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<SEC-DOCUMENT>0001204459-07-001879.txt : 20071207
<SEC-HEADER>0001204459-07-001879.hdr.sgml : 20071207
<ACCEPTANCE-DATETIME>20071207111307
ACCESSION NUMBER:		0001204459-07-001879
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071206
FILED AS OF DATE:		20071207
DATE AS OF CHANGE:		20071207

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:		071291422

	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>gil6k120607.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

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

<body>

<div style="border-top: 1px solid; padding-top: 1px">
  <hr color="#000000" SIZE="5">
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">SECURITIES AND EXCHANGE COMMISSION</b> <br>
</font><font face="Times New Roman" size="2"><b>Washington, DC 20549</b> </p>
</font><font face="Times New Roman" size="5"><b>
<p align="center">Form 6-K</b> </p>
</font><font face="Times New Roman" size="2"><b>
<p align="center">Report of Foreign Private Issuer <br>
Pursuant to Rule 13a-16 or 15d-16 of<br>
&nbsp;the Securities Exchange Act of 1934</b> </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">For the month of:
      December 2007&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
      <td width="50%">
      <p align="center"><font face="Times New Roman" size="2">&nbsp;Commission File
      Number: 1-14830 </font></td>
    </tr>
  </table>
  </center>
</div>
<font face="Times New Roman" size="5"><b>
<p align="center">GILDAN ACTIVEWEAR INC.</b> <br>
</font>(<i>Translation of Registrant's name into English</i>) </p>
<b>
<p align="center">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>) </p>
<p 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: </p>
<div align="center">
  <center>
  <table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      20-F </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Form
      40-F </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>Indicate by check mark if the registrant is submitting the form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): <font face="Wingdings 2" size="3">
&#163;</font></p>
<p>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 12g3-2(b) under the Securities Exchange Act of 1934:
<font face="Wingdings 2" size="3">&#163;</font></p>
<div align="center">
  <center>
  <table id="AutoNumber2" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="50%" border="0">
    <tr>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">Yes
      </font><font face="Wingdings 2" size="3">&#163;</font></td>
      <td align="middle" width="50%"><font face="Times New Roman" size="2">No
      </font><font face="Wingdings 2" size="3">Q</font></td>
    </tr>
  </table>
  </center>
</div>
<p>If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A </p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">SIGNATURES</b> </p>
<p style="text-indent: 30px" align="justify">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. </p>
<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></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td vAlign="top">&nbsp;</td>
    <td style="border-bottom: medium none #000000" align="left" colSpan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">Date: December 6, 2007&nbsp;</td>
    <td vAlign="top">By:&nbsp;&nbsp;</td>
    <td style="border-top: medium none; 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>&nbsp;</p>
<hr color="#000000" SIZE="5">
<p style="page-break-before: always"><b></p>
<p align="center">EXHIBIT INDEX</b> </p>
<table style="font-size: 10pt; border-collapse: collapse" borderColor="#111111" height="46" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr style="font-size: 8pt" vAlign="bottom">
    <td style="border-bottom: 1px solid #000000" noWrap align="left" height="16" width="148">
    <b><font face="Times New Roman" size="2">Exhibit</font></b></td>
    <td height="16" width="20"><font face="Times New Roman" size="2">&nbsp;</font></td>
    <td style="border-bottom: 1px solid #000000" noWrap align="middle" height="16" width="818">
    <p align="left"><b><font face="Times New Roman" size="2">Description of
    Exhibit</font></b></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="top" height="1" width="148"></td>
    <td vAlign="top" height="1" width="20"></td>
    <td vAlign="top" height="1" width="818"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" height="15" width="148"></td>
    <td vAlign="center" height="15" width="20"></td>
    <td vAlign="center" height="15" width="818"></td>
  </tr>
  <tr vAlign="bottom">
    <td vAlign="center" bgColor="#E9F1F8" height="15" width="148">
    <a href="exh991.htm" style="text-decoration: none">1.</a></td>
    <td vAlign="center" bgColor="#E9F1F8" height="15" width="20">&nbsp;</td>
    <td vAlign="center" bgColor="#E9F1F8" height="15" width="818">
    <a href="exh991.htm" style="text-decoration: none">Press Release
    dated December 6, 2007</a></td>
  </tr>
</table>
<p>&nbsp;</p>
<hr color="#000000" size="5">
<p>&nbsp;</p>
</font>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
<title>Gildan Activewear: 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>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1" height="79">
  <tr>
    <td width="33%" height="79">&nbsp;</td>
    <td width="33%" height="79">
    <p align="center"><img border="0" src="exh9911.jpg" width="331" height="76"></td>
    <td width="34%" height="79">&nbsp;</td>
  </tr>
</table>
<p style="margin-bottom: 0"><font size="2">Contact: </font></p>
<p style="margin-left: 60; margin-top: -11pt"><font size="2">Laurence G. Sellyn,
Executive Vice-President, <br>
Chief Financial and Administrative Officer <br>
Tel: (514) 343-8805 <br>
Email: <font color="#0000FF"><u>lsellyn@gildan.com</u></font> </font></p>
<p style="margin-left: 60; margin-top: -11pt"><font size="2">Sophie Argiriou,
Director, <br>
Investor Communications <br>
Tel: (514) 343-8815 <br>
Email :<font color="#0000FF"> <u>sargiriou@gildan.com</u></font></font></p>
<i><b>
<p align="right"><font size="2">For Immediate Release</font></b></i><font size="2">
</font></p>
<b>
<p align="center"><u><font size="5">Gildan Activewear Announces Fourth Quarter
and Full Year Fiscal 2007 Results, and Reconfirms EPS Guidance for Fiscal 2008
</font></u></p>
<font SIZE="2">
<p align="justify">Montr&#233;al, Thursday, December 6, 2007</font></b><font SIZE="2">
&#150; Gildan Activewear Inc. (GIL; TSX and NYSE) today announced its financial
results for its fourth quarter and full fiscal year ended September 30, 2007.
