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 JANUARY 1, 2000

                                       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                          FEBRUARY 8, 2000
     ---------------------                          ----------------

     Par value $.10 per share                           3,250,928


                                     Page 1
<PAGE>




                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                                      INDEX




                                                                        PAGE NO.
                                                                        --------

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 - 8

         Item 2. Management's Discussion and Analysis of
          Financial Condition and Results of Operations................   9 - 12


PART II. OTHER INFORMATION:

         Item 6.  Exhibits and reports on Form 8-K.....................       13


                                     Page 2
<PAGE>

                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
<S>                                                                 <C>              <C>
                                                            January 1,          July 3,
                                                               2000              1999
                                                           ------------     ------------
                                                           (Unaudited)       (Unaudited)
                                 ASSETS
CURRENT:
   Cash and cash equivalents                                 $  520,867        $ 642,167
   Accounts receivable, less allowances of
       $651,372 and $646,316                                 24,358,792       21,138,563
   Inventories                                               21,472,451       16,360,366
   Prepaid expenses and other current assets                  3,978,016        6,140,919
                                                           ------------     ------------
       TOTAL CURRENT ASSETS                                  50,330,126       44,282,015
                                                           ------------     ------------



PROPERTY AND EQUIPMENT:
   Building and leasehold improvements                        4,423,336        4,449,204
   Machinery and equipment                                    1,279,392        1,610,559
   Furniture, fixtures and transportation equipment           1,752,294        1,726,918
                                                           ------------     ------------
      Total                                                   7,455,022        7,786,681
   Less accumulated depreciation and amortization             (1,936,247)     (1,972,975)
                                                           ------------     ------------

       NET PROPERTY AND EQUIPMENT                             5,518,775        5,813,706
                                                           ------------     ------------

OTHER LONG-TERM ASSETS                                          843,402          689,902
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION                  5,450,410        5,670,410
                                                           ------------     ------------

                                                           $ 62,142,713     $ 56,456,033
                                                           ============     ============
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                     Page 3
<PAGE>

                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
<S>                                                                        <C>               <C>
                                                                   January 1,           July 3,
                                                                      2000               1999
                                                                  ------------       ------------
                                                                  (Unaudited)         (Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Note payable - bank line of credit                              $ 9,100,000        $ 4,900,000
   Accounts payable                                                 16,587,577         15,069,201
   Customers' deposits                                               3,407,719          5,280,271
   Accrued expenses                                                  2,541,000          1,434,229
   Current maturities of long-term debt                              1,542,941          1,540,273
                                                                  ------------       ------------

       TOTAL CURRENT LIABILITIES                                    33,179,237         28,223,974

Long-term debt                                                       3,040,000          3,800,000
Obligation under capital lease                                       1,843,318          1,855,341
                                                                  ------------       ------------
       TOTAL LIABILITIES                                            38,062,555         33,879,315
                                                                  ------------       ------------


STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized 20,000,000
      shares, issued 3,391,728 and outstanding 3,250,928;
       and issued 3,369,506, outstanding 3,228,706                     339,173            336,951
   Additional paid-in capital                                       13,043,663         12,935,886
   Retained earnings                                                11,284,145          9,890,704
                                                                  ------------       ------------
      Total                                                         24,666,981         23,163,541
   Treasury stock, at cost, 140,800 shares                             (586,823)         (586,823)
                                                                  ------------       ------------
       TOTAL STOCKHOLDERS' EQUITY                                   24,080,158         22,576,718
                                                                  ------------       ------------

                                                                  $ 62,142,713       $ 56,456,033
                                                                  ============       ============
</TABLE>

     See accompanying notes to consolidated condensed financial statements.


