-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WI2AcVmH4APAj8LaLeXCjiPhnsIikO0KhHmfUZAoL/sAYkOPHtlwPnL4nDVJidgP 7uQaDVi3BEL/A67dB/18cQ== 0000902561-00-000258.txt : 20000515 0000902561-00-000258.hdr.sgml : 20000515 ACCESSION NUMBER: 0000902561-00-000258 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GFSI HOLDINGS INC CENTRAL INDEX KEY: 0001036180 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390] IRS NUMBER: 742810744 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-38951 FILM NUMBER: 627470 BUSINESS ADDRESS: STREET 1: 9700 COMMERCE PARKWAY CITY: LENEXA STATE: KS ZIP: 66219 BUSINESS PHONE: 9138880445 MAIL ADDRESS: STREET 1: 9700 COMMERCE PKWY CITY: LENEXA STATE: KS ZIP: 66219 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (X)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000. -------------- ( )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 333-38951 ---------- GFSI HOLDINGS, INC. (Exact name of registrant specified in its charter) Delaware 74-2810744 - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation (I.R.S. Employer or organization) Identification No.) 9700 Commerce Parkway Lenexa, Kansas 66219 (Address of principal executive offices) Registrant's telephone number, including area code (913) 888-0445 -------------- 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (1) Yes (X) No ( ) (2) 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: Common stock, $0.01 par value per share - 2,000 shares issued and outstanding as of May 1, 2000. GFSI HOLDINGS, INC. AND SUBSIDIARY Quarterly Report on Form 10-Q For the Quarter Ended March 31, 2000 INDEX Page ---- PART I - FINANCIAL INFORMATION ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Balance Sheets 3 Consolidated Statements of Income 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 7 PART II - OTHER INFORMATION 11 SIGNATURE PAGE 12 -2- GFSI HOLDINGS, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share data)
July 2, March 31, 1999 2000 ---------- --------- ASSETS Current assets: Cash & cash equivalents $ 10,278 $ 5,437 Accounts receivable, net 28,381 30,371 Inventories, net 36,324 36,956 Prepaid expenses and other current assets 1,041 1,395 Deferred income taxes 1,790 1,790 --------- -------- Total current assets 77,814 75,949 Property, plant and equipment, net 20,245 19,410 Other assets: Deferred financing costs, net 7,616 6,730 Other 5 5 -------- -------- Total assets $105,680 $102,094 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities: Accounts payable $ 8,289 $ 5,355 Accrued interest expense 4,484 1,022 Accrued expenses 7,948 11,128 Income taxes payable -- 929 Current portion of long-term debt 6,550 6,972 -------- ------- Total current liabilities 27,271 25,406 Deferred income taxes 1,183 1,183 Revolving credit agreement -- -- Other long-term obligations 737 556 Long-term debt, less current portion 235,312 230,270 Redeemable preferred stock 4,545 4,802 Stockholders' equity (deficiency): Common stock, $.01 par value 2,105 shares authorized, 2,000 shares issued at July 2, 1999 and March 31, 2000 -- -- Additional paid-in capital 200 200 Accumulated deficiency (163,567) (160,321) Treasury stock, at cost (7.5 and 33 series A shares at July 2, 1999 and March 31, 2000, respectively) (1) (2) -------- -------- Total stockholders' equity (deficiency) (163,368) (160,123) -------- -------- Total liabilities and stockholders' equity (deficiency) $105,680 $102,094 ======== ======== NOTE: The consolidated balance sheet at July 2, 1999 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See notes to consolidated financial statements.
