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<SEC-DOCUMENT>0001204459-06-000681.txt : 20060803
<SEC-HEADER>0001204459-06-000681.hdr.sgml : 20060803
<ACCEPTANCE-DATETIME>20060803162109
ACCESSION NUMBER:		0001204459-06-000681
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060803
FILED AS OF DATE:		20060803
DATE AS OF CHANGE:		20060803

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:		061002308

	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>gildan6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>

<title>Gildan Activewear Inc.: Form 6-K - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="font-family: 'Times New Roman',Times,serif">
&nbsp;<hr color="#000000" size="5">
  <div style="font-size: 14pt; margin-top: 12pt" align="center">
    <b><font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b><font size="5">
    </font>
  </div>
  <div style="font-size: 12pt" align="center">
    <b><font size="2">Washington, DC 20549</font></b><font size="2"> </font>
  </div>
  <div style="font-size: 18pt; margin-top: 12pt" align="center">
    <b>Form&nbsp;6-K</b>
  </div>
  <div style="font-size: 12pt; margin-top: 12pt" align="center">
    <b><font size="2">Report of Foreign Private Issuer<br>
    Pursuant to Rule&nbsp;13a-16 or 15d-16 of<br>
    the Securities Exchange Act of 1934</font></b><font size="2"> </font>
  </div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    For the month of: August&nbsp;2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission File Number: 1-14830
  </div>
  <div style="font-size: 24pt; margin-top: 12pt" align="center">
    <b>GILDAN ACTIVEWEAR INC.</b>
  </div>
  <div style="font-size: 10pt" align="center">
    (<i>Translation of Registrant's name into English</i>)</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>725 Mont&#233;e de Liesse<br>
    Ville Saint-Laurent, Qu&#233;bec<br>
    Canada H4T 1P5</b><br>
    (<i>Address of Principal Executive Offices</i>)
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark whether the registrant files or will file annual
    reports under cover of Form 20-F or Form 40-F:</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    Form&nbsp;20-F <font style="font-family: Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F
    <font style="font-family: Wingdings">&#254;</font>
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark if the registrant is submitting the Form 6-K in paper
    as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1):
    <font style="font-family: Wingdings">o</font></div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark if the registrant is submitting the form 6-K in paper
    as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7):
    <font style="font-family: Wingdings">o</font></div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    Indicate by check mark whether by furnishing the information contained in
    this Form, the registrant is also thereby furnishing the information to the
    Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
    1934:</div>
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    Yes <font style="font-family: Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    <font style="font-family: Wingdings">&#254;</font>
  </div>
  <div style="font-size: 10pt; text-indent: 0%; margin-left: 0%; margin-right: 0%; margin-top: 6pt" align="left">
    If &quot;Yes&quot; is marked, indicate below the file number assigned to the
    registrant in connection with Rule&nbsp;12g3-2(b): N/A<hr color="#000000" size="5"><p Style='page-break-before:always'>
  </div>
</div>
<div style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "SIGNATURES" -->
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>SIGNATURES</b>
  </div>
  <div style="font-size: 10pt; margin-top: 6pt" align="left">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934,
    the registrant has duly caused this report to be signed on its behalf by the
    undersigned, thereunto duly authorized.
