<PAGE>

                                   FORM 10-Q
               UNITED STATES 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 September 29, 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                      November 9, 2001
           ---------------------                      ----------------

           Par value $.10 per share                       3,255,428

                                                                          Page 1
<PAGE>

                  SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                                     INDEX




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

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

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

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

       Condensed Consolidated Statements of Stockholders' Equity..........................           7

       Notes to Condensed Consolidated Financial Statements...............................        8-11

   Item 2. Management's Discussion and Analysis of Financial Condition
       and Results of Operations..........................................................       12-18

PART II. OTHER INFORMATION:

   Item 6.  Exhibits and reports on Form 8-K..............................................          19
</TABLE>

                                                                          Page 2
<PAGE>

                  SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                  ------------------------------------------
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                     -------------------------------------


<TABLE>
<CAPTION>
                                                                     September 29,              June 30,
                                                                         2001                     2001
                                                                     -------------            ------------
                                                                     (unaudited)
<S>                                                                  <C>                      <C>
                     ASSETS
                     ------
CURRENT:
   Accounts receivable, less allowances of
       $732,862 and $747,092                                               $12,591,729             $ 19,440,188
   Inventories                                                              17,386,640               16,721,714
   Prepaid expenses and other current assets                                 3,436,259                3,142,445
                                                                           -----------             ------------
   TOTAL CURRENT ASSETS                                                     33,414,628               39,304,347
                                                                           -----------             ------------

PROPERTY AND EQUIPMENT:
   Building and leasehold improvements                                       7,337,553                7,336,153
   Machinery and equipment                                                   1,083,517                1,083,517
   Furniture, fixtures and transportation equipment                          1,635,209                1,657,855
                                                                           -----------             ------------
   Total                                                                    10,056,279               10,077,525
   Less accumulated depreciation and amortization                           (3,053,584)              (2,865,649)
                                                                           -----------             ------------

   NET PROPERTY AND EQUIPMENT                                                7,002,695                7,211,876
                                                                           -----------             ------------

DEFERRED TAX ASSET, LONG TERM                                                4,077,593                3,297,707
OTHER LONG-TERM ASSETS                                                         238,201                  268,750
GOODWILL, NET OF ACCUMULATED AMORTIZATION                                    4,790,407                4,790,407
                                                                           -----------             ------------

                                                                           $49,523,524             $ 54,873,087
                                                                           ===========             ============
</TABLE>

    See accompanying notes to Condensed Consolidated financial statements.

                                                                          Page 3
<PAGE>

                  SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                  ------------------------------------------
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                     -------------------------------------


<TABLE>
<CAPTION>
                                                                    September 29,               June 30,
                                                                        2001                      2001
                                                                    -------------             -----------
                                                                     (unaudited)
<S>                                                                 <C>                       <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

CURRENT LIABILITIES:
   Bank overdraft                                                     $   812,570              $ 1,438,466
   Accounts payable                                                    10,550,625               14,005,690
   Customers' deposits                                                  3,960,997                4,183,369
   Accrued expenses                                                     1,216,310                1,475,347
   Current maturities of long-term debt                                12,580,391                  901,216
                                                                      -----------              -----------

   TOTAL CURRENT LIABILITIES                                           29,120,893               22,004,088

Long-term debt                                                                  -               10,978,000
Obligation under capital lease                                          4,508,415                4,524,682
                                                                      -----------              -----------
   TOTAL LIABILITIES                                                   33,629,308               37,506,770
                                                                      -----------              -----------


STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized 20,000,000
       shares, issued 3,396,228, outstanding 3,255,428                    339,623                  339,623
   Additional paid-in capital                                          13,047,150               13,047,150
   Accumulated other comprehensive loss                                  (308,415)                (263,585)
   Retained earnings                                                    3,402,681                4,829,952
                                                                      -----------              -----------
   Total                                                               16,481,039               17,953,140
   Treasury stock, at cost, 140,800 shares                               (586,823)                (586,823)
                                                                      -----------              -----------
   TOTAL STOCKHOLDERS' EQUITY                                          15,894,216               17,366,317
                                                                      -----------              -----------

                                                                      $49,523,524              $54,873,087
                                                                      ===========              ===========
</TABLE>

     See accompanying notes to Condensed Consolidated financial statements.