The Company also reconfirmed its earnings guidance for its 2008 fiscal year. </p>
<p align="justify"><u>Fourth Quarter Sales and Earnings </u></p>
<p align="justify">Gildan reported fourth quarter net earnings of U.S. $40.9
million and diluted EPS of U.S. $0.34, after recording a restructuring charge in
the quarter of U.S. $4.9 million after-tax or U.S. $0.04 per share, which was
primarily related to the previously announced restructuring of the Company&#146;s
Canadian, Mexican and U.S. manufacturing facilities. Before reflecting the
restructuring charge, adjusted net earnings and adjusted diluted EPS for the
fourth quarter of fiscal 2007 amounted to U.S. $45.8 million or U.S. $0.38, up
respectively 24.5% and 26.7% from adjusted net earnings of U.S. $36.8 million
and adjusted diluted EPS of U.S. $0.30 in the fourth 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 impact of
income tax recoveries, partially offset by lower activewear selling prices,
higher raw material costs and higher selling, general and administrative and
depreciation expenses. The impact of the Kentucky Derby Hosiery acquisition was
U.S. $0.01 accretive to EPS in the fourth quarter, as the negative impact of
consuming high-cost inventories manufactured by external contractors was more
than offset by the favourable impact of recognizing the tax benefit of Kentucky
Derby Hosiery losses for the full fiscal year. </p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">Sales in the fourth quarter amounted to U.S. $254.9 million,
up 8.4% from U.S. $235.2 million in the fourth quarter of last year. The
increase in sales revenues was due to an 8.9% increase in unit sales volumes for
activewear and a 15.7% increase in unit sales volumes for socks, partially
offset by a 1.4% reduction in unit selling prices for activewear 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 September quarter was 2.4%. 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 September 30, 2007. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Gildan</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Gildan</u></b></font></td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Gildan</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Industry</u></b></font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Market Share</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Market Share</u></b></font></td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Unit Growth</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Unit Growth</u></b></font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2007</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2006</u></b></font></td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2007 vs.</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2007 vs.</u></b></font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2006</u></b></font></td>
      <td WIDTH="20%" align="center"><font SIZE="2"><b><u>Q4 2006</u></b></font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">48.2%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">42.7%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">All products</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">16.1%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">2.4%</font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">49.1%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">44.0%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">T-shirts</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">15.4%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">3.1%</font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">45.5%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">31.0%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">Fleece</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">44.7%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">(2.9)%</font></td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
      <td WIDTH="20%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">35.7%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">33.3%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">Sport shirts</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">2.1%</font></td>
      <td WIDTH="20%" align="center" bgcolor="#E9F1F8"><font SIZE="2">(5.3)%</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman PSMT" SIZE="2">
<p align="justify">Growth in the screenprint channel in international markets in
the fourth quarter continued to be strong. Unit shipments in Europe increased by
20.9% compared with the fourth quarter of fiscal 2006. </p>
<p ALIGN="JUSTIFY">Gross margins in the fourth quarter of fiscal 2007 were
32.2%, compared with 30.6% in the fourth quarter of fiscal 2006. Higher gross
margins for activewear were partially offset by lower gross margins for socks.