-3- GFSI HOLDINGS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In thousands)
Quarter Ended Nine Months Ended ------------------------ --------------------------- April 2, March 31, April 2, March 31, 1999 2000 1999 2000 --------- --------- ---------- ---------- Net sales $ 44,807 $ 47,297 $ 160,229 $ 153,642 Cost of sales 26,170 28,501 93,897 92,947 -------- --------- ---------- --------- Gross profit 18,637 18,796 66,332 60,695 Operating expenses: Selling 6,385 6,722 18,491 18,413 General and administrative 6,936 6,009 21,481 17,966 -------- --------- ---------- --------- 13,321 12,731 39,972 36,379 -------- -------- ---------- --------- Operating income 5,316 6,065 26,360 24,316 Other income (expense): Interest expense (6,167) (6,227) (18,818) (18,565) Other, net 82 (33) 141 97 -------- --------- ---------- --------- (6,085) (6,260) (18,677) (18,468) -------- --------- ---------- --------- Income (loss) before income taxes (769) (195) 7,683 5,848 Provision for income taxes (income tax benefit) (263) (76) 3,129 2,285 -------- --------- --------- --------- Net income (loss) (506) (119) 4,554 3,563 Preferred stock dividends (107) (105) (319) (317) -------- --------- --------- --------- Net income (loss) attributable to common shareholders $ (613) $ (224) $ 4,235 $ 3,246 ======== ========= ========= ========= See notes to consolidated financial statements.
-4- GFSI HOLDINGS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
Nine Months Ended --------------------------- April 2, March 31, 1999 2000 --------- --------- Cash flows from operating activities: Net income $ 4,554 $ 3,563 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 2,272 2,401 Amortization of deferred financing costs 886 886 Loss on sale or disposal of property, plant and equipment 71 64 Deferred income taxes (112) -- Amortization of discount on long-term debt 4,724 5,259 Changes in operating assets and liabilities: Accounts receivable, net (1,583) (1,990) Inventories, net 10,463 (632) Prepaid expenses, other current assets and other assets 544 (354) Income taxes payable 92 929 Accounts payable, accrued expenses and other long-term obligations (2,994) (3,396) ---------- --------- Net cash provided by operating activities 18,917 6,730 ---------- --------- Cash flows from investing activities Proceeds from sales of property, plant and equipment 183 52 Purchases of property, plant and equipment (1,337) (1,516) ---------- --------- Net cash used in investing activities (1,154) (1,464) ---------- --------- Cash flows from financing activities: Net changes to short-term borrowings and revolving credit agreement (5,600) -- Redemption of redeemable preferred stock -- (60) Treasury stock purchase -- (2) Payments on long-term debt and capital lease obligations (3,488) (10,045) ---------- --------- Net cash used in financing activities (9,088) (10,107) ---------- --------- Net increase (decrease) in cash and cash equivalents 8,675 (4,841) Cash and cash equivalents at beginning of period 1,361 10,278 ---------- --------- Cash and cash equivalents at end of period $ 10,036 $ 5,437 ========== ========= Supplemental cash flow information: Interest paid $ 16,213 $ 15,375 ========== ========= Income taxes paid $ 2,823 $ 877 ========== ========= Non-cash financing activities: Equipment purchased under capital lease $ - $ 166 ========== ========= Supplemental schedule of non-cash financing activities: Accrual of preferred stock dividends $ 319 $ 317 ========== ========= See notes to consolidated financial statements.
-5- GFSI HOLDINGS, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) March 31, 2000 1. Basis of Presentation The accompanying unaudited consolidated financial statements of GFSI Holdings, Inc. ("Holdings" or the "Company") include the accounts of the Company and the accounts of its wholly owned subsidiary, GFSI, Inc. ("GFSI"). All intercompany balances and transactions have been eliminated. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statement reporting purposes. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and operations of the Company have been included. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year. For further information, refer to the financial statements and footnotes thereto for the year ended July 2, 1999 included in the Company's Annual Report on Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 2. Reclassifications Certain reclassifications have been made to the fiscal year 1999 statements of income amounts to conform to the fiscal year 2000 presentation. 3. Commitments and Contingencies The Company, in the normal course of business, may be threatened with or named as a defendant in various lawsuits. It is not possible to determine the ultimate disposition of these matters, however, management is of the opinion that there are no known claims or known contingent claims that are likely to have a material adverse effect on the results of operations, financial condition, or cash flows of the Company. 