                                                                          Page 4
<PAGE>

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

<TABLE>
<CAPTION>
                                                              For the Three Months Ended
                                                   -------------------------------------------------
                                                      September 29, 2001        September 30, 2000
                                                          (13 Weeks)                (13 Weeks)
                                                   ------------------------  -----------------------
                                                        (unaudited)                (unaudited)
<S>                                                <C>                       <C>
REVENUES                                                  $ 12,177,107             $ 20,895,881

COST OF SALES                                               10,687,491               19,348,129
                                                          ------------             ------------

GROSS PROFIT                                                 1,489,616                1,547,752

SELLING EXPENSES                                             1,511,870                2,011,067

GENERAL AND ADMINISTRATIVE EXPENSES                          1,599,365                1,880,893
                                                          ------------             ------------

OPERATING LOSS                                              (1,621,619)              (2,344,208)

NET INTEREST EXPENSE                                           555,652                  511,404
                                                          ------------             ------------

LOSS BEFORE TAX BENEFIT                                     (2,177,271)              (2,855,612)

TAX BENEFIT                                                   (750,000)              (1,071,954)
                                                          ------------             ------------

NET LOSS                                                  $ (1,427,271)            $ (1,783,658)
                                                          ============             ============

Basic loss per share                                      $      (0.44)            $      (0.55)
Diluted loss per share                                    $      (0.44)            $      (0.55)

Weighted average shares
 Outstanding:
 Basic                                                       3,255,428                3,252,428
 Diluted                                                     3,255,428                3,252,428
</TABLE>


    See accompanying notes to Condensed Consolidated financial statements.

                                                                          Page 5
<PAGE>

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


<TABLE>
<CAPTION>
                                                                       For the Three Months Ended
                                                          ------------------------------------------------
                                                               September 29,             September 30,
                                                                  2001                       2000
                                                               (13 Weeks)                  (13 Weeks)
                                                          -----------------------   ----------------------
                                                               (unaudited)                 (unaudited)
<S>                                                       <C>                       <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                                   $  (1,427,271)                 $ (1,783,658)
Adjustments to reconcile net loss to net cash provided
 by (used in) operating activities:
   Depreciation                                                   216,127                       235,013
   Amortization                                                    61,416                       130,349
   Provision for losses on accounts receivable                     30,000                       100,950
   Provision for inventory obsolescence                            90,000                       367,406
   Gain on disposal of assets                                      (4,296)                         (658)
   (Increase) decrease in:
    Accounts receivable                                         6,818,459                    11,678,034
    Inventories                                                  (754,926)                   (3,477,749)
    Prepaid expenses and other current assets                    (355,230)                     (729,648)
    Other assets                                                   30,549                        51,946
    Deferred income taxes                                        (750,000)                     (443,051)
   Increase (decrease) in:
    Accounts payable and bank overdraft                        (4,080,961)                   (4,800,599)
    Accrued expenses and customers' deposits                     (556,125)                      497,835
                                                             ------------                  ------------
   Net cash (used in) provided by operating activities           (682,258)                    1,826,170
                                                             ------------                  ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Capital expenditures                                              (8,669)                      (38,323)
 Proceeds on sale of assets                                         6,019                         4,658
                                                             ------------                  ------------
   Net cash used in investing activities                           (2,650)                      (33,665)
                                                             ------------                  ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Net borrowings (payments) on line of credit agreement            698,000                    (2,312,000)
 Principal payments on long-term debt                             (13,092)                     (194,259)
                                                             ------------                  ------------
   Net cash provided by (used in) financing activities            684,908                    (2,506,259)
                                                             ------------                  ------------

NET INCREASE (DECREASE) IN CASH                                         -                      (713,754)
CASH AND CASH EQUIVALENTS at beginning of period                        -                       713,754
                                                             ------------                  ------------
CASH AND CASH EQUIVALENTS at end of period                   $          -                  $          -
                                                             ============                  ============
Supplemental Disclosures:
 Cash paid during period for:
   Interest                                                  $    559,291                  $    474,653
   Income taxes                                              $     63,345                  $     40,200
</TABLE>



    See accompanying notes to Condensed Consolidated financial statements.