The increase in gross margins for activewear compared to last year was primarily
due to further manufacturing efficiencies, partially offset by lower selling
prices and higher cotton costs. The lower gross margins for socks, compared to
the fourth quarter of last year, reflected the consumption of high-cost
inventories from outside contractors which were used to support major new retail
programs during the transition of manufacturing to Gildan&#146;s new sock factory in
Honduras. Virtually all of the basic men&#146;s and boy&#146;s products for these sock
programs, as well as certain basic mass-market programs supplied by Prewett, are
now being manufactured at Gildan&#146;s new sock facility in Honduras. </p>
<p ALIGN="JUSTIFY">Selling, general and administrative expenses in the fourth
quarter were U.S. $27.9 million, or 10.9% of sales, compared to U.S. $23.6
million, or 10.1% of sales, in the fourth quarter of last year. The increase in
selling, general and administrative expenses was primarily due to higher
distribution costs and increased administration and information technology costs
to support the Company&#146;s continuing growth. The increase of U.S. $1.2 million in
depreciation and amortization expenses was due to the Company&#146;s continuing
investments in capacity expansion. </p>
<p ALIGN="right">2</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font>
<p align="justify">The company recorded a tax recovery of U.S. $4.6 million in
the fourth quarter which included the recognition of an income tax benefit of
U.S. $3.1 million relating to the fiscal 2007 full year operating loss incurred
by Kentucky Derby Hosiery. The tax benefit of operating losses may be recognized
if there is sufficient assurance that losses will be utilized against expected
future profits within the permitted time-frame. The Company also recognized tax
benefits in the amount of U.S. $1.9 million relating to a prior taxation year
which became statute-barred during fiscal 2007. </p>
<p align="justify"><u>Full Year Sales and Earnings </u></p>
<p align="justify">Sales for the fiscal year ended September 30, 2007 were U.S.
$964.4 million, up 24.7% compared to the same period last year. The growth in
sales reflected the impact of a full year of sock sales, compared with only one
quarter in fiscal 2006, and an increase of 11.3% in unit sales volumes for
activewear, together with a higher-valued activewear product-mix, partially
offset by a decrease in unit selling prices for activewear. </p>
<p align="justify">Net earnings in fiscal 2007 amounted to U.S. $130.0 million,
or U.S. $1.07 per share on a diluted basis compared to net earnings of U.S.
$106.8 million, or U.S. $0.88 per share, in fiscal 2006. Before the impact of
restructuring and other charges, adjusted net earnings increased to U.S. $157.3
million, or U.S. $1.29 per share on a diluted basis, compared to adjusted net
earnings of U.S. $126.8 million, or U.S. $1.05 per share, in fiscal 2006. 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 income tax recoveries, partially
offset by lower unit selling prices for activewear, higher cotton costs,
increased selling, general and administrative, depreciation and interest
expenses, together with the dilutive impact of the Kentucky Derby Hosiery
acquisition. </p>
<p align="justify"><u>Fiscal 2007 Cash Flow </u></p>
<p align="justify">In fiscal 2007, cash flow from operating activities less cash
flow from investing activities resulted in a net use of cash amounting to U.S.
$43.5 million. The Company used U.S. $36.4 million to finance accounts
receivable, including an increase in seasonal receivables due to higher fleece
sales in the fourth quarter, U.S. $39.3 million to finance higher inventories
including a temporary build-up of sock inventories in order to service new
retail sock programs during the transition to offshore manufacturing, and U.S.
$134.3 million for capital expenditures, 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>
<p align="justify"><u>EPS, Capital Expenditure and Free Cash Flow Guidance for
Fiscal 2008 </u></p>
<p align="justify">The Company has reconfirmed its previous EPS guidance for
fiscal 2008 of U.S. $1.85 per share, up 43.4% from U.S. $1.29 per share, before
restructuring and other charges, in fiscal 2007. Although a selling price
increase in the screenprint channel is currently being successfully implemented,
the Company believes that it is premature to increase its fiscal 2008 EPS
guidance, partially due to inflationary pressures on energy, dye and chemicals
costs and also due to the overall <font FACE="Times New Roman PSMT" SIZE="2">
uncertainty at this stage of the economic and market outlook for 2008. The
Company is projecting EPS for the first quarter of fiscal 2008 of approximately
U.S. $0.21 per share, up 50.0% from U.S. $0.14 in the first quarter of fiscal
2007. Projected results for the first quarter include the impact of the
consumption of high-cost sock inventories produced during fiscal 2007, as well
as the consumption of textiles produced in Canada prior to the closure of the
Company&#146;s remaining Canadian textile facilities. </p>
</font>
<p align="right">3</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="JUSTIFY">The Company is now projecting capital expenditures of
approximately U.S. $140 million in fiscal 2008, compared with its previous
estimate of U.S. $155 million. The reduction in projected capital expenditures
is primarily due to delays in the timing of a major energy cost reduction
project in Honduras, combined with below budget spending for the new activewear
facility currently being ramped up to full capacity in Honduras. The Company is
completing the ramp-up of its new sock and textile facilities in Honduras and
intends to proceed with the construction of a previously announced second sock
factory. The Company is also evaluating the timing and geographical location for
future textile capacity expansion, to support its ongoing growth initiatives in
the U.S. mass-marketretail and international markets.</p>
<p>Including a projected reduction in inventories, the Company expects to
generate free cash flow in fiscal 2008 in excess of U.S. $150 million, before
taking account of its investment in the acquisition of V.I. Prewett &amp; Son, Inc.
