EXHIBIT 99.1


     We, or our executive officers and directors on our behalf, may from time to
time make "forward looking  statements" within the meaning of the Securities Act
of 1933  and the  Securities  Exchange  Act of  1934.  These  statements  may be
contained  in reports  and other  documents  that we file with the SEC or may be
oral  statements  made by our  executive  officers  and  directors to the press,
potential  investors,  securities  analysts and others.  These  forward  looking
statements could involve,  among other things,  statements regarding our intent,
belief or expectation with respect to:

        o       our results of operations and financial condition;

        o       the consummation of acquisitions and financial  transactions and
                their effect on our business; and

        o       our plans and objectives for future operations.

     Any forward looking  statements would be subject to risks and uncertainties
that  could  cause  our  actual  results  of  operations,  financial  condition,
acquisitions,  financing  transactions,  operations,  and other events to differ
materially from those  expressed or implied in such forward looking  statements.
Any  forward  looking  statements  would be subject  to a number of  assumptions
regarding,   among  other  things,  future  economic,   competitive  and  market
conditions  generally.  These assumptions would be based on facts and conditions
as they exist at the time the  forward  looking  statements  are made as well as
predictions as to future facts and conditions. These future facts and conditions
may be difficult for us to predict  accurately and may involve the assessment of
events beyond our control. Further, our business is subject to a number of risks
that would  affect any such forward  looking  statements.  These risks  include,
among other things, the following:

        o       We Have Substantial Leverage

     We have a substantial  amount of debt  outstanding,  which could  adversely
affect  our  financial   health.   Despite  current  debt  levels,  we  and  our
subsidiaries may incur substantial additional debt in the future. If new debt is
added to our and our subsidiaries current debt levels, the related risks that we
and they now face could intensify.

      Our substantial amount of debt could have important  consequences for you.
For example, it could;

        o       limit our ability to obtain additional financing on satisfactory
                terms, if we need it, for working capital, capital expenditures,
                acquisitions, debt service requirements or other purposes;

        o       increase  our  vulnerability  to adverse  economic  and industry
                conditions;

        o       require us to  dedicate a  substantial  portion of our cash flow
                from operations to payments on our debt,  thereby reducing funds
                available for operations, future business opportunities or other
                purposes;

        o       limit our  flexibility  in planning for, or reacting to, changes
                in our business and the industry in which we compete; and

        o       place  us  at  a  competitive   disadvantage   compared  to  our
                competitors   that  have  less  debt  and  that  may  be  better
                positioned to withstand economic downturns.

     To service our debt,  we will  require a  significant  amount of cash.  Our
ability to make  payments on our debt and to fund planned  capital  expenditures
and  acquisitions  will depend on our future  operating  performance  and on our
ability to  successfully  implement our business  strategy.  Prevailing  general
economic conditions and financial,  business, regulatory and other factors, many
of which are beyond our control, will affect our ability to make these payments.
If future cash flow is not sufficient to make scheduled payments on our debt, we
will need to  refinance  all or a portion of our debt  before  maturity,  obtain
additional financing,  delay planned acquisitions and capital  expenditures,  or
sell assets.  Any such event could have a material adverse effect on our results
of operations and financial condition.

o       The  Cyclicality  of the  Textile  Industry  May  Adversely  Affect  our
        Business


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     Domestic demand for textile  products tends to vary with the business cycle
of the U.S. economy as well as changes in the global economy.  In addition,  the
popularity,  supply  and  demand  for  particular  textile  products  may change
significantly  from year to year based upon prevailing  fashion trends and other
factors.  These factors  historically  have  contributed to  fluctuations in the
sales and  profitability  of  certain  textile  products  and in our  results of
operations.  A decline in the demand for  textile  products,  an increase in the
supply of textile  products  due to  expansion  of  capacity  within the textile
industry,  changes in fashion trends or deteriorating  economic conditions could
have a material  adverse  effect on our  results  of  operations  and  financial
condition.

o       Our  Industry  is Highly  Competitive  and our  Success  Depends  on our
        Ability to Complete Effectively