                                                                          Page 6
<PAGE>

                  SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                  ------------------------------------------
           CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
           ---------------------------------------------------------


<TABLE>
<CAPTION>
                                                           Additional                   Accumulated Other
                                         Common    Common   Paid-In       Retained        Comprehensive   Treasury    Comprehensive
                                         Shares    Stock    Capital       Earnings             Loss         Stock         Loss
                                        --------- -------- -----------  -------------  ----------------- -----------  --------------
<S>                                     <C>       <C>      <C>          <C>            <C>               <C>          <C>
BALANCE, JULY 1, 2000                   3,393,228 $339,323 $13,045,200  $ 10,692,607   $            -    $  (586,823)
Net loss.............................           -        -           -    (5,862,655)               -              -   $ (5,862,655)
Accumulated Comprehensive loss
 - Interest rate swap, net of tax....           -        -           -             -         (263,585)             -       (263,585)
                                                                                                                       ------------
   Comprehensive Loss................           -        -           -             -                -              -     (6,126,240)
                                                                                                                       ============
Exercise of stock options............       3,000      300       1,950             -                -              -
                                        --------- -------- -----------  ------------   --------------    -----------
BALANCE, JUNE 30, 2001                  3,396,228  339,623  13,047,150     4,829,952         (263,585)      (586,823)
Net loss.............................           -        -           -    (1,427,271)               -              -     (1,427,271)
Accumulated Comprehensive loss
 - Interest rate swap, net of tax....           -        -           -             -          (44,830)             -        (44,830)
                                                                                                                       ------------
   Comprehensive Loss................           -        -           -             -                -              -   $ (1,472,101)
                                                                                                                       ============
BALANCE, SEPTEMBER 29, 2001
   (unaudited)                          3,396,228 $339,623 $13,047,150  $  3,402,681   $     (308,415)   $  (586,823)
                                        ========= ======== ===========  ============   ==============    ===========
</TABLE>


See accompanying summary of accounting policies and notes to Condensed
                      Consolidated financial statements.

                                                                          Page 7
<PAGE>

                  SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                  ------------------------------------------
             NOTES TO CONDENSED CONSOLIDATED 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 in
          the Registrant's Form 10-K for the fiscal year ended June 30, 2001,
          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 or deferred revenue was immaterial at September 29, 2001
          and June 30, 2001.

Note 3.   Inventories

          Inventories consisted of the following:

                                     September 29,       June 30,
                                         2001             2001
                                    ---------------    -----------
                                     (unaudited)
          Machines                   $11,876,043       $10,910,198
          Parts and supplies           5,510,597         5,811,516
                                    ------------       -----------
             Total                  $ 17,386,640       $16,721,714
                                    ============       ===========

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 loss 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 8
<PAGE>

Note 6.   Intangibles

          In June 2001, the Financial Accounting Standards Board finalized
          Statement of Financial Accounting Standards (SFAS) Statements No. 141,
          Business Combinations (SFAS 141), and No. 142, Goodwill and Other
          Intangible Assets (SFAS 142). SFAS 141 requires the use of the
          purchase method of accounting and prohibits the use of the pooling-of-
          interest methods of accounting for business combinations initiated
          after June 30, 2001. SFAS 141 also requires that the Company recognize
          acquired intangible assets apart from goodwill if the acquired
          intangible assets meet certain criteria. SFAS 141 applies to all
          business combinations initiated after June 30, 2001 and for purchase
          business combinations completed on or after July 1, 2001. It also
          requires, upon adoption of SFAS 142, that the Company reclassify, if
          applicable, the carrying amounts of intangible assets and goodwill
          based on the criteria in SFAS 141.

