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<SEC-DOCUMENT>0001061894-04-000021.txt : 20040804
<SEC-HEADER>0001061894-04-000021.hdr.sgml : 20040804
<ACCEPTANCE-DATETIME>20040804114445
ACCESSION NUMBER:		0001061894-04-000021
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040804
FILED AS OF DATE:		20040804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GILDAN ACTIVEWEAR INC
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1003

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		04950514

	BUSINESS ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		VILLE SAINT LAURENT
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			00000
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		ST LAURENT QUE
		CITY:			CANADA
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>q32004form6-k.htm
<DESCRIPTION>Q3 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Q3 2004 - Form 6-K</TITLE>
</HEAD>
<BODY>
<div align="justify">
  <div align="justify">
    <p align="left">&nbsp;</p>
    <p>&nbsp;</p>
    <P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, DC 20549</B></FONT></P>
    <p><font size="4">
    </font></p>
    <p>&nbsp; </p>
    <P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>FORM 6-K</B></FONT></P>
    <p><font size="4">

    </font></p>
    <p>&nbsp; </p>
    <P ALIGN="CENTER"><FONT size="4" FACE="Times New Roman, Times, Serif"><B>REPORT OF FOREIGN PRIVATE ISSUER<br>
    </B></FONT>Pursuant to Rule 13a-16 or 15d-16 under <br>
  the Securities Exchange Act of 1934</P>
    <P ALIGN="CENTER"><br>
    </P>
    <DIV align=center>
      <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
        <TR>
          <TD width="50%"><FONT face="Times New Roman, Times, serif" size=3>For the month of: <STRONG>August 2004</STRONG></FONT></TD>
          <TD align=right width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>Commission File Number:<STRONG> 1-14830</STRONG></FONT></TD>
        </TR>
        <TR>
          <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
          <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD colSpan=2><div align="center"><STRONG>GILDAN ACTIVEWEAR INC.</STRONG></div></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Translation of Registrant's name into English)</EM></FONT></div></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD width="50%"><FONT face="Times New Roman, Times, serif"
      size=3>&nbsp;</FONT></TD>
          <TD width="50%"><p>&nbsp;</p>
              <p>&nbsp;</p></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD colSpan=2><div align="center">
              <P ALIGN="CENTER"><strong><FONT size="2" FACE="Times New Roman, Times, Serif">725 Mont&eacute;e de Liesse<br>
Ville Saint-Laurent, Quebec <br>
</FONT><font size="2">Canada H4T 1P5</font></strong></P>
          </div></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD colSpan=2><div align="center"><FONT face="Times New Roman, Times, serif"
      size=2><EM>(Address of principal executive offices)</EM></FONT></div></TD>
        </TR>
        <TR vAlign=bottom align=middle>
          <TD>&nbsp;</TD>
          <TD>&nbsp;</TD>
        </TR>
      </TABLE>
    </DIV>
    <p>&nbsp;</p>
    <p><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </FONT></p>
    <p>&nbsp; </p>
    <DIV align=center>
      <TABLE cellSpacing=0 cellPadding=0 border=0>
        <TR align=middle>
          <TD vAlign=top width=200>Form 20-F <U>&nbsp;&nbsp; &nbsp;&nbsp;</U>
          <TD vAlign=top width=200>Form 40-F <U>&nbsp;&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
        </TR>
      </TABLE>
      <p align="left">&nbsp;</p>
    </DIV>
    <P>
    <P>
    <P><FONT face="Times New Roman, Times, serif" size=3>Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>