     The textile industry is highly competitive.  We sell our products primarily
to domestic  customers  and compete with large,  vertically  integrated  textile
manufacturers and numerous smaller companies specializing in limited segments of
the market. Our competitors include both domestic and foreign companies, some of
which are larger in size and have significantly greater financial resources and,
in the case of foreign  competitors,  lower labor costs than we do. Increases in
domestic capacity and imports of foreign-made textile and apparel products are a
significant  source of competition  for us.  Competition in the form of imported
textile and apparel products, pricing strategies of domestic competitors and the
proliferation of newly styled fabrics  competing for fashion  acceptance  affect
our  business  environment.  The  primary  competitive  factors  in the  textile
industry   include  price,   product  styling  and   differentiation,   quality,
flexibility of production and finishing, delivery time and customer service. The
needs of particular  customers and the  characteristics  of particular  products
determine the importance of these factors. To the extent that one or more of our
competitors gains an advantage with respect to any key competitive  factor,  our
business could be materially adversely affected. In addition, import protections
afforded  to  foreign  textile   manufacturers  could  make  our  products  less
competitive and have a material  adverse effect on our results of operations and
financial condition.

o       Fluctuations  in the Price of Raw Materials or Shortages of Supply Could
        Affect our Business

     Our primary raw material is cotton.  By law,  U.S.  textile  companies  are
generally  prohibited from importing cotton,  subject to certain exceptions that
take effect  primarily when U.S.  cotton prices exceed world cotton prices for a
period of time.  From time to time,  domestic  cotton prices have exceeded world
prices,  which  creates a  competitive  disadvantage  for us and other  domestic
textile  manufacturers.  The U.S.  government  has taken  legislative  action to
improve  the  price  imbalance,  but there  can be no  assurance  that this will
continue  to be the case.  U.S.  cotton  prices  are also  affected  by  general
economic  conditions as well as the demand for U.S.  cotton in world markets and
may  increase or  decrease  depending  on other  market  variables  at the time.
Prevailing  cotton prices  significantly  impact our production costs, and price
increases could have a material  adverse effect on our results of operations and
financial condition.

     In connection  with our purchase of cotton,  we generally  seek to purchase
sufficient amounts of cotton to cover existing order requirements, which average
approximately three months of production. We may shorten or lengthen that period
in accordance  with our  perception of the  direction of cotton  prices.  We may
purchase  cotton in advance of orders on terms  that we deem  advantageous  and,
while we do not speculate on the price of cotton,  we may hedge prices from time
to time through  forward  contracts and in the futures and options  markets.  We
cannot assure you that these  transactions will not result in higher costs to us
or will protect us from fluctuations in cotton prices.

     Further,  since cotton is an agricultural  product,  its supply and quality
are subject to forces of nature.  Any material  shortage or  interruption in the
supply,  variations in the quality of cotton by reason of weather,  infestations
or any other factor that would result in an increase in the cost of cotton could
have a material  adverse  effect on our  results  of  operations  and  financial
condition.

     We also use  significant  quantities of polyester in the manufacture of our
products. The price of polyester is influenced by demand, manufacturing capacity
and costs,  petroleum  prices,  cotton  prices and the cost of polymers  used in
producing polyester.  Any significant  prolonged  petrochemical  shortages could
significantly   decrease  the  availability  of  polyester  and  could  cause  a
significant  increase in the demand for cotton.  Such conditions  could decrease
the  availability  of cotton  and  result in  increased  prices  for  cotton and
polyester.  Any of these  events  could  have a material  adverse  effect on our
results of operations and financial condition.

o       We Hold Important Licenses, the Loss of Which Could Adversely Affect our
        Business

     We hold licenses to use well-known trademarks and trade names to market our
products. These licenses generally require the payment of royalties based on net
sales,  including the payment of minimum  annual  royalties,  and generally have
three-year  terms.  We  cannot  assure  you that we will be able to renew  these
licenses on acceptable terms upon their expiration or to acquire new licenses to
use  other  popular  trademarks.  The  loss of one or more  of our  third  party
licenses could reduce our net sales and have an adverse effect on our results of
operations and financial condition.


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o       If  We  are  Unable  to  Fund  our   Substantial   Capital   Expenditure
        Requirements We May Fail to Remain Competitive

The  textile  manufacturing  industry  is  capital  intensive.  Accordingly,  to
maintain  our  competitive   position,   we  must   continually   modernize  our
manufacturing  processes,  plants and equipment,  which can involve  substantial
capital  investments.  We generally  finance our capital  improvements with cash
from operations,  vendor financing and borrowings under our credit facility.  To
the extent these sources of funds are  insufficient  to meet our ongoing capital
improvements  requirements,  we  would  need  to  seek  alternative  sources  of
financing or curtail or delay capital  spending plans. We cannot  guarantee that
we can obtain  financing when needed or on terms acceptable to us. If we fail to
make capital  improvements  necessary to continue  modernizing our manufacturing
operations and reduce costs, our competitive position will suffer.

o       U.S. Governmental Policies Regarding Imports Could Make it Difficult for
        our Products to Compete Effectively with Imported Textile Products

     The  domestic  textile  market is  subject  to  various  U.S.  governmental
policies  affecting  raw material  costs and product  supply.  In addition,  the
policies of foreign governments may, directly or indirectly, affect the domestic
market.  Because U.S. textile companies are generally  prohibited from importing
cotton, we must purchase substantially all of our cotton in the domestic market.
From time to time,  price  imbalances  between world and domestic  cotton prices
have existed.  Because U.S.  agricultural  policies affect the  availability and
cost of cotton, we may experience increased cotton costs that we cannot entirely
pass on to our customers.

