Danskin Inc, a designer and manufacturer of women's activewear, dancewear and legwear, today announced substantially improved results for both the fourth quarter and year ended December 30, 2000.

The company also said its secured lender, Century Business Credit, a unit of Wells Fargo Bank, had amended its bank credit line to provide an additional $7,631,000 in borrowing capacity to support its forecasted monthly business plans through the fiscal year 2001.

Donald Schupak, Danskin Inc's chairman, said that the agreement with Century Business Credit to provide the company with the additional funding "was reached after an in-depth review of both the company's 2001 business plans and the company's progress in its Project 'Runrite' initiatives, designed to rightsize costs, increase margins, maximise factory efficiency, improve merchandising and selling, and place new emphasis on high quality businesses, including adding new customers and licenses."

Danskin reported a substantial revenue improvement for the fourth quarter ended December 30, 2000, with net revenues reaching $21.8m, a 13.7 per cent increase compared with $19m in the previous year.

The company also reported a substantial improvement for the fourth quarter of 2000, with a net loss reduced to $2.9m, or $0.04 per share, compared to $11.3m, or $0.36 per share for the comparable quarter of 1999.

For the fiscal year ended December 30, 2000, the company reduced its net loss to $9.3m, or $0.13 per share, an improvement of $11.7m compared to the net loss of $20.99m, or $0.89 per share for fiscal 1999.

Revenues for the year ended December 30, 2000 were $84.7m, compared to $87,97m for the same period a year ago.