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

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

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

                For the quarterly period ended December 30, 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 9, 2001
             ---------------------                   ----------------

            Par value $.10 per share                     3,252,428

                                                                          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 - 9

         Item 2. Management's Discussion and Analysis of
            Financial Condition and Results of Operations................10 - 17


PART II. OTHER INFORMATION:

         Item 6.  Exhibits and reports on Form 8-K.......................     18

                                                                          Page 2
<PAGE>
                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                    December 30,      July 1,
                                                        2000            2000
                                                   -------------   ------------
                                                    (Unaudited)      (Audited)
<S>                                                  <C>            <C>
                                 ASSETS
                                 ------
CURRENT:
   Cash and cash equivalents                         $    70,562    $   713,754
   Accounts receivable, less allowances of
       $760,830 and $601,805                          18,099,013     30,722,678
   Inventories                                        20,775,356     16,489,494
   Prepaid expenses and other current assets           4,281,327      6,181,283
                                                   -------------   ------------
       TOTAL CURRENT ASSETS                           43,226,258     54,107,209
                                                   -------------   ------------

PROPERTY AND EQUIPMENT:
   Building and leasehold improvements                 7,336,153      7,310,261
   Machinery and equipment                             1,137,559      1,008,656
   Furniture, fixtures and transportation equipment    1,693,867      1,779,829
                                                   -------------   ------------
      Total                                           10,167,579     10,098,746
   Less accumulated depreciation and amortization     (2,448,509)    (2,092,204)
                                                   -------------   ------------

       NET PROPERTY AND EQUIPMENT                      7,719,070      8,006,542
                                                   -------------   ------------

DEFERRED TAX ASSET, LONG TERM                          2,781,401              -
OTHER LONG-TERM ASSETS                                   764,034        910,897
INTANGIBLES, NET OF ACCUMULATED AMORTIZATION           5,010,410      5,230,410
                                                   -------------   ------------
                                                   $  59,501,173   $ 68,255,058
                                                   =============   ============
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                                                          Page 3
<PAGE>
                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                              December 30,         July 1,
                                                                 2000               2000
                                                             ------------       ------------
                                                              (Unaudited)         (Audited)
<S>                                                          <C>                <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

CURRENT LIABILITIES:
   Accounts payable                                          $ 11,757,200       $ 20,196,790
   Customers' deposits                                          4,893,110          3,351,778
   Accrued liability - foreign currency derivatives               899,202                  -
   Accrued expenses                                             1,232,244          1,291,452
   Deferred revenue                                             2,678,413            200,141
   Current maturities of long-term debt                           837,131            884,996
                                                             ------------       ------------

       TOTAL CURRENT LIABILITIES                               22,297,300         25,925,157

Long-term debt                                                    158,415            458,001
Note Payable - bank line of credit                             14,535,000         13,800,000
Obligation under capital lease                                  4,554,680          4,581,593
                                                             ------------       ------------
       TOTAL LIABILITIES                                       41,545,395         44,764,751
                                                             ------------       ------------


STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized 20,000,000
      shares, issued 3,393,228, outstanding 3,252,428             339,323            339,323
   Additional paid-in capital                                  13,045,200         13,045,200
   Retained earnings                                            5,158,078         10,692,607
                                                             ------------       ------------
      Total                                                    18,542,601         24,077,130
   Treasury stock, at cost, 140,800 shares                       (586,823)          (586,823)
                                                             ------------       ------------
       TOTAL STOCKHOLDERS' EQUITY                              17,955,778         23,490,307
                                                             ------------       ------------
                                                             $ 59,501,173       $ 68,255,058
                                                             ============       ============
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

                                                                          Page 4
<PAGE>
                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                            (Unaudited)                       (Unaudited)
                                                    For the Three Months Ended           For the Six Months Ended
                                                 -------------------------------      -------------------------------
                                                   12-30-00           01-01-00          12-30-00           01-01-00
                                                  (13 Weeks)         (13 Weeks)        (26 Weeks)         (26 Weeks)
                                                 ------------       ------------      ------------       ------------
<S>                                              <C>                <C>               <C>                <C>
REVENUES                                         $ 17,810,685       $ 32,888,309      $ 38,706,566       $ 60,439,975