     The extent of import protection afforded by the U.S. government to domestic
textile  producers has been,  and is likely to remain,  subject to  considerable
domestic  political  deliberation.  In view of the labor cost advantages and the
number of foreign producers of textile products that compete with certain of our
products,  substantial  elimination of import  protection  for domestic  textile
manufacturers could have a material adverse effect on our business. In 1995, the
World Trade Organization,  or the WTO,  established  mechanisms to progressively
liberalize  world  trade in  textiles  and  clothing  by phasing  out quotas and
reducing  duties over a 10-year period  beginning in January 1995. The selection
of  products at each phase is made by each  importing  country and must be drawn
from each of the four main  textile  groups:  tops and yarns,  fabrics,  made-up
textile products and apparel.  In 2000, Congress passed and the President signed
the African Growth and  Opportunity  Act which is intended to promote growth and
economic  prosperity of certain  sub-Saharan  African countries  through,  among
other  things,  greater duty free access to U.S.  markets.  The  elimination  of
quotas and the  reduction  of tariffs  under the WTO and the African  Growth and
Opportunity Act may result in increased  imports of certain textile products and
apparel  into  North  America.  These  factors  could  make  our  products  less
0mpetitive against low cost imports from developing countries.

     NAFTA, which was entered into by Canada,  Mexico and the United States, has
created the world's largest free-trade zone. The agreement  contains  safeguards
that  were  sought  by the U.S.  textile  industry,  including  a rule of origin
requirement that products be processed in one of the three countries in order to
benefit  from  NAFTA.  NAFTA  phases out all trade  restrictions  and tariffs on
textiles  and  apparel  among the three  countries.  The  Caribbean  Basin Trade
Partnership Act, which was enacted in 2000, extends similar treatment to certain
Caribbean Basin  countries.  There can be no assurance that the removal of these
barriers to trade will not in the future have a material  adverse  effect on our
results of operations and financial condition.

o       We May Not Successfully Identify or Complete  Acquisitions,  Which Could
        Adversely Affect our Business

     We have  historically  expanded our business  through  acquisitions and may
continue to do so. We cannot assure you that we will succeed in:

        o       identifying suitable acquisition candidates,

        o       completing acquisitions,

        o       integrating acquired operations into our existing operations, or

        o       expanding into new markets.

We also  cannot  assure you that  future  acquisitions  will not have an adverse
effect  upon  our  operating  results,   particularly  in  the  fiscal  quarters
immediately  following their completion while we integrate the operations of the
acquired business into our operations. Once integrated,  acquired operations may
not achieve levels of revenues,  profitability  or productivity  comparable with
those achieved by our existing operations,  or otherwise perform as expected. In

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addition, we compete for acquisition and expansion  opportunities with companies
that have substantially greater resources. Further, we cannot assure you that we
will successfully  complete  acquisitions and integrate these companies into our
business.

o       We Must Comply with Numerous  Environmental,  Health and Safety Laws and
        Regulations,  Which  Could  Involve  Substantial  Costs.  If We  Fail to
        Comply, We May Have to Pay Large Penalties

     We must comply with various federal, state and local environmental laws and
regulations  limiting,  among other things,  the discharge of pollutants and the
storage,  handling  and  disposal  of a variety of  substances,  including  some
substances that contain  constituents  considered  hazardous under environmental
laws. Our dyeing and finishing operations result in the discharge of substantial
quantities of wastewater and emissions to the  atmosphere.  Our operations  also
must comply with laws and  regulations  relating to workplace  safety and worker
health which, among other things, establish cotton dust, formaldehyde,  asbestos
and  noise  standards,  and  regulate  the  use of  hazardous  chemicals  in the
workplace. At certain of our sites, soil or groundwater  contamination from past
operations  is subject to  investigation  and  cleanup.  Treatment  costs of air
emissions and wastewater  discharges,  as well as other environmental and health
and safety  costs have  increased  moderately  over the past several  years.  We
cannot assure you that our  environmental  or health and safety  liabilities and
costs will not  increase  materially  in the future and have a material  adverse
effect on our cash flow. In addition,  we cannot predict what  environmental  or
health and safety  legislation or  regulations  will be enacted in the future or
how existing or future laws or  regulations  will be enforced,  administered  or
interpreted.  Nor can we predict the amount of future  expenditures  that may be
required in order to comply with these  environmental  or health and safety laws
or regulations.  We have certain  environmental  matters pending,  and we cannot
assure  you that  the  resolution  of these  matters,  or the  discovery  of any
additional sites alleged to have been contaminated by our operations or those of
our  predecessors,  will not have an adverse effect on our results of operations
and financial condition.

