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<SEC-DOCUMENT>0001204459-07-001161.txt : 20070802
<SEC-HEADER>0001204459-07-001161.hdr.sgml : 20070802
<ACCEPTANCE-DATETIME>20070802171033
ACCESSION NUMBER:		0001204459-07-001161
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070802
FILED AS OF DATE:		20070802
DATE AS OF CHANGE:		20070802

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:		071021297

	BUSINESS ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONT?E DE LIESSE
		STREET 2:		MONTREAL
		CITY:			CANADA
		STATE:			A8
		ZIP:			H4T 1P5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GILDAN ACTIVEWEAR INC
		DATE OF NAME CHANGE:	19980515
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gildan080207f6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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



<html>

<body>

<div style="font-family: 'Times New Roman',Times,serif">
  <div style="border-top: 1px solid; padding-top: 1px">
    <hr color="#000000" SIZE="5">
  </div>
  <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;2007&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><font size="5">GILDAN ACTIVEWEAR INC.</font></b><font size="5"> </font>
  </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>
    Montr&#233;al, 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
    <p>&nbsp;</p>
    <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">
    <p>
    <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" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
    <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 2, 2007&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">&nbsp;</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" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0" height="46">
      <!-- Begin Table Head -->
      <tr vAlign="bottom">
        <td width="5%" height="15"></td>
        <td width="2%" height="15"></td>
        <td width="93%" height="15"></td>
      </tr>
      <tr style="font-size: 8pt" vAlign="bottom">
        <td style="border-bottom: 1px solid #000000" noWrap align="left" height="16"><b>
        <font size="2">Exhibit</font></b></td>
        <td height="16"><font size="2">&nbsp;</font></td>
        <td style="border-bottom: 1px solid #000000" noWrap align="middle" height="16"><b>
        <font size="2">Description of Exhibit</font></b></td>
      </tr>
      <!-- End Table Head -->
      <!-- Begin Table Body -->
      <tr vAlign="bottom">
        <td vAlign="top" height="15">
        </td>
        <td height="15" valign="top"></td>
        <td vAlign="top" height="15">
        </td>
      </tr>
      <tr vAlign="bottom">
        <td vAlign="top" height="15" bgcolor="#E6E6E6">
        <div style="text-indent: 0px; margin-left: 0px">
          <a href="gildan080207exh991.htm" style="text-decoration: none">99.1
          </a>
        </div>
        </td>
        <td height="15" bgcolor="#E6E6E6" valign="top"></td>
        <td vAlign="top" height="15" bgcolor="#E6E6E6">
        <a href="gildan080207exh991.htm" style="text-decoration: none">Press
        Release dated August 2, 2007</a></td>
      </tr>
      <!-- End Table Body -->
      </table>
  </div>
</div>
<p>&nbsp;</p>
<hr color="#000000" SIZE="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>gildan080207exh991.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 2, 2007
<TEXT>
<html>

<head>
<title>Gildan Activeware Inc.: Exhibit 99.1 - Prepared by TNT Filings Inc.</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>

<p align="center">
<font face="Times New Roman">
<img src="gildanlogo.jpg" border="0" width="209" height="63"></font></p>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="10%"><font face="Times New Roman" size="2">Contact:</font></td>
    <td width="90%"><font face="Times New Roman" size="2">Laurence G.
    Sellyn, Executive Vice-President,</font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font face="Times New Roman" size="2">Chief Financial
    and Administrative Officer</font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font face="Times New Roman" size="2">Tel: (514)
    343-8805</font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font face="Times New Roman" size="2">Email : <u>lsellyn@gildan.com</u></font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font size="2" face="Times New Roman">Sophie Argiriou,
    Director, </font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font size="2" face="Times New Roman">Investor
    Communications </font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font size="2" face="Times New Roman">Tel: (514) 343-8815
    </font></td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td width="90%"><font size="2" face="Times New Roman">Email : <u>
    sargiriou@gildan.com </u></font></td>
  </tr>
</table>
<font face="Times New Roman"><i><b>
<p align="right"><font size="2">For Immediate Release</font></b></i><font size="2">
</font></p>
</font>