COST OF SALES                                      15,405,592         26,430,964        34,753,721         48,998,371
                                                 ------------       ------------      ------------       ------------

GROSS PROFIT                                        2,405,093          6,457,345         3,952,845         11,441,604

SELLING EXPENSES                                    1,812,153          2,354,885         3,823,220          4,502,236

GENERAL AND ADMINISTRATIVE EXPENSES                 2,109,290          2,051,011         3,990,183          3,847,354
                                                 ------------       ------------      ------------       ------------

OPERATING (LOSS) INCOME                            (1,516,350)         2,051,449        (3,860,558)         3,092,014

    Net Interest Expense                              646,720            402,783         1,158,124            789,573
    Loss on settlement of uncommitted
      foreign currency derivative contracts         3,925,947                  -         3,925,947                  -
                                                 ------------       ------------      ------------       ------------

(LOSS) EARNINGS BEFORE
    (BENEFIT) PROVISION FOR
    INCOME TAX                                     (6,089,017)         1,648,666        (8,944,629)         2,302,441

(BENEFIT) PROVISION FOR
    INCOME TAX                                     (2,338,146)           646,000        (3,410,100)           909,000
                                                 ------------       ------------      ------------       ------------

NET (LOSS) EARNINGS                              $ (3,750,871)      $  1,002,666      $ (5,534,529)      $  1,393,441
                                                 ============       ============      ============       ============

Basic (loss) earnings per share                  $      (1.15)      $       0.31      $      (1.70)      $       0.43
Diluted (loss) earnings per share                       (1.15)              0.30             (1.70)              0.42

Weighted average shares
    Outstanding:
    Basic                                           3,252,428          3,240,916         3,252,428          3,234,811
    Diluted                                         3,252,428          3,304,404         3,252,428          3,297,313
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

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

<TABLE>
<CAPTION>
                                                                    (Unaudited)
                                                          --------------------------------
                                                             For the Six Months Ended
                                                          --------------------------------
                                                            12-30-00           01-01-00
                                                           (26 Weeks)         (26 Weeks)
                                                          -------------     --------------
<S>                                                       <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income (loss)                                     $  (5,534,529)    $    1,393,441
Adjustments to reconcile net income (loss) to cash used
    by operating activities:
      Depreciation and amortization                             722,364            661,746
      Provision for inventory obsolescence                      568,311            301,190
      Provision for losses on accounts receivable               362,907            105,027
      Gain on disposal of assets                                  7,282             (5,715)
      (Increase) decrease in:
        Accounts receivable                                  12,260,758         (3,325,256)
        Inventories                                          (4,854,173)        (5,413,275)
        Prepaid expenses and other current assets             1,859,258          2,162,903
        Other assets                                            146,863           (153,500)
        Deferred tax asset, long term                        (2,781,401)                 -
      Increase (decrease) in:
        Accounts payable and accrued liability
          on foreign currency derivatives                    (7,540,388)         1,518,376
        Accrued expenses, deferred revenue and
          customers' deposits                                 3,960,396           (765,781)
                                                          -------------     --------------
      Net cash used in operating activities                    (822,352)        (3,520,844)
                                                          -------------     --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                       (250,250)          (147,374)
    Proceeds on sale of assets                                   68,773              6,274
                                                          -------------     --------------
      Net cash used in investing activities                    (181,477)          (141,100)
                                                          -------------     --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Net borrowings on line of credit agreement                  735,000          4,200,000
    Principal payments on long-term debt                       (374,363)          (769,355)
    Issuance of common stock for stock options                        -            109,999
    Purchase of treasury stock                                        -                  -
                                                          -------------     --------------
      Net cash provided by financing activities                 360,637          3,540,644
                                                          -------------     --------------

NET DECREASE IN CASH                                           (643,192)          (121,300)
CASH AND CASH EQUIVALENTS at beginning of period                713,754            642,167
                                                          -------------     --------------
CASH AND CASH EQUIVALENTS at end of period                $      70,562     $      520,867
                                                          =============     ==============
Supplemental Disclosures:
    Cash paid during period for:
      Interest                                            $   1,078,018     $      744,802
      Income taxes                                               40,200            432,900
</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
           1, 2000, which is incorporated by reference.

