                                               Josef Sklut
                                               Vice President-Finance
                                               (Chief Financial Officer)




                                                                         Page 12

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