          SFAS 142 requires, among other things, that companies no longer
          amortize goodwill, but instead test goodwill for impairment at least
          annually. In addition, SFAS 142 requires that the Company identify
          reporting units for the purposes of assessing potential future
          impairments of goodwill, reassess the useful lives of other existing
          recognized intangible assets, and cease amortization of intangible
          assets with an indefinite useful life. An intangible asset with an
          indefinite useful life should be tested for impairment in accordance
          with the guidance in SFAS 142. SFAS 142 is required to be applied in
          fiscal years beginning after December 15, 2001 to all goodwill and
          other intangible assets recognized at that date, regardless of when
          those assets were initially recognized. SFAS 142 requires the Company
          to complete a transitional goodwill impairment test six months from
          the date of adoption. The Company is also required to reassess the
          useful lives of other intangible assets within the first interim
          quarter after adoption of SFAS 142.

          The Company has elected early adoption of SFAS 142 for the fiscal year
          beginning July 1, 2001. Accordingly, no amortization expense relating
          to the Company's goodwill was recognized for the period ended
          September 29, 2001. For the period ended September 30, 2000,
          amortization of goodwill was $110,000.

Note 7.   Risk Management and Derivative Financial Instruments

          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, establishes accounting and reporting
          standards for derivative instruments, including certain derivative
          instruments embedded in other contracts, and for hedging activities.
          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 other 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.

          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 September 29, 2001, the Company had contracts to
          purchase approximately 283 million lira for approximately $128,000,
          for which the market value at September 29, 2001 was approximately
          $134,000. Of these contracts, the Company had designated all of them
          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. Any ineffective

                                                                          Page 9
<PAGE>

          portion of fair value hedge is recognized immediately in the statement
          of operations. The ineffective portion of the Company's fair value
          hedges as of September 29, 2001 was immaterial.

          For derivatives classified as 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 that the hedged transaction is
          recognized. The Company had no foreign exchange contracts designated
          as cash flow hedges as of September 29, 2001.

          The Company had two interest rate swap derivatives designated as cash
          flow hedges at September 29, 2001. The change in the fair market value
          during the current year was a loss of $44,830 net of tax benefit, and
          was recognized in Other Comprehensive Income (equity) at September 29,
          2001. For interest rate swap agreements, increases or reductions in
          interest expense are recognized in the periods in which they accrue.

Note 8.   Line of Credit

          The Company has a revolving credit facility and a line of credit for
          issuance of Documentary Letters of Credit with SouthTrust Bank, N.A.
          Effective July 1, 2001 the Company entered into a Second Amendment and
          Forbearance Agreement ("Second Amendment") relating to its original
          Credit Facility Agreement with SouthTrust. The amendment modified the
          original agreement which provided a $17.5 million credit facility and
          a $15.0 million line for documentary letters of credit. The Second
          Amendment supercedes all terms of the First Amendment dated November
          13, 2000. The Amended Agreement dated July 1, 2001 provides a
          revolving credit facility up to $15.0 million and an additional line
          of credit for issuance of Documentary Letters of Credit up to $9.0
          million. The availability under the combined facility is limited to a
          borrowing base as defined in the Second Amendment and the original
          Credit Facility Agreement. The Second Amendment also changes the
          maturity date on the credit facility to July 31, 2002 from May 31,
          2003 per the original Credit Facility Agreement.

          Advances under the revolving credit facility and 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 1 1/2% to 2 1/2%, and a base
          rate component that accrues interest at prime plus 1%. The rates are
          scaled based upon the Company's funded debt as defined in the original
          Credit Facility Agreement. Prior to the Second Amendment and pursuant
          to the terms of the First Amendment dated November 13, 2000, the LIBOR
          component accrued interest at the LIBOR rate plus 3%, and the base
          rate component accrued interest at prime plus 1 1/4 %. The Company
          also has in effect interest rate swap derivatives that fix the
          interest rate for advances under the LIBOR component at 7.77% and
          7.79% plus the applicable margin for borrowing levels of $3 million
          and $5 million, respectively, which expire on June 2, 2002 and June 2,
          2003, respectively. As of September 29, 2001, amounts outstanding of
          $10.5 million were advanced under the LIBOR component at a rate of
          3.46% plus 3%, and $1,176,000 were advanced under the base rate
          component at the prime rate of 5.5% plus 1 1/4%. The facility is
          secured by all the assets of the Company.