    <P>
    <P>
    <DIV align=center>
      <TABLE cellSpacing=0 cellPadding=0 border=0>
        <TR align=middle>
          <TD vAlign=top width=150>Yes <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
          <TD vAlign=top width=150>No <U>&nbsp;&nbsp;<strong>X</strong>&nbsp;&nbsp;</U></TD>
        </TR>
      </TABLE>
    </DIV>
    <P>
    <P>
    <P><FONT face="Times New Roman, Times, serif" size=3>If</FONT><FONT color=#0000ff size="2" face="serif">&nbsp;</FONT><FONT face="Times New Roman, Times, serif" size=3> &#8220;Yes&#8221; is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-_<strong>N/A</strong>_.</FONT>
    <P>
    <P>
    <HR color=gray noShade SIZE=3>
    <p>

</p>
    <p align="center"><font face="Times New Roman, Times, serif"><img src="logo.gif" width="263" height="109"></font></p>
    <p align="center">&nbsp;</p>
    <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=bottom align=middle>
        <TD>&nbsp;</TD>
        <TD><div align="right"><font size="2" face="Times New Roman, Times, serif"><em><strong>For Immediate Release </strong></em></font></div></TD>
      </TR>
      <TR vAlign=bottom align=middle>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom align=middle>
        <TD width="21%"><div align="left"><font size="2" face="Times New Roman, Times, serif">Contact:</font></div></TD>
        <TD width="79%"><div align="left"><font size="2" face="Times New Roman, Times, serif">Laurence G. Sellyn, Executive Vice&#8211;President, Finance</font></div></TD>
      </TR>
      <TR vAlign=bottom align=middle>
        <TD>&nbsp;</TD>
        <TD><div align="left"><font size="2" face="Times New Roman, Times, serif"> and Chief Financial Officer</font></div></TD>
      </TR>
      <TR vAlign=bottom align=middle>
        <TD>&nbsp;</TD>
        <TD><div align="left"><font size="2" face="Times New Roman, Times, serif">Tel: (514) 343-8805</font></div></TD>
      </TR>
      <TR vAlign=bottom align=middle>
        <TD>&nbsp;</TD>
        <TD><div align="left"><font size="2" face="Times New Roman, Times, serif">Email: <U>lsellyn@gildan.com</U></font></div></TD>
      </TR>
    </TABLE>
    <P ALIGN="LEFT">&nbsp;</P>
    <P ALIGN="center"><FONT size="2" FACE="Times New Roman, Times, serif"><B><U>Gildan Activewear Announces All-Time Record Quarterly Earnings</U></B></FONT></P>
    <p align="center"><FONT size="2" FACE="Times New Roman, Times, serif"><strong>&#151; EPS for Third Quarter up 20.5% to U.S. $0.88, ahead of Previous Guidance &#151; <br>
&#151; Company Announces Further Textile Expansion in Nicaragua &#151;

    </strong></FONT><font size="2" face="Times New Roman, Times, serif"> </font> </p>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif"><BR>
          <strong>Montr&eacute;al, Wednesday, August 4, 2004</strong> - Gildan Activewear Inc. (NYSE: GIL; TSX: GIL.A) today announced its results for its third fiscal quarter and nine months ended July 4, 2004, and also updated its sales and earnings outlook for the balance of the fiscal year. With effect from the beginning of the 2004 fiscal year, the Company has adopted the U.S. dollar as both its functional and financial reporting currency.

    </font> </div>
    <P ALIGN="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Third quarter sales and earnings</U></FONT></P>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">The Company reported record net earnings of U.S. $26.2 million or U.S. $0.88 per diluted share for the third quarter, up 20.2% and 20.5% from U.S. $21.8 million or U.S. $0.73 per diluted share a year ago. The third quarter of fiscal 2003 included an extra week of sales and earnings, due to the Company's floating year-end.