  </div>
  <table style="font-size: 10pt; border-collapse: collapse" cellSpacing="0" cellPadding="0" width="100%" border="0" bordercolor="#111111">
    <tr>
      <td width="48%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="35%">&nbsp;</td>
      <td width="15%">&nbsp;</td>
    </tr>
    <tr>
      <td vAlign="top" align="left">&nbsp;</td>
      <td align="left" colSpan="3"><b>GILDAN ACTIVEWEAR INC.</b><br>
      &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">Date: August 3, 2006&nbsp;</td>
      <td vAlign="top">By:&nbsp;&nbsp;</td>
      <td style="border-bottom: 1px solid #000000" align="left" colSpan="2">/s/
      Lindsay Matthews &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td vAlign="top">Name:&nbsp;&nbsp;</td>
      <td align="left">Lindsay Matthews&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td vAlign="top">Title:&nbsp;&nbsp;</td>
      <td align="left">Director, Legal Services and<br>
      Corporate Secretary&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td colSpan="5">&nbsp;</td>
    </tr>
  </table>
  <p style="font-size: 10pt" align="center">&nbsp; </p>
  <hr color="#000000" size="5"><p Style='page-break-before:always'>
</div>
<div style="font-family: 'Times New Roman',Times,serif">
  <!-- link1 "EXHIBIT INDEX" -->
  <div style="font-size: 10pt; margin-top: 18pt" align="center">
    <b>EXHIBIT INDEX</b>
  </div>
  <div align="center">
    <table style="font-size: 10pt; border-collapse:collapse" cellSpacing="0" cellPadding="0" width="100%" border="0" bordercolor="#111111">
      <!-- Begin Table Head -->
      <tr vAlign="bottom">
        <td width="5%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="93%">&nbsp;</td>
      </tr>
      <tr style="font-size: 8pt" vAlign="bottom">
        <td style="border-bottom: 1px solid #000000" noWrap align="left"><b>
        <font size="2">Exhibit</font></b></td>
        <td><font size="2">&nbsp;</font></td>
        <td style="border-bottom: 1px solid #000000" noWrap align="middle"><b>
        <font size="2">Description of Exhibit</font></b></td>
      </tr>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <tr vAlign="bottom">
        <td vAlign="middle">
        <div style="text-indent: 0px; margin-left: 0px">
          <a href="gilnr0803.htm" style="text-decoration: none">99.1 </a>
        </div>
        </td>
        <td>&nbsp;</td>
        <td vAlign="middle">
        <p class="MsoBodyText" style="line-height: normal; margin-bottom: .0001pt">
        <font size="2"><a href="gilnr0803.htm" style="text-decoration: none">
        Gildan Activewear Announces 24.6% Increase in Third Quarter EPS</a></font></td>
      </tr>
      <!-- End Table Body -->
    </table>
  </div>
</div>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>gilnr0803.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>

<head>
<title>Gildan Activewear Inc. - News Release - Prepared By TNT Filings Inc.</title>
</head>

<body>

<p>&nbsp;</p>
<hr color="#000000" size="5"><font FACE="Times New Roman"><i><b>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%">
  <tr>
    <td width="100%">
    <p align="center">
    <img border="0" src="gildanlogo.jpg" width="268" height="71"></td>
  </tr>
</table>
<p align="right"><font size="2">For Immediate Release</font></p>
</b></i>
<p ALIGN="left" style="text-indent: -78; margin-left: 78"><font size="2">
Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurence G. Sellyn, Executive
Vice-President, <br>
Chief Financial and Administrative Officer <br>
Tel: (514) 343-8805 <br>
Email: </font><u><font size="2">lsellyn@gildan.com</font></u></p>
</font><b><font FACE="Times New Roman PS">
</font><font face="Times New Roman">
<p align="center"><u>Gildan Activewear Announces 24.6% Increase in Third Quarter
EPS<br>
</u></font><font face="Times New Roman" size="2">
- -</font></b><font face="Times New Roman" size="2"> </font><b>
<font SIZE="2" face="Times New Roman">Company Raises EPS Guidance for Fiscal
Year 2006 - </p>
<p align="left">Montr&#233;al, Thursday, August 3<sup>rd</sup>, 2006</font></b><font FACE="Times New Roman" SIZE="2">
- - Gildan Activewear Inc. (GIL; TSX and NYSE) today announced its financial
results for its fiscal quarter ended July 2, 2006, and updated its earnings
guidance for fiscal year 2006. </p>
<p><u>Third Quarter Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Gildan reported record third quarter net earnings of U.S.
$42.8 million and diluted EPS of U.S. $0.71, up respectively 25.5% and 24.6%
from U.S. $34.1 million and U.S. $0.57 per share in the third quarter of fiscal
2005. The increase in net earnings and EPS compared to a year ago was due to
continuing strong growth in unit sales volumes and higher gross margins,
partially offset by increased selling, general and administrative and
depreciation expenses. </p>
<p ALIGN="JUSTIFY">Sales in the third quarter amounted to a record U.S. $233.9
million, up 17.6% from U.S. $198.9 million in the third quarter of last year.