</p>
<p><u>Disclosure of Outstanding Share Data </u></p>
<p ALIGN="JUSTIFY">As of November 30, 2007, there were 120,426,127 common shares
issued and outstanding along with 975,539 stock options and 924,000 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 5:00 PM Eastern Standard Time. The conference call can be accessed by
dialing 800-261-3417</font><font FACE="Times New Roman PS" SIZE="2"><b> </b>
</font><font FACE="Times New Roman PSMT" SIZE="2">(Canada &amp; U.S.) or
617-614-3673 (international) and entering passcode 69031945, or by live sound
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 7:00 PM
EST by dialing 888-286-8010 (Canada &amp; U.S.) or 617-801-6888 (international) and
entering passcode 74477958, until December 13, 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 <font SIZE="2">&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. The
Company&#146;s products are also utilized for work uniforms and other end-uses 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 socks, underwear and activewear to mass-market retailers in
North America. </p>
</font></font>
<p align="right">4</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'><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; our reliance on a small number of significant customers;
changes in consumer preferences, customer demand for our products and our
ability to maintain customer relationships and grow our business; our customers
do not commit to minimum quantity purchases; the seasonality of our business;
our ability to attract and retain key personnel; high reliance on computerized
information systems; changes in accounting policies and estimates; and,
disruption to manufacturing and distribution activities due to labour
disruptions, bad 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>
<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>
<p align="right">5</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><i>(in US$ 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-bottom-style: solid">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2"><b>
    <p style="margin-right: 4">Q4 2007</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2">
    <p style="margin-right: 4">Q4 2006</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2"><b>
    <p style="margin-right: 4">YTD 2007</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2">
    <p style="margin-right: 4">YTD 2006</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font size="2">Net earnings</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2"><b>
    <p style="margin-right: 4">40.9</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">16.8</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2"><b>
    <p style="margin-right: 4">130.0</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">106.8</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">5.7</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">20.4</font></td>
    <td WIDTH="15%" align="right"><font size="2"><b>
    <p style="margin-right: 4">28.0</b></font></td>
    <td WIDTH="15%" align="right"><font size="2">
    <p style="margin-right: 4">20.4</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2">Less: income tax effect thereon</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2"><b>(0.8)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2">(0.4)</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2"><b>(0.7)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font size="2">(0.4)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid"><font size="2">Adjusted
    net earnings</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2"><b>
    <p style="margin-right: 4">45.8</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2">
    <p style="margin-right: 4">36.8</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2"><b>
    <p style="margin-right: 4">157.3</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid">
    <font size="2">
    <p style="margin-right: 4">126.8</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="#E9F1F8"><font size="2">Diluted EPS</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2"><b>
    <p style="margin-right: 4">0.34</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">0.14</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2"><b>
    <p style="margin-right: 4">1.07</b></font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">0.88</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Restructuring and other charges, net of tax</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">0.04</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">0.17</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><b>
    <p style="margin-right: 4">0.22</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">0.17</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid" bgcolor="#E9F1F8"><font size="2">Adjusted
    diluted EPS</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid" bgcolor="#E9F1F8">
    <font size="2"><b>
    <p style="margin-right: 4">0.38</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">0.30</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid" bgcolor="#E9F1F8">
    <font size="2"><b>
    <p style="margin-right: 4">1.29</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">1.05</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font size="2"><i>EPS amounts may not add due to rounding</i></font></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>
</table>
<font FACE="Times New Roman PS" SIZE="2"><i>
<p ALIGN="JUSTIFY">Free cash flow is defined as cash 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>
</i></font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><i>(in U.S. $ millions)</i></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">&nbsp;</td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2"><b>
    <p style="margin-right: 4">Q4 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; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2">
    <p style="margin-right: 4">Q4 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; line-height:100%; margin-top:0; margin-bottom:0">
    <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; line-height:100%; margin-top:0; margin-bottom:0">
    <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; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2"><b>Cash flows from operating activities</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2"><b>
    <p style="margin-right: 4">19.1</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">33.6</font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2"><b>
    <p style="margin-right: 4">91.2</b></font></td>
    <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">94.7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">Cash flows from investing activities</font></td>
    <td WIDTH="15%" align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2"><b>(31.0)</b></font></td>
    <td WIDTH="15%" align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">(46.1)</font></td>
    <td WIDTH="15%" align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2"><b>(134.7)</b></font></td>
    <td WIDTH="15%" align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">(96.1)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8" style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">Add back:</font></td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8" style="line-height: 100%; margin-top: 0; margin-bottom: 0">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8" style="line-height: 100%; margin-top: 0; margin-bottom: 0">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8" style="line-height: 100%; margin-top: 0; margin-bottom: 0">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="15%" align="right" bgcolor="#E9F1F8" style="line-height: 100%; margin-top: 0; margin-bottom: 0">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2">Acquisition of Kentucky Derby</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2"><b>
    <p style="margin-right: 4">-</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2">
    <p style="margin-right: 4">19.9</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2"><b>
    <p style="margin-right: 4">-</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1; line-height:100%; margin-top:0; margin-bottom:0">
    <font size="2">
    <p style="margin-right: 4">19.9</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2" face="Times New Roman"><b>Free
    cash flow</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2"><b>(11.9)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">7.4</font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font size="2"><b>(43.5)</b></font></td>
    <td WIDTH="15%" align="right" style="border-bottom-style: solid; line-height:100%; margin-top:0; margin-bottom:0" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">18.5</font></td>