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The results for the third quarter of fiscal 2004 included charges of $0.03 per share which were incurred primarily for asset disposals and write-downs arising primarily from the sale of surplus equipment in the Canadian yarn-spinning and textile operations. Excluding these charges as well as the impact of adjustments relating to the change to U.S. functional currency, which continue to impact depreciation expense, diluted EPS for the third quarter amounted to U.S. $0.93, up 27.4% from last year. The Company had previously provided guidance for the quarter of U.S. $0.80-U.S. $0.85 per share.</FONT> </P>
    <P ALIGN="justify">&nbsp;</P>
    <div align="justify">
      <HR color=gray noShade SIZE=3>
      <p>&nbsp;</p>
      <p><FONT size="2" FACE="Times New Roman, Times, serif">Compared to last year, the higher third quarter net earnings reflected higher unit sales, further manufacturing efficiencies and more favourable pricing. These factors were partially offset by increased cotton costs, higher SG&amp;A costs primarily due to the Company&#146;s sales growth and higher depreciation expense mainly as a result of the Company&#146;s capital investment program. SG&amp;A and depreciation were also impacted by the special charges for asset disposals and write-downs recorded in the third quarter of fiscal 2004.</FONT> </p>
    </div>
    <div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Sales in the quarter were U.S. $168.4 million, up 17.4% from U.S. $143.4 million in the third quarter of fiscal 2003. The higher sales were due to a 13.5% increase in unit shipments combined with higher selling prices. The higher unit sales reflected continuing strong overall industry demand growth in the U.S. wholesale distributor channel, together with continuing market share penetration in all target market segments. The significant year-over-year sales increase was achieved in spite of the fewer number of weeks in the third quarter of fiscal 2004 compared to the prior year.</FONT> </div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Three of the Company&#146;s main distributors have now discontinued their participation in the S.T.A.R.S. report by ACNielsen Market Decisions, which is the basis for market and market share data provided by the Company for the U.S. wholesale distributor channel. As a result, the S.T.A.R.S. market share data for the third quarter of fiscal 2004 excludes the effect of sales through these customers and the value of the report is diminished compared to prior years. The Company will continue to monitor the value of presenting data from the S.T.A.R.S. report. With this caveat, based on the S.T.A.R.S. data, Gildan&#146;s share in the T-shirt segment of the U.S. wholesale distributor market increased to 29.6% from 28.0% in the third quarter of fiscal 2003. During the third quarter, Gildan&#146;s share of the sport shirt segment increased to 23.0% from 19.5% in the corresponding quarter of last year. Gildan&#146;s share of the fleece category

 was 16.4% in the third quarter, up from 12.1% in the third quarter a year ago.</FONT> </P>
    <div align="justify">
      <p><FONT size="2" FACE="Times New Roman, Times, serif">The table below summarizes the unit sales growth for the calendar quarter ended June 30, 2004 compared to the quarter ended June 30, 2003 for Gildan and for the industry overall through the U.S. wholesale distributor channel, as reported by S.T.A.R.S. after adjusting the prior period comparatives to exclude sales through distributors no longer participating in the S.T.A.R.S. report:</FONT> </p>
    </div>
    <div align="center">
      <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
        <TR VALIGN="BOTTOM">
          <TH></TH>
          <TH COLSPAN="2"></TH>
          <TH COLSPAN="2"></TH>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD colspan="2" ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Gildan<br>
                      <U>Unit growth</U></font></strong></div></TD>
          <TD colspan="2" ALIGN="RIGHT"><div align="center"><strong><font size="2" face="Times New Roman, Times, serif">Industry <br>
                      <U>Unit growth</U></font></strong></div></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD WIDTH="46%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">T-shirts</font></TD>
          <TD WIDTH="15%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">35</font></TD>
          <TD WIDTH="15%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.9%</font></TD>
          <TD WIDTH="12%" ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">14</font></TD>
          <TD WIDTH="12%" ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.3%</font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Sport shirts</font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">19</font></TD>
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.6%</font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">3</font></TD>
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.4%</font></TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
          <TD ALIGN="RIGHT">&nbsp;</TD>
          <TD ALIGN="LEFT">&nbsp;</TD>
        </TR>
        <TR VALIGN="BOTTOM">
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">Fleece</font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">53</font></TD>
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.9%</font></TD>
          <TD ALIGN="RIGHT"><font size="2" face="Times New Roman, Times, serif">13</font></TD>
          <TD ALIGN="LEFT"><font size="2" face="Times New Roman, Times, serif">.8%</font></TD>
        </TR>
      </TABLE>
      <p align="right">&nbsp;</p>
      <p align="right"><font size="2" face="Times New Roman, Times, serif">2</font></p>
      <HR color=gray noShade SIZE=3>
      <p align="left"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan is pleased to announce that it is also adding a major new distributor, which will begin to carry Gildan&#146;s product-lines in the fourth quarter of fiscal 2004, and is expected to contribute significantly to the Company&#146;s year-over-year sales growth in fiscal 2005.</FONT> </p>
    </div>
    <div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan&#146;s unit shipments in Europe increased by 43.7% over the third quarter last year, and shipments in Canada were up by 32.6%. Selling prices in the Canadian market continued to be negatively impacted as a result of the lower landed selling prices for U.S. competitors in the Canadian market, due to the decline in the relative value of the U.S. dollar.</FONT> </div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gross margins in the third quarter were 30.3%, compared with 30.7% in the third quarter of fiscal 2003. The favourable impact on percentage gross margins of the continuing manufacturing efficiencies and more favourable selling prices was offset by the effect of higher cotton costs.</FONT> </P>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

      </font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Nine Months Earnings</U></FONT></div>
    <div align="justify">
      <p><font size="2" face="Times New Roman, Times, serif"> Net earnings for the first nine months of fiscal 2004 were $43.4 million or U.S. $1.46 per diluted share, up 11.6% and 11.5% from the first nine months of fiscal 2003 when the Company generated net earnings of U.S. $38.9 million or U.S. $1.31 per diluted share. Before the adjustments due to the change to U.S. functional currency, net earnings for the first nine months of fiscal 2004 were U.S. $48.0 million, or U.S. $1.61 per share, up 23.4% and 22.9% respectively from the first nine months of fiscal 2003.