<font FACE="Times New Roman PSMT">
<p></p>
<p></p>
</font><b><font FACE="Times New Roman">
<p align="center"><u><font size="5">Gildan Activewear Announces Third Quarter
Results, Updates Full Year 2007 Guidance and </font></u><font size="5"><u>
Initiates EPS and Capital Expenditure Guidance for Fiscal 2008</u> </font></p>
</font><font FACE="Times New Roman PS" SIZE="2">
<p></p>
<p></p>
<p></p>
</font><font SIZE="2" face="Times New Roman">
<p>&nbsp;</p>
</font></b><font SIZE="2" face="Times New Roman"><font SIZE="2"><b>
<p align="justify">Montr&#233;al, Thursday, August 2, 2007</b> &#150; Gildan Activewear
Inc. (GIL; TSX and NYSE) today announced its financial results for its third
quarter ended July 1, 2007. The Company also updated its earnings guidance for
its 2007 fiscal year, and introduced EPS and capital expenditure guidance for
fiscal 2008. </p>
<p><u>Third Quarter Sales and Earnings </u></p>
<p align="justify">Gildan reported third quarter net earnings of U.S. $52.4
million and diluted EPS of U.S. $0.43, after recording a restructuring charge in
the quarter of U.S. $4.6 million after-tax or U.S. $0.04 per share, which was
primarily related to the previously announced restructuring of the Company&#146;s
manufacturing facilities. Before reflecting the restructuring charge, adjusted
net earnings and adjusted diluted EPS for the third quarter of fiscal 2007
amounted to U.S. $57.0 million or U.S. $0.47, up respectively 33.2% and 34.3%
from net earnings of U.S. $42.8 million and diluted EPS of U.S. $0.35 in the
third quarter of fiscal 2006. The growth in EPS compared to last year was due to
higher gross margins for activewear, continuing growth in activewear unit sales
volumes, and the U.S. $0.05 per share benefit of an income tax recovery related
to a prior year. These positive factors were partially offset by increased
selling, general and administrative and depreciation expenses, and the
continuing dilutive impact of the acquisition of Kentucky Derby Hosiery, which
negatively impacted EPS by U.S. $0.03 in the third quarter. </p>
<p align="right">1</p>
</font><hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"><font SIZE="2">
<p align="justify">Although the impact of the Kentucky Derby Hosiery acquisition
will continue to be slightly dilutive in the fourth quarter of fiscal 2007, the
integration process will be complete by the fiscal year-end. </p>
<p align="justify">Sales in the third quarter amounted to U.S. $291.6 million,
up 24.7% from U.S. $233.9 million in the third quarter of last year. The
increase in sales revenues was due to U.S. $30.5 million of sock sales pursuant
to the acquisition of Kentucky Derby Hosiery and an 11.6% increase in unit sales
volumes for activewear, partially offset by a slight reduction in unit selling
prices for activewear of approximately 0.5% compared to last year. </p>
<p align="justify">The growth in activewear unit sales was primarily due to
continuing market share penetration in all product categories in the U.S.
distributor channel. Growth in overall industry shipments from U.S. distributors
to screenprinters in the June quarter was 3%. The table below summarizes the
S.T.A.R.S. data for market shares and industry growth in the U.S. distributor
channel for the quarter ended June 30, 2007. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
    <tr>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Gildan</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Industry</b></font></u></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Gildan</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Gildan</b></font></u></td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Unit Growth</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Unit Growth</b></font></u></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Market Share</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Market Share</b></font></u></td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2007 vs.</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2007 vs.</b></font></u></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2007</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2006</b></font></u></td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2006</b></font></u></td>
      <td WIDTH="16%" align="center"><u><font SIZE="2">
      <b>Q3 2006</b></font></u></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      47.6%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      43.6%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      All products</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      13.9%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      3.0%</font></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center"><font SIZE="2">
      48.3%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      44.5%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      T-shirts</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      13.4%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      3.0%</font></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      42.2%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      32.3%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      Fleece</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      57.9%</font></td>
      <td WIDTH="16%" align="center" bgcolor="#E6E6E6"><font SIZE="2">
      17.4%</font></td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
      <td WIDTH="16%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="16%" align="center"><font SIZE="2">
      34.0%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      32.7%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      Sport shirts</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      3.6%</font></td>
      <td WIDTH="16%" align="center"><font SIZE="2">
      (3.6)%</font></td>
    </tr>
  </table>
  </center>
</div>
<font SIZE="2">
<p align="justify">Growth in Gildan&#146;s activewear sales in international markets
in the third quarter was strong. Unit shipments in Europe increased by 26.8%
compared with the third quarter of fiscal 2006. </p>
<p align="justify">In June, the Company began shipment of a major private label
sock program to a large national retailer. </p>
<p align="justify">Gross margins in the third quarter of fiscal 2007 were 32.4%,
the same as in the third quarter of fiscal 2006. Higher margins for activewear
were offset by the impact of margins from the sale of socks, which do not yet
reflect the cost synergies from the rationalization of the Company&#146;s sock
manufacturing operations. The Company&#146;s major new branded and private label
retail sock programs have been priced based on the ramped-up cost structure for
its new Honduran sock facility. However, in the third quarter, a large
proportion of socks for these programs continued to be supplied from U.S. sock
manufacturing facilities, which as previously announced will be closed by the
end of August 2007, as well as from high-cost outside contractors. Excluding the
impact of sock sales, gross margins in the third quarter of fiscal 2007 were
34.7%. The increase in gross margins for activewear compared to last year was
due to further manufacturing efficiencies, partially offset by lower selling
prices and higher cotton costs. </p>
</font>
<p align="right">2</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"><font SIZE="2">
<p ALIGN="JUSTIFY">Selling, general and administrative expenses in the third
quarter were U.S. $28.4 million, or 9.7% of sales, compared to U.S. $22.0
million, or 9.4% of sales, in the third quarter of last year. The increase in
selling, general and administrative expenses was due to the impact of the
acquisition of Kentucky Derby Hosiery, higher distribution costs, and increased
administration and information technology costs to support the Company&#146;s