                                     Page 4
<PAGE>

                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
<S>     <C>
                                            (Unaudited)                     (Unaudited)
                                     For the Three Months Ended       For the Six Months Ended
                                    ----------------------------    ----------------------------
                                      01-01-00        01-02-99        01-01-00        01-02-99
                                     (13 Weeks)      (13 Weeks)      (26 Weeks)      (27 Weeks)
                                    ------------    ------------    ------------    ------------

REVENUES                            $ 32,888,309    $ 28,211,079    $ 60,439,975    $ 48,676,720
                                    ------------    ------------    ------------    ------------

COSTS AND EXPENSES:
    Cost of sales                     26,430,964      24,449,934      48,998,371      41,438,836
    Selling expenses                   2,354,885       1,849,365       4,502,236       3,656,720
    General and administrative
      expenses                         2,051,011       2,039,395       3,847,354       3,769,780
                                    ------------    ------------    ------------    ------------
    Total costs and expenses          30,836,860      28,338,694      57,347,961      48,865,336
                                    ------------    ------------    ------------    ------------
                                       2,051,449        (127,615)      3,092,014        (188,616)
NET INTEREST EXPENSE                     402,783         266,901         789,573         497,746
                                    ------------    ------------    ------------    ------------

INCOME (LOSS) BEFORE
    TAXES ON INCOME                    1,648,666        (394,516)      2,302,441        (686,362)

TAXES (BENEFIT) ON
    INCOME                               646,000        (158,000)        909,000        (268,000)
                                    ------------    ------------    ------------    ------------

NET INCOME (LOSS)                   $  1,002,666    $   (236,516)   $  1,393,441    $   (418,362)
                                    ============    ============    ============    ============

Basic earnings (loss) per share     $       0.31    $      (0.07)   $       0.43    $      (0.12)
Diluted earnings (loss) per share           0.30           (0.07)           0.42           (0.12)

Weighted average shares
    Outstanding:
    Basic                              3,240,916       3,274,381       3,234,811       3,293,369
    Diluted                            3,304,404       3,274,381       3,297,313       3,293,369
</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>
<S>     <C>
                                                                    (Unaudited)
                                                            --------------------------
                                                             For the Six Months Ended
                                                            --------------------------
                                                             01-01-00        01-02-99
                                                            (26 Weeks)      (27 Weeks)
                                                            -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income (loss)                                       $ 1,393,441    $  (418,362)
Adjustments to reconcile net income (loss) to cash used
    by operating activities:
      Depreciation and amortization                             661,746        623,960
      Provision for inventory obsolescence                      301,190        150,000
      Gain on disposal of assets                                 (5,715)          (321)
      (Increase) decrease in:
        Accounts receivable                                  (3,220,229)    (3,978,968)
        Inventories                                          (5,413,275)    (1,592,810)
        Prepaid expenses and other current assets             2,162,903       (615,477)
        Other assets                                           (153,500)      (630,765)
      Increase (decrease) in:
        Accounts payable                                      1,518,376      4,487,901
        Accrued expenses and customers' deposits               (765,781)       775,165
                                                            -----------    -----------
      Net cash used in operating activities                  (3,520,844)    (1,199,677)
                                                            -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                       (147,374)      (211,012)
    Proceeds on sale of assets                                    6,274         10,500
                                                            -----------    -----------
      Net cash used in investing activities                    (141,100)      (200,512)
                                                            -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Net borrowings on line of credit agreement                4,200,000      1,350,000
    Principal payments on long-term debt                       (769,355)    (1,590,000)
    Issuance of common stock for stock options                  109,999           --
    Purchase of treasury stock                                     --         (188,590)
                                                            -----------    -----------
      Net cash provided by (used in) financing activities     3,540,644       (428,590)
                                                            -----------    -----------

NET DECREASE IN CASH                                           (121,300)    (1,828,779)
CASH AND CASH EQUIVALENTS at beginning of period                642,167      2,193,329
                                                            -----------    -----------
CASH AND CASH EQUIVALENTS at end of period                  $   520,867    $   364,550
                                                            ===========    ===========

Supplemental Disclosures:
    Cash paid during period for:
      Interest                                              $   744,802    $   548,902
      Income taxes                                              432,900        313,850
</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.   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
           3, 1999, which is incorporated by reference.

Note 2.   Inventories

           Inventories consisted of the following:

                                    January 1,            July 3,
                                       2000                1999
                                   -----------          -----------
                                   (Unaudited)          (Unaudited)
              Machines             $15,311,273          $10,262,358
              Parts and supplies     6,161,178            6,098,008
                                   -----------          -----------
                   Total           $21,472,451          $16,360,366
                                   ===========          ===========

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 (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.