4. New Accounting Standard Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities" was issued in June 1998. This statement establishes accounting and reporting standards for derivative instruments and for hedging activities. It requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. This statement, as amended by SFAS No. 137, is effective for all quarters of fiscal years beginning after June 15, 2000. The Company is in the process of determining what impact the adoption of SFAS No. 133 will have on its financial position and results of operations. -6- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussions set forth in this Form 10-Q should be read in conjunction with the financial information included herein and the Company's Annual Report on Form 10-K for the year ended July 2, 1999. Management's discussion and analysis of financial condition and results of operations and other sections of this report contain forward-looking statements relating to future results of the Company. Such forward- looking statements are identified by use of forward-looking words such as "anticipates", "believes", "plans", "estimates", "expects", and "intends" or words or phrases of similar expression. These forward-looking statements are subject to various assumptions, risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for the Company's products, acceptance of new products, developments affecting the Company's products and to those discussed in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results could differ materially from those contemplated by the forward-looking statements. The following sets forth the amount and percentage of net sales for each of the periods indicated (dollars in thousands):
Quarter Ended Nine Months Ended -------------------------------------------- ---------------------------------------------- April 2, 1999 March 31, 2000 April 2, 1999 March 31, 2000 ------------------- ------------------- ------------------- -------------------- Resort $ 12,629 28.2% $ 13,136 27.8% $ 45,161 28.2% $ 45,167 29.4% Corporate 16,487 36.8% 16,420 34.7% 57,690 36.0% 49,679 32.3% College Bookstore 6,891 15.4% 8,122 17.2% 35,001 21.9% 35,481 23.1% Sports Specialty 2,895 6.5% 3,391 7.2% 9,724 6.0% 9,726 6.3% Event 1 4,718 10.6% 4,492 9.5% 8,251 5.2% 8,307 5.4% Other 1,187 2.5% 1,736 3.6% 4,402 2.7% 5,282 3.5% -------- -------- -------- -------- Total $ 44,807 $ 47,297 $160,229 $153,642 ======== ======== ======== ========
Results of Operations - --------------------- The following table sets forth certain historical financial information of the Company, expressed as a percentage of net sales, for the quarters and nine month periods ended April 2, 1999 and March 31, 2000. Quarter Ended Nine Months Ended ------------------------ ---------------------- April 2, March 31, April 2, March 31, 1999 2000 1999 2000 ------- -------- ------ --------- Net sales 100.0% 100.0% 100.0% 100.0% Gross profit 41.6 39.7 41.4 39.5 EBITDA 13.6 14.5 17.9 17.4 Operating income 11.9 12.8 16.5 15.8 -7- EBITDA represents operating income plus depreciation and amortization. While EBITDA should not be construed as a substitute for operating income or a better indicator of liquidity than cash flow from operating activities, which are determined in accordance with accounting principles generally accepted in the United States of America, it is included herein to provide additional information with respect to the ability of the Company to meet its future debt service, capital expenditure and working capital requirements. In addition, the Company believes that certain investors find EBITDA to be a useful tool for measuring the ability of the Company to service its debt. EBITDA is not necessarily a measure of the Company's ability to fund its cash needs. See the Consolidated Statements of Cash Flows of the Company herein for further information. Comparison of Operating Results for the Quarters and Nine Month Periods Ended March 31, 2000 and April 2, 1999. - --------------------------------------------------------------- Net Sales. Net sales for the third quarter of fiscal 2000, the three months ended March 31, 2000, increased 5.6% to $47.3 million from $44.8 million in the third quarter of fiscal 1999. Net sales for the first nine months of fiscal 2000 decreased 4.1% to $153.6 million from $160.2 million in the first nine months of fiscal 1999. The increase in net sales for the third quarter of fiscal 2000 is due to increases in the Company's Resort, College Bookstore, Sports Speciality and Other divisions of 4.0%, 17.9%, 17.1% and 46.3%, respectively, partially offset by small decreases in sales at in the Company's Corporate Division and Event 1 subsidiary of 0.4% and 4.8%, respectively. The decrease in net sales for the nine month period is due to a decrease in net sales for the nine months ended March 31, 2000 at the Company's Corporate division of 13.9% partially offset by small increases in the other divisions. The decline was attributable to increased competition and difficulties attributable to the installation of the Company's Enterprise Resource Planning System. The Corporate division has also experienced a shift in the buying patterns of its customers from outerwear to other products, and had some vacancies in its sales representative force during the first half of fiscal 2000. Gross Profit. Gross profit for the third quarter of fiscal 2000 increased 0.9% to $18.8 million from $18.6 million in the third quarter of fiscal 1999. Gross profit for the