The increase in sales revenues reflected a 15.6% increase in unit sales volumes
and the impact of a higher-valued product-mix, partially offset by an
approximate 2.5% reduction in unit selling prices compared to last year. The
growth in unit sales was due to continuing market share penetration, combined
with 3.7% growth in overall industry unit shipments in the quarter. The
Company's ability to fully capitalize on demand for its products in the third
quarter continued to be constrained by limitations on production capacity. </p>
<p ALIGN="JUSTIFY">The table below summarizes the S.T.A.R.S. data for market
growth and market shares in the U.S. distributor channel for the calendar
quarter ended June 30, 2006. The S.T.A.R.S. data for the quarter includes
information provided by the largest wholesale distributor, which has renewed its
participation in the report. In order to calculate year-over-year growth rates,
S.T.A.R.S. has adjusted comparative data for the June quarter of 2005. However,
market share data for last year has not yet been restated by S.T.A.R.S. on a
comparable basis. </p>
</font><hr color="#000000" size="5"><p style="page-break-before: always">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    Gildan</b></font></td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    Gildan</b></font></td>
    <td WIDTH="28%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    Industry</b></font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>
    Market Share</b></font></td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>Unit
    Growth</b></font></td>
    <td WIDTH="28%" align="center"><font FACE="Times New Roman" SIZE="2"><b>Unit
    Growth</b></font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>Q3
    2006</b></font></td>
    <td WIDTH="27%" align="center"><font FACE="Times New Roman" SIZE="2"><b>Q3
    2006 vs. Q3 2005</b></font></td>
    <td WIDTH="28%" align="center"><font FACE="Times New Roman" SIZE="2"><b>Q3
    2006 vs. Q3 2005</b></font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="28%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="18%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">All
    products</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">43.6%</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">18.6%</font></td>
    <td WIDTH="28%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">3.7%</font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="28%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="18%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    T-shirts</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">44.5%</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">19.2%</font></td>
    <td WIDTH="28%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">4.2%</font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="28%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="18%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Sport shirts</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">32.7%</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">4.2%</font></td>
    <td WIDTH="28%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(0.2)%</font></td>
  </tr>
  <tr>
    <td WIDTH="18%">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="27%" align="center">&nbsp;</td>
    <td WIDTH="28%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="18%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Fleece</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">32.3%</font></td>
    <td WIDTH="27%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">15.5%</font></td>
    <td WIDTH="28%" align="center" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(4.5)%</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="JUSTIFY">Gross margins in the third quarter were 32.4%, versus 31.6%
in the third quarter of 2005. The increase in gross margins was due to more
favourable product-mix, increased manufacturing efficiencies and lower cotton
costs, partially offset by the impact of the reduction in selling prices as well
as higher energy and transportation costs. </p>
<p ALIGN="JUSTIFY">Selling, general and administrative expenses in the third
quarter were U.S. $22.0 million, or 9.4% of sales, compared to U.S. $19.1
million, or 9.6% of sales, in the third quarter of last year. The increase in
selling, general and administrative expenses was due to higher distribution
expenses, professional fees for compliance with SOX-404, the impact of the
stronger Canadian dollar and a write-down of surplus equipment, combined with
the cost of ongoing organizational development to support the Company's growth
strategy. The increase of U.S. $2.1 million in depreciation expenses was due to
the Company's continuing investments in capacity expansion, in particular the
new Dominican Republic textile facility. </p>
<p><u>Year-to-date Sales and Earnings </u></p>
<p>Sales for the nine months ended July 2, 2006 were U.S. $538.0 million, up
13.7% from the corresponding period of last year, due to an increase of 14.8% in
unit sales volumes, partially offset by lower selling prices. </p>
<p ALIGN="JUSTIFY">Net earnings for the first nine months amounted to U.S. $90.0
million, or U.S. $1.49 per share, up respectively 39.3% and 38.0% from adjusted
net earnings of U.S. $64.6 million or U.S. $1.08 per share in the first nine
months of fiscal 2005, excluding the special charge of U.S. $7.8 million after
tax, or U.S. $0.13 per share, incurred in the second quarter of fiscal 2005 for
the closure and relocation of the Company's Canadian yarn-spinning operations.
