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 March 31, 2001

                                       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.)

          701 Griffith Road                                  28217
     Charlotte, North Carolina                             (Zip Code)
(Address of principal executive offices)

                                 (704) 559-5777
              (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                                   May 11, 2001
      ---------------------                                 ----------------
     Par value $.10 per share                                  3,252,428

<PAGE>

                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                                      INDEX


<TABLE>
<CAPTION>

                                                                                Page No.
                                                                                --------
<S>                                                                             <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 Condensed Financial Statements..............     7 - 9

         Item 2. Management's Discussion and Analysis of
            Financial Condition and Results of Operations....................    10 - 18

PART II. OTHER INFORMATION:

         Item 6.  Exhibits and reports on Form 8-K...........................         19

</TABLE>

                                                                          Page 2
<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                             March 31,           July 1,
                                                               2001               2000
                                                            -----------        ----------
                                                            (Unaudited)
<S>                                                         <C>                <C>
                      ASSETS
CURRENT:
   Cash and cash equivalents                                     $     -        $  713,754
   Accounts receivable, less allowances of
       $779,852 and $601,805                                  18,611,562        30,722,678
   Inventories                                                17,837,665        16,489,494
   Prepaid expenses and other current assets                   4,724,639         6,181,283
                                                               ---------         ---------
       TOTAL CURRENT ASSETS                                   41,173,866        54,107,209
                                                              ----------        ----------

PROPERTY AND EQUIPMENT:
   Building and leasehold improvements                         7,336,153         7,310,261
   Machinery and equipment                                     1,078,633         1,008,656
   Furniture, fixtures and transportation equipment            1,644,542         1,779,829
                                                               ---------         ---------
      Total                                                   10,059,328        10,098,746
   Less accumulated depreciation and amortization             (2,635,248)       (2,092,204)
                                                              -----------     ------------

       NET PROPERTY AND EQUIPMENT                              7,424,080         8,006,542
                                                              -----------     ------------

DEFERRED TAX ASSET, LONG TERM                                  3,096,277                 -
OTHER LONG-TERM ASSETS                                           342,073           910,897
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION                   4,900,409         5,230,410
                                                             -----------      ------------

                                                            $ 56,936,705      $ 68,255,058
                                                             ===========       ===========
</TABLE>


   See accompanying notes to consolidated condensed financial statements.
                                                                          Page 3


<PAGE>
                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                               March 31,           July 1,
                                                                 2001               2000
                                                              ----------         -----------
                                                              (Unaudited)
<S>                                                           <C>                <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Bank overdraft                                                $1,311,712           $      -
   Accounts payable                                              10,786,315         20,196,790
   Customers' deposits                                            4,199,701          3,351,778
   Accrued expenses                                               1,594,782          1,291,452
   Deferred revenue                                                 697,708            200,141
   Current maturities of long-term debt                             981,189            884,996
                                                                 ----------         ----------

       TOTAL CURRENT LIABILITIES                                 19,571,407         25,925,157

Long-term debt                                                            -            458,001
Note Payable - bank line of credit                               15,240,000         13,800,000
Obligation under capital lease                                    4,540,087          4,581,593
                                                                 ----------         ----------
       TOTAL LIABILITIES                                         39,351,494         44,764,751
                                                                 ----------         ----------
STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized 20,000,000
      shares, issued 3,393,228, outstanding 3,252,428               339,323            339,323
   Additional paid-in capital                                    13,045,200         13,045,200
   Retained earnings                                              4,787,511         10,692,607
                                                                -----------       ------------
      Total                                                      18,172,034         24,077,130
   Treasury stock, at cost, 140,800 shares                         (586,823)          (586,823)
                                                                -----------       ------------
       TOTAL STOCKHOLDERS' EQUITY                                17,585,211         23,490,307
                                                                -----------       ------------
                                                              $  56,936,705      $  68,255,058
                                                                ===========        ===========
</TABLE>

     See accompanying notes to consolidated condensed 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 Nine Months Ended
                                               --------------------------               --------------------------
                                               03-31-01           04-01-00             03-31-01             04-01-00
                                              (13 Weeks)         (13 Weeks)           (39 Weeks)           (39 Weeks)
                                              ----------         ----------           ----------           ----------
<S>                                          <C>                <C>                  <C>                   <C>
REVENUES                                     $ 21,164,396     $  23,372,530       $  59,870,962         $  83,812,505

COST OF SALES                                  17,661,204        20,085,102          52,414,925            69,083,473
                                               ----------        ----------          ----------            ----------

GROSS PROFIT                                    3,503,192         3,287,428           7,456,037            14,729,032

SELLING EXPENSES                                1,935,117         1,817,379           5,758,337             6,319,615

GENERAL AND ADMINISTRATIVE
   EXPENSES
                                                1,542,566         1,726,932           5,532,749             5,574,286
                                               ----------        ----------          ----------            ----------

OPERATING INCOME (LOSS)                            25,509          (256,883)         (3,835,049)            2,835,131

    Net Interest Expense                          626,076           416,675           1,784,200             1,206,248
    Loss on settlement of uncommitted
  foreign currency derivative contracts                 -                 -           3,925,947                     -
                                             ------------      -------------        -----------            -----------