      </font></p>
      <p><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Earnings Outlook</U></FONT></p>
    </div>
    <div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company now expects to be at the top end of its previously indicated range of U.S. $0.55-U.S. $0.60 for diluted EPS in the fourth quarter of fiscal 2004 before functional currency adjustments and the estimated charge of U.S. $0.10 per diluted share to meet the cost of the Company&#146;s contractual obligations to H. Greg Chamandy. The Company announced in a separate press release this morning that H. Greg Chamandy was stepping down from his roles as Co-Chief Executive Officer, Chairman of the Board and Chairman of the Executive Committee.</FONT> </div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Due to the stronger than projected third quarter results, and its outlook for the fourth quarter, the Company is projecting EPS for the full fiscal year of approximately U.S. $2.20 per diluted share before functional currency adjustments and the fourth quarter charge in respect of H. Greg Chamandy. Diluted EPS after the adjustment for functional currency and the special charge in the fourth quarter is expected to be approximately U.S. $1.95 per share.</FONT> </P>
    <div align="justify">
      <p>&nbsp;</p>
      <p align="right"><font size="2" face="Times New Roman, Times, serif">3</font></p>
      <HR color=gray noShade SIZE=3>
      <p><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Cash Flow and Capital Expenditures </U></FONT></p>
    </div>
    <div align="justify"><FONT size="2" FACE="Times New Roman, Times, serif">In the third fiscal quarter, the Company generated U.S. $34.7 million of free cash flow, defined as cash flow from operating activities less cash used in investing activities. Operating earnings and the impact of the reduction of inventories during the third quarter significantly exceeded cash requirements for seasonal accounts receivable and for capital expenditures. The Company used U.S. $19.0 million of its free cash flow for repayment of long-term debt, including U.S. $17.5 million for the first scheduled installment of its senior note repayment on June 10, 2004. The Company ended the quarter with cash and cash equivalents of U.S. $37.1 million.</FONT> </div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">The Company also announced that, subsequent to the end of the third quarter, it had purchased land and buildings in Nicaragua for approximately U.S. $5.0 million, and that it intends to immediately begin construction of a major facility on this site for the production of fleece, in order to support the Company&#146;s anticipated growth in this product-line in both the wholesale and retail channels. The total capital cost of the project, including the land and buildings, is estimated at approximately U.S. $60 million. The Company is also continuing to develop its new manufacturing hub in the Dominican Republic and Haiti, and construction of its first textile facility in the Dominican Republic is progressing well.</FONT><font size="2" face="Times New Roman, Times, serif"> </font></P>
    <div align="justify"> <FONT size="2" FACE="Times New Roman, Times, serif">Net capital expenditures for the full 2004 fiscal year are now anticipated to be in the range of U.S. $65 million-U.S. $70 million, due to the additional cost of the Nicaragua property and initial work at this location, partially offset by the proceeds from the sale of surplus equipment from the Company&#146;s Canadian operations.</FONT> </div>

    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">As of July 31, 2004, there were 29,629,904 Class A subordinate shares issued and outstanding along with 673,085 options outstanding.</FONT> </P>
    <div align="justify"><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Profile </U></FONT></div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

    </font> </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">Gildan Activewear is a public, vertically-integrated manufacturer and marketer of premium quality branded basic activewear for sale principally in the wholesale imprinted activewear segment of the Canadian, U.S., European and other international markets. The company manufactures and sells premium quality 100% cotton and 50% cotton/50% polyester T-shirts, placket collar sport shirts and sweatshirts in a variety of weights, sizes, colours and styles. The company sells its products as blanks, which are ultimately decorated with designs and logos for sale to consumers. Gildan employs more than 9,300 full-time employees.</FONT> </P>
    <div align="justify">
      <p>&nbsp;</p>
      <p align="right"><font size="2" face="Times New Roman, Times, serif">4</font></p>
      <HR color=gray noShade SIZE=3>
      <p><FONT size="2" FACE="Times New Roman, Times, serif"><I>Certain statements included in this press release may constitute &#147;forward-looking statements&#148; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. We refer you to the Company&#146;s filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities for a discussion of the various factors that may affect the Company&#146;s future results.</I></FONT> </p>
    </div>
    <div align="justify"><font size="2" face="Times New Roman, Times, serif">

      </font><FONT SIZE="2" face="Times New Roman, Times, serif"><U>Information for shareholders</U></FONT></div>
    <div align="justify">
      <p><font size="2" face="Times New Roman, Times, serif">Gildan Activewear Inc. will hold a conference call to discuss these results today at 10:00 AM Eastern Time. Interested parties can join the call by dialling 800-263-8506 (Canada & U.S.) or 719-457-2681 (international) and entering passcode 771017. The conference call can also be accessed via live webcast at <U>www.gildan.com</U> ("Investor Relations" section).

      </font> </p>
    </div>
    <P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, serif">If you are unable to participate in the conference call, a replay will be available starting that same day at 2:00 PM EDT by dialing 888-203-1112 (Canada &amp; U.S.) or 719-457-0820 (international) and entering passcode 771017, until August 11, 2004 at midnight, or by sound web cast on Gildan&#146;s Internet site for 30 days.</FONT> </P>
    <P ALIGN="justify">&nbsp;</P>
    <div align="center">
      <p><font size="2" face="Times New Roman, Times, serif">- 30 - </font></p>
      <p>&nbsp;</p>
      <p align="right"><font size="2" face="Times New Roman, Times, serif">5</font></p>
      <HR color=gray noShade SIZE=3>
      <p>
    </div>
    <div align="center">
      <p><font size="1" face="Times New Roman, Times, serif"> <strong><font size="3">Gildan Activewear Inc. </font><br>
              <font size="2">Consolidated Statements of Earnings</font><br>