  </tr>
  <tr>
    <td WIDTH="67%" COLSPAN="3"><font size="2"><i>Certain minor rounding
    variances exist between the financial statements and these summaries.</i></font></td>
    <td WIDTH="15%">&nbsp;</td>
    <td WIDTH="15%">&nbsp;</td>
  </tr>
</table>
<p align="right">6</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b><font size="5">
<p align="center">Gildan Activewear Inc.</font><font SIZE="2"><br>
Consolidated Statements of Earnings</font></b><font SIZE="2"><br>
(In thousands of U.S. dollars, except per share data)</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="center">&nbsp;</td>
    <td WIDTH="2%" align="center">&nbsp;</td>
    <td WIDTH="20%" COLSPAN="4" align="center"><font SIZE="2"><i><b>Three months
    ended</b></i></font></td>
    <td WIDTH="1%" align="center">&nbsp;</td>
    <td WIDTH="2%" align="center">&nbsp;</td>
    <td WIDTH="33%" COLSPAN="4" align="center"><font SIZE="2"><i><b>Twelve
    months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="16%" COLSPAN="3" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="15%" align="right" colspan="3"><font SIZE="2"><u>October 1, 2006</u></font></td>
    <td WIDTH="12%" COLSPAN="3" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="24%" COLSPAN="3" align="right"><font size="2"><u>October 1, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="15%" align="right" colspan="3"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="15%" align="right" colspan="3"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="15%" align="right" colspan="3"><font SIZE="2">(audited)</font></td>
    <td WIDTH="15%" align="right" colspan="3"><font SIZE="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%">&nbsp;</td>
    <td WIDTH="2%">&nbsp;</td>
    <td WIDTH="12%">&nbsp;</td>
    <td WIDTH="1%">&nbsp;</td>
    <td WIDTH="2%">&nbsp;</td>
    <td WIDTH="12%">&nbsp;</td>
    <td WIDTH="1%">&nbsp;</td>
    <td WIDTH="2%">&nbsp;</td>
    <td WIDTH="12%">&nbsp;</td>
    <td WIDTH="1%">&nbsp;</td>
    <td WIDTH="2%">&nbsp;</td>
    <td WIDTH="12%">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Sales</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">254,856</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">235,152</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">964,429</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">773,190</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Cost of sales</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">172,722</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">163,084</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">655,280</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">521,095</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2"><b>Gross profit</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">82,134</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">72,068</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">309,149</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">252,095</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Selling, general and administrative expenses</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">27,899</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">23,641</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">110,979</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">84,388</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">Restructuring and other charges (note 1)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">5,673</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">20,386</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">28,012</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">20,386</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Earnings before the undernoted items</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">48,562</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">28,041</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">170,158</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">147,321</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">Depreciation and amortization</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">10,256</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">9,072</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">38,777</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">32,383</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">Interest, net</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,397</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,039</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">4,898</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">3,067</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">Non-controlling interest in income of</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">consolidated joint venture</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">653</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">20</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,278</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">260</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Earnings before income taxes</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">36,256</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">17,910</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">125,205</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">111,611</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">Income tax (recovery) expense</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(4,610)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,122</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(4,815)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">4,782</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Net earnings</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">40,866</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">16,788</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">130,020</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">106,829</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Basic EPS</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.34</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.14</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">1.08</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.89</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Diluted EPS</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.34</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.14</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">1.07</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">0.88</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="52%" COLSPAN="4" bgcolor="#E9F1F8"><font SIZE="2"><b>Weighted average number of
    shares outstanding (in thousands)</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Basic</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,401</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,209</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,340</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">120,103</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Diluted</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,577</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,340</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,538</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">121,252</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font></font><b><font size="5">
<p align="center">Gildan Activewear Inc.</font><font SIZE="2"><br>
Consolidated Statements of Cash Flows</font></b><font SIZE="2"><br>
(In thousands of U.S. dollars)</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="23%" colspan="6" align="center"><font SIZE="2"><i><b>Three months
    ended</b></i></font></td>
    <td WIDTH="36%" colspan="6" align="center"><font SIZE="2"><i><b>Twelve
    months ended</b></i></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="12%" COLSPAN="3" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="15%" colspan="3" align="right"><font SIZE="2"><u>October 1, 2006</u></font></td>
    <td WIDTH="12%" COLSPAN="3" align="right"><font size="2"><u>September 30,
    2007</u></font></td>
    <td WIDTH="24%" COLSPAN="3" align="right"><font size="2"><u>October 1, 2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="15%" colspan="3" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="15%" colspan="3" align="right"><font SIZE="2">(unaudited)</font></td>
    <td WIDTH="15%" colspan="3" align="right"><font SIZE="2">(audited)</font></td>