          The Credit Facility as amended by the Second Agreement 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 for each quarter in fiscal year 2002. The Company was
          in violation with the covenants pertaining to specified level of
          earnings for the first quarter and the tangible net worth requirement
          as of September 29, 2001, pursuant to the terms of the Second
          Amendment.

                                                                         Page 10
<PAGE>

        The Company received a forbearance agreement from SouthTrust Bank in
        connection with the Company's non-compliance on those covenants.

Note 9. Segment Information

        The Company operates primarily in two segments of business, textile
        equipment ("textile") and laundry equipment and services ("laundry").
        Prior to the acquisition of Wink Davis on August 1, 1997, the Company
        operated only in the textile segment. Corporate operations include
        general corporate expenses, amortization of debt issuance costs,
        interest expense related to the Company's credit facility and
        elimination of intersegment balances. The table below summarizes
        financial data by segment.


<TABLE>
<CAPTION>
                                               First Quarter  Total Textile   Total Laundry
                                                   Ended         Segment         Segment       Corporate       Total
                                               -------------  --------------  --------------  -----------  -------------
<S>                                            <C>            <C>             <C>             <C>          <C>
Net Revenues.................................           2001   $  6,866,677      $5,310,430   $        -   $ 12,177,107
                                                        2000     13,536,630       7,359,251            -     20,895,881

Loss before Interest & Taxes.................           2001       (654,307)       (578,944)    (388,367)    (1,621,619)
                                                        2000     (1,994,559)        (83,899)    (265,750)    (2,344,208)

Capital Expenditures.........................           2001          7,269           1,400            -          8,669
                                                        2000         30,323           8,000            -         38,323

Depreciation and Amortization................           2001        195,049          21,078       61,416        277,543
                                                        2000        248,371          96,642       20,349        365,362

Interest Expense.............................           2001        264,111           1,210      290,331        555,652
                                                        2000        232,368             755      278,281        511,404

Total Assets:

   September 29, 2001 (unaudited)...............................  37,651,652  14,546,051    (2,674,179)  49,523,524
   June 30, 2001................................................  43,338,426  14,570,252    (3,035,591)  59,873,087
</TABLE>

                                                                         Page 11
<PAGE>

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


GENERAL
-------

Speizman Industries, Inc. is a major distributor of specialized industrial
machinery, parts and equipment.  The Company operates primarily in two segments,
textile equipment and laundry equipment and services.  In the textile segment
the Company distributes sock-knitting machines, other knitting equipment,
automated boarding, finishing and packaging equipment used in the sock industry,
and related parts.  In the laundry equipment and services segment, the Company
sells commercial and industrial laundry equipment, including the distribution of
machines and parts as well as providing installation and after sales service.

RESULTS OF OPERATIONS
---------------------

Revenues for the first quarter were $12.2 million compared with $20.9 million
for the same period last year, a decrease of $8.7 million or 42%. Revenues for
the laundry segment were $5.3 million in the first quarter compared with $7.4
million for the same period last year.  Revenues for the textile segment were
$6.9 million in the first quarter compared to $13.5 million for the same period
last year.  The decrease in revenues for both segments was primarily from
reduced equipment bookings resulting from the overall downturn in the economy
and difficult market conditions that commenced last year.  The September 11
attacks also had some impact in the month of September 2001 by delaying certain
shipments relating to customer bookings amounting to approximately $2.0 million.

Cost of sales as a percentage of revenues decreased favorably to 87.8% in the
current fiscal quarter compared to 92.6% for the same period in the prior year.
The decrease primarily occurred in the textile segment.  The improvement, on a
comparative basis, was due to cost of sales in the previous fiscal quarter being
adversely affected by the Company utilizing foreign currency contracts that were
greatly devalued because the contracts were originally designated for other
purchase orders that were subsequently canceled or delayed.  The adverse affect
on gross profit through increased cost of sales during the first quarter in the
prior year was approximately $1.3 million and accounted for a 6.2% component of
cost of sales as a percentage of revenues.  This improvement was partially
offset by other costs, such as technical service personnel, that are more fixed
in nature and, due to lower sales volume, reflects an increased component of
cost of sales as a percentage of consolidated revenues in the current quarter.