        </strong>(In thousands of U.S. dollars, except per share data)</font></p>
      <p align="left"><font size="1" face="Times New Roman, Times, serif"><br>
      </font></p>
    </div>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
      <TR VALIGN="BOTTOM">
        <TH COLSPAN="2"></TH>
        <TH COLSPAN="2"></TH>
        <TH></TH>
        <TH COLSPAN="2"></TH>
        <TH></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><div align="center"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;Three months ended</font></strong></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><div align="center"><strong><font size="1" face="Times New Roman, Times, serif">Nine months ended</font></strong></div></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD width="10%" ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 4, 2004</U></font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 6, 2003</U></font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 4, 2004</U></font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 6, 2003</U></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD WIDTH="39%" ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Sales</font></strong></TD>
        <TD WIDTH="11%" ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">168,429</font></strong></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD WIDTH="9%" ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">143,361</font></strong></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD WIDTH="9%" ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">387,757</font></strong></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD WIDTH="8%" ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">321,976</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Cost of sales</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">117,443</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">99,388</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">278,134</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">225,334</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Gross profit</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">50,986</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">43,973</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">109,623</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">96,642</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Selling, general and administrative expenses</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">15,629</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">13,280</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">42,177</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">36,892</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Earnings before interest, income taxes,</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">depreciation and amortization</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">35,357</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">30,693</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">67,446</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">59,750</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Depreciation and amortization</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">5,517</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,109</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">15,698</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">11,309</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Interest expense</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,626</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,733</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,970</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,891</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Earnings before income taxes</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">28,214</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">24,851</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">46,778</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">43,550</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">Income taxes</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,986</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,021</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,345</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,618</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Net earnings</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;26,228</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;21,830</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;43,433</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;38,932</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="3" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Basic EPS</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Diluted EPS</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46</font></strong></TD>
        <TD ALIGN="LEFT"><div align="right"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></div></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Weighted average number of shares outstanding (in thousands)</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,628</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,373</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,576</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,165</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,859</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,768</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,839</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">29,700</font></strong></TD>
      </TR>
    </TABLE>
    <font size="1" face="Times New Roman, Times, serif"><br>
See accompanying notes to interim consolidated financial statements. </font>
    <p align="left">&nbsp;</p>
  </div>
  </div>
<div align="justify"><div align="justify"><div align="justify"><div align="justify"><div align="justify"><div align="justify">
  <hr size="3" noshade>
    <p>&nbsp;</p>
    <p align="center"><font size="1" face="Times New Roman, Times, serif"> <strong><font size="3">Gildan Activewear Inc.</font><br>
            <font size="2">Consolidated Statements of Cash Flows </font></strong></font><font size="1" face="Times New Roman, Times, serif"><br>
  (In thousands of U.S. dollars) </font></p>
    <p>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
      <TR VALIGN="BOTTOM">
        <TH></TH>
        <TH COLSPAN="3"></TH>
        <TH COLSPAN="3"></TH>
        <TH COLSPAN="3"></TH>