    <td WIDTH="15%" colspan="3" align="right"><font SIZE="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash flows from operating activities:</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Net earnings</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4"><font SIZE="2">$</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">40,866</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">16,788</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">130,020</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right"><font SIZE="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">106,829</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">Adjustments for:</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Depreciation and amortization</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">10,857</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">9,072</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">42,270</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">32,383</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Impairment loss and writedown of property,</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 45">plant and equipment</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">15,149</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">15,149</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Loss (gain) on disposal of assets held for sale</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 45">and property, plant and equipment</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">658</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">22</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">(1,198)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,197</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Stock-based compensation costs</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">665</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">65</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">1,814</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">908</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Future income taxes</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(5,709)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">919</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(8,919)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">1,764</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Non-controlling interest</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">653</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">20</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">1,278</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">260</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Unrealized foreign exchange loss</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1,785</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">1,490</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">3,226</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p style="margin-right: 4">843</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">49,775</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">43,525</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">172,051</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">159,333</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Changes in non-cash working capital balances:</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Accounts receivable</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(20,126)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(16,981)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(36,392)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(41,058)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Inventories</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(8,425)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(9,035)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(39,310)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(35,435)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Prepaid expenses and deposits</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">1,614</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">2,003</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(2,202)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">95</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 30">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(4,446)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">14,545</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(3,327)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">11,046</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">Income taxes payable</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">681</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(485)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">343</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">740</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">19,073</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">33,572</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">91,163</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">94,721</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash flows from (used in) financing
    activities:</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Decrease in bank indebtedness</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(3,500)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(17,830)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(3,500)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(17,830)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">Increase in amounts drawn under revolving</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">19,000</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">49,000</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 30">long-term credit facility</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Repayment of other long-term debt</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(2,253)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(4,587)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(23,201)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(23,866)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">Increase in other long-term debt</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">691</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Repayment of capital leases</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(186)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(186)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">Proceeds from the issuance of shares</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">302</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">194</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,251</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">1,808</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">13,549</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(22,409)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">23,550</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(39,383)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash flows used in investing activities:</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Purchase of property, plant and equipment</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(25,967)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(26,188)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(134,282)</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">(80,183)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">Acquisition of Kentucky Derby Hoisery Co., Inc</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(19,911)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2">(19,911)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2">
    <p style="margin-left: 15">Proceeds from the sale of assets held for sale</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">244</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">6,668</font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2">
    <p style="margin-right: 4">5,027</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 15">(Increase) decrease in other assets</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(5,289)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">
    <p style="margin-right: 4">21</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(7,075)</font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">(986)</font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(31,012)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(46,078)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(134,689)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>(96,053)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Effect of exchange rate changes on cash
    and</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-left: 15">cash equivalents denominated in foreign
