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 September 30, 1995

                                                 OR

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

                 For the transition period from _____ to  _____

                           Commission File No. 0-8544

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

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

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

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

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

                             YES  X             NO  ____

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

                                                           Outstanding at
             Class of Common Stock                        November 7, 1995
             ---------------------                         ----------------

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


                                                                   Page 1 of 13

<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                                      INDEX

<TABLE>
<CAPTION>


   
                                                                                                          Page No.

PART I.  FINANCIAL INFORMATION:
<S>                                                                                                      <C> 
         Item 1.  Financial Statements:

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

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

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

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

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


PART II. OTHER INFORMATION:

         Item 6.  Exhibits and reports on Form 8-K

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

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

</TABLE>

                                                                         Page 2

<PAGE>




                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>


                                                                         September 30,                  July 1,
                                                                              1995                        1995
                                                                       ------------------             ------------
                                                                           (Unaudited)
<S>                                                                    <C>                          <C>
                                ASSETS
CURRENT:
   Cash and cash equivalents                                              $   407,301                 $ 2,436,859
   Accounts receivable, less allowances of
       $187,018 and $207,158                                               10,269,322                  16,078,683
   Inventories                                                             13,268,977                  13,428,014
   Prepaid expenses and other current assets                                2,163,129                   2,458,355
                                                                          -----------                 -----------
        TOTAL CURRENT ASSETS                                               26,108,729                  34,401,911
                                                                           -----------                 ----------



PROPERTY AND EQUIPMENT:
   Leasehold improvements                                                     543,874                     543,874
   Machinery and equipment                                                    877,165                     876,565
   Furniture, fixtures and transportation equipment                           822,364                     834,187
                                                                         ------------                 -----------
        Total                                                               2,243,403                   2,254,626
   Less accumulated depreciation and amortization                          (1,450,208)                 (1,440,688)
                                                                          -----------                  ----------

        NET PROPERTY AND EQUIPMENT                                            793,195                     813,938
                                                                         ------------                 -----------

OTHER                                                                         700,909                     488,609
                                                                         ------------                 -----------

                                                                          $27,602,833                 $35,704,458
                                                                           ==========                  ==========
</TABLE>


     See accompanying notes to consolidated financial statements.



                                                                        Page 3

<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>




                                                                          September 30,               July 1,
                                                                              1995                      1995
                                                                          (Unaudited)
<S>                                                                    <C>                   <C>
 LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Note payable - bank                                                    $ 1,350,000         $            -
   Accounts payable                                                         6,510,757                  15,056,927
   Customers' deposits                                                        711,385                     884,881
   Accrued expenses                                                           483,557                     833,886
   Current maturities of long-term debt                                        12,036                      13,190
                                                                        -------------               -------------

      TOTAL CURRENT LIABILITIES                                             9,067,735                  16,788,884

LONG-TERM DEBT                                                                134,307                     133,629
                                                                         ------------               -------------
      TOTAL LIABILITIES                                                     9,202,042                  16,922,513
                                                                          -----------                  ----------


STOCKHOLDERS' EQUITY:
   Common stock - par value $.10; authorized  6,000,000
      shares; issued 3,236,199 shares                                         323,620                     323,620
   Additional paid-in capital                                              12,459,965                  12,459,965
   Retained earnings                                                        5,718,388                   6,097,426
   Foreign currency translation adjustment                                     (1,385)                        731
                                                                       --------------             ---------------
        Total                                                              18,500,588                  18,881,742
   Treasury stock, at cost, 27,600 common shares                              (99,797)                    (99,797)
                                                                        -------------               -------------
      TOTAL STOCKHOLDERS' EQUITY                                           18,400,791                  18,781,945
                                                                           ----------                  ----------

                                                                          $27,602,833                $ 35,704,458
                                                                           ==========                  ==========

</TABLE>


     See accompanying notes to consolidated financial statements.


                                                                          Page 4
<PAGE>




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

<TABLE>
<CAPTION>

                                                                                          (Unaudited)
                                                                                   For the Three Months Ended
                                                                   -----------------------------------------------------------
                                                                         September 30, 1995              October 1, 1994
                                                                             (13 Weeks)                    (13 Weeks)
                                                                     -------------------------        ------------------
<S>                                                                   <C>                           <C>    

REVENUES                                                                     $  8,338,850               $    12,420,493
                                                                              -----------                --------------

COSTS AND EXPENSES:
     Cost of sales                                                              7,595,671                    11,204,031
     Selling expenses                                                             922,263                       861,272
     General and administrative expenses                                          369,762                       325,952
                                                                          ---------------               ---------------