        <TH COLSPAN="3"></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD colspan="4" ALIGN="RIGHT"><div align="center"><strong><font size="1" face="Times New Roman, Times, serif">Three months ended</font></strong></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD colspan="4" ALIGN="RIGHT"><div align="center"><strong><font size="1" face="Times New Roman, Times, serif">Nine months ended</font></strong></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif"><U>July 4, 2004</U></font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif"><U>July 6, 2003</U></font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif"><U>July 4, 2004</U></font></div></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
        <TD ALIGN="RIGHT"><div align="right"></div></TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif"><U>July 6, 2003</U></font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT"><div align="right"></div></TD>
        <TD ALIGN="RIGHT"><div align="right"></div></TD>
        <TD ALIGN="RIGHT"><div align="right"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></div></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD WIDTH="47%" ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Cash flows from operating activities:</font></strong></TD>
        <TD WIDTH="2%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="9%" ALIGN="RIGHT"></TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="8%" ALIGN="RIGHT"></TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
        <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="8%" ALIGN="RIGHT"></TD>
        <TD WIDTH="1%" ALIGN="LEFT">&nbsp;</TD>
        <TD WIDTH="4%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="9%" ALIGN="RIGHT"></TD>
        <TD WIDTH="2%" ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"> 26,228</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"> 21,830</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"> 43,433</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"> 38,932</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments for:</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">5,517</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,109</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">15,698</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">11,309</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future income taxes</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">320</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,123</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,781</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">2,994</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation expense</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">115</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&#8212;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">299</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&#8212;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">595</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">360</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">534</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">201</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">32,775</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">27,422</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">61,745</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">53,436</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net changes in non-cash working capital balances:</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(9,270</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(5,386</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(29,889</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(19,051</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">16,611</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">11,852</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(9,994</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(6,965</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,931</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">365</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(897</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(1,568</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">438</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">881</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(2,577</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">8,997</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,570</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,206</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(195</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,797</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">44,055</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">38,340</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">18,193</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">36,646</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Cash flows from financing activities:</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(19,031</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(1,101</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(20,655</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(3,210</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in secured debt</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&#8212;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&#8212;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,125</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">96</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of shares</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">48</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,037</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">1,570</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,345</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(18,983</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(64</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(14,960</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">231</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Cash flows from investing activities:</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of fixed assets, net of disposals</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(9,221</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(9,473</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(35,794</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(30,446</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(118</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">73</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(190</font></TD>