    currencies</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">103</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">39</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">219</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2"><b>
    <p style="margin-right: 4">(80)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2"><b>Net increase (decrease) in cash and cash
    equivalents</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2"><b>
    <p style="margin-left: 15">during the period</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>
    <p style="margin-right: 4">1,713</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>(34,876)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>(19,757)</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font SIZE="2"><b>(40,795)</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E9F1F8"><font SIZE="2"><b>Cash and cash equivalents, beginning of
    period</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">7,537</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">63,883</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
    <td WIDTH="1%" align="right" bgcolor="#E9F1F8" style="border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>
    <p style="margin-right: 4">69,802</b></font></td>
  </tr>
  <tr>
    <td WIDTH="40%">&nbsp;</td>
    <td WIDTH="1%" align="right" style="border-right-style: none; border-right-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" style="border-style: none; border-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" style="border-style: none; border-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="1%" align="right" style="border-style: none; border-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%"><font SIZE="2"><b>Cash and cash equivalents, end of period</b></font></td>
    <td WIDTH="1%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">9,250</b></font></td>
    <td WIDTH="1%" align="right" style="border-top-style: none; border-top-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
    <td WIDTH="1%" align="right" style="border-top-style: none; border-top-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">9,250</b></font></td>
    <td WIDTH="1%" align="right" style="border-top-style: none; border-top-width: medium">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">$</b></font></td>
    <td WIDTH="12%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2"><b>
    <p style="margin-right: 4">29,007</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
</font><hr color="#000000" size="5"><p Style='page-break-before:always'></font>

<b>
<p align="center"><font size="5">Gildan Activewear Inc.<br>
</font>
<font size="2">Consolidated Balance Sheets</font></b><font SIZE="2"><br>
(in thousands of U.S. dollars)</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="49%">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: none; border-bottom-width: medium">
    <u>
    <font SIZE="2">September 30, 2007</font></u></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: none; border-bottom-width: medium">
    <u>
    <font SIZE="2">October 1, 2006</font></u></td>
  </tr>
  <tr>
    <td WIDTH="49%">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">(audited)</font></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: none; border-top-width: medium">
    <font SIZE="2">(audited)</font></td>
  </tr>
  <tr>
    <td WIDTH="49%">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Current assets:</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%"><font SIZE="2">
    <p style="margin-left: 20">Cash and cash equivalents</font></td>
    <td WIDTH="12%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">9,250</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">$</font></td>
    <td WIDTH="13%" align="right"><font SIZE="2">29,007</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Accounts receivable</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">206,088</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">165,870</font></td>
  </tr>
  <tr>
    <td WIDTH="49%"><font SIZE="2">
    <p style="margin-left: 20">Inventories</font></td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">239,963</font></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">200,653</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Prepaid expenses and deposits</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">7,959</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">5,757</font></td>
  </tr>
  <tr>
    <td WIDTH="49%"><font SIZE="2">
    <p style="margin-left: 20">Future income taxes</font></td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2,610</font></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">5,298</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">465,870</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">406,585</font></td>
  </tr>
  <tr>
    <td WIDTH="49%">&nbsp;</td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Property, plant and
    equipment</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">377,617</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">302,677</font></td>
  </tr>
  <tr>
    <td WIDTH="49%"><font SIZE="2"><b>Other assets</b></font></td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">11,426</font></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">4,501</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Assets held for sale</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">6,610</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="49%"><font SIZE="2"><b>Intangible assets</b></font></td>
    <td WIDTH="12%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">2,024</font></td>
    <td WIDTH="13%" align="right">&nbsp;</td>
    <td WIDTH="13%" align="right"><font SIZE="2">9,513</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">10,939</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    4<font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2"><b>Total assets</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom: 2px solid #000000" bgcolor="#FFFFFF">
    <font SIZE="2"><b>874,486</b></font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom: 2px solid #000000" bgcolor="#FFFFFF">
    <font SIZE="2"><b>723,276</b></font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Current liabilities:</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2">
    <p style="margin-left: 20">Bank indebtedness</font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF"><font SIZE="2">$</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">-</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">$</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">3,500</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Accounts payable and accrued liabilities</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">116,683</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">117,984</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2">
    <p style="margin-left: 20">Income taxes payable</font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">2,949</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">2,269</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Current portion of long-term debt</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">3,689</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E9F1F8">
    <font SIZE="2">21,820</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">123,321</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">145,573</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Long-term debt (note 2)</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">55,971</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">12,041</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2"><b>Future income taxes</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">24,612</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">29,443</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Non-controlling interest
    in consolidated joint venture</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">6,932</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">5,654</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Shareholders' equity:</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2">
    <p style="margin-left: 20">Share capital</font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">88,061</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">86,584</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Contributed surplus</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">3,953</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2">2,365</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF"><font SIZE="2">
    <p style="margin-left: 20">Retained earnings</font></td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">545,388</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF"><font SIZE="2">415,368</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2">