        Total costs and expenses                                                8,887,696                    12,391,255
                                                                          ---------------               ---------------

                                                                                 (548,846)                       29,238

NET INTEREST EXPENSE (INCOME)                                                      18,192                       (11,247)
                                                                          ---------------               ---------------

     Income (loss) before taxes on income                                        (567,038)                       40,485

TAXES (BENEFIT) ON INCOME                                                        (188,000)                       14,500
                                                                          ---------------               ---------------

NET INCOME (LOSS)                                                         $      (379,038)              $        25,985
                                                                          ===============               ===============

NET INCOME (LOSS) PER SHARE                                                        $(0.12)                         $.01
                                                                                   ======                          ====



Weighted average number of common and
     equivalent shares                                                          3,258,860                     3,284,150
                                                                          ===============               ===============
</TABLE>




     See accompanying notes to consolidated financial statements.

                                                                       Page 5
<PAGE>



                   SPEIZMAN INDUSTRIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                                        (Unaudited)
                                                                                For the Three  Months Ended
                                                                                  9/30/95                 10/1/94
                                                                                (13 Weeks)               (13 Weeks)
                                                                                -----------------------------------
<S>                                                                          <C>                     <C>    

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                                           $  (379,038)           $      25,985
Adjustments to reconcile net income (loss)  to cash provided
   by operating activities:
      Depreciation and amortization                                                 38,982                   43,822
      Provision for inventory obsolescence                                          50,000                   50,000
      Foreign currency translation adjustment                                       (2,116)                   -
      (Increase) decrease in:
         Accounts receivable                                                     5,809,361                3,893,000
         Inventories                                                               109,037               (2,513,221)
         Prepaid expenses and deposits                                             295,226                 (609,021)
         Other assets                                                             (212,300)                   7,048
      Increase (decrease) in:
         Accounts payable                                                       (8,546,170)              (4,052,369)
         Customers' deposits                                                      (173,496)                (253,280)
         Accrued expenses                                                         (350,329)                (383,503)
                                                                               -----------            --------------
   Net cash used in operating activities                                        (3,360,843)              (3,791,539)
                                                                                ----------             ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Capital expenditures                                                         (20,239)                 (62,853)
      Disposition of property and equipment                                          2,000                    1,042
                                                                            --------------            -------------
         Net cash used in investing activities                                     (18,239)                 (61,811)
                                                                              ------------             ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
      Net proceeds from note payable - bank                                      1,350,000                    -
      Principal payments on long-term debt                                            (476)                 (23,210)
      Issuance of common stock for stock options                                     -                        1,629
                                                                       -------------------           --------------
      Net cash provided by (used in) financing activities                        1,349,524                  (21,581)
                                                                              ------------            -------------

NET DECREASE IN CASH                                                            (2,029,558)              (3,874,931)
CASH AND CASH EQUIVALENTS at beginning of period                                 2,436,859                5,433,664
                                                                              ------------            -------------
CASH AND CASH EQUIVALENTS at end of period                                 $       407,301             $  1,558,733
                                                                             =============              ===========

Supplemental Disclosures:
      Cash paid during period for:
         Interest                                                         $         44,957             $     39,638
         Income taxes                                                              104,026                   16,883
</TABLE>


     See accompanying notes to consolidated financial statements.

                                                                         Page 6

<PAGE>

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


Note 1.   Management Statement re Adjustments

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

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

Note 2.   Inventories

           Inventories consisted of the following:

                            September 30,    July 1,
                                1995          1995
                              (unaudited)
Machines                     $ 9,906,853   $10,106,300
Parts and supplies             3,362,124     3,321,714
                             -----------   -----------
   Total                     $13,268,977   $13,428,014
                             ===========   ===========

Note 3.   Taxes on Income

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

Note 4.   Net Income Per Share

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


                                                                        Page 7



<PAGE>


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


GENERAL

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

RESULTS OF OPERATIONS

Revenues  declined  by about $4.1  million in the first  quarter of the  current
fiscal year as compared to the first quarter of last year.  This 32.9%  decrease
includes declines of $3.1 million in hosiery manufacturing  equipment,  and $1.4
million in outerwear knitting  equipment,  partially offset by improved revenues
of about $0.4 million from all other sales activities.

Cost of sales as a percentage  of net revenues was 91.1% in the first quarter of
the current  fiscal year as compared to 90.2% in the first  quarter of the prior
year. Although revenues declined substantially, service expenses remained almost
constant at about $500,000 in the comparable periods. Since service expenses are
a part of cost of  sales,  this  factor  increased  cost of sales in the  latest
quarter by 2.3%,  more than  accounting for all of the 0.9% overall  increase in
cost of sales. These service expenses are expected to decline in future quarters
of the current fiscal year as a result of actions taken in the Company's current
second quarter.

