DELTA WOODSIDE INDUSTRIES INC /SC/
SC 13G/A, 1995-01-24
BROADWOVEN FABRIC MILLS, COTTON
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                               (Amendment No. )*

                        Delta Woodside Industries, Inc.
- - --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- - --------------------------------------------------------------------------------
                        (Title of Class of Securities)
                                   247909104
                    ---------------------------------------
                                (CUSIP Number)


Check the following box if a fee is being paid with this statement X. (A fee is
not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



SEC 1745               PAGE  1  OF  9  PAGES    
<PAGE>
 
- - -----------------------                                  ---------------------
  CUSIP NO. 247909104                   13G                PAGE 2 OF 9 PAGES
- - -----------------------                                  ---------------------
 
- - ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON   

      John Hancock Mutual Life Insurance Company
      I.R.S. No. 04-1414660
- - ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
      N/A                                        
- - ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- - ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Commonwealth of Massachusetts

- - ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                          -0- 
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING             -0- 
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                          -0- 
- - ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
      None, except through its indirect, wholly-owned subsidiaries, NM Capital 
      Management, Inc. and John Hancock Advisers, Inc.

- - ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
      N/A 
      
- - ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      See line 9, above.

- - ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      IC, BD, IA, HC

- - ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


                               Page 2 of 9 pages
<PAGE>
 
- - -----------------------                                  ---------------------
  CUSIP NO. 247909104                   13G                PAGE 3 OF 9 PAGES
- - -----------------------                                  ---------------------
 
- - ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      John Hancock Subsidiaries, Inc.
      I.R.S. No. 04-2687223
- - ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      N/A                                                       (b) [_]
                                                 
- - ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- - ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Delaware

- - ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                           -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING             -0- 
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                          -0- 
- - ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
      None, except through its indirect, wholly-owned subsidiaries, NM Capital 
      Management, Inc. and John Hancock Advisers. Inc.

- - ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
      N/A
 
- - ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      See line 9, above.

- - ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      HC

- - ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


                               Page 3 of 9 pages
<PAGE>
 
- - -----------------------                                  ---------------------
  CUSIP NO. 247909104                   13G                PAGE 4 OF 9 PAGES
- - -----------------------                                  ---------------------
 
- - ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      The Berkeley Financial Group
      I.R.S. No. 04-3145626
- - ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      N/A                                                       (b) [_]
                                                 
- - ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- - ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Commonwealth of Massachusetts

- - ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                          -0- 
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING             -0- 
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                          -0- 
- - ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
      1,855,008: 1,824,508 through its direct , wholly-owned subsidiary, NM
      Capital Management, Inc. and 30,500 through its direct, wholly-owned
      subsidiary, John Hancock Advisers, Inc.

- - ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
      N/A
 
- - ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      7.6%

- - ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      HC

- - ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


                               Page 4 of 9 pages
<PAGE>
 
- - -----------------------                                  ---------------------
  CUSIP NO. 247909104                   13G                PAGE 5 OF 9 PAGES
- - -----------------------                                  ---------------------
 
- - ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      NM Capital Management, Inc.
      I.R.S. No. 85-0268885
- - ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
      N/A                                                       (b) [_]
                                                 
- - ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- - ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      New Mexico

- - ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5     
     NUMBER OF            323,360
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6    
                          -0- 
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7     
    REPORTING             1,824,508   
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8    
                          -0- 
- - ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9    
      1,824,508

- - ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
      N/A
 
- - ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      7.5%

- - ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      IA

- - ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!


                               Page 5 of 9 pages
<PAGE>
 
        The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any tittle of each person who signs the statement shall be typed or
printed beneath his signature.

Note: Six copies of this statement, including all exhibits, should be filed with
      the Commission.

      Attention: Intentional misstatements or omissions of fact constitute
                 Federal criminal violations (See 18 U.S.C. 1001)


        Item 1(a)   Name of Issuer:
                    ---------------
                    Delta Woodside Industries, Inc. 

        Item 1(b)   Address of Issuer's Principal Executive Offices:
                    ------------------------------------------------
                    233 North Main Street
                    Hammond Square, Suite 200
                    Greenville, SC  29601

        Item 2(a)   Name of Person Filing:
                    ----------------