Selling expenses decreased to $1.5 million for the current year's first quarter
compared to $2 million for the same period last year.  The decrease was
primarily due to lower variable selling expenses such as commissions, travel,
and exhibitions.  As a percentage of revenue, selling expenses increased to
12.4% for the first quarter ended September 2001 from 9.6% in the prior year's
first quarter.  The increase in the percentage is due to selling costs, such as
salaried personnel in the textile segment, being primarily fixed in nature,
coupled with a decrease in textile sales for the first quarter of fiscal 2002
compared to the first quarter of the prior year.  Certain changes have been made
by the Company, commencing in November 2001, that modify the textile segment's
compensation plan for its sales personnel to be more variable with sales and
gross margins.

General and Administrative expenses reduced to $1.6 million compared with $1.9
million for the same period last year.  The decrease was primarily the result of
lower overhead costs including personnel, amortization expense and bad debts in
the current quarter compared with the same period last year.  Net amortization
expense was lower in the current year compared to last year primarily from the
Company ceasing to amortize goodwill in accordance with recent accounting
pronouncements, offset by an increase in

                                                                         Page 12
<PAGE>

the amortization of debt issuance costs associated with the Company's bank
facility that matures on July 31, 2002.

Net interest expense for the current year's first quarter increased
approximately $45,000 compared to the same period last year.  The increase was
attributable to higher interest rates incurred on the Company's credit facility
for the current year period as compared to the same period in the prior year.

Net loss for the first quarter was $1,427,271 or $0.44 per share both basic and
diluted compared with a loss for the same period last year of $1,783,658 or
$0.55 both basic and diluted.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

The Company has a revolving credit facility with SouthTrust Bank, N.A.  The
agreement with SouthTrust as recently amended, expires on July 31, 2002 and
provides a line of credit up to $15.0 million and an additional line of credit
for issuance of Documentary Letters of Credit up to $9.0 million.  The
availability under the combined lines of credit is limited by the percentage of
accounts receivable and inventory determined from time to time by SouthTrust.
The unused amount available to the Company as determined by the Bank as of
November 7, 2001 was $630,000.  Amounts outstanding under the line of credit for
direct borrowings bear interest based upon two components:  London Interbank
Offered Rate (LIBOR) rate plus 1.5% to 2.5% for a short term fixed period and
prime plus 0% to 1% for the non-fixed period.  The rates vary based upon the
Company's funded debt as defined in the loan agreement.  The Company has two
interest rate swaps that fixes the LIBOR interest rate (exclusive of margin) at
7.77% and 7.79% for borrowings of $3.0 million and $5.0 million, respectively,
that expire on June 2, 2002 and June 3, 2003, respectively.  In connection with
the SouthTrust's facility, the Company granted a security interest in all assets
of the Company.

Working capital at September 29, 2001 was $4.3 million as compared to $17.3
million at June 30, 2001.  The working capital ratio was 1.15 at September 29,
2001 and 1.79 at June 30, 2001.  The decrease in working capital was primarily
due to the classification of the Company's debt with SouthTrust Bank of
$11,676,000 as current since the debt facility matures on July 31, 2002.  The
Company believes it will extend the term of its facility with SouthTrust or
refinance with another bank.  Excluding the classification of the SouthTrust
debt as current, the Company's working capital ratio would improve to 1.92.

Net cash used in operating activities for the first quarter ended September 29,
2001 was $682,000.  Net cash used in operating activities was primarily due to a
net loss of $1.4 million, a reduction in accounts payable and overdraft of $4.1
million, an increase in inventories of $754,000, a non-cash tax benefit of
$750,000, an increase in prepaid expenses of $355,000, and a reduction in
accrued expenses of $556,000, partially offset by a reduction in accounts
receivable of $6.8 million, and non-cash expenses of $397,000.

Accounts receivable and accounts payable including bank overdraft decreased at
September 29, 2001 compared to June 30, 2001 primarily from reduced billing and
purchasing activity, respectively, resulting from reduced demand for equipment
in the marketplace.