continuing growth. The increase of U.S. $2.1 million in depreciation and
amortization expenses was due to the Company&#146;s continuing investments in
capacity expansion, combined with the impact of the Kentucky Derby Hosiery
acquisition. </p>
<p ALIGN="JUSTIFY">Restructuring and other charges in the third quarter amounted
to U.S. $4.6 million, or U.S. $0.04 per share, and were related to the
previously announced restructuring of the Company's operations. The Company
expects that these restructuring and other charges in fiscal 2007 will total
U.S. $0.22 per share. </p>
<p ALIGN="JUSTIFY">The Company recognized previously unrecorded tax benefits in
the amount of U.S. $5.7 million relating to a prior taxation year which became
statute-barred in the third quarter of fiscal 2007. Excluding the impact of this
income tax recovery, as well as the impact of the restructuring charge, the
effective income tax rate for the third quarter was 4.6%. </p>
<p><u>Year-to-date Sales and Earnings </u></p>
<p ALIGN="JUSTIFY">Sales for the nine months ended July 1, 2007 were U.S. $709.6
million, up 31.9% compared to the same period last year. The growth in sales
reflected U.S. $105.9 million of sock sales, an increase of 12.2% in unit sales
volumes for activewear and a higher-valued activewear product-mix, partially
offset by a decrease in unit selling prices for activewear.
</p>
<p ALIGN="JUSTIFY">For the first nine months of fiscal 2007, net earnings
amounted to U.S. $89.2 million, or U.S. $0.73 per share on a diluted basis
compared to net earnings of U.S. $90.0 million, or U.S. $0.74 per share, for the
same period in fiscal 2006. Before the impact of restructuring and other
charges, adjusted net earnings increased to U.S. $111.5 million, or U.S. $0.92
per share on a diluted basis. The increase in adjusted net earnings and adjusted
diluted EPS was due to favourable manufacturing efficiencies, growth in
activewear unit sales volumes, a higher-valued product-mix for activewear and
the income tax recovery recorded in the third quarter, partially offset by lower
unit selling prices for activewear, higher cotton costs, increased selling,
general and administrative and depreciation expenses and the dilutive impact of
the Kentucky Derby Hosiery acquisition. </p>
<p><u>Cash Flow </u></p>
<p ALIGN="JUSTIFY">During the third quarter of fiscal 2007, cash flow from
operating activities less cash flow from investing activities amounted to U.S.
$3.1 million. The Company used U.S. $45.7 million to finance seasonal accounts
receivable, and used U.S. $32.9 million for capital investments, primarily for
the ramp-up of the Company&#146;s major textile and sock manufacturing expansion
projects in Honduras. The Company continues to have significant unused debt
financing capacity and flexibility to invest in capital expenditures for further
capacity expansion and cost reduction initiatives in excess of its current
plans, as well as to pursue potential acquisition opportunities. </p>
</font>
<p align="right">3</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"><font SIZE="2">
<p><u>EPS and Capital Expenditure Guidance for Full Year Fiscal 2007 and 2008
</u></p>
<p ALIGN="JUSTIFY">The Company expects that the impact of the Kentucky Derby
Hosiery acquisition will continue to be slightly dilutive to EPS in the fourth
quarter of fiscal 2007. Consequently, the Company now expects adjusted diluted
EPS before restructuring charges for the fourth quarter to be approximately U.S.
$0.38, up 27% from the corresponding quarter of fiscal 2006, and U.S. $0.01 per
share below its previous EPS guidance range for the quarter. Adjusted diluted
EPS before restructuring charges for the full fiscal year is still projected to
be approximately U.S. $1.30 per share, up 24% compared to fiscal 2006. </p>
<p ALIGN="JUSTIFY">The Company has initiated its EPS guidance for fiscal 2008
with a range of U.S. $1.80 &#150; U.S. $1.85 per share on a diluted basis, up
approximately 39% - 42% from fiscal 2007. The projected growth in EPS in fiscal
2008 is driven primarily by the impact of relocating the Canadian textile
operations and completing the ramp-up of the Company&#146;s offshore textile
facilities in Honduras and the Dominican Republic, unit volume growth in
activewear, and the expected EPS accretion from having completed the integration
of Kentucky Derby Hosiery. </p>
<p ALIGN="JUSTIFY">The projected cost reductions from consolidating textile and
sock manufacturing include the impact of consuming the balance of previously
manufactured fleece and sock inventories in the first half of fiscal 2008. The
positive impact of net manufacturing efficiencies and unit volume growth have
been assumed to be partially offset by higher selling, general and
administrative and depreciation expenses and projected increases in cotton costs
in the latter part of fiscal 2008. Although selling price increases for most
product-lines in the screenprint channel have been announced, with effect from
October 1, 2007, the Company has assumed flat year-over-year overall selling
prices in its fiscal 2008 EPS guidance. The Company considers it premature at
this stage to anticipate the benefit of more favourable pricing, even though
significantly higher futures for cotton costs are likely to result in upward
pressure on industry selling prices. In addition, the Company will continue to
aggressively pursue further new retail programs in activewear and underwear, in
addition to the programs included in its projections for fiscal 2008. </p>
<p ALIGN="JUSTIFY">The Company has currently projected capital expenditures of
approximately U.S. $155 million for fiscal 2008, primarily to complete the
ramp-up of the fleece and sock facilities in Honduras, and for the new energy
and chemical cost reduction projects announced by the Company in May. Fiscal
2008 capital expenditures also include the construction of a building for a new
sock facility to support the Company&#146;s projected continuing growth in sales. The
estimated total capital cost of the new facility, to be expended primarily over
the next 24 months, is approximately U.S. $40 million. Projected capital
expenditures for fiscal 2008 also include approximately U.S. $20 million of
expenditures in Honduras which were previously projected to be incurred in
fiscal 2007. The carryover of fiscal 2007 expenditures relates primarily to a
minor delay in the timing of the delivery of equipment, and to a delay in
beginning the energy cost reduction project in Honduras. Free cash flow (defined
as cash flow from operating activities less cash flow from investing activities,
including the carryover capital expenditures from fiscal 2007) is projected to
be in excess of U.S. $90 million in fiscal 2008. </p>
</font>
<p align="right">4</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"><font SIZE="2">
<p><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of July 31, 2007, there were 120,381,611 common shares
issued and outstanding along with 892,400 stock options and 968,000 dilutive
restricted share units (Treasury RSUs) 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 Treasury RSU entitles the holder to receive
one common share at the end of the vesting period, without any monetary
consideration being paid to the Company. 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><u>Information for shareholders </u></p>
<p ALIGN="JUSTIFY">Gildan will hold a conference call to discuss these results
today at 10:00 AM EDT. 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 64246736, or by live audio webcast 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 EDT by dialing
888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and entering
passcode 90996711, until August 9, 2007 at midnight, or by audio webcast on
Gildan's web site for 30 days. </p>