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">)</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">230</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(9,339</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(9,400</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(35,984</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(30,216</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Effect of exchange rate changes on cash</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and cash equivalents</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(52</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(566</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">505</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(366</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Net increase (decrease) in cash and cash</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equivalents during the period</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">15,681</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">28,310</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">(32,246</font></strong></TD>
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">)</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">6,295</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Cash and cash equivalents, beginning of period</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 21,413</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 22,995</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 69,340</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 45,010</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Cash and cash equivalents, end of period</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 37,094</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 51,305</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 37,094</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif"> 51,305</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="2" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="6" ALIGN="RIGHT"><hr size="2" noshade></TD>
      </TR>
    </TABLE>
    <p><font size="1" face="Times New Roman, Times, serif">See accompanying notes to interim consolidated financial statements. </font></p>
    <hr size="3" noshade>
    <p>&nbsp;</p>
    <p align="center"><font size="1" face="Times New Roman, Times, serif"> <strong><font size="2">Gildan Activewear Inc.</font><br>
            <font size="2">Consolidated Balance Sheets</font></strong><br>
  (In thousands of U.S. dollars) </font></p>
    <p align="center">&nbsp;</p>
    <TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
      <TR VALIGN="BOTTOM">
        <TH></TH>
        <TH COLSPAN="3"></TH>
        <TH COLSPAN="3"></TH>
        <TH COLSPAN="2"></TH>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 4, 2004</U></font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>October 5, 2003</U></font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif"><U>July 6, 2003</U></font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(audited)</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">(unaudited)</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD WIDTH="51%" ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Current assets:</font></strong></TD>
        <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="10%" ALIGN="RIGHT"></TD>
        <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
        <TD WIDTH="3%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="10%" ALIGN="RIGHT"></TD>
        <TD WIDTH="5%" ALIGN="LEFT">&nbsp;</TD>
        <TD WIDTH="5%" ALIGN="RIGHT">&nbsp;</TD>
        <TD WIDTH="8%" ALIGN="RIGHT"></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">37,094</font> </TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">69,340</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">51,305 </font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">94,342</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">64,260</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">76,146</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">113,497</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">103,503</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">94,268</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposits</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,749</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,849</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,482</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future income taxes</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,558</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,682</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,112</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">254,240</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">245,634</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">229,313</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Fixed assets</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">199,825</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">180,349</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">176,545</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Other assets</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,321</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,681</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,577</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Total assets</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">457,386</font> </strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">429,664</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">409,435 </font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="2" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="2" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Current liabilities:</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">64,661</font> </TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">67,278</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">$</font></TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">62,112 </font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,753</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">3,909</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">4,066</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">18,601</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">19,481</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">20,480</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">87,015</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">90,668</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">86,658</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Long-term debt</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">38,430</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">54,077</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">55,913</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Future income taxes</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">22,436</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">20,716</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">17,890</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Shareholders' equity:</font></strong></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">77,060</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">75,490</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">74,348</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">519</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">220</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">220</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">205,678</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">162,245</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">148,021</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment</font></TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">26,248</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">26,248</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">26,385</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">309,505</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">264,203</font></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><font size="1" face="Times New Roman, Times, serif">248,974</font></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="1" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="1" noshade></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT"><strong><font size="1" face="Times New Roman, Times, serif">Total liabilities and shareholders' equity</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">457,386</font> </strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">429,664</font></strong></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">$</font></strong></TD>
        <TD ALIGN="RIGHT"><strong><font size="1" face="Times New Roman, Times, serif">409,435 </font></strong></TD>
      </TR>
      <TR VALIGN="BOTTOM">
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="2" ALIGN="RIGHT"><hr size="2" noshade></TD>
        <TD ALIGN="LEFT">&nbsp;</TD>
        <TD colspan="5" ALIGN="RIGHT"><hr size="2" noshade></TD>
      </TR>
    </TABLE>
    <font size="1" face="Times New Roman, Times, serif"><br>
See accompanying notes to interim consolidated financial statements. </font>
    <p>&nbsp;</p>
    <p>&nbsp;</p>
    <hr size="3" noshade>
    <p>     <!-- MARKER FORMAT-SHEET="Center Head Bold" -->
    </p>
    <P ALIGN="CENTER"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Gildan Activewear Inc &#150; Notes to interim consolidated financial statements</B></FONT></P>
    <P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, Serif">For complete notes to the interim consolidated financial statements please refer to filings with the various securities regulatory authorities.</FONT> </P>
    <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
      <TR VALIGN="TOP">
        <TD><FONT size="2" FACE="Times New Roman, Times, Serif"><B>1. </B></FONT></TD>
        <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Change in Functional Currency:</B></FONT></P>
            <!-- MARKER FORMAT-SHEET="Para Flush In 1" --></TD>
      </TR>
      <TR VALIGN="TOP">
        <TD WIDTH="3%">&nbsp;</TD>
        <TD><P ALIGN="justify"><FONT size="2" FACE="Times New Roman, Times, Serif">As a result of a significant portion of its revenues, expenses, assets and liabilities being denominated in U.S. dollars and the increasing international expansion of its sales and manufacturing operations, the Company adopted the U.S dollar as its functional and reporting currency effective October 6, 2003, the beginning of its 2004 fiscal year. All opening assets and liabilities were translated into U.S. dollars using the exchange rate in effect on October 6, 2003. For comparative purposes, historical financial statements and notes thereto up to and including October 5, 2003 have been restated into U.S dollars in accordance with generally accepted accounting principles. The change in the functional currency resulted in a positive currency translation adjustment of $26.2 million as at October 5, 2003, which is reflected as a separate component of shareholders&#146; equity.</FONT> </P></TD>
      </TR>
      <TR VALIGN="TOP">
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
      </TR>
      <TR VALIGN="TOP">
        <TD><FONT size="2" FACE="Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
        <TD><P ALIGN="LEFT"><FONT size="2" FACE="Times New Roman, Times, Serif"><B>Floating year-end:</B></FONT></P>
            <!-- MARKER FORMAT-SHEET="Para Flush In 1" --></TD>
      </TR>
      <TR VALIGN="TOP">
        <TD>&nbsp;</TD>
        <TD><FONT size="2" FACE="Times New Roman, Times, Serif">The third quarter of fiscal 2003 comprised of 14 weeks instead of the normal 13 weeks for a fiscal quarter. The inclusion of the extra week is required in every sixth fiscal year due to the Company&#146;s floating year-end date. It was included in the third quarter of fiscal 2003 since it is seasonally the largest sales quarter in the year.</FONT> </TD>
      </TR>
    </TABLE>
    <BR>
    <!-- MARKER FORMAT-SHEET="Left Head Bold" -->
    <P ALIGN="LEFT">&nbsp;</P>
</div>
          <!-- MARKER FORMAT-SHEET="Para Flush" -->
          <div align="justify">
            <hr size="3" noshade>
      <p>&nbsp;</p>
    <p>&nbsp;</p>
</div></div>
<P>
<P align=center><FONT face="Times New Roman, Times, serif"
size=3><STRONG>SIGNATURE</STRONG></FONT>
<P align=left>
<P align="left"><FONT face="Times New Roman, Times, serif"
size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securitiecs Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT>
<P>
<P>
<P>
<DIV align=right>
  <TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>
    <TR>
      <TD><STRONG><FONT face="Times New Roman, Times, serif" size=3>GILDAN ACTIVEWEAR INC. </FONT></STRONG></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD>(Signed) St&eacute;phane Lemay
          <HR noShade SIZE=1>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=3>St&eacute;phane Lemay </FONT></TD>
    </TR>
    <TR>
      <TD><FONT face="Times New Roman, Times, serif" size=3>Vice-President, Public and Legal Affairs </FONT></TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<P align="left">
<div align="left">
  <TABLE width="50%" border=0 cellPadding=0 cellSpacing=0>
    <TR>
      <TD><strong>Date:</strong> August 4, 2004</TD>
    </TR>
    <TR>
      <TD>&nbsp;</TD>
    </TR>
  </TABLE>
</div>
<P>
<p align="left">&nbsp;</p>
<p>
<p></p>
<p>&nbsp;</p>
<p>
</div>
        <p>
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    <P ALIGN="justify">&nbsp;    </P>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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