Note 2.    Deferred Revenue

           The Company, in some instances with its laundry equipment and
           services business, is engaged on 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 costs at completion. Progress billings in
           excess of the revenue recognized are recorded as deferred revenue.

Note 3.   Inventories

           Inventories consisted of the following:

                                           December 30,          July 1,
                                               2000                2000
                                          -------------        -----------
                                           (Unaudited)          (Audited)
           Machines                         $15,236,206        $11,289,844
           Parts and supplies                 5,539,150          5,199,650
                                          -------------        -----------
                Total                     $  20,775,356        $16,489,494
                                          =============        ===========

Note 4.    Taxes on Income

           Taxes on income are allocated to interim periods on the basis of an
           estimated annual effective tax rate. Other comprehensive losses, if
           any, are net of an estimated deferred tax benefit.

Note 5.   Net Income (Loss) Per Share

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

Note 6.    Intangibles

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

                                                                          Page 7

<PAGE>

Note 7.    Risk Management and Derivative Financial Instruments

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

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

           The Company has historically entered into forward exchange contracts
           to reduce the foreign currency exchange risks associated with its
           committed and anticipated lira denominated purchases, and not for
           speculation. As of July 2, 2000, the Company had contracts to
           purchase approximately 83.3 billion lira for approximately $46.3
           million, for which the market value at July 2, 2000 was approximately
           $41.2 million. Of these contracts, the Company had designated
           approximately 37 billion lira as cash flow hedges for anticipated
           purchases and approximately 46.3 billion lira as fair value hedges
           for committed purchase contracts. For fair value hedges, changes in
           the fair value of the hedging instrument are recognized in the
           statement of operations in the period that the underlying hedged
           transaction is recognized as a sale. For cash flow hedges, changes in
           the fair value of the hedging instrument are deferred and recorded in
           other comprehensive income (equity), then recognized in the statement
           of operations in the same period as the sale is recognized on the
           hedged item.

           On November 13, 2000, the Company entered into offsetting foreign
           currency derivatives in order to fix its exposure on the foreign
           currency contracts associated with its cash flow hedges. As of
           November 13, 2000, and in accordance with Statement of Financial
           Accounting Standards No. 133, Accounting for Derivative Instruments
           and Hedging Activities (SFAS 133), as amended by SFAS No. 137, the
           cash flow hedges were deemed ineffective for hedging purposes.
           Accordingly, the Company recognized a loss on the settlement of cash
           flow derivatives of approximately $3.9 million, before income tax
           benefit.

Note 8.    Line of Credit

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

                                                                          Page 8

<PAGE>

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

            The amended Credit Facility contains specific covenants that
            require, among other things, the Company to maintain a specified
            level of earnings, tangible net worth, and debt to equity ratios in
            the second, third and fourth quarter of fiscal year 2001. The
            Company was in compliance with all of the bank covenants in the
            amended agreement as of December 30, 2000. The facility is secured
            by accounts receivable, inventory and outstanding Documentary
            Letters of Credit.