The increase in net earnings and EPS compared to fiscal 2005 was due to
continuing unit volume growth and higher gross margins, partially offset by
increased selling, general and administrative and depreciation expenses. Net
earnings and diluted EPS increased by 58.4% and 56.8% respectively, after taking
account of the special charge in the results for fiscal 2005.</p>
<p ALIGN="right">2 </p>
</font><hr color="#000000" size="5"><p style="page-break-before: always"><font FACE="Times New Roman" SIZE="2">
<p><u>Cash Flow </u></p>
<p ALIGN="JUSTIFY">During the third quarter, the Company generated free cash
flow (defined as cash flow from operating activities less cash flow from
investing activities) of U.S. $33.6 million, including U.S. $5.0 million
proceeds from the disposal of the balance of the Canadian yarn-spinning assets
held for sale. Inventories decreased by U.S. $25.3 million in the third quarter,
compared to U.S. $9.3 million in the third quarter a year ago. Capital
expenditures in the third quarter, primarily for major capacity expansion
projects, amounted to U.S. $17.8 million. During the quarter, Gildan utilized
U.S. $17.5 million of its cash and cash equivalents to finance the third
scheduled principal repayment of its Senior Notes, and ended the quarter with
cash and cash equivalents of U.S. $63.9 million. </p>
<p><u>Fourth Quarter and Full Year EPS Guidance </u></p>
<p ALIGN="JUSTIFY">Gildan has increased its diluted EPS guidance for the full
2006 fiscal year to approximately U.S. $2.07. The revised full year guidance is
up from the Company's most recent guidance of approximately U.S. $2.00 per
share, and reflects a projected increase of 33.5% compared with adjusted EPS of
U.S. $1.55 in fiscal 2005, before taking account of the prior year special
charge. </p>
<p ALIGN="JUSTIFY">The further increase in EPS guidance for fiscal 2006 is due
to the more favourable than previously anticipated results for the third
quarter, and the assumed continuation in the fourth quarter of more favourable
manufacturing efficiencies and product-mix, partially offset by the projected
continuation of more unfavourable industry pricing. The Company is now
projecting diluted EPS of U.S. $0.58 in the fourth quarter, compared with its
most recent guidance of U.S. $0.56 per share and up 23.4% from adjusted EPS of
U.S. $0.47 in the fourth quarter of fiscal 2005. The updated guidance assumes
that the Company's recent acquisition of Kentucky Derby Hosiery Co., Inc., which
was completed on July 6, 2006, will be neither accretive nor dilutive to EPS in
the fourth quarter of the current fiscal year. </p>
<p><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of July 31, 2006 there were 60,093,130 common shares
issued and outstanding along with 446,847 stock options and 418,500 restricted
share units outstanding. Each stock option entitles the holder to purchase one
common share at the end of the vesting period at a pre-determined option price.