<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 fleece 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&#146;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 estimates; 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&#146;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&#146;s future results. </p>
</i></font>
<p align="right">5</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"><font SIZE="2"><i>
<p><u>Non-GAAP Financial Measures </u></p>
<p align="justify">This release includes reference to certain non-GAAP financial
measures such as adjusted net earnings, adjusted diluted earnings per share, and
free cash flow. These non-GAAP measures do not have any standardized meanings
prescribed by Canadian GAAP and are therefore unlikely to be comparable to
similar measures presented by other companies. Accordingly, they should not be
considered in isolation. The terms and definitions of the non-GAAP measures used
in this press release and a reconciliation of each non-GAAP measure to the most
directly comparable GAAP measure are provided below. </p>
<p align="justify">Adjusted net earnings and adjusted diluted earnings per share
are calculated as net earnings and earnings per share excluding restructuring
and other charges, as discussed in Note 1 to the condensed interim consolidated
financial statements. The Company uses and presents these non-GAAP measures to
assess its operating performance from one period to the next without the
variation caused by restructuring and other charges that could potentially
distort the analysis of trends in our business performance. Excluding these
items does not imply they are necessarily non-recurring. </p>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><i>(in U.S. $ millions, except per share amounts)</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">Q3 2007</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">Q3 2006</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">YTD 2007</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">YTD 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">52.4</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">42.8</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">89.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">90.0</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font size="2">Restructuring and other charges</font></td>
    <td WIDTH="15%" align="right"><font size="2"><b>
    <p style="margin-right: 4">4.6</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="15%" align="right"><font size="2"><b>
    <p style="margin-right: 4">22.3</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font size="2">Less: income tax effect thereon</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2"><b>
    <p style="margin-right: 4">&#150;</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2"><b>
    <p style="margin-right: 4">&#150;</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font size="2">Adjusted net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font size="2"><b>
    <p style="margin-right: 4">57.0</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font size="2">
    <p style="margin-right: 4">42.8</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font size="2"><b>
    <p style="margin-right: 4">111.5</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3">
    <font size="2">
    <p style="margin-right: 4">90.0</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font size="2">Diluted EPS</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2"><b>
    <p style="margin-right: 4">0.43</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2"><b>
    <p style="margin-right: 4">0.73</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">0.74</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font size="2">Restructuring and other charges, net of tax</font></td>
    <td WIDTH="15%" align="right"><font size="2"><b>
    <p style="margin-right: 4">0.04</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="15%" align="right"><font size="2"><b>
    <p style="margin-right: 4">0.18</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font size="2">Adjusted diluted EPS</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">0.47</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">0.35</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">0.92</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: double; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">0.74</font></td>
  </tr>
</table>
</font><i><font face="Times New Roman" style="font-size: 9pt">
<p>EPS amounts may not add due to rounding </p>
</font><font SIZE="2" face="Times New Roman">
<p ALIGN="JUSTIFY">Free cash flow is defined as cash flows from operating
activities including net changes in non-cash working capital balances, less cash
flow used in investing activities excluding business acquisitions. We consider
free cash flow to be an important indicator of the financial strength and
performance of our business, because it shows how much cash is available after
capital expenditures to repay debt and to reinvest in our business. We believe
this measure is commonly used by investors and analysts when valuing a business
and its underlying assets. </p>
</font></i><font SIZE="2" face="Times New Roman">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" height="26">
  <tr>
    <td WIDTH="40%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><i>(in U.S. $ millions)</i></font></td>
    <td WIDTH="15%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">Q3 2007</b></font></td>
    <td WIDTH="15%" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">Q3 2006</font></td>
    <td WIDTH="15%" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">YTD 2007</b></font></td>
    <td WIDTH="15%" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">YTD 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" height="12" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Cash flows from operating activities</font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">32.3</b></font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">47.1</font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2"><b>
    <p style="margin-right: 4">72.1</b></font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">
    <p style="margin-right: 4">61.1</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" height="12"><font size="2">Cash flows from investing
    activities</font></td>
    <td WIDTH="15%" height="12" align="right"><font size="2"><b>(29.2)</b></font></td>
    <td WIDTH="15%" height="12" align="right"><font size="2">(13.5)</font></td>
    <td WIDTH="15%" height="12" align="right"><font size="2"><b>(103.7)</b></font></td>
    <td WIDTH="15%" height="12" align="right"><font size="2">(50.0)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" height="19" bgcolor="#E6E6E6"><font size="2">Add back:</font></td>
    <td WIDTH="15%" height="19" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" height="19" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" height="1" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">Business acquisitions</font></td>
    <td WIDTH="15%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2"><b>
    <p style="margin-right: 4">&#150;</b></font></td>
    <td WIDTH="15%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="15%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2"><b>
    <p style="margin-right: 4">&#150;</b></font></td>
    <td WIDTH="15%" height="1" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" height="12" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font size="2"><b>Free cash flow</b></font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font size="2"><b>
    <p style="margin-right: 4">3.1</b></font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">33.6</font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font size="2"><b>(31.6)</b></font></td>