Note 9.     Segment Information

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

<TABLE>
<CAPTION>
                                               For the Three Months Ended             For the Six Months Ended
                                            -------------------------------       -------------------------------
                                              12-30-00           01-01-00           12-30-00           01-01-00
                                            ---------------------------------------------------------------------
<S>                                         <C>                <C>                <C>                <C>
Total revenues for the period ended
     Textile equipment                      $  9,508,158       $ 24,717,265       $ 23,044,788       $ 43,941,192
     Laundry equipment and services            8,302,527          8,171,044         15,661,778         16,498,783
                                            ------------       ------------       ------------       ------------
                                            $ 17,810,685       $ 32,888,309       $ 38,706,566       $ 60,439,975

Operating income (loss) for
  the period ended
     Textile equipment                        (1,927,084)         1,812,169         (4,288,410)         2,719,470
     Laundry equipment and services              410,734            239,280            427,852            372,544
                                            ------------       ------------       ------------       ------------
                                              (1,516,350)         2,051,449         (3,860,558)         3,092,014

Total assets as of                                December 30, 2000                       July 1, 2000
                                                  ------------------                      ------------
     Textile equipment                               $40,638,914                          $54,756,278
     Laundry equipment and services                   18,862,259                           13,498,780
                                                     -----------                          -----------
                                                     $59,501,173                          $68,255,058
                                                     ===========                          ===========
</TABLE>

                                                                          Page 9
<PAGE>

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

GENERAL

Speizman Industries, Inc. and subsidiaries (collectively the "Company") is a
major distributor operating through six companies: Speizman Industries, Inc.
("Speizman"), Wink Davis Equipment Co., Inc. ("Wink Davis"), Todd Motion
Controls, Inc. ("TMC"), Speizman Yarn Equipment, Inc. ("Speizman Yarn"),
Speizman Canada, Inc. ("Speizman Canada") and Speizman de Mexico S.A. de C.V.
("Speizman Mexico"). Speizman Industries, Speizman Canada and Speizman Mexico
(collectively "Speizman Industries") 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 distributes and services automated
boarding, finishing and packaging equipment used in the sock manufacturing
industry. Commencing in January 2001, the Company sources TMC and other related
automation equipment in connection with its agreement to license TMC patents to
an unrelated party. Speizman Yarn distributes equipment and related parts used
in the yarn processing industry.

DISCLOSURE ABOUT FOREIGN CURRENCY LOSSES

Historically, Speizman Industries' purchases of foreign manufactured machinery
and spare parts for resale are denominated in Italian lira. As part of its risk
management programs, the Company historically has used forward exchange
contracts to protect against the currency exchange risk associated with the
Company's anticipated and firm commitments of lira-denominated purchases for
resale. In cases where anticipated or firm commitments are cancelled or
postponed that were previously hedged with foreign currency contracts, the
utilization of these forward exchange contracts on future purchases may
positively or negatively affect the earnings of the Company, depending upon the
position of the U.S. dollar against the lira at the time of the actual
purchases.

The Company cancelled or postponed orders during calendar year 2000 due to
unanticipated delays associated with the closed toe machines as well as
cancellations by customers who had signed sales orders with the Company for
closed toe hosiery and knitted fabric equipment. Associated with these cancelled
purchase orders, the Company had committed to purchase contracts of
approximately 76 billion lira during the latter part of calendar year 1999. The
utilization of this lira during fiscal year 2001 for other purchases coupled
with the continual strengthening position of the dollar since 1999 has had a
significant adverse effect on gross profit during fiscal year 2001. The adverse
effect on gross profit through increased cost of sales during the six months
ended December 2000 was approximately $2.8 million. The Company anticipates,
based upon its currently projected sales and its current outstanding fair value
hedge contracts associated with purchase commitments that a consistent adverse
effect should continue over the remaining six months amounting to reduced gross
profit of approximately $1.2 million during this period.

Additionally, of the 76 billion lira contracts associated with the cancelled
purchase orders, approximately 37 billion lira were uncommitted and were treated
as cash flow hedges for accounting purposes. For cash flow hedges, changes in
the fair value of the hedging instrument are deferred and recorded in other
comprehensive income (equity), then recognized in the statement of operations in
the same period as the sale is recognized on the hedged item.