(LOSS) EARNINGS BEFORE
    (BENEFIT) PROVISION FOR
    INCOME TAX                                   (600,567)         (673,558)         (9,545,196)            1,628,883

(BENEFIT) PROVISION FOR
    INCOME TAX                                   (230,000)         (249,000)         (3,640,100)              660,000
                                               ----------        ----------          ----------           -----------

NET (LOSS) EARNINGS                              (370,567)         (424,558)         (5,905,096)              968,883

Basic (loss) earnings per share                   $ (0.11)          $ (0.13)            $ (1.82)               $ 0.30
Diluted (loss) earnings per share                   (0.11)            (0.13)              (1.82)                 0.29

Weighted average shares
    Outstanding:
    Basic                                       3,252,428         3,251,178           3,252,428             3,240,227
    Diluted                                     3,252,428         3,251,178           3,252,428             3,299,864

</TABLE>

     See accompanying notes to consolidated condensed financial statements.


                                                                          Page 5
<PAGE>
                                     SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                                   (Unaudited)
                                                                            ----------------------------------
                                                                                        For the Nine Months Ended
                                                                            -------------------------------------
                                                                                  03-31-01               04-01-00
                                                                                   (39 Weeks)             (39 Weeks)
                                                                            -------------------    -----------------
<S>                                                                         <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss) income                                                       $       (5,905,096)    $         968,883
Adjustments to reconcile net income (loss) to cash used
    by operating activities:
      Depreciation and amortization                                                  1,085,728             1,055,032
      Provision for inventory obsolescence                                             788,917               401,190
      Provision for losses on accounts receivable                                      413,207                87,204
      Deferred tax asset, long term                                                 (3,096,277)                    -
      Gain on disposal of assets                                                        (2,710)               (5,726)
      (Increase) decrease in:
        Accounts receivable                                                         11,697,909             1,224,868
        Inventories                                                                 (2,137,088)           (3,362,108)
        Prepaid expenses and other current assets                                    2,320,915             2,301,524
        Other assets                                                                   568,824              (156,416)
      Increase (decrease) in:
        Accounts payable and accrued liability on foreign currency
            derivatives                                                             (8,098,763)           (2,496,160)
        Accrued expenses, deferred revenue and customers' deposits                     714,820            (1,202,149)
                                                                                 -------------         -------------
      Net cash used in operating activities                                         (1,649,613)           (1,183,858)
                                                                                  ------------         -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                                              (275,716)             (471,714)
    Proceeds on sale of assets                                                         174,890                  8,524
                                                                                 -------------       ----------------
      Net cash used in investing activities                                           (100,826)             (463,190)
                                                                                  ------------        --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Net borrowings on line of credit agreement                                       1,440,000             2,300,000
    Principal payments on long-term debt                                              (403,314)           (1,164,155)
    Issuance of common stock for stock options                                               -               111,686
                                                                              ---------------------    -------------
      Net cash provided by financing activities                                      1,036,686             1,247,531
                                                                                  ------------          ------------

NET DECREASE IN CASH                                                                  (713,754)             (399,517)
CASH AND CASH EQUIVALENTS at beginning of period                                       713,754               642,167
                                                                                 -------------         -------------
CASH AND CASH EQUIVALENTS at end of period                                  $                -         $     242,650
                                                                              ===================      =============
Supplemental Disclosures:
    Cash paid during period for:
      Interest                                                              $        1,690,652     $       1,374,433
      Income taxes                                                                      40,200               805,782

</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                                                          Page 6
<PAGE>
                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


Note 1.    Interim Financial Statements

           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. Any interim
           adjustments are of a normal recurring nature unless otherwise
           indicated in the Notes to the Financial Statements.

           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, 2000, which is incorporated by reference.

Note 2.    Deferred Revenue

           The Company, in some instances with its laundry equipment and
           services business, is engaged in installation projects for customers
           on a contract basis. Generally, retainage on such contracts is
           withheld and recorded as deferred revenue until the project is
           complete. In addition, some contracts call for progress billings. In
           such cases, the Company uses the percentage of completion method to
           recognize revenue whereby sales are recorded based upon the ratio of
           costs incurred to total estimated costs at completion. Billings in
           excess of the revenue recognized are recorded as deferred revenue.

Note 3.   Inventories

           Inventories consisted of the following:

                                        March 31,                  July 1,
                                          2001                      2000
                                      -----------               ------------
                                      (Unaudited)
           Machines                    $12,695,341               $11,289,844
           Parts and supplies            5,142,324                 5,199,650
                                       -----------               -----------
                Total                  $17,837,665               $16,489,494
                                       ===========               ===========

Note 4.    Taxes on Income

           Taxes on income are allocated to interim periods on the basis of an
           estimated annual effective tax rate. Other comprehensive losses, if
           any, are net of an estimated deferred tax benefit. Deferred income
           taxes consist primarily of net operating loss carryforwards.

Note 5.   Net Income (Loss) Per Share

           Basic net income per share includes no dilution and is calculated by
           dividing net income by the weighted average number of common shares
           outstanding for the period. Diluted net income per share reflects the
           potential dilution of securities that could share in the net income
           of the Company which consists of stock options using the treasury
           stock method. In a period with a net loss, the weighted average
           shares outstanding will be the same for basic and diluted net loss
           per share.