    <td WIDTH="15%" height="12" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6"><font size="2">
    <p style="margin-right: 4">11.1</font></td>
  </tr>
</table>
</font><font face="Times New Roman" style="font-size: 9pt"><i>
<p>Certain minor rounding variances exist between the financial statements and
these summaries. </p>
</i></font><font size="2" face="Times New Roman">
<font SIZE="2"><i>
<p align="center">- 30 - </p>
</i></font>
<p align="right">6</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always"></font><b>
<font face="Times New Roman" style="font-size: 16pt">
<p align="center">Gildan Activewear Inc.<br>
</font>
<font SIZE="2" face="Times New Roman">
Consolidated Statements of Earnings</font><font SIZE="3" face="Times New Roman"><br>
</font></b><font face="Times New Roman" style="font-size: 9pt">
(In thousands of U.S. dollars, except per share data)</font></p>
<p align="center"><font size="2" face="Times New Roman">
</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="43%">&nbsp;</td>
    <td WIDTH="27%" align="left" colspan="5">
    <p align="center"><font size="2" face="Times New Roman">
    <i><b>
    Three months ended</b></i></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="27%" align="left" colspan="5">
    <p align="center"><font size="2" face="Times New Roman">
    <i><b>
    Nine months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><u><font size="2">July 1, 2007</font></u></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><u><font size="2">July 2, 2006</font></u></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><u><font size="2">July 1, 2007</font></u></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><u><font size="2">July 2, 2006</font></u></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><font size="2">(unaudited)</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><font size="2">(unaudited)</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><font size="2">(unaudited)</font></font></td>
    <td align="right" valign="bottom">&nbsp;</td>
    <td align="right" colspan="2" valign="bottom"><font size="2" face="Times New Roman">
    <p style="margin-right: 4"><font size="2">(unaudited)</font></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Sales</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>291,610</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>233,945</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>709,573</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>538,038</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Cost of sales</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">197,221</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">158,221</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">482,558</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">358,011</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Gross profit</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>94,389</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>75,724</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>227,015</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>180,027</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Selling, general and administrative expenses</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">28,430</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">21,978</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">83,080</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">60,747</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Restructuring and other charges (note 1)</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">4,589</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">&#150;</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">22,339</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Earnings before the undernoted items</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>61,370</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>53,746</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>121,596</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>119,280</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Depreciation and amortization</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">10,272</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">8,169</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">28,521</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">23,311</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Interest, net</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2">1,453</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2">759</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2">3,501</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2">2,028</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font size="2" face="Times New Roman">
    <font SIZE="2">Non-controlling interest in income of </font>consolidated joint venture</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">503</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">192</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">625</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2">240</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Earnings before income taxes</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>49,142</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>44,626</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>88,949</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>93,701</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2">Income tax (recovery) expense</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">(3,255)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">1,795</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">(205)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2">3,660</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Net earnings</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6"><font SIZE="2"><b>
    $</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>52,397</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>42,831</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>89,154</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>90,041</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Basic EPS</b></font></td>
    <td WIDTH="3%" align="left"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>0.44</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>0.36</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>0.74</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>0.75</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>0.43</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>0.35</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>0.73</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>0.74</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15"><font SIZE="2"><b>Weighted average number of shares
    outstanding (in thousands)</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="margin-left: 15"><font SIZE="2">Basic</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>120,359</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>120,155</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>120,319</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font SIZE="2"><b>120,068</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="margin-left: 15"><font SIZE="2">Diluted</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>121,599</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>121,254</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>121,525</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font SIZE="2"><b>121,222</b></font></td>
  </tr>
</table>
<font SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
</font>
<p align="right">7</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always">
</font>