In light of the lira continuing to devalue against the dollar, on November 13,
2000, the Company entered into offsetting foreign currency derivatives in order
to fix its exposure on the foreign currency contracts associated

                                                                         Page 10
<PAGE>

with its cash flow hedges. As of November 13, 2000, and in accordance with
Statement of Financial Accounting Standards No. 133, Accounting for Derivative
Instruments and Hedging Activities (SFAS 133), as amended by SFAS No. 137, the
cash flow hedges were deemed ineffective for hedge purposes. Accordingly, the
Company reported in its statement of operations for the second quarter of fiscal
year 2001 a recognized loss on the settlement of cash flow derivatives of
approximately $3.9 million.

In summary, the total losses associated with the utilization of the Company's
fair value hedge contracts and the settlement of its cash flow hedges are
projected to be approximately $7.9 million for fiscal year 2001, before tax
benefit. In the future, currency fluctuations of the lira could result in
substantial price level changes and therefore impede or promote import/export
sales and substantially impact profits. Generally, the Company is not able to
assess the quantitative effect that such currency fluctuations could have upon
the Company's operations. There can be no assurance that fluctuations in foreign
currency exchange rates will not have a significant adverse effect on Speizman
Industries' future operations. In addition, the Company is continually
evaluating other alternatives to limit its risk on foreign currency fluctuations
and is currently purchasing a majority of its textile equipment denominated in
U.S. dollars.

RESULTS OF OPERATIONS

Revenues for the Company's second fiscal quarter were $17.8 million, a decrease
of approximately $15.1 million as compared to the same quarter of the prior
fiscal year. The revenue decrease in the current second quarter was anticipated
and primarily due to the reduced sales of knitted fabric equipment in the
textile segment. Knitted fabric equipment includes the Santoni line for
producing ladies' seamless fabric. This decrease is largely due to reduced
market demand in this category. The laundry segment reported sales of $8.3
million for the second quarter ended December 30, 2000, which was approximately
2% ahead of sales for the same period in the previous year.

For the six months ending December 2000, sales decreased $21.7 million to $38.7
million, as compared to $60.4 million for the same six-month period in the prior
fiscal year. The majority of this decrease, or $20.9 million, was in the textile
segment. In the textile segment, knitted fabric equipment decreased by $21.7,
offset by higher sales of hosiery equipment including some deliveries of closed
toe equipment. The laundry equipment and services segment, for the six months
ending December 2000 as compared to the same six-month period in the prior year,
showed a slight decrease of approximately $800,000.

In addition to the reduced sales volume, gross profit was adversely affected
primarily by increased cost of sales for lira denominated equipment and parts
sold during the year. For the current quarter, the increased cost of sales for
lira denominated equipment and parts was approximately $1.5 million. Increased
costs associated with the utilization of the forward exchange contracts that are
recognized in cost of sales for the six months ending December 30, 2000 are $2.8
million. Historically, the Company has used forward exchange contracts to
protect against currency risk associated with the Company's anticipated and firm
commitments of lira denominated purchases for resale. During fiscal 2000, the
Company committed to forward exchange contracts initially intended for use with
a number of new sales orders, many of which were subsequently cancelled or
postponed. Consequently, the Company had to use many of these forward exchange
contracts on other purchases. Also, subsequent to the original commitments, the
value of the Euro-linked currencies including the lira devalued significantly in
relation to the US dollar. As a result, when the previously established forward
exchange contracts were used on these other purchases, the Company's cost was
significantly greater than the current market value of the purchased inventory.
The higher cost of product and the inability to pass the additional cost on in
the form of increased selling prices to the Company's customers, significantly
eroded gross profit for the current period and fiscal year to date. The Company
anticipates, based upon its currently projected sales and its utilization of
these contracts on completed purchase commitments that relate to

                                                                         Page 11
<PAGE>
inventory, an adverse effect should continue over the remainder of the fiscal
year 2001 reducing gross profit by approximately $1.2 million over the remaining
six months.