o       We Have Several  Customers  That Account for a Large  Portion of our Net
        Sales. The Loss of any of our Large Customers Could Adversely Affect our
        Business

     We market  our home  fashions  products,  apparel  fabrics  and  engineered
products to over 1,500  customers.  In fiscal 2001,  our top five home  fashions
products customers accounted for approximately 59% of our net sales attributable
to home fashions products,  and our top five apparel fabrics customers accounted
for approximately 32% of our net sales  attributable to apparel fabrics.  During
fiscal 2001, our largest home fashions  products  customer,  Kmart  Corporation,
accounted  for  approximately  18% of our net  sales,  and our  largest  apparel
fabrics  customer  accounted for  approximately 2% of our net sales. The loss of
any of the  top  five  home  fashions  products  customers  or  apparel  fabrics
customers could have a material adverse effect on our net sales  attributable to
such product lines.

     In January,  2002, Kmart  Corporation filed for protection under Chapter 11
of the U.S. Bankruptcy Code and subsequently  announced the closure of in excess
of 10% of its stores. Our financial condition and results of operations could be
materially  adversely  affected by  significant  further  reductions  in Kmart's
business, or by significant closings or downsizings of other key customers.

o       There are Risks Associated with our Operations in Mexico

     We now operate a garment assembly plant in Mexico.  The Mexican  government
has exercised and continues to exercise significant  influence over many aspects
of the  Mexican  economy.  Further,  as recently  as 1995,  the Mexican  economy
experienced a crisis  characterized by exchange rate instability and devaluation
of the peso, high inflation,  high interest rates and negative  economic growth.
We cannot  assure  you that these  conditions  will not  reoccur in the  future.
Actions by the Mexican  government,  future  developments in the Mexican economy
and Mexico's general political,  social or economic situation may impact textile
operations in Mexico generally and disrupt or impede our Mexican operations.  In
addition,  our operations  will be subject to a number of risks not  necessarily
faced by our domestic operations such as work stoppages,  transportation  delays
and interruptions,  political instability, economic disruptions,  expropriation,
the imposition of tariffs and changes in governmental  policies.  The occurrence
of any of these events could have an adverse effect on our results of operations
and  financial  condition.  Most of our net sales in  Mexico,  however,  will be
payable  in  U.S.  dollars,   and  thus  we  expect  our  exposure  to  currency
fluctuations to be limited.

o       We Depend on Outside Production Sources

     In  fiscal  2001  approximately  10% of our  manufacturing  production  was
procured  from  third  parties.  We cannot  assure  you that  these  sources  of
necessary  production  will be reliable or that our  dependence  on such outside
sources will not result in  inefficiencies  which could have a material  adverse
effect on our results of operations and financial condition.


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o       Foreign  Imports  Create  Significant  Competition,  Which May Adversely
        Affect our Business

        Imports of foreign-made  textile and apparel  products are a significant
source of competition  for us as well as other domestic  textile  manufacturers.
Many foreign  textile  manufacturers  have lower cost  structures  than domestic
textile manufacturers,  due primarily to significantly lower labor costs and can
enjoy other competitive advantages,  including macroeconomic factors such as the
strength of the dollar in comparison to foreign (particularly Asian) currencies.
Although  our  domestic   manufacturing  presence  has  enabled  us  to  shorten
production  and lead times for our  customers in the Western  Hemisphere,  which
generally  enables us to respond more quickly than foreign producers to changing
fashion trends and our domestic customers' tight production schedules, we cannot
assure  you  that  we  will  be  able  to  compete   effectively  with  imported
foreign-made textile products.

o       Reliance on Key Management

      Our success is dependent upon the talents and efforts of a small number of
key management personnel including Joseph L. Lanier, Jr., our Chairman and Chief
Executive  Officer,  Richard L.  Williams,  our  President  and Chief  Operating
Officer,  and Barry F.  Shea,  our  Chief  Financial  Officer.  The loss of such
management personnel could have an adverse effect on our business.