first nine months of fiscal 2000 decreased 8.5% to $60.7 million from $66.3 million in the first nine months of fiscal 1999. The decrease in gross profit is primarily a result of the decline in net sales noted above and increases in production costs as a percent of sales due to product mix changes from higher priced seasonal outerwear to lower priced products. For the third quarter of fiscal 2000, gross profit as a percentage of net sales decreased to 39.7% compared to 41.6% in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, gross profit as a percentage of net sales decreased to 39.5% compared to 41.4% in the first nine months of fiscal 1999. Operating Expenses. Operating expenses for the third quarter of fiscal 2000 decreased 4.2% to $12.7 million from $13.3 million in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, operating expenses decreased 8.9% to $36.4 million from $39.9 million in the first nine months of fiscal 1999. The decrease in operating expenses is primarily related to costs incurred in the first half of fiscal 1999 associated with the Company's Enterprise Resource Planning System installation that was completed in the fourth quarter of 1999 and to management cost control efforts. Operating expenses as a percentage of net sales decreased to 26.9% from 29.7% in the prior year third quarter. For the first nine months of fiscal 2000, operating expenses as a percentage of net sales decreased to 23.7% from 24.9% in the prior year period. EBITDA. EBITDA for the third quarter of fiscal 2000 increased 12.5% to $6.9 million from $6.1 million in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, EBITDA decreased 6.8% to $26.7 million from $28.7 million in the first nine months of fiscal 1999. The increase in EBITDA for the third quarter is due to the net sales increase and operating expense decrease discussed above. The decrease in EBITDA for the nine month period is primarily a result of the decrease in net sales and related gross profit described above. EBITDA as a percentage of net sales increased to 14.5% from 13.6% in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, EBITDA as a percentage of sales decreased to 17.4% from 17.9% in the first nine months of fiscal 1999. -8- Operating Income. Operating income for the third quarter of fiscal 2000 increased 13.6% to $6.1 million from $5.3 million in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, operating income decreased 7.8% to $24.3 million from $26.4 million in the first nine months of fiscal 1999. The increase in operating income for the third quarter is due to the net sales increase and operating expense decrease discussed above. The decrease in operating income for the nine month period is attributable to the decrease in net sales and related gross profit described above. Operating income as a percentage of net sales increased for the third quarter of fiscal 2000 to 12.8% from 11.9% in fiscal 1999, and decreased to 15.8% for the first nine months of fiscal 2000 from 16.5% in the first nine months of fiscal 1999. Other Income (Expense). Other expense for the third quarter of fiscal 2000 increased to $6.3 million from $6.1 million in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, other expense decreased to $18.5 million from $18.7 million in the first nine months of fiscal 1999. The decrease for the periods is primarily a result of decreased interest expenses associated with borrowings under the Company's $115 million Credit Agreement due to declining balances on the Company's long-term debt partially offset by increasing quarterly expense on the Discount Notes (as defined below). Income Taxes. The effective income tax rates for the nine months ended March 31, 2000 and April 2, 1999 were 39.1% and 40.7%, respectively. Net Income. Net loss for the third quarter of fiscal 2000 was $119,000 compared to net loss of $506,000 in the third quarter of fiscal 1999. For the first nine months of fiscal 2000, net income was $3.6 million compared to $4.6 million in the first nine months of fiscal 1999. Liquidity and Capital Resources - ------------------------------- Cash provided by operating activities for the first nine months of fiscal 2000 was $6.7 million compared to $18.9 million in the first nine months of fiscal 1999. The change in cash used in operating activities between the two periods was primarily attributable to increased use of cash to fund changes in accounts receivable and inventory balances and decreased net income during the first nine months of 2000 compared to the first nine months of 1999. Cash used by investing activities in the first nine months of fiscal 2000 was $1.5 million compared to $1.2 million in the first nine months of 1999. The cash used in both periods was related to acquisitions of property, plant and equipment. Cash used in financing activities for the first nine months of fiscal 2000 was $10.1 million compared to $9.1 million in the first nine months of fiscal 1999. In November 1999, the Company made a $3.3 million term debt prepayment due to fiscal 1999 Excess Cash Flows, as defined in the Credit Agreement. On March 31, 2000 the Company made an additional term debt prepayment of $2 million. In the first six months of fiscal 1999, the Company repaid $5.6 million of revolving loan balances. The Company continues to review opportunities to prepay portions of its outstanding debt utilizing available cash. The Company believes that cash flow from operating activities and borrowings under the Credit Agreement will be adequate to meet the Company's short-term and long-term liquidity requirements prior to the maturity of its credit facilities in 2007, although no assurance can be given in this regard. Under the Credit Agreement, the revolving loan facility provides $50 million of revolving credit availability (of which approximately $22.1 million was utilized for outstanding commercial and stand-by letters of credit as of March 31, 2000). The Company is dependent upon the cash flows of GFSI to provide funds to pay certain ordinary course expenses incurred on behalf of the Company and to service the indebtedness represented by the $50.0 million of 11.375% Series B Senior Discount Notes due 2009 (the "Discount Notes"). The Discount Notes will accrete at a rate of 11.375%, compounded semi-annually to an aggregate principal amount of $108.5 million at September 15, 2004. Thereafter, the Discount Notes will accrue interest at the rate of 11.375% per annum, payable semi-annually, in cash on March 15 and September 15 of each year, commencing on March 15, 2005. The Company will be dependent on GFSI to provide funds to service the indebtedness. Additionally, the remaining cumulative preferred stock of the Company (the "Preferred Stock') will accrue dividends totaling approximately $425,000 annually. The Preferred Stock may be redeemed at stated value (approximately $3.6 million) plus accrued dividends with mandatory redemption in 2009. -9- Derivative and Market Risk Disclosure - ------------------------------------- The Company's market risk exposure is primarily due to possible fluctuations in interest rates. Derivative financial instruments, including an interest rate swap agreement are used by the Company to manage its exposure on variable rate debt obligations. The Company enters into such agreements for hedging purposes and not with a view toward speculating in the underlying instruments. The Company uses a balanced mix of debt maturities along with both fixed rate and variable rate debt to manage its exposure to interest rate changes. The fixed rate portion of the Company's long-term debt does not bear significant interest rate risk. The variable rate debt would be affected by interest rate changes to the extent the debt is not matched with an interest rate swap or cap agreement or to the extent, in the case of the revolving credit agreement, that balances are outstanding. An immediate 10 percent change in interest rates would not have a material effect on the Company's results of operations over the next fiscal year, although there can be no assurances that interest rates will not significantly change. Seasonality and Inflation - ------------------------- The Company experiences seasonal fluctuations in its sales and profitability, with generally higher sales and gross profit in the first and second quarters of its fiscal year. The seasonality of sales and profitability is primarily due to higher volume at the College Bookstore division during the first two fiscal quarters. This pattern of sales affects working capital requirements and liquidity, as the Company generally must finance higher levels of inventory during these periods prior to fully receiving payment from these customers. Sales and profitability at the Company's Resort, Corporate and Sports Specialty divisions typically show no significant seasonal variations. As the Company continues to expand into other markets in its Resorts, Corporate and Sports Specialty divisions, seasonal fluctuations in sales and profitability are expected to decline. Cash requirements of Event 1 are anticipated to be seasonal, with increasing sales and profitability in the third and fourth quarters of fiscal years. The impact of inflation on the Company's operations has not been significant to date. However, there can be no assurance that a high rate of inflation in the future would not have an adverse effect on the Company's operating results. -10- PART II - OTHER INFORMATION Item 1. Legal Proceedings There has been no change to matters discussed in Business-Legal Proceedings in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on September 30, 1999. Item 2. Changes in Securities None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. The following exhibits are included with this report: Exhibit 27 - Financial Data Schedule (SEC Use Only) (b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the reporting period. -11- 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. GFSI HOLDINGS, INC. May 12, 2000 /s/ ROBERT G. SHAW --------------------------------------- Robert G. Shaw, Sr. Vice President of Finance and Principal Accounting Officer -12- EX-27 2 FDS --
5 0001036180 GFSI HOLDINGS, INC. 1,000 U.S. DOLLARS 9-MOS JUN-30-2000 JUL-03-1999 MAR-31-2000 1 5,437 0 30,371 0 36,956 75,949 40,067 20,657 102,094 25,406 237,242 4,802 0 0 (160,123) 102,094 153,642 153,642 92,947 129,326 (97) 0 18,565 5,848 2,285 3,563 0 0 0 3,563 0 0
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