Gross profit for the second quarter ending December 30, 2000, adjusted for the
increased costs of $1.5 million associated with the utilization of the foreign
currency contracts, was 21.9% as a percentage of revenue. Gross profit as a
percentage of revenue was 19.6% for the same period in the previous year, and
18.9% for the six months ending December 30, 2000. The improvement in the margin
percentage after adjusting for the increased costs on lira denominated equipment
and parts was primarily due to reduced costs in the current quarter associated
with the elimination of personnel and overhead in the first quarter associated
with the manufacturing of TMC and the textile machine rebuilding department.

Selling expenses decreased approximately $543,000 compared with the second
quarter of last year. For the six-month period ending December 30, 2000, selling
expenses decreased approximately $679,000, compared with last year. Reductions
are primarily attributable to no accruals of bonuses during the current year and
reductions in rent expense as a result of consolidations at the Company's new
facility.

General and administrative expenses for the quarter ended December 30, 2000
increased approximately $58,000 compared with the prior year. For the six-month
period, general and administrative expenses increased approximately $143,000,
compared with last year. Increases in bad debts expense and professional fees
were partially offset by no accrual of bonuses during the current year that was
provided in the previous year.

Interest expense is shown net of interest income. Net interest expense in the
current fiscal quarter was approximately $647,000 as compared to approximately
$403,000 for the same period last year. For the six-month period, net interest
expense increased approximately $369,000, compared with last year. These
increases are primarily due to higher interest expense related to the capital
lease obligation on the Company's main facilities as a result of the additional
warehouse space completed during the prior fiscal year and an increase in
interest rates in the current year.

Loss on settlement of uncommitted foreign currency derivatives of $3.9 million
reflects a one-time charge relating to the uncommitted lira forward exchange
contracts associated with order cancellations or postponements. Refer to
Disclosure about Foreign Currency Losses for more discussion.

Income tax benefit in the current fiscal year was approximately $2.4 million, a
rate of 38.3% as compared to an effective rate of 39.1% in the prior year.

Net loss for the second quarter was approximately $3,750,000 or $1.15 per share
both basic and diluted. The one-time charge for settlement of uncommitted
foreign currency derivative contracts of approximately $3.9 million accounts for
$0.74 of the current quarterly loss per share after tax benefit. In the second
quarter of the prior fiscal year, the net income was approximately $1,003,000 or
$0.31 per share basic and $0.30 per share diluted.

OUTLOOK

The Company expects to report a significant loss for the fiscal year 2001 -
Principally as a result of the losses associated with the Company's foreign
currency hedge derivatives (refer to further discussion under Disclosure about
Foreign Currency Losses), the Company is projecting a significant net loss for
the fiscal year 2001.

Hosiery Equipment - The closed toe machine produced by Lonati has taken longer
than anticipated to finalize an acceptable production model. Lonati has sent
three of their latest version closed toe machines during January 2001. The
Company anticipates that this new version of closed toe machines will be more

                                                                         Page 12
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commercially acceptable than the previous generation and could gradually replace
most of the conventional athletic sock machines in the United States and Canada
over the next four years.

Knitted Fabric Equipment - After its introduction over two years ago, the market
demand for seamless actionwear machines has decreased significantly. The Company
does not feel that this is the end of the demand for seamless type garments.
However, it now appears that only the large, well-capitalized underwear and
lingerie firms who have significant resources with brand names and direct
relationships with major retail outlets will have the ability to purchase
significant quantities of additional seamless garment machines. However, with
the seamless bodywear and actionwear, there is a significant amount of sample
design, styling and product development involved in launching these garments. In
order to complement its equipment product offering, Speizman Industries has
developed a sample design service, which will allow our customers to develop
their product lines for a fee with complete confidentiality at Speizman's
showroom facility in Charlotte.

TMC - The Company has entered into an agreement to license TMC patents and
other intellectual property to S.R.A. srl ("SRA") of Florence, Italy, a division
of the Lonati Group. Associated with this, the Company closed its manufacturing
operation in Winston-Salem, NC. As of September 30, 2000, the Company incurred
one-time costs of approximately $350,000 related to this planned closure. The
Company began sourcing TMC and other automation equipment from SRA commencing in
January 2001. The license arrangement provides for fees to Speizman of $2.0
million payable quarterly over the contract period of four years.