Each restricted share unit entitles the holder to receive one common share at
the end of the vesting period. However, the vesting of 50% of the restricted
share grant is dependent upon the financial performance of the Company, relative
to a benchmark group of Canadian publicly-listed companies. </p>
<p ALIGN="right">3</p>
</font><hr color="#000000" size="5"><p style="page-break-before: always"><font FACE="Times New Roman" SIZE="2">
<p><u>Profile </u></p>
<p ALIGN="JUSTIFY">Gildan is a vertically-integrated marketer and manufacturer
of quality branded basic apparel. The Company is the leading supplier of
activewear for the wholesale imprinted sportswear market in the U.S. and Canada,
and also a leading supplier to this market in Europe. The Company sells
T-shirts, sport shirts and sweatshirts in large quantities to wholesale
distributors as undecorated &quot;blanks&quot;, which are subsequently decorated by
screenprinters with designs and logos. Consumers ultimately purchase the
Company's products, with the Gildan label, in venues such as sports,
entertainment and corporate events, and travel and tourism destinations. Other
end-uses include work uniforms and similar applications to convey individual,
group and team identity. In addition to continuing its growth within the
wholesale channel, Gildan is implementing a major new growth initiative to sell
athletic socks, underwear and activewear to mass-market retailers in North
America. </p>
<i>
<p ALIGN="JUSTIFY">Certain statements included in this press release may
constitute &quot;forward-looking statements&quot; within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and Canadian securities legislation and
regulations. Such forward-looking statements involve assumptions and known and
unknown risks, uncertainties and other factors, including, but not limited to:
general economic conditions such as currency exchange rates, commodity prices
and other factors over which we have no control; the impact of economic and
business conditions, industry trends and other external and political factors in
the countries in which we operate; the intensity of competitive activity;
changes in environmental, tax, trade and other laws and regulations; our ability
to implement our strategies and plans; our ability to complete and successfully
integrate acquisitions; changes in customer demand for our products and our
ability to maintain customer relationships and grow our business; the
seasonality of our business; our ability to attract and retain key personnel;
changes in accounting policies; and, disruption to manufacturing and
distribution activities due to the impact of weather, natural disasters and
other unforeseen adverse events, which could cause actual results to differ
materially from future results expressed or implied by such forward-looking
statements. You should not place undue reliance on these forward-looking
statements, which are made only as of the date of this press release. We refer
you to the Company's filings with the U.S. Securities and Exchange Commission
and Canadian securities regulatory authorities for a discussion of other factors
that may affect the Company's future results. </p>
<p ALIGN="JUSTIFY">This release includes reference to certain Non-GAAP Financial
Measures such as net earnings and earnings per share before the special charge.
The Company uses and presents certain Non-GAAP Financial Measures because it
believes such measures provide meaningful information on the Company's
performance and operating results. However, investors should know that such Non-GAAP
Financial Measures have no standardized meaning as prescribed by GAAP and may
not be comparable to similar measures presented by other companies. Accordingly,
they should not be considered in isolation. </p>
</i></font>
<p align="right"><font face="Times New Roman" size="2">4</font></p>
<hr color="#000000" size="5"><p style="page-break-before: always"><font FACE="Times New Roman" SIZE="2">
<p><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY">Gildan Activewear Inc. will hold a conference call to discuss
these results today at 10:00 AM Eastern Time. The conference call can be
accessed by dialing 800-261-3417<b> </b>(Canada &amp; U.S.) or 617-614-3673
(international) and entering passcode 10708813, or by live sound web cast on
Gildan's Internet site (&quot;Investor Relations&quot; section) at the following address:
www.gildan.com. If you are unable to participate in the conference call, a
replay will be available starting that same day at 12:00 PM EST by dialing
888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and entering
passcode 34962382, until Thursday, August 10, 2006 at midnight, or by sound web
cast on Gildan's web site for 30 days.</font><i><font FACE="Times New Roman" size="2">
</p>
<p align="center">- 30 - </p>
</font></i><font SIZE="2" face="Times New Roman">
<p align="right">5</p>
</font><font FACE="Times New Roman PS" SIZE="2"><i><hr color="#000000" size="5"><p style="page-break-before: always">
</i></font><b><font FACE="Times New Roman" size="2">
<p align="center">Gildan Activewear Inc.<br>
Consolidated Statements of Earnings<br>
</font></b><font FACE="Times New Roman" size="2">(In thousands of U.S. dollars,
except per share data)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="20%" align="left" colspan="4">
    <font FACE="Times New Roman" SIZE="2"><i><b>Three months ended</b></i></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="20%" align="left" colspan="4">
    <font FACE="Times New Roman" SIZE="2"><i><b>Nine months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2"><u>July
    2, 2006</u></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2"><u>July
    3, 2005</u></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2"><u>July
    2, 2006</u></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2"><u>July
    3, 2005</u></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
    Sales</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>233,945</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>198,901</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>538,038</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>473,179</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Cost of sales</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">158,221</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">136,091</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">358,011</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">328,309</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
    Gross profit</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>75,724</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>62,810</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>180,027</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>144,870</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Selling, general and
    administrative expenses</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">21,978</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">19,134</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">60,747</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">53,746</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Special charge (note 1)</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">11,886</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>53,746</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>43,676</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    119,280</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>79,238</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Depreciation and amortization</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">8,169</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">6,043</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">23,311</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">18,413</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">Interest expense, net</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">759</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">1,191</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">2,028</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">3,691</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Non-controlling interest in income of</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    consolidated joint venture</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">192</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">72</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">240</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">187</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Earnings before