<font face="Times New Roman">
<p align="center"><font style="font-size: 16pt"><b>Gildan Activewear Inc.<br>
</b></font>
</font>

<font SIZE="2" face="Times New Roman"><b>Consolidated Statements of Cash Flows<br>
</b></font><font face="Times New Roman">
<font style="font-size: 9pt">(In thousands of U.S. dollars)</font></font></p>
<p align="center">&nbsp;</p>

<font size="2" face="Times New Roman">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="43%">&nbsp;</td>
    <td WIDTH="27%" align="center" colspan="5">

<font size="2" face="Times New Roman">
    <font SIZE="2"><i><b>
    <p style="margin-right: 4">Three months ended</b></i></font></font></td>
    <td WIDTH="3%" align="center">&nbsp;</td>
    <td WIDTH="27%" align="center" colspan="5">

<font size="2" face="Times New Roman">
    <font SIZE="2"><i><b>
    <p style="margin-right: 4">Nine months ended</b></i></font></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">July 1, 2007</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">July 2, 2006</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">July 1, 2007</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">July 2, 2006</font></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Cash flows from operating
    activities:</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Net earnings</font></td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">52,397</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">42,831</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">89,154</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">90,041</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Adjustments for:</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Depreciation and amortization</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">11,038</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">8,169</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">31,413</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">23,311</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">
    <font SIZE="2" face="Times New Roman">Impairment loss and writedown of
    property, </font>plant and equipment</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">
    <font SIZE="2" face="Times New Roman">(Gain) loss on disposal of assets held
    for sale</font> and property, plant and equipment</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(118)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">833</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(1,856)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,175</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Stock-based compensation costs</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">371</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">318</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">1,149</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">843</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Future income taxes</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(4,689)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">427</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(3,210)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">845</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Non-controlling interest</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">503</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">192</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">625</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">240</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Unrealized foreign exchange
    loss (gain)</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">3,029</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">(766)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1,441</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">(647)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">62,531</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">52,004</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">122,276</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">115,808</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Changes in non-cash working
    capital balances:</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Accounts receivable</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(45,712)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(29,333)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(16,266)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(24,077)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Inventories</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">11,051</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">25,330</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(30,885)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">(26,400)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Prepaid expenses and deposits</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(2,499)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(2,413)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(3,816)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(1,908)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Accounts payable and accrued
    liabilities</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,354</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">293</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,119</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">(3,499)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Income taxes payable</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">1,607</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">1,240</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(338)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">1,225</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">32,332</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">47,121</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">72,090</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">61,149</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Cash flows from (used in)
    financing activities:</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">(Decrease) increase in
    revolving term credit facility</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(13,000)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">30,000</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Net decrease in other long-term
    debt</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(18,266)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">(18,007)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">(20,948)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">(18,588)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Proceeds from the issuance of
    shares</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">180</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">167</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">949</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">1,614</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(31,086)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(17,840)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">10,001</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(16,974)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Cash flows used in investing
    activities:</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Purchase of property, plant and
    equipment</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(32,864)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(17,772)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">(108,315)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">(53,995)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Proceeds from assets held for
    sale</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4,429</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,027</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,424</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,027</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="text-indent: -15; margin-left: 30">Increase in other assets</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(778)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">(756)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(1,786)</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">(1,007)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(29,213)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(13,501)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(103,677)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(49,975)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 30">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Effect of exchange rate changes
    on cash and </b></font><font SIZE="2" face="Times New Roman"><b>cash
    equivalents denominated in foreign currencies</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">23</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(26)</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">116</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(119)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Net (decrease) increase in cash
    and cash equivalents </b></font><font SIZE="2" face="Times New Roman"><b>
    during the period</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2"><b>(27,944)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">15,754</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2"><b>(21,470)</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">(5,919)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Cash and cash equivalents,
    beginning of period</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">35,481</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">48,129</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">69,802</b></font></td>
  </tr>
  <tr>
    <td WIDTH="43%">
    <p style="text-indent: -15; margin-left: 15">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font SIZE="2"><b>
    <p style="text-indent: -15; margin-left: 15">Cash and cash equivalents, end
    of period</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7,537</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">63,883</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">7,537</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">63,883</b></font></td>
  </tr>
</table>
<p>
<font SIZE="2">
See accompanying condensed notes to interim consolidated financial
statements.</font></p>
<p align="right">8</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always">
<p align="center"><font style="font-size: 16pt" face="Times New Roman"><b>Gildan Activewear Inc.<br>
</b></font>
<b>Consolidated Balance Sheets<br>
</b>
<font style="font-size: 9pt" face="Times New Roman">(In thousands of U.S. dollars)</font></p>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4"><u>July 1, 2007</u></font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4"><u>October 1, 2006</u></font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4"><u>July 2, 2006</u></font></font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(audited)</font></font></td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="12%" align="right" colspan="2" valign="bottom">