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

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

Wink Davis - The backlog as of January 19, 2001 was approximately $14.0 which
includes $2.5 million of deferred revenue on two large installation projects.
Competition continues to put pressure on margins, especially as it relates to
larger installation projects.

Other Areas of Development - The Company continually explores opportunities for
additional growth including new relationships with manufacturers that have
competitive product offerings in its existing market channels. Recently, the
Company was named exclusive distributor by Tecnopea commencing in January 2001
which manufactures state of the art equipment for boarding, pairing and
packaging that previously competed with TMC. The Company is also reviewing its
overhead structure as well as any nonperforming lines that should be eliminated.
During October the Company eliminated its circular fabric division. The
elimination of this division is anticipated to reduce costs, primarily in
personnel, by $300,000 annually, commencing in January 2001.

                                                                         Page 13

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EMPLOYEES

As of January 31, 2001, the Company had 175 full-time employees. 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 January 19, 2001, the Company's backlog of unfilled orders was
approximately $39.0 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.

LIQUIDITY AND CAPITAL RESOURCES

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

Working capital at December 30, 2000 was approximately $20.9 million as compared
to $28.2 million as of July 1, 2000, a decrease of $7.3 million. Approximately
$2.5 million of the decrease is due to deferred revenues associated with two
large installation projects for the laundry equipment segment. The working
capital ratio, with the inclusion of the deferred revenues, was 1.94. This
compares to a working capital ratio as of July 1, 2000 of 2.09.

For the six months ending December 30, 2000, operating activities used
approximately $822,000 as compared to using approximately $3.5 million for the
same period in the prior year. The improvement on a six-month comparative basis
of approximately $4.0 million, together with funding a pre-tax loss for the six
months ending December 30, 2000 of $8.9 million, is primarily due to a reduction
in the number of day sales in receivables (DSOs) by 18 days amounting to
approximately $6.0 million, an increase in deposits received of approximately
$3.3 million, better payment terms with suppliers amounting to approximately
$2.0 million, utilization of excess cash of approximately $600,000, a reduction
in inventories of approximately $550,000, and other positive items amounting to
approximately $500,000.

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

Financing activities provided approximately $360,000 during the first six months
of the current year, compared to providing approximately $3.5 million for the
same period in the prior year. The primary use of financing related to
borrowings on the Company's line of credit.

                                                                         Page 14

<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, Speizman Industries' purchases of foreign manufactured machinery and
spare parts for resale are denominated in Italian lira. Currency fluctuations of
the lira could result in substantial price level changes and therefore impede or
promote import/export sales and substantially impact profits. Generally, the
Company is not able to assess the quantitative effect that such currency
fluctuations could have upon the Company's operations. There can be no assurance
that fluctuations in foreign currency exchange rates will not have a significant
adverse effect on Speizman Industries' future operations. Please refer to
Disclosure about Foreign Currency Losses.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

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

The value of the U.S. dollar affects the Company's financial results. Changes in
exchange rates may positively or negatively affect the Company's revenues (as
expressed in U.S. dollars), cost of sales, gross margins, operating expenses,
and retained earnings. Where the Company deems it prudent, it engages in hedging
those transactions aimed at limiting in part the impact of currency
fluctuations. As discussed in the Disclosure about Foreign Currency Losses, the
Company purchases forward exchange contracts to protect against currency
exchange risks associated with the Company's anticipated and firm commitments of
lira-dominated purchases for resale.

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

                                                                         Page 15

<PAGE>

The Company is also subject to interest rate exposure on $14.5 million of debt
outstanding at December 30, 2000 that was priced at interest rates that float
with the market. Reference is made to Note 8 for additional information.