    <p style="margin-left: 20">Accumulated other comprehensive income</font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom: 1px solid #000000" bgcolor="#E9F1F8">
    <font SIZE="2">26,248</font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom: 1px solid #000000" bgcolor="#E9F1F8">
    <font SIZE="2">26,248</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom: 1px solid #000000" bgcolor="#FFFFFF">
    <font SIZE="2">663,650</font></td>
    <td WIDTH="13%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom: 1px solid #000000" bgcolor="#FFFFFF">
    <font SIZE="2">530,565</font></td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="49%" bgcolor="#E9F1F8"><font SIZE="2"><b>Total liabilities and shareholders' equity</b></font></td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom: 2px solid #000000" bgcolor="#E9F1F8">
    <font SIZE="2"><b>874,486</b></font></td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font SIZE="2"><b>$</b></font></td>
    <td WIDTH="13%" align="right" style="border-bottom: 2px solid #000000" bgcolor="#E9F1F8">
    <font SIZE="2"><b>723,276</b></font></td>
  </tr>
</table>
<font FACE="Arial MT" SIZE="2">
<p>See accompanying condensed notes to interim consolidated financial
statements.</p>
<hr color="#000000" size="5"><p Style='page-break-before:always'></font><b>
<p><font size="5">Gildan Activewear Inc. &#150; Condensed notes to interim consolidated financial
statements </font> <br>
</b><font SIZE="2">(tabular amounts in thousands of U.S. dollars) </p>
<p align="justify">For complete notes to the consolidated financial statements,
please refer to filings with the various securities regulatory authorities. </p>
<p>1.&nbsp;&nbsp;&nbsp;&nbsp; The following table summarizes the components of
restructuring and other charges: </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%">&nbsp;</td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="47%" align="center" colspan="3" bgcolor="#9ACCFF"><font SIZE="2">
    <i><b>Three months ended</b></i></font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="42%" align="center" colspan="3" bgcolor="#9ACCFF"><i><b>
    <font size="2">Twelve months ended</font></b></i></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%">&nbsp;</td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="12%" align="center"><font SIZE="2"><u>September 30,</u></font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font size="2"><u>October 1,</u></font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font SIZE="2"><u>September 30,</u></font></td>
    <td WIDTH="5%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font size="2"><u>October 1,</u></font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%">&nbsp;</td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="12%" align="center"><font size="2"><u>2007</u></font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font size="2"><u>2006</u></font></td>
    <td WIDTH="4%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font size="2"><u>2007</u></font></td>
    <td WIDTH="5%" align="center">&nbsp;</td>
    <td WIDTH="13%" align="center"><font size="2"><u>2006</u></font></td>
  </tr>
  <tr>
    <td WIDTH="1%" style="border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="4%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="12%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><u>(unaudited)</u></font></td>
    <td WIDTH="4%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><u>(unaudited)</u></font></td>
    <td WIDTH="4%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><u>(audited)</u></font></td>
    <td WIDTH="5%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="13%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2"><u>(audited)</u></font></td>
  </tr>
  <tr>
    <td WIDTH="1%" style="border-top-style: none; border-top-width: medium">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">Accelerated depreciation</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">601</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">3,493</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%"><font size="2">Loss (gain) on disposal of</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%"><font size="2">&nbsp;&nbsp;&nbsp; assets held for sale</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font size="2">
    <p style="margin-right: 4">306</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">(1,530)</font></td>
    <td WIDTH="5%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">
    <p style="margin-right: 4">-</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" bgcolor="#E9F1F8"><font size="2">Asset impairment loss</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">15,149</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">3,560</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">15,149</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%"><font size="2">Severance</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right"><font size="2">
    <p style="margin-right: 4">260</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">
    <p style="margin-right: 4">2,141</font></td>
    <td WIDTH="4%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">
    <p style="margin-right: 4">13,619</font></td>
    <td WIDTH="5%" align="right">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right"><font size="2">
    <p style="margin-right: 4">2,141</font></td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" bgcolor="#E9F1F8"><font size="2">Charge to comply with</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="1%">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" bgcolor="#E9F1F8"><font size="2">&nbsp;&nbsp;&nbsp;
    employment contract</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">1,456</font></td>
    <td WIDTH="4%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">-</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E9F1F8">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" bgcolor="#E9F1F8"><font size="2">
    <p style="margin-right: 4">1,456</font></td>
  </tr>
  <tr>
    <td WIDTH="1%" style="border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Other</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">4,506</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">1,640</font></td>
    <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">8,870</font></td>
    <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <p style="margin-right: 4">&nbsp;</td>
    <td WIDTH="13%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">
    <p style="margin-right: 4">1,640</font></td>
  </tr>
  <tr>
    <td WIDTH="1%" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    <p style="margin-left: 30">&nbsp;</td>
    <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">&nbsp;</td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">5,673</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">20,386</font></td>
    <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">28,012</font></td>
    <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">$</font></td>
    <td WIDTH="13%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E9F1F8">
    <font size="2">
    <p style="margin-right: 4">20,386</font></td>
  </tr>
</table>
<p ALIGN="JUSTIFY" style="text-indent: -26; margin-left: 26">2.&nbsp;&nbsp;&nbsp;&nbsp;
As at September 30, 2007, long-term debt includes $49 million drawn on the
Company&#146;s $300 million revolving long-term credit facility, which matures in
June 2012. There were no amounts drawn under this facility at October 1, 2006.
</p>
<p ALIGN="JUSTIFY" style="text-indent: -26; margin-left: 26">3.&nbsp;&nbsp;&nbsp;&nbsp;
October 15, 2007, the Company acquired 100% of the capital stock of V.I.Prewett
&amp; Son, Inc. (Prewett), a U.S. private label supplier of basic family socks to
U.S. mass-market retailers. Prewett&#146;s corporate headquarters are located in Fort
Payne, Alabama. The Company paid $125 million on closing, and also placed $10
million in escrow to provide a further contingent increase in the purchase price
of the acquisition. These funds were drawn under the Company&#146;s revolving
long-term credit facility. The Company has not yet finalized the allocation of
the purchase price for this acquisition. </p>
<p style="margin-left: 26">The acquisition is intended to enhance further the
Company&#146;s position as a full-product supplier of socks, activewear and underwear
for the retail channel. </p>
<p style="text-indent: -26; margin-left: 26">4.&nbsp;&nbsp;&nbsp;&nbsp; Certain
comparative figures have been reclassified in order to conform to the current
period&#146;s presentation. </p>
<hr color="#000000" size="5">
</font>

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