<font size="2" face="Times New Roman">
    <font size="2">
    <p style="margin-right: 4">(unaudited)</font></font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="3%" align="left" valign="bottom">&nbsp;</td>
    <td WIDTH="9%" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="3%" align="left" valign="bottom">&nbsp;</td>
    <td WIDTH="9%" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" valign="bottom">&nbsp;</td>
    <td WIDTH="3%" align="left" valign="bottom">&nbsp;</td>
    <td WIDTH="9%" align="right" valign="bottom">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Current assets:</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Cash and cash equivalents</font></td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">7,537</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">29,007</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">63,883</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Accounts receivable</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">183,557</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">165,870</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">133,666</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Inventories</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">231,538</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">200,653</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">161,261</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Prepaid expenses and deposits</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">9,573</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">5,757</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">6,302</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Future income taxes</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">4,601</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">5,298</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">8,575</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">436,806</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">406,585</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">373,687</font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Property, plant and equipment</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">368,477</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">302,677</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">292,985</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Intangible assets</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,030</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,513</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Assets held for sale</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">2,434</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Other assets</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">8,266</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">4,501</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">6,475</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">825,013</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">723,276</b></font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3" bgcolor="#E6E6E6">
    <font SIZE="2"><b>
    <p style="margin-right: 4">673,147</b></font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Current liabilities:</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Bank indebtedness</font></td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,500</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,500</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left"><font SIZE="2">$</font></td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,980</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">120,229</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">117,984</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">86,579</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Income taxes payable</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,054</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,269</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,516</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Current portion of long-term debt</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">3,934</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">21,820</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">19,582</font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">129,717</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">145,573</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">113,657</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Long-term debt (note 2)</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">38,979</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">12,041</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">8,977</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">28,221</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">29,443</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">31,821</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Non-controlling interest in consolidated
    joint venture</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,279</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,654</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,634</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Shareholders' equity:</b></font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Share capital</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">87,686</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">86,584</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">85,791</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Contributed surplus</font></td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,361</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,365</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right"><font SIZE="2">
    <p style="margin-right: 4">2,439</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-left: 15">Retained earnings</font></td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">504,522</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">415,368</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font SIZE="2">
    <p style="margin-right: 4">398,580</font></td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2">
    <p style="margin-left: 15">Accumulated other comprehensive income</font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="58%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">621,817</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">530,565</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">
    <p style="margin-right: 4">513,058</font></td>
  </tr>
  <tr>
    <td WIDTH="58%">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="58%"><font SIZE="2"><b>Total liabilities and shareholders' equity</b></font></td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">825,013</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">723,276</b></font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="left" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>$</b></font></td>
    <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 3">
    <font SIZE="2"><b>
    <p style="margin-right: 4">673,147</b></font></td>
  </tr>
</table>
<p>
<font SIZE="2">
See accompanying condensed notes to interim consolidated financial
statements.</font></p>
<p align="right">9</p>
<hr color="#000000" size="5"><p style="PAGE-BREAK-BEFORE: always">
</font>

<font face="Times New Roman">
<p align="justify"><b><font style="font-size: 16pt">Gildan Activewear Inc. &#150;
Condensed notes to interim consolidated financial statements</font><font size="2"><br>
</font></b><font style="font-size: 9pt">(tabular amounts in thousands of U.S.
dollars)</font></p>

<font size="2" face="Times New Roman">
<p align="justify">&nbsp;</p>
<p align="justify"><font size="2">For complete notes to the interim consolidated
financial statements, please refer to filings with the various securities
regulatory authorities.</font></p>
</font>

</font>

<font size="2" face="Times New Roman">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td WIDTH="5%"><font size="2">1.</font></td>
    <td WIDTH="95%" colspan="10"><font size="2">The following table summarizes
    the components of restructuring and other charges:</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="95%" colspan="10">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="27%" align="center" style="border-bottom-style: none; border-bottom-width: medium" colspan="4" bgcolor="#9ACCFF">
    <i><b><font size="2"><font style="background-color: #9ACCFF">Three months ended
    </font> </font></b></i></td>
    <td WIDTH="3%" align="center" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    <td WIDTH="27%" align="center" style="border-bottom-style: none; border-bottom-width: medium" colspan="4" bgcolor="#9ACCFF">
    <i><b><font size="2">Nine&nbsp; months ended </font></b></i></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">July 1,
    2007 </font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">July 2,
    2006 </font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="9%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">July 1,
    2007 </font></td>
    <td WIDTH="3%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">July 2,
    2006</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" bgcolor="#E6E6E6"><font size="2" face="Times New Roman">Accelerated
    depreciation <font size="2">(a) </font></font></td>
    <td WIDTH="3%" bgcolor="#E6E6E6"><font size="2" face="Times New Roman">$</font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">766</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&nbsp;&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" bgcolor="#E6E6E6"><font size="2" face="Times New Roman">$</font></td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">2,892</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&nbsp;&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%"><font size="2" face="Times New Roman">Gain on disposal of
    assets held for sale (b) </font></td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="9%" align="right"><font size="2" face="Times New Roman">(58)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">

<font size="2" face="Times New Roman">
    <p style="margin-right: 4">&nbsp;&#150;</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="9%" align="right"><font size="2" face="Times New Roman">(1,836)</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">

<font size="2" face="Times New Roman">
    <p style="margin-right: 4">&nbsp;&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" bgcolor="#E6E6E6"><font size="2" face="Times New Roman">Asset impairment loss
    (c) </font></td>
    <td WIDTH="3%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">3,560</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%"><font size="2" face="Times New Roman">Severance (c) </font></td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">1,234</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">13,296 </font></td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" bgcolor="#E6E6E6"><font size="2" face="Times New Roman">Other (d) </font></td>
    <td WIDTH="3%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">2,647</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="3%" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="9%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">4,427</font></td>
    <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="3%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2"><font size="2" face="Times New Roman">$</font></td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">4,589</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="3%" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2"><font size="2" face="Times New Roman">$</font></td>
    <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">22,339 </font></td>
    <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
    <p style="margin-right: 4"><font size="2" face="Times New Roman">&#150;</font></td>
  </tr>
  <tr>
    <td WIDTH="5%">&nbsp;</td>
    <td WIDTH="38%">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="9%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="3%">&nbsp;</td>
    <td WIDTH="9%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="3%" align="right">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  </table>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" height="385">
  <tr>
    <td WIDTH="5%" valign="top" height="75"><font size="2">(a)</font></td>
    <td WIDTH="95%" valign="top" height="75"><font size="2">
    <p align="justify">In September 2006, the Company announced a restructuring
    of its Canadian manufacturing operations, </font>

