USA: Galey & Lord Sales Down 16 Per Cent
Galey & Lord, Inc announced today net sales for the third quarter of fiscal 2001 of $220.2m, a decrease of 16 per cent from the $262.2m of net sales for the third quarter of fiscal 2000 (June quarter 2000). The Company's net income for the June quarter 2001 would have been $1.7m or $.14 per common share, excluding run-out costs associated with the company's strategic initiatives announced on September 20, 2000, compared to net income for the June quarter 2000 of $2.5m or $.21 per common share. Including the run-out charges related to the strategic initiatives, the company reported net income for the June quarter 2001 of $0.8m or $.07 per share.
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