NOTE REGARDING PRIVATE SECURITIES LITIGATION REFORM ACT

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

OTHER RISK FACTORS

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

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

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
slowdown could reduce the demand for new equipment product offered by the
Company.

The textile segment is subject to the risks associated with certain categories
in the textile industry, specifically, for socks, underwear, and actionwear
garments. The textile industry risks relating to socks, underwear, and
actionwear garments include the impact of style and consumer preference changes.
These factors may contribute to fluctuations in the demand for the Company's
sock knitting and packaging equipment and knitted

                                                                         Page 16
<PAGE>

fabric equipment products. There is a slowdown in underwear and actionwear
garments that commenced during the second half of the last fiscal year.
Currently, there also appears to be a slight downturn in the sock industry.

Nasdaq National Market Listing - The Company's Common Stock is presently listed
on the Nasdaq National Market and is subject to all requirements of the
Company's listing agreement with Nasdaq. Among the events that could cause the
Company to have its status as a Nasdaq Market Issuer terminated is a failure to
maintain a minimum value of public float of $5.0 million or a failure to
maintain a minimum bid price of $1.00. The Company received a Nasdaq Staff
Determination, pursuant to Marketplace 4450(a)(2), on October 20, 2000 that its
common stock had failed to maintain a minimum market value of public float of
$5.0 million over the 30 consecutive trading days preceding the date of the
letter. The letter stated that, pursuant to Marketplace Rule 4310(c)(8)(B), if
the Company was unable to demonstrate compliance with this requirement for a
minimum of 10 consecutive trading days during the period of 90 days ending
January 18, 2001, the common stock would be delisted at the opening of business
on January 22, 2001. The Company had not regained compliance during this 90-day
period. Pursuant to Nasdaq procedure, the Company requested a hearing to review
the Staff Determination which suspended the delisting process pending a decision
by the Panel. A hearing has been scheduled for March 1, 2001 before the Panel.
There can be no assurance that the Panel will grant the Company's request for
continued listing on the Nasdaq National Market.

Should the Company not be successful at the hearing, the Company plans to apply
for transfer to the Nasdaq SmallCap Market. The requirements for the listing of
the Company's common stock on that market include a public float of at least
500,000 shares with an aggregate market value of at least $1.0 million and a
minimum bid price of $1.00 per share of common stock. The Company currently does
not meet the $1.00 minimum bid listing requirement of the Nasdaq SmallCap Market
and has been trading in the range of $0.57 to $1.57 during the most recent 30
days ending February 5, 2001. The Company has scheduled a Special Meeting for
its stockholders to approve an amendment of the Company's Certificate of
Incorporation to effect a reverse stock split, whereby, if needed to comply with
the minimum bid at time of application, the Company would issue one new share of
its common stock, par value $.10 per share, in exchange for not less than two
nor more than five outstanding shares of its common stock. The Company expects
that a reverse split will achieve, at least initially, compliance with the
minimum bid price requirement.

If the Company loses its Nasdaq National Market status and is not able to
transfer to the Nasdaq SmallCap Market, its common stock would trade in the
over-the-counter market, which is viewed by most investors as a less desirable,
less liquid 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 17
<PAGE>
                           PART II. OTHER INFORMATION

Item 6.   Exhibits and reports on Form 8-K

            (a)   Exhibits:

                  10(a)      Amendment and Forbearance Agreement by and between
                             Speizman Industries, Inc. (and Subsidiaries) and
                             SouthTrust Bank, N.A., dated as of November 13,
                             2000.

                  10(b)      License Agreement by and between Todd Motion
                             Controls, Inc. and SRA, srl, dated October 4, 2000.

                  27         Financial Data Schedule

            (b)   Reports on Form 8-K:

                  None.

                                                                         Page 18
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                                   SIGNATURES


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


                                               SPEIZMAN INDUSTRIES, INC.
                                                     (Registrant)


Date:      February 13, 2001                   /s/  Robert S. Speizman
      ------------------------------           ------------------------------
                                                     Robert S. Speizman
                                                     President


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