    income taxes</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>44,626</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>36,370</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>93,701</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>56,947</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    Income tax expense (note 2)</font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">1,795</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">2,223</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">3,660</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">101</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Net earnings</b></font></td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>42,831</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>34,147</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>90,041</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>56,846</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
    Basic EPS</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>0.71</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>0.57</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>1.50</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>0.95</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="3%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.71</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.57</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>1.49</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.95</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Weighted average
    number of shares outstanding (in thousands)</b></font></td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="7%">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 10">Basic</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>60,077</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>59,816</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>60,034</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>59,613</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 10">Diluted</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>60,627</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>60,270</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>60,611</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>60,042</b></font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="64%"><font FACE="Times New Roman" SIZE="2">See accompanying
    condensed notes to interim consolidated financial statements.</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
</table>
<hr color="#000000" size="5"><p style="page-break-before: always"><b><font FACE="Times New Roman" size="2">
<p align="center">Gildan Activewear Inc.<br>
Consolidated Statements of Earnings<br>
</font></b><font FACE="Times New Roman" size="2">(In thousands of U.S. dollars)</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="26%" align="left" colspan="5">
    <font FACE="Times New Roman" SIZE="2"><i><b>Three months ended</b></i></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="24%" align="left" colspan="4">
    <font FACE="Times New Roman" SIZE="2"><i><b>Nine months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" size="2"><u>July
    2, 2006</u></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>July
    3, 2005</u></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>July
    2, 2006</u></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>July
    3, 2005</u></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Cash flows from
    (used in) operating activities:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Net earnings</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">42,831</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">34,147</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">90,041</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">56,846</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Adjustments for:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Depreciation and amortization</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">8,169</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">6,043</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">23,311</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">18,413</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Future income taxes</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">427</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">1,431</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">845</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1,943)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Loss on disposal and writedown of fixed assets</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">833</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">287</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">1,175</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">8,646</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Stock-based compensation expense</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">318</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">164</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">843</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">581</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Other</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">(574)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">465</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">(407)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">619</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">52,004</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">42,537</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">115,808</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">83,162</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Net changes in non-cash working capital balances:</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Accounts receivable</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">(29,333)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">(23,863)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">(24,077)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">(26,552)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Inventories</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">25,330</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">9,304</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(26,400)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(14,732)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Prepaid expenses and deposits</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">(2,413)</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">325</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">(1,908)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">(3,114)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">293</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">7,548</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(3,499)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">5,437</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 52">Income taxes payable</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">1,240</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">324</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">1,225</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">400</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>47,121</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>36,175</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>61,149</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>44,601</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Cash flows from