                                                                          Page 7
<PAGE>

Note 6.    Intangibles

           Goodwill is calculated as the excess cost of purchased businesses
           over the value of their underlying net assets and is being amortized
           on a straight-line basis over fifteen years.

Note 7.    Risk Management and Derivative Financial Instruments

           Effective July 2, 2000, the Company adopted Statement of Financial
           Accounting Standards No. 133, Accounting for Derivative Instruments
           and Hedging Activities (SFAS 133), as amended by SFAS No. 137 and
           SFAS No. 138, which establishes accounting and reporting standards
           for derivative instruments, including certain derivative instruments
           embedded in other contracts, and for hedging activities. SFAS 133, as
           amended, became effective for all fiscal quarters beginning after
           June 15, 2000.

           SFAS 133, as amended, requires the Company to recognize all
           derivative instruments on the balance sheet at fair value. If the
           derivative is a hedge, changes in the fair value of derivatives are
           either offset against the change in fair value of assets,
           liabilities, or firm commitments through earnings or recognized in
           comprehensive income (equity) until the hedged item is recognized in
           earnings. The ineffective portion of a derivative's change in fair
           value is recognized in earnings. In transition, the statement
           required all hedging relationships to be evaluated and designated
           anew, resulting in cumulative-effect-type transition adjustments to
           earnings and other comprehensive income (equity).

           The Company has historically entered into forward exchange contracts
           to reduce the foreign currency exchange risks associated with its
           committed and anticipated lira denominated purchases, and not for
           speculation. As of July 2, 2000, the Company had contracts to
           purchase approximately 83.3 billion lira for approximately $46.3
           million, for which the market value at July 2, 2000 was approximately
           $41.2 million. Of these contracts, the Company had designated
           approximately 37 billion lira as cash flow hedges for anticipated
           purchases and approximately 46.3 billion lira as fair value hedges
           for committed purchase contracts. For fair value hedges, changes in
           the fair value of the hedging instrument are recognized in the
           statement of operations in the period that the underlying hedged
           transaction is recognized. The ineffective portion of the Company's
           fair value hedges as of March 31, 2001 was immaterial.

           For cash flow hedges, changes in the fair value of the hedging
           instrument are deferred and recorded in other comprehensive income
           (equity), then recognized in the statement of operations in the same
           period as the sale is recognized on the hedged item. On November 13,
           2000, the Company entered into offsetting foreign currency
           derivatives in order to fix its exposure on the foreign currency
           contracts associated with its cash flow hedges. As of November 13,
           2000, and in accordance with SFAS 133, as amended, the cash flow
           hedges were deemed ineffective for hedging purposes. Accordingly, the
           Company recognized a loss during its second fiscal quarter on the
           settlement of cash flow derivatives of approximately $3.9 million,
           before income tax benefit. The Company had no derivatives designated
           for cash flow hedges as of March 31, 2001.

Note 8.    Line of Credit

           The Company has a revolving credit facility up to $20.0 million and
           an additional line of credit for issuance of Documentary Letters of
           Credit of $7.5 million with SouthTrust Bank, N.A. The revolving
           credit facility matures on May 31, 2003. Certain terms of the
           agreement with SouthTrust Bank were amended and shall remain in
           effect until June 30, 2001, or later by the election of the Bank. The
           availability under this facility is limited to a borrowing base as
           defined in the amended agreement. The $20.0 million Revolving Credit
           Facility also incorporated a $2.0 million line of credit specific for
           funding uncommitted foreign currency cash flow hedge contracts that
           matured in various amounts primarily during the months of December
           2000 through April 2001.



                                                                          Page 8
<PAGE>

            Amounts outstanding under the amended line of credit are broken down
            into two components for the calculation of interest expense: the
            London Interbank Offered Rate (LIBOR) component that accrues
            interest at the LIBOR rate plus 3%, and a base rate component that
            accrues interest at prime plus 1 1/4%. Prior to the amendment and
            based upon the Company's funded debt as defined in the original
            agreement, the LIBOR component accrued interest at the LIBOR rate
            plus 1 1/2% to 2 1/2%, and the base rate component accrued interest
            at prime plus 0% to 1%. The rates are scaled based upon the
            Company's funded debt as defined in the original agreement.

            The amended Credit Facility contains specific covenants that
            require, among other things, the Company to maintain a specified
            level of earnings, tangible net worth, and debt to equity ratios in
            the second, third and fourth quarter of fiscal year 2001. The
            Company was in compliance with all of the bank covenants in the
            amended agreement as of March 31, 2001. The facility is secured by
            accounts receivable, inventory and outstanding Documentary Letters
            of Credit.