Note 5.   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.

                                     Page 7
<PAGE>

Note 6.    Subsequent Event

           In February 2000, Speizman Industries and Fratelli Marzoli & C. SpA
           agreed to a settlement agreement terminating the Company's exclusive
           distribution rights in North America of new Marzoli yarn processing
           equipment, related parts and service. The Company had represented
           this line since August 1998. Because of low margins and high
           installation costs of new equipment, loss of this product line is not
           expected to have an adverse impact on future earnings. For the
           seventeen months Speizman represented Marzoli, the product line
           generated approximately $7.9 million of revenue and a net loss before
           tax of approximately $350,000.

           The Company is maintaining a presence in the yarn processing industry
           with used equipment sales and distribution agreements with other
           suppliers of yarn processing equipment.

                                     Page 8
<PAGE>

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


GENERAL

Speizman Industries, Inc. and subsidiaries (collectively the "Company") is a
major distributor operating through four companies: Speizman Industries, Inc.
("Speizman" or "Speizman Industries"), Wink Davis Equipment Co., Inc. ("Wink
Davis"), Todd Motion Controls, Inc. ("TMC"), and Speizman Yarn Equipment, Inc.
("Speizman Yarn"). Speizman distributes 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. TMC manufactures automated boarding,
finishing and packaging equipment used in the sock knitting industry. TMC's
products are sold through Speizman's distribution network. Speizman Yarn
distributes equipment used in the yarn processing industry.

RESULTS OF OPERATIONS

Revenues increased by approximately $4.7 million in the Company's second fiscal
quarter of the current year as compared to the same period of the prior year.
Revenues of knitted fabric equipment, which includes ladies seamless equipment,
increased by $9.7 million. Revenues of Wink Davis, which includes laundry
equipment, parts and services, increased by $2.2 million. Hosiery equipment
revenues decreased by approximately $3.2 million. Revenues for yarn processing
equipment also declined by about $3.6 million.

For the six-month period ended January 1, 2000, revenues increased by about
$11.8 million over the same six-month period of the prior fiscal year. Similar
to the quarterly changes, revenues increased by $16.3 million and $3.9 million
in knitted fabric and laundry products, respectively. Revenues of hosiery
machinery and yarn processing equipment decreased by $6.3 million and $2.0
million, respectively.

In the second quarter, cost of sales as a percentage of sales decreased to 80.4%
as compared to 86.7% for the same period of the prior year. For the year to date
cost of sales as a percentage of sales has decreased to 81.1% from 85.1%. These
favorable decreases are directly attributable to the change in product mix.
Margins for knitted fabric equipment remain favorable due to strong demand.
Conversely, margins for hosiery equipment were lower due to lower overall volume
and lessened demand directly attributable to anticipated future orders for
closed toe equipment.

Selling expenses in the second quarter of fiscal 2000 were approximately $2.4
million, an increase of about $505,000 over the same quarter of the prior year.
For the six-month period ending January 1, 2000, selling expenses increased to
about $4.5 million as compared to approximately $3.7 million for the previous
year. The increases are primarily due to higher salaries, commissions and
bonuses related to increased overall sales.

                                     Page 9
<PAGE>

For the quarter and six-month period ending January 1, 2000, general and
administrative expenses were not significantly changed from comparable periods
of the prior year. Increased bonus expenses in fiscal 2000 have been
substantially offset by lower bad debt expenses.

Interest expense is shown net of interest income. Net interest expense increased
to approximately $403,000 and $790,000 in the current quarter and current fiscal
year, respectively. The increases of $136,000 and $292,000, respectively, were
due primarily to higher borrowings on the bank line of credit and interest
expense on the obligation under capital lease for the Company's new main
facilities.

Net income for the second quarter was $1,003,000 or $0.31 per share basic and
$0.30 per share diluted, as compared to a net loss of $237,000 or $0.07 per
share basic and diluted for the comparable period last year. Year to date net
income totaled approximately $1,393,000 or $0.43 per share basic and $0.42 per
share diluted. Last year for the six-month period, the net loss was $418,000 or
$0.12 per share basic and diluted.