    (used in) financing activities:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Increase in long-term debt</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">1,139</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">691</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">2,420</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Repayment of long-term debt</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(18,007)</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(17,569)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(19,279)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(18,495)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Contribution by non-controlling interest</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">2,500</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Proceeds from the issuance of shares</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">167</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">1,310</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">1,614</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">4,997</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(17,840)</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(15,120)</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(16,974)</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(8,578)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Cash flows from
    (used in) investing activities:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Purchase of fixed assets</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(17,772)</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(23,563)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(53,995)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(66,693)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Proceeds from the disposal of assets held for
    sale</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2">5,027</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">2,599</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,027</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">2,599</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">(Increase) decrease in other assets</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(756)</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">676</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(1,007)</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(1,933)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(13,501)</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(20,288)</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(49,975)</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>(66,027)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>Effect of exchange
    rate changes on cash</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
    <p style="margin-left: 26">and cash equivalents</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>(26)</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>(26)</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>(119)</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2"><b>117</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Net increase
    (decrease) in cash and cash</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>equivalents during
    the period</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><font FACE="Times New Roman" SIZE="2"><b>15,754</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2"><b>741</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    (5,919)</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2"><b>
    (29,887)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>Cash and cash
    equivalents, beginning of period</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>48,129</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>30,043</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>69,802</b></font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>60,671</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Times New Roman" SIZE="2"><b>Cash and cash
    equivalents, end of period</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>63,883</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>30,784</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>63,883</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>30,784</b></font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="64%"><font FACE="Times New Roman" SIZE="2">See accompanying
    condensed notes to interim consolidated financial statements.</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
</table>
<hr color="#000000" size="5"><p style="page-break-before: always">
<p align="center"><b><font FACE="Times New Roman" size="2">Gildan Activewear
Inc.<br>
Consolidated Statements of Earnings<br>
</font></b><font FACE="Times New Roman" size="2">(In thousands of U.S. dollars)</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>July
    2, 2006</u></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>
    October 2, 2005</u></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2"><u>July
    3, 2005</u></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(audited)</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" size="2">(unaudited)</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Current assets:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Cash and cash equivalents</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">63,883</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">69,802</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">30,784</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Accounts receivable</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">133,666</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">108,646</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">112,354</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Inventories</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">161,261</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">134,861</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">131,803</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Prepaid expenses and deposits</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">6,302</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">4,394</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">6,426</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Future income taxes</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">8,575</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">10,135</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">9,943</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">373,687</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">327,838</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">291,310</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>Fixed assets</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">292,985</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">260,615</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">249,984</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Assets held for
    sale</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,027</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,426</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>Other assets</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">6,475</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">4,036</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">4,928</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>673,147</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>597,516</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2"><b>551,648</b></font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Current