The increase in inventories of $755,000 was offset by provisions for inventory
obsolescence and writedowns of $90,000.  Machine inventory increased by $966,000
to $11,876,000.   The increase in machine inventory was offset by a decrease in
parts inventory of $301,000.  The increase in the machine inventory during the
first quarter ended 2002 was primarily due to certain hosiery equipment received
during the second half of the current quarter of $382,000 that was shipped and
billed in October 2002, and receipt of On-Premise Laundry (OPL) equipment
amounting to $440,000.  The OPL equipment was ordered by the Company prior to
the recent downturn that occurred primarily during the fourth quarter 2001. The
Company believes the

                                                                         Page 13
<PAGE>

OPL equipment in inventory as of September 29, 2001 will be sold during the
normal course of business over the next six months.

The increase in prepaid expenses and other current assets was due primarily to a
deposit on equipment purchase orders related to a new installation project in
the laundry segment.

The increase in deferred taxes of $750,000 represented a non-cash benefit
recognized during the first quarter of fiscal 2002.  The Company believes this
deferred tax benefit will be recoverable through its normal course of business
in the future.

Net cash used in investing activities was approximately $3,000 for the first
quarter of fiscal 2002.  Net cash provided by financing activities was $685,000
for the first quarter of fiscal 2002, which included borrowings of $698,000 from
the Company's bank credit facility.

The Company believes the available funds through its facility agreement with
SouthTrust and cash flows generated by operations, if any, will be sufficient to
fund its working capital and capital expenditures requirements through July 31,
2002.  Thereafter, the Company will need to raise additional funds or extend its
facility agreement with SouthTrust.  The Company believes that it will extend
the term of its facility with SouthTrust or refinance with another bank as it
has in the past few years.  However, there is no assurance that additional
financing will be available when needed or desired on terms favorable to the
Company or at all.

OUTLOOK
-------

Fiscal 2002 Equipment Bookings - The Company over the past six months
experienced a decline in its equipment bookings.  The Company expects this trend
to continue during at least the first six months in fiscal year 2002 based upon
current market conditions and the Company's existing pipeline.  In furtherance
with the Company's cost saving initiatives that began in fiscal year 2001, the
Company expects to further reduce its expenses to help mitigate the adverse
effects from the decline in equipment bookings.

Hosiery Equipment - Shipments of 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, began in mid-March 2001.  The new
generation closed toe machines have been commercially accepted and the Company
anticipates it could gradually replace most of the conventional athletic sock
machines in the United States and Canada over the next four years.

Knitted Fabric Equipment -  The market demand for seamless actionwear machines
decreased significantly since two years ago.  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.

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 past six 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 second half
of the fiscal year 2002.  Proposals for larger installation projects continue to
remain active; however, if successful, margins will be slightly lower due to
increased competition in a relatively tight market.

                                                                         Page 14
<PAGE>

Settlement of Litigation - During October 2001, the Company settled for $35,000
a lawsuit filed by Bluegrass Hosiery, Inc., in which Bluegrass alleged that the
Company breached its contract relating to machines sold to Bluegrass.

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.

EMPLOYEES
---------

As of September 29, 2001, the Company had 139 full-time domestic employees.
Total employees which include operations in Mexico and Canada are 152.  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 November 9, 2001, the Company's firm backlog of unfilled equipment orders
was approximately $15.2 million.  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.

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.

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 Foreign Currency Losses, the
Company purchases forward exchange contracts to protect

                                                                         Page 15
<PAGE>

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 $11.7 million of debt
outstanding at September 29, 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
-------------------------------------------------------

This report contains forward-looking statements that have been made pursuant to
the provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current expectations, estimates, and
projections about Speizman's industry, management beliefs, and certain
assumptions made by Speizman's managements. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates," variations of
such words, and similar expressions are intended to identify such forward-
looking statements. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties, and assumptions that are
difficult to predict; therefore, actual results may differ materially from those
expressed or forecasted in any such forward-looking statements. Such risks and
uncertainties include those set forth herein under the caption "Other Risk
Factors." Unless required by law, the Company undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new information,
future events, or otherwise. However, readers should carefully review the risk
factors set forth in other reports and documents that the Company files from
time to time with the Securities and Exchange Commission.