<font size="2" face="Times New Roman">
    <font size="2">involving the closure of its textile manufacturing facility
    in Valleyfield, Quebec, and the downsizing of its Montreal, Quebec, knitting
    facility, to take effect in December 2006. In the fourth quarter of fiscal
    2006, the Company recorded severance charges of $2.1 million and other exit
    costs of $1.6 million relating to this restructuring. In addition, during
    the fourth quarter of fiscal 2006, the Company recorded an impairment loss
    of $15.1 million on all Canadian textile and related manufacturing assets,
    and reduced its estimate of the remaining economic lives of these assets.
    The effect of this change in estimate, amounting to $0.8 million in the
    third quarter of fiscal 2007 and $2.9 million for the first nine months of
    fiscal 2007, has been classified as accelerated depreciation and included in
    restructuring and other charges. An additional $0.4 million of accelerated
    depreciation will be recorded in the fourth quarter of fiscal 2007.</font></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">
    <p align="justify">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="45"><font size="2">(b)</font></td>
    <td WIDTH="95%" valign="top" height="45"><font size="2">
    <p align="justify">During the fourth quarter of fiscal 2006, the Company
    announced the relocation and consolidation of its U.S. </font>

<font size="2" face="Times New Roman">
    <font size="2">retail distribution centres, which was completed during the
    third quarter of fiscal 2007, and the closure of its Canadian distribution
    centre in Montreal, Quebec, effective October 2006. The Company also
    announced the closure and downsizing of sock manufacturing capacity located
    in North Carolina and Virginia. During the second quarter of fiscal 2007,
    the Company sold some of the assets related to these facilities and recorded
    a gain of $1.8 million. The Company sold some of the remaining assets during
    the third quarter of fiscal 2007 and recorded a net gain of $0.1 million.</font></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">
    <p align="justify">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="75"><font size="2">(c)</font></td>
    <td WIDTH="95%" valign="top" height="75"><font size="2">
    <p align="justify">On March 27, 2007, the Company announced plans to close
    its two remaining textile facilities in Montreal, </font>

<font size="2" face="Times New Roman">
    <font size="2">Quebec, as well as its cutting facility in Bombay, N.Y., in
    the fourth quarter of fiscal 2007. In addition, the Company closed two
    sewing facilities in Mexico, which had been supplied with fabric from
    Gildan&#146;s Canadian textile operations. In the third quarter and in the first
    nine months of fiscal 2007, the Company recorded severance costs of $1.2
    million and $13.3 million respectively, primarily relating to these plant
    closures. The Company expects to recognize additional severance of $1.4
    million in the fourth quarter of fiscal 2007. Concurrent with the
    restructuring of the Canadian textile operations, the Company also announced
    plans to relocate the corporate office, which is currently located in the
    same building as its Montreal knitting facility, into leased premises in the
    Montreal area. In the second quarter of fiscal 2007, the Company recorded a
    $3.6 million asset impairment loss relating to our corporate head office
    facility.</font></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">
    <p align="justify">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="45"><font size="2">(d)</font></td>
    <td WIDTH="95%" valign="top" height="45"><font size="2">
    <p align="justify">Other costs of $2.6 million for the third quarter and
    $4.4 million for the nine months ended July 1, 2007, relate </font>

<font size="2" face="Times New Roman">
    <font size="2">primarily to exit costs incurred in connection with the
    closures noted above, including carrying and dismantling costs associated
    with assets held for sale. Other costs also include temporary incremental
    duties incurred as a result of the closure of our Mexican sewing facilities.
    These duties will not be incurred after the completion of our restructuring
    initiatives in the fourth quarter of fiscal 2007. The Company expects to
    incur additional exit and duty costs relating to these closures of
    approximately $2.4 million, which will be accounted for as incurred during
    the fourth quarter of fiscal 2007.</font></font></td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="12"><font size="2">2.</font></td>
    <td WIDTH="95%" valign="top" height="12">
    <p align="justify"><font size="2">As at July 1, 2007, long-term debt
    includes $30.0 million drawn on the Company&#146;s $300 million revolving term
    credit facility, which matures in June 2012. There were no amounts drawn
    under this facility at October 1, 2006 or July 2, 2006. </font></td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19">&nbsp;</td>
    <td WIDTH="95%" valign="top" height="19">
    <p align="justify">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="5%" valign="top" height="19"><font size="2">3.</font></td>
    <td WIDTH="95%" valign="top" height="19">
    <p align="justify"><font size="2">Certain comparative figures have been
    reclassified in order to conform to the current period&#146;s presentation </font></td>
  </tr>
</table>
<p align="right">10</p>
<hr color="#000000" size="5">
</font>

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