Note 9.    Segment Information

           The Company operates primarily in two segments of business: textile
           equipment and laundry equipment and services. The table below
           summarizes financial data by segment:

<TABLE>
<CAPTION>
                                                         For the Three Months Ended          For the Nine Months Ended
                                                         --------------------------          -------------------------
                                                          03-31-01          04-01-00         03-31-01          04-01-00
                                                         ----------------------------------------------------------------
<S>                                                      <C>                <C>              <C>               <C>
           Total revenues for the period ended
                Textile equipment                      $    8,786,959    $  16,533,191     $  31,831,747    $  60,474,383
                Laundry equipment and services             12,377,437       6,839,339         28,039,215       23,338,122
                                                           ----------     -----------         ----------       ----------
                                                        $  21,164,396    $  23,372,530     $  59,870,962    $  83,812,505

           Operating income (loss) for the
           period ended
                Textile equipment                       $    (962,695)   $    (444,924)    $  (5,251,105)   $   2,274,546
                Laundry equipment and services                988,204          188,041         1,416,056           560,585
                                                          -----------     ------------       -----------      ------------
                                                        $      25,509    $    (256,883)    $  (3,835,049)   $    2,835,131

           Total assets as of                                  March 31, 2001                        July 1, 2000
                                                               ---------------                       ------------
                Textile equipment                               $40,796,229                          $54,756,278
                Laundry equipment and services                   16,140,476                           13,498,780
                                                                -----------                         ------------
                                                                $56,936,705                        $  68,255,058
                                                                 ==========                          ===========
</TABLE>

                                                                          Page 9
<PAGE>

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


GENERAL

Speizman Industries, Inc. and subsidiaries (collectively the "Company") are a
major distributor operating through six companies: Speizman Industries, Inc.
("Speizman"), Wink Davis Equipment Co., Inc. ("Wink Davis"), Todd Motion
Controls, Inc. ("TMC"), Speizman Yarn Equipment, Inc. ("Speizman Yarn"),
Speizman Canada, Inc. ("Speizman Canada") and Speizman de Mexico S.A. de C.V.
("Speizman Mexico"). Speizman Industries, Speizman Canada and Speizman Mexico
(collectively "Speizman Industries") distribute sock knitting machines, other
knitting equipment and related parts. Wink Davis sells commercial and industrial
laundry equipment, including the distribution of machines and parts as well as
installation and after sales service. Speizman Yarn distributes equipment and
related parts used in the yarn processing industry.

RESULTS OF OPERATIONS

Revenues for the third quarter were $21.1 million compared to $23.3 million in
the third quarter of its previous fiscal year, a decrease of $2.2 million or 9%.
Revenues for the Company's laundry equipment and services segment ("laundry
segment") increased 80% to $12.3 million in the third quarter compared to $6.8
million for the same period in the prior fiscal year due to two large
installation contracts substantially completed during the third quarter. The
increase in the laundry segment was more than offset by a decline in the textile
equipment segment ("textile segment"). The decrease in the revenues for the
Company's textile segment was primarily in knitted fabric equipment, resulting
from reduced market demand in the seamless underwear category, and in hosiery
equipment due to a delay in introducing the new generation closed toe sock
knitting machine to the market. The Company began shipping its new generation
closed toe machine in the latter part of March 2001.

For the nine months ended March 31, 2001, revenues were $59.9 million as
compared to $83.8 million for the same nine-month period last year. Revenues for
the laundry segment increased $4.7 million or 20% to $28.0 million for the nine
months ended March 31, 2001 compared to the same period in the prior fiscal
year. The increase in the laundry segment was offset by a decrease of $28.6
million in the textile segment. The decrease in the textile segment was
primarily in knitted fabric equipment of approximately $26.0 million with the
balance in hosiery equipment and yarn processing equipment

Gross profit in the third quarter of the current fiscal year was $3.5 million
compared to $3.3 million in the prior fiscal year's third quarter. As a
percentage of revenues, gross profit improved to 16.6% in the current fiscal
quarter, compared to 14.1% in the prior year's fiscal quarter. The improvement
in the gross profit percentage reflects reduced costs in the current period from
the elimination of non-performing business operations including the
manufacturing of Todd Motion Controls, Inc. (TMC), an increase in sales of
higher margin services and parts, partially offset by increased costs of
$400,000 on lira denominated equipment.

Gross profit for the nine months of the current fiscal year was $7.5 million
compared with $14.7 million for the same period last year. In addition to the
reduced sales volume, gross profit for the year has been adversely impacted by
increased costs associated with the utilization of the forward exchange
contracts for lira denominated equipment. The overall decrease in gross profit
was partially offset by improvements in gross profit during the third quarter
due to the elimination of non-performing areas of the Company.

Increased costs associated with the utilization of the forward exchange
contracts that are recognized in cost of sales for the nine months ended March
31, 2001 are $3.2 million. Historically, the Company has used forward exchange
contracts to protect against currency risk associated with the Company's
anticipated and firm


                                                                         Page 10
<PAGE>

commitments of lira denominated purchases for resale. During fiscal 2000, the
Company committed to forward exchange contracts initially intended for use with
a number of new sales orders, many of which were subsequently cancelled or
postponed. Consequently, the Company had to use many of these forward exchange
contracts on other purchases. Also, subsequent to the original commitments, the
value of the Euro-linked currencies including the lira devalued significantly in
relation to the US dollar. As a result, when the previously established forward
exchange contracts were used on these other purchases, the Company's cost was
significantly greater than the current market value of the purchased inventory.
The higher cost of product and the inability to pass the additional cost on in
the form of increased selling prices to the Company's customers, significantly
eroded gross profit for the current period and fiscal year to date. The Company
anticipates, based upon its current projection of utilizing these contracts on
completed purchase commitments that relate to inventory, gross profit effect
should be reduced over the remainder of the fiscal year 2001 by approximately
$400,000.