OTHER RISK FACTORS
------------------

Relationship with Foreign Suppliers

The majority of Speizman Industries' suppliers for parts and equipment are based
in foreign countries primarily concentrated in Italy.  There can be no assurance
that Speizman will not encounter significant difficulties in any attempt to
enforce any provisions of the agreements with foreign manufacturers, or any
agreement that may arise in connection with the placement and confirmation of
orders for the machines manufactured by foreign manufacturers or obtain an
adequate remedy for a breach of any such provision, due principally that they
are foreign companies.

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, 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 30.4% and 53.5% of the Company's net revenues in fiscal 2001 and
fiscal 2000, respectively.  The Company amended its agreement with Lonati for
the sale of its machines in March 2001 to be the exclusive agent through
December 31, 2003.  The Company and Lonati entered into their present agreements
for the sale of Lonati machines in Canada in January 1992 and for Mexico in
1997, which are renewable annually. 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 at 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

                                                                         Page 16
<PAGE>

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 and the early part of fiscal year 2001, 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.

Foreign Currency Risk

Historically, Speizman Industries' purchases of foreign manufactured machinery
and spare parts for resale are denominated in Italian lira.  For purchases of
machines that were denominated in Italian lira or Euro dollars, Speizman
generally purchased lira hedging contracts to compensate for anticipated dollar
fluctuations; however, during fiscal year 2001, the Company experienced adverse
effects utilizing lira hedging contracts for orders that were postponed or
delayed.  Prior to fiscal year 2001 and for approximately 30 years, the Company
did not experience any adverse effect from utilizing lira hedging contracts.
During fiscal year 2001, and in light of newer technology that was being
delivered by Lonati represented by its newer version closed toe single cylinder
sock knitting machine, and with previous experiences of delays associated with
the development of its previous generation closed toe machine, the Company
arranged with Lonati and its affiliates to purchase its products for resale in
U.S. dollars.  Speizman's arrangement to buy in U.S. dollars with Lonati
contractually ends on April 30, 2002.  For purchases of machines that are
supplied by other manufacturers that are denominated in Italian lira or Euro
dollars, Speizman Industries feels its current practices enable the Company to
adjust sales prices, or to commit to lira hedging contracts that effectively
compensate for anticipated dollar fluctuations.  At September 29, 2001, the
Company had contracts maturing through December 2001 to purchase approximately
283.0 million lira for approximately $128,000 for which the market value at
September 29, 2001 if terminated was $134,000.

Additionally, international currency fluctuations that result in substantial
price level changes could impede or promote import/export sales and
substantially impact profits.  Speizman is not able to assess the quantitative
effect of such international price level changes could have upon Speizman
Industries' operations.  There can be no assurance of fluctuations and foreign
exchange rates will not have an adverse effect on Speizman Industries' future
operations.  All of Speizman Industries' export sales originating from the
United States are made in U.S. dollars.

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.

                                                                         Page 17
<PAGE>

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
downturn in the sock industry.

Need for Additional Capital

The Company may need to raise additional funds in the future to support its
operations or respond to unanticipated requirements.  If the Company seeks to
raise additional funds, it may not be able to obtain funds on terms which are
favorable or acceptable to the Company.

Nasdaq Listing

The Company's common stock has been listed on the Nasdaq SmallCap Market since
March 20, 2001 and was listed on the Nasdaq National Market System from October
1993 to March 19, 2001.  In response to the extraordinary market conditions
following the tragedy of September 11, 2001, Nasdaq implemented a moratorium on
the minimum bid and public float requirements for continued listing on Nasdaq
until January 2, 2002.  The Company may have difficulty meeting the minimum bid
criteria for continued listing on the Nasdaq SmallCap Market when the moratorium
expires.  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 to dispose, or obtain accurate quotations as to the market
value, of the Company's common stock.

                                                                         Page 18
<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 19
<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:  November 13, 2001            /s/  Robert S. Speizman
                                    ------------------------------
                                         Robert S. Speizman
                                         President


Date:  November 13, 2001            /s/  John C. Angelella
                                   -------------------------------
                                         John C. Angelella
                                         CFO/Secretary-Treasurer

                                                                         Page 20