OUTLOOK

Deliveries of knitted fabric equipment, primarily Santoni equipment for
producing ladies' seamless garments have been very strong for two quarters. The
Company has had some decrease for new orders of this equipment as the market
absorbs the latest deliveries and remaining equipment on back order for future
delivery. Demand for hosiery knitting equipment is generally weak due to
anticipated development of closed toe equipment. Initial deliveries of this
product are projected for later in the current fiscal year. The Company has
distribution agreements with other manufacturers of equipment used in the yarn
processing industry and continues to pursue other profitable agreements. The
demand for laundry equipment and services is substantially unchanged from prior
quarters.

LIQUIDITY AND CAPITAL RESOURCES

The Company's working capital at January 1, 2000 was $17.2 million as compared
to $16.1 million at the end of the prior fiscal year. Over that same period, the
current ratio decreased to 1.52 from 1.57.

Operating activities used about $3.5 million for the six-month period ending
January 1, 2000 as compared to a usage of $1.2 million for the comparable period
of the prior fiscal year. Primary reasons for the usage of cash are increases in
accounts receivable and inventories offset partially by decreases in prepaid and
other current assets and increases in accounts payable.

Investing activities were minimal, using approximately $141,000.

For the first two quarters of fiscal 2000, financing activities provided
approximately $3.5 million. The primary source of financing in this period was
borrowings on the Company's line of credit.

                                    Page 10
<PAGE>

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, the Company's purchases of foreign manufactured machinery for resale
are denominated in Italian lira. In the ordinary course of business, the Company
enters into foreign exchange forward contracts to mitigate the effect of foreign
currency movements between the Italian lira and the U.S. dollar from the time of
placing the Company's purchase order until final payment for the purchase is
made. The contracts have maturity dates that do not generally exceed 12 months.
Substantially all of the increase or decrease of the lira denominated purchase
price is offset by the gains and losses of the foreign exchange contract. The
unrealized gains and losses on these contracts are deferred and recognized in
the results of operations in the period in which the hedged transaction is
consummated.

A substantial portion of the Company's textile 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
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 significant adverse effect on future operations.

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.
All such forward-looking statements are subject to the safe harbor created by
the Private Securities Litigation Reform Act of 1995. Important factors that
could cause financial performance to differ materially from past results and
from those expressed and implied in this document include, without limitation,
the risks of acquisition of businesses (including limited knowledge of the
businesses acquired and misrepresentations by


                                    Page 11
<PAGE>

sellers) availability of financing, competition, management's ability to manage
growth, loss of customers, and a variety of other factors.

YEAR 2000 COMPLIANCE

As of the date of filing of this Form 10-Q, the Company has experienced no
material impact to its business, including suppliers' and customers' operations,
performance of electronic components of equipment distributed by the Company, or
other parties. The Company will continue to monitor operations for possible
issues related to Y2K.

                                    Page 12
<PAGE>

                           PART II. OTHER INFORMATION



Item 6.   Exhibits and reports on Form 8-K

            (a)   Exhibits:

                 10(a).      1999 Fifth Amendment  Agreement to $37,000,000
                             Amended and Restated Loan Agreement and
                             Term Note dated as of October 29, 1999

                 10(b).      1999 Sixth Amendment  Agreement to $37,000,000
                             Amended and Restated Loan Agreement and
                             Term Note dated as of November 16, 1999

                 10(c).      2000 First Amendment  Agreement to $37,000,000
                             Amended and Restated Loan Agreement and
                             Term Note dated as of January 26, 2000

                 10(d).      Termination Letter of Distributor Agreement between
                             the Company and Marzoli dated December 16, 1999

                 27          Financial Data Schedule

            (b)   Reports on Form 8-K:

                  None.


                                    Page 13
<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 15, 2000               /s/  Robert S. Speizman
       ---------------------------         -----------------------------------
                                                 Robert S. Speizman
                                                 President


Date:     February 15, 2000                /s/  James H. McCorkle, III
       ---------------------------         -----------------------------------
                                                James H. McCorkle, III
                                                Secretary-Treasurer
                                                (Chief Financial Officer)


                                    Page 14