Selling expenses increased in the third quarter by $118,000 compared to the same
period last year primarily from higher variable expenses such as commissions
resulting from a higher mix of laundry equipment sales. Commissions on laundry
equipment are generally higher compared to commissions on sales of textile
equipment. For the nine-month period ended March 31, 2001, selling expenses
decreased approximately $561,000 primarily due to no accruals of bonuses during
the current year and reductions of rent expense as a result of consolidations at
the Company's new facility.

General and administration expenses decreased in the third quarter by $184,000
compared to the same period in the prior year primarily from reduced personnel
and overhead associated with the elimination of non-performing business
operations as well as efficiencies from consolidating administrative areas of
the laundry and textile segment. For the nine-month period, general and
administration expenses were $42,000 higher compared with the same period last
year. Higher provisions for bad debt and higher professional fees were partially
offset by savings in the third quarter attributable to reductions of personnel
and overhead occurring during the first six months.

Net interest expense for the third quarter increased $209,000 compared with the
same period last year. The increase was primarily attributable to higher
borrowing on the Company's credit facility and higher interest rates compared to
the same period in the prior fiscal year. For the nine-month period, interest
expense increased $578,000 compared with the same period last year. The increase
is due to higher borrowings for the credit facility, higher interest rate as
well as interest on the capital lease obligation related to the Company's
primary facility.

Year-to-date loss on settlement of uncommitted foreign currency derivatives of
$3.9 million reflects a one-time charge in the second quarter ended December
2000 relating to the uncommitted lira forward exchange contracts associated with
order cancellations or postponements. Refer to DISCLOSURE ABOUT FOREIGN CURRENCY
LOSSES for more discussion.

Net loss for the third quarter was $370,567 or $0.11 per share both basic and
diluted. Net loss for the nine months was $5,905,096 or $1.82 per share. The
one-time charge for settlement of uncommitted foreign currency contracts of $3.9
million represents $0.74 per share loss after tax benefit year to date.

DISCLOSURE ABOUT FOREIGN CURRENCY LOSSES

Historically, Speizman Industries' purchases of foreign manufactured machinery
and spare parts for resale are denominated in Italian lira. As part of its risk
management programs, the Company historically has used


                                                                         Page 11
<PAGE>

forward exchange contracts to protect against the currency exchange risk
associated with the Company's anticipated and firm commitments of
lira-denominated purchases for resale. In cases where anticipated or firm
commitments are cancelled or postponed that were previously hedged with foreign
currency contracts, the utilization of these forward exchange contracts on
future purchases may positively or negatively affect the earnings of the
Company, depending upon the position of the U.S. dollar against the lira at the
time of the actual purchases.

The Company cancelled or postponed orders during calendar year 2000 due to
unanticipated delays associated with the closed toe machines as well as
cancellations by customers who had signed sales orders with the Company for
closed toe hosiery and knitted fabric equipment. Associated with these cancelled
purchase orders, the Company had committed to purchase contracts of
approximately 76 billion lira during the latter part of calendar year 1999. The
utilization of this lira during fiscal year 2001 for other purchases coupled
with the continual strengthening position of the dollar since 1999 has had a
significant adverse effect on gross profit during fiscal year 2001. The adverse
effect on gross profit through increased cost of sales during the nine months
ended March 2001 was approximately $3.2 million. The Company anticipates, based
upon its currently projected sales and its current outstanding fair value hedge
contracts associated with purchase commitments that an adverse effect should
continue over the remaining nine months amounting to reduced gross profit of
approximately $400,000 during this period.

Additionally, of the 76 billion lira contracts associated with the cancelled
purchase orders, approximately 37 billion lira were uncommitted and were treated
as cash flow hedges for accounting purposes. For cash flow hedges, changes in
the fair value of the hedging instrument are deferred and recorded in other
comprehensive income (equity), then recognized in the statement of operations in
the same period as the sale is recognized on the hedged item. In light of the
lira continuing to devalue against the dollar, on November 13, 2000, the Company
entered into offsetting foreign currency derivatives in order to fix its
exposure on the foreign currency contracts associated with its cash flow hedges.
As of November 13, 2000, and in accordance with Statement of Financial
Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging
Activities (SFAS 133), as amended by SFAS No. 137 and SFAS No. 138, the cash
flow hedges were deemed ineffective for hedge purposes. Accordingly, the Company
reported in its statement of operations for the second quarter of fiscal year
2001 a recognized loss on the settlement of cash flow derivatives of
approximately $3.9 million.

In summary, the total losses associated with the utilization of the Company's
fair value hedge contracts and the settlement of its cash flow hedges are
projected to be approximately $7.5 million for fiscal year 2001, before tax
benefit. In the future, currency fluctuations of the lira could result in
substantial price level changes and therefore impede or promote import/export
sales and substantially impact profits. Generally, 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 significant adverse effect on Speizman
Industries' future operations. In addition, the Company is continually
evaluating other alternatives to limit its risk on foreign currency fluctuations
and is currently purchasing a majority of its textile equipment denominated in
U.S. dollars.

OUTLOOK

The Company expects to report a significant loss for the fiscal year 2001 -
Principally as a result of the losses recognized during its nine months ended
March 31, 2001 associated with the Company's foreign currency hedge derivatives
(refer to further discussion under DISCLOSURE ABOUT FOREIGN CURRENCY LOSSES)
coupled with a decrease in textile equipment revenue, the Company is projecting
a significant net loss for the fiscal year 2001.

                                                                         Page 12
<PAGE>

Hosiery Equipment - The new generation closed toe sock knitting machine produced
by Lonati, S.p.A. of Brescia, Italy, the world's largest manufacturer of hosiery
knitting machines, was delivered to Speizman's showroom in January 2001.
Shipments of the new generation closed toe machines to Speizman's customers
began in mid-March 2001. The Company anticipates that the new generation closed
toe machines will be more commercially acceptable than the previous generation
and could gradually replace most of the conventional athletic sock machines in
the United States and Canada over the next four years.

Knitted Fabric Equipment - After its introduction over two years ago, the market
demand for seamless actionwear machines decreased significantly. The Company
does not feel that this is the end of the demand for seamless type garments.
However, it now appears that only the large, well-capitalized underwear and
lingerie firms who have significant resources with brand names and direct
relationships with major retail outlets will have the ability to purchase
significant quantities of additional seamless garment machines.

TMC - The Company has entered in an agreement to license TMC patents and other
intellectual property to S.R.A. srl ("SRA") of Florence, Italy, a division of
the Lonati Group. Associated with this, the Company closed its manufacturing
operation in Winston-Salem, NC. As of September 30, 2000, the Company incurred
one-time costs of approximately $350,000 related to this planned closure. The
Company began sourcing TMC and other automation equipment from SRA commencing in
January 2001.

Yarn Processing Equipment - Speizman Industries maintains a presence in the yarn
processing industry through its sale of new and used equipment and related
parts. The yarn spinning industry has declined dramatically during the current
fiscal year and is expected to continue for the balance of the year. In light of
this, the Company reduced its overhead structure, primarily in personnel. As of
December 30, 2000, the Company incurred one-time cost of approximately $40,000,
principally relating to employee severance expenses.

The Yarn Division sources parts directly from machine shops in Europe for
various yarn processing machines which are sold by other people in the United
States. Although this business is relatively new, based upon the Company's
limited experience, it believes this business shows good potential and it
intends to grow it at a steady rate. Revenues from used yarn processing
equipment sales are contingent upon having an adequate availability of such
equipment and products. Frequently the company may purchase substantial portions
of equipment from liquidating mills.

Wink Davis - The Company, through Wink Davis, maintains a strong presence in the
United States industrial laundry segment through its sale of new equipment,
parts and services. Over the last several months, the demand for on premise
laundry equipment has declined significantly. The Company does not feel this is
the end of demand and expects this market segment to improve somewhat in the
latter part of the fourth quarter. Larger installation projects continue to
remain active; however, margins will be slightly lower due to increased
competition.

Other Areas of Development - The Company continually explores opportunities for
additional growth including new relationships with manufacturers that have
competitive product offerings in its existing market channels.

Recently, the Company entered into a strategic alliance with Martint Equipment
Company ("Martint"). The collaborative arrangement with Martint gives Speizman
the exclusive right to sell Braun pocketed dye/extracting machines, principally
to the textile industry, through Martint's worldwide distributorship agreement
with G.A. Braun, Inc. of Syracuse, New York. The Braun dye/extracting machine
adds a non-competing line to Speizman's current product offering that will be
marketed primarily to Speizman's current textile customer base.



                                                                         Page 13
<PAGE>

The Company was also named exclusive distributor by Tecnopea commencing in
January 2001 which manufactures state of the art equipment for boarding, pairing
and packaging that previously competed with TMC. The Company continually is
reviewing its overhead structure as well as any non-performing lines that should
be eliminated to achieve operational efficiency and competitive cost advantages.

EMPLOYEES

As of March 31, 2001, the Company had 170 full-time domestic employees. Total
employees which include operations in Mexico and Canada are 180. The Company's
employees are not represented by a labor union, and the Company has never
suffered an interruption of business as a result of a labor dispute. The Company
considers its relations with its employees to be good.

BACKLOG

As of April 12, 2001, the Company's backlog of unfilled equipment orders was
approximately $22.5 million. The drop in backlog from December 2000 principally
reflects substantial completion on two large laundry projects as well as
shipments of hosiery equipment. The period of time required to fill orders
varies depending on the model ordered, manufacturers' production capabilities,
and availability of overseas shippers. The Company typically fills its backlog
within 12 months; however, orders constituting the current backlog are subject
to customer cancellation, changes in delivery and machine performance. As a
result, the Company's backlog may not necessarily be indicative of future
revenue and will not necessarily lead to revenues in any future period. Any
cancellation, delay or change in orders which constitute our current or future
backlog may result in lower than expected revenues.

LIQUIDITY AND CAPITAL RESOURCES

The Company has a revolving credit facility up to $20.0 million and an
additional line of credit for issuance of Documentary Letters of Credit of $7.5
million with SouthTrust Bank, N.A. The revolving credit facility matures on May
31, 2003. Certain terms of the agreement with SouthTrust Bank were amended and
shall remain in effect until June 30, 2001, or later by the election of the
Bank. The amended Credit Facility contains specific covenants that require,
among other things, the Company to maintain a specified level of earnings,
tangible net worth, and debt to equity ratios in the second, third, and fourth
quarter of fiscal year 2001. The Company was in compliance with all its
covenants in the second and third quarter. The Company believes that it will not
meet certain covenants in its fourth quarter, and is in the process of updating
its forecast in connection with renegotiating its fiscal year 2001 fourth
quarter covenants as well as for structuring appropriate terms in the Credit
Facility for its upcoming fiscal year 2002. The Company expects the Bank's
revolving line of credit to provide sufficient funds for its working capital
needs for the balance of the year based upon the Company's latest estimates.

Working capital at March 31, 2001 was approximately $21.6 million as compared to
$28.2 million as of July 1, 2000, a decrease of $6.6 million. The working
capital ratio at March 31, 2001 was 2.10, which was comparable to the working
capital ratio as of July 1, 2000 of 2.09. Components of working capital such as
accounts receivable and accounts payable reduced dramatically at March 31, 2001
compared to July 1, 2000 from reduced billing and purchasing activity,
respectively, associated with an overall decline in textile equipment demand
from general business conditions and market softness.



                                                                         Page 14
<PAGE>

CASH FLOWS FOR THE NINE-MONTH PERIOD

For the nine months ended March 31, 2001, operating activities used
approximately $1.6 million as compared to using approximately $1.2 million for
the same period in the prior year. The net cash used in operating activities
during the nine months ended March 31, 2001 was primarily a result of a pre-tax
loss of $9.5 million. This was offset by improvements in working capital
management primarily from a reduction in the number of day sales in receivables
(DSOs) from increased efforts on collections, a change in deferred revenue, an
increase in customer deposits, better utilization of excess cash through a bank
overdraft of $1.3 million, as well as better terms with suppliers. These changes
were incremental to those sources and uses of funds when comparing it to the
prior year; specifically, further reduction in receivables and accounts payable
reflects reduced purchase and billing activity associated with overall decline
in equipment demand from general business conditions and market softness.

Investing activities were minimal, with only limited capital expenditures. No
significant capital expenditures are anticipated in the near future.

Financing activities provided approximately $1.0 million during the first nine
months of the current year, compared to providing approximately $1.2 million for
the same period in the prior year. The primary use of financing related to
borrowings on the Company's line of credit.

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 hosiery customers close for one week in 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 which fall
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 of customer orders or other factors may result in 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.

DISCLOSURE ABOUT FOREIGN CURRENCY RISK

Generally, Speizman Industries' purchases of foreign manufactured machinery and
spare parts for resale are denominated 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. Generally, 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 significant
adverse effect on Speizman Industries' future operations. Please refer to
Disclosure about Foreign Currency Losses.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The Company is exposed to market risks, which include changes in U.S. and
international interest rates as well as changes in foreign currency exchange
rates as measured against the U.S. dollar and each other. The Company attempts
to reduce these risks by utilizing financial instruments, pursuant to Company
policies.

The value of the U.S. dollar affects the Company's financial results. Changes in
exchange rates may positively or negatively affect the Company's revenues (as
expressed in U.S. dollars), cost of sales, gross margins, operating expenses,
and retained earnings. Where the Company deems it prudent, it engages in hedging
those transactions aimed at limiting in part the impact of currency
fluctuations. As discussed in the Disclosure about

                                                                         Page 15
<PAGE>

Foreign Currency Losses, the Company purchases forward exchange contracts to
protect against currency exchange risks associated with the Company's
anticipated and firm commitments of lira-dominated purchases for resale.

These hedging activities provide only limited protection against currency
exchange risks. Factors that could impact the effectiveness of the Company's
programs include volatility of the currency markets, and availability of hedging
instruments. All currency contracts that are entered into by the Company are
components of hedging programs and are entered into for the sole purpose of
hedging an existing or anticipated currency exposure, not for speculation.
Although the Company maintains these programs to reduce the impact of changes in
currency exchange rates, when the U.S. dollar sustains a strengthening position
against the lira in which the Company has anticipated purchase commitments, the
Company's earnings could be adversely affected if future sale prices cannot be
increased because of market pressures.

The Company is also subject to interest rate exposure on $15.2 million of debt
outstanding at March 31, 2001 that was priced at interest rates that float with
the market. Reference is made to Note 8 for additional information.

NOTE REGARDING PRIVATE SECURITIES LITIGATION REFORM ACT

Statements made by the Company which are not historical facts are forward
looking statements that involve risks and uncertainties. Actual results could
differ materially from those expressed or implied in forward-looking statements
due to the factors discussed in this report. All such forward-looking statements
are subject to the safe harbor created by the Private Securities Litigation
Reform Act of 1995.

OTHER RISK FACTORS

Dependence on Lonati - The Company's operations are substantially dependent on
the net revenues generated from the sale of sock knitting and other machines
manufactured by both Lonati and Santoni, S.r.l., Brescia, Italy ("Santoni"), one
of Lonati's subsidiaries, and the Company expects this dependence to continue.
Sales of sock knitting and other machines manufactured by Lonati and Santoni
generated an aggregate of approximately 60% of the Company's net revenues in
fiscal 2000. The Company and Lonati entered into their present agreement for the
sale of Lonati machines in the United States and Canada in January 1992 and for
Mexico in 1997 (the "Lonati Agreements"). Although the Lonati Agreements are not
long-term, the Company has acted as the United States sales agent and
distributor for certain machines manufactured by Lonati continuously since 1982.
The cost to the Company of Lonati machines, as well as the delivery schedule of
these machines, are in the discretion of Lonati. Management believes that the
Company's relationship with Lonati will continue to be strong as long as the
Company generates substantial sales of Lonati machines; however, there can be no
assurance that the Company will be able to do so or that the Company's
relationship with Lonati will continue or will continue on its present terms.
Any decision by Lonati to sell machines through another distributor or directly
to purchasers would have a material adverse effect on the Company.

Machine Performance and Delayed Deliveries - During fiscal 2000, the Company
experienced issues with machine performance and delays from Lonati in shipments
of closed toe knitting machines and Santoni undergarment knitting machines. The
Company experienced material cancellations or postponements of orders due to
these delays and performance issues. There can be no assurance that delayed
deliveries in the future or issues with machine performance on newer technology
will not result in the loss or cancellation of significant orders. The Company
also cannot predict situations in Italy such as potential employee strikes or
political developments which could further delay deliveries or have other
adverse effects on the business of Lonati and the other Italian manufacturers
represented by the Company.

                                                                         Page 16
<PAGE>

Industry Conditions - The Company's business is subject to all the risks
inherent in acting as a distributor including competition from other
distributors and other manufacturers of both textile and laundry equipment, as
well as the termination of profitable distributor-manufacturer relationships.

The Company's laundry equipment segment is subject to the risks associated with
new construction in the hospitality industry. Currently, there is a slowdown in
construction of new hotels due to excess room availability as a whole. This as
well as a general slowdown in the U.S. economy recently reduced demand for new
equipment product offered by the Company.

The textile segment is subject to the risks associated with certain categories
in the textile industry, specifically, for socks, underwear, and actionwear
garments. The textile industry risks relating to socks, underwear, and
actionwear garments include the impact of style and consumer preference changes.
These factors may contribute to fluctuations in the demand for the Company's
sock knitting and packaging equipment and knitted fabric equipment products.
There is a slowdown in underwear and actionwear garments that commenced during
the second half of the last fiscal year. Currently, there also appears to be a
slight downturn in the sock industry.

Nasdaq SmallCap Market Listing - The Company received a determination from the
Nasdaq Stock Market on March 15, 2001 that its common stock would be listed on
the Nasdaq SmallCap Market, beginning on March 20, 2001. Prior to this date, the
Company's common stock was listed on the Nasdaq National Market.

The requirements for the listing of the Company's common stock on the Nasdaq
SmallCap Market include a public float of at least 500,000 shares with an
aggregate market value of at least $1.0 million and a minimum bid price of $1.00
per share of common stock. The Company, as of March 15, 2001 met all
requirements except for the $1.00 minimum bid. The Company's listing on the
Nasdaq SmallCap Market was granted with an exception from the minimum bid price
requirement of $1.00. This exception will expire on June 15, 2001. The exception
requires the Company to achieve a closing bid price of at least $1.00 per share
on or before June 15, 2001, and immediately thereafter, a closing bid price of
at least $1.00 per share for a minimum of ten consecutive trading days. In the
event the Company is deemed to have met the terms of the exception, it shall
continue to be listed on the Nasdaq SmallCap Market.

The Company's stockholders, at a special meeting held on February 14, 2001,
approved a proposed amendment to the Company's Certificate of Incorporation to
effect a reverse split of Speizman Industries common stock. The proposed
amendment permits the Company's Board of Directors to effect a reverse stock
split whereby, the Company would issue one new share of its common stock, par
value $0.10 per share, in exchange for not less than two nor more than five
outstanding shares of its common stock. The primary reason for the reverse split
would be to satisfy the $1.00 minimum bid price per share of the Nasdaq Small
Cap Market, should this be required at a future time. The Company's Board of
Directors has the authority to abandon the proposal and is currently evaluating
whether a reverse stock split would be appropriate, considering current market
conditions and other factors. The Company expects a reverse split, if effected,
would, at least initially, achieve compliance with the minimum bid of $1.00
required by Nasdaq.

Should the Company not meet the minimum bid requirement by June 15, 2001, its
common stock would be delisted from the Nasdaq Stock Market. If the Company's
securities cease to be listed on the Nasdaq SmallCap Market, they may continue
to be listed in the OTC-Bulletin Board, which is viewed by most investors as a
less desirable marketplace. In such event, the market price of the Common Stock
may be adversely impacted and a stockholder may find it difficult it dispose, or
obtain accurate quotations as to the market value, of the Company's Common
Stock.

                                                                         Page 17
<PAGE>


                           PART II. OTHER INFORMATION

Item 6.   Exhibits and reports on Form 8-K

            (a)   Exhibits:

                  None.

            (b)   Reports on Form 8-K:

                  None.



                                                                         Page 18
<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:  May 15, 2001                  /s/  Robert S. Speizman
                                     ------------------------------------------
                                           Robert S. Speizman
                                           President


Date:  May 15, 2001                  /s/  John C. Angelella
                                     ------------------------------------------
                                           John C. Angelella
                                           CFO/Secretary-Treasurer



                                                                         Page 19