Selling expenses  increased by about $61,000 in the first quarter of fiscal 1996
as compared to the same quarter of last year. This variation  reflects increases
in travel and space  rentals,  partially  offset by  decreases  in salaries  and
exhibition expenses. The Company's English subsidiary, which began operations in
the first quarter of fiscal 1995,  accounted for $47,000 of the $61,000  overall
increase in selling expenses.

General and  administrative  expenses  increased  by about  $44,000 in the first
quarter of fiscal  1996 as  compared  to the same  quarter of fiscal  1995.  The
increase resulted from increases in travel expenses, professional fees, and life
and group  insurance,  which were partially offset by decreases in taxes and bad
debt provisions.

Interest  expense is shown net of interest  income.  In the first quarter of the
current fiscal year,  interest was a net expense of about $18,000 as compared to
a net interest  income of about  $11,000 in the same quarter of last year.  This
shift results from a reduction in interest income of about $26,000, reflecting a
reduced level of corporate funds invested in money markets in the current year.

OUTLOOK

The sock  industry in the United  States and in Canada,  served by the  Company,
continues  to show a mixed  picture.  Demand  for fine  gauge  rib socks and for
athletic tube socks continues to be slow.

                                                                          Page 8
<PAGE>


Demand for course  gauge rib socks and for  reciprocated  heel and toe  athletic
socks is showing some strength. The sweater manufacturing industry in the United
States  and in the  United  Kingdom  continues  to  show  substantial  signs  of
weakness.

In August  1995,  the  Company  became the U.S.  distributor  for Orizio  Paolo,
S.p.A.,  an Italian  manufacturer  of circular  fabric  knitting  machines.  The
Company has formed a new  division to market  these  machines  which are used to
manufacture tee-shirt fabric and other knitted fabric.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1995, the Company's working capital totaled $17.0 million. This
figure  represents a decrease of $572,000  from the  Company's  working  capital
position  at the end of the prior  fiscal  year,  July 1,  1995.  The  Company's
current  ratio at September 30 is 2.88 to 1. This compares to a current ratio of
2.05 to 1 at July 1, 1995.

Operating  activities  used $3.4 million in cash in the quarter ended  September
30, 1995, as compared to $3.8 million used by operating  activities in the first
quarter of last year. In the current  quarter,  this  requirement  was generated
essentially by substantial reductions in accounts payable, partially offset by a
reduction in accounts  receivable.  In the first quarter of last year,  the cash
requirement  was generated by increases in inventories and decreases in accounts
payable, partially offset by decreases in accounts receivable.

Financing  activities  provided  $1,350,000  in the  current  first  quarter  as
compared to a usage of $22,000 in the like period of last year. This change is a
reflection of the  Company's use of $1,350,000 in revolving  loan funds from its
bank line.

Overall, net cash decreased by about $2.0 million in the first quarter of fiscal
1996 as compared to a decline of about $3.9  million in the prior  year's  first
quarter.

The Company presently has no material  commitments for capital  expenditures and
does not anticipate incurring such commitments in the balance of fiscal 1995.

SEASONALITY AND OTHER FACTORS

There are  certain  seasonal  factors  that may affect the  Company's  business.
Traditionally,  manufacturing businesses in Italy close for the month of August,
and the  Company's  customers  close  for one  week in  July.  Consequently,  no
shipments  or  deliveries,  as the case may be, of machines  distributed  by the
Company  that are  manufactured  in Italy are made during  these  periods in the
Company's  first  quarter.  In  addition,   manufacturing  businesses  in  Italy
generally close for two weeks in December,  during the Company's second quarter.
Fluctuations on customer orders or other factors may affect 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.
                                                                          Page 9

<PAGE>



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

                                                                        Page 10

<PAGE>


                           PART II. OTHER INFORMATION



Item 6.   Exhibits and reports on Form 8-K

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

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

                                                                         Page 11


<PAGE>


                                   SIGNATURES


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


                                                SPEIZMAN INDUSTRIES, INC.
                                                       (Registrant)




Date: 11/14/95                               (Signature of Robert S. Speizman)
                                             Robert S. Speizman
                                             President


Date: 11/14/95                               (Signature of Josef Sklut)
                                             Josef Sklut
                                             Vice President-Finance
                                             (Chief Financial Officer)


                                                                         Page 12