    liabilities:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Bank indebtedness</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">3,980</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">3,980</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">86,579</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">86,843</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">81,425</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Income taxes payable</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">3,516</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">2,206</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">2,400</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Current portion of long-term debt</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">19,582</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">19,859</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">19,724</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">113,657</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">112,888</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">103,549</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Long-term debt</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">8,977</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">27,288</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">24,159</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">31,821</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">31,386</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">28,373</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Non-controlling
    interest</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,634</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,394</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">5,548</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Shareholders'
    equity:</b></font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Share capital</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">85,791</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">84,177</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">83,167</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Contributed surplus</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">2,439</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">1,596</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Times New Roman" SIZE="2">1,262</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Retained earnings</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">398,580</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">308,539</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">279,342</font></td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2">
    <p style="margin-left: 26">Cumulative translation adjustment</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">26,248</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">26,248</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="42%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">513,058</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">420,560</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">390,019</font></td>
  </tr>
  <tr>
    <td WIDTH="42%">&nbsp;</td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="42%"><font FACE="Times New Roman" SIZE="2"><b>Total liabilities
    and shareholders' equity</b></font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>673,147</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>597,516</b></font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font FACE="Times New Roman" SIZE="2"><b>551,648</b></font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="64%"><font FACE="Times New Roman" SIZE="2">See accompanying
    condensed notes to interim consolidated financial statements.</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
</table>
<hr color="#000000" size="5"><p style="page-break-before: always"><font FACE="Times New Roman" size="2"><b>
<p>Gildan Activewear Inc. - Condensed notes to Interim consolidated financial
statements </p>
</b>
<p>For complete notes to the interim consolidated financial statements, please
refer to filings with the various securities regulatory authorities. </p>
<p ALIGN="JUSTIFY" style="text-indent: -26; margin-left: 78">1.&nbsp;&nbsp;&nbsp;&nbsp;
During the second quarter of fiscal 2005, the Company closed its two Canadian
yarn-spinning operations and recognized a charge of $11.9 million before tax, or
$7.8 million after tax ($0.13 per share). The components of the special charge
were as follows: </p>
<dir>
  <dir>
    </font>
  </dir>
</dir>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="104">&nbsp;</td>
    <td WIDTH="988" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p>Writedown of fixed assets</font></td>
    <td WIDTH="29" align="left" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">7,872</font></td>
  </tr>
  <tr>
    <td WIDTH="104">&nbsp;</td>
    <td WIDTH="988"><font FACE="Times New Roman" SIZE="2">
    <p>Employee severance</font></td>
    <td WIDTH="29" align="left">&nbsp;</td>
    <td WIDTH="88" align="right"><font FACE="Times New Roman" SIZE="2">3,688</font></td>
  </tr>
  <tr>
    <td WIDTH="104">&nbsp;</td>
    <td WIDTH="988" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p>Other</font></td>
    <td WIDTH="29" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">326</font></td>
  </tr>
  <tr>
    <td WIDTH="104">
    &nbsp;</td>
    <td WIDTH="988">
    <p>&nbsp;</td>
    <td WIDTH="29" align="left" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">11,886</font></td>
  </tr>
  <tr>
    <td WIDTH="104">
    &nbsp;</td>
    <td WIDTH="988">
    <p>&nbsp;</td>
    <td WIDTH="29" align="left">&nbsp;</td>
    <td WIDTH="88" align="right">&nbsp;</td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td width="78">&nbsp;</td>
    <td COLSPAN="3" width="1105"><font FACE="Times New Roman" SIZE="2">
    <p>Basic and diluted earnings per share for the nine
    months ended July 3, 2005 have been presented below as reported and before
    the impact of these closure costs:</font></td>
  </tr>
  <tr>
    <td WIDTH="78">
    &nbsp;</td>
    <td WIDTH="988">
    <p style="margin-left: 78">&nbsp;</td>
    <td WIDTH="29" align="left">&nbsp;</td>
    <td WIDTH="88" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="78">&nbsp;</td>
    <td WIDTH="988" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p>Basic and diluted EPS as reported</font></td>
    <td WIDTH="29" align="left" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.95</font></td>
  </tr>
  <tr>
    <td WIDTH="78">&nbsp;</td>
    <td WIDTH="988"><font FACE="Times New Roman" SIZE="2">
    <p>Special charge</font></td>
    <td WIDTH="29" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">0.13</font></td>
  </tr>
  <tr>
    <td WIDTH="78">&nbsp;</td>
    <td WIDTH="988" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
    <p>Basic and diluted EPS before special charge</font></td>
    <td WIDTH="29" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">1.08</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p ALIGN="left" style="margin-left: 78">A major portion of the Canadian
yarn-spinning equipment was transferred to a new facility in Clarkton, North
Carolina, which is operated by the Company's joint venture with Frontier
Spinning Mills, Inc. The Company reduced the carrying values of the remaining
fixed assets considered to be held for sale to their fair values. All severance
payments had been paid as at July 3, 2005. </p>
<p ALIGN="left" style="margin-left: 78">In the fourth quarter of fiscal 2005,
the Company realized an after-tax gain of $0.8 million, or $0.01 per share, from
the sale of equipment, thereby reducing the cumulative amount of the charge to
$10.7 million before tax, or $7.0 million after-tax ($0.12 per share), for the
full fiscal year. </p>
<p align="left" style="margin-left: 78">During the third quarter of fiscal 2006,
the assets held for sale were sold for proceeds of $5.0 million, which
approximated their carrying value. </p>
<p ALIGN="left" style="text-indent: -26; margin-left: 78">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The income tax expense of $0.1 million for the nine months ended July 3, 2005
included an income tax recovery arising from the special charge of the closure
of the Canadian yarn-spinning operations in the second quarter of fiscal 2005.
Excluding the impact of the tax recovery due to the closure costs, the tax
provision for the nine month period ended July 3, 2005 was $4.2 million,
resulting in a tax rate of 6.1%. </p>
</font><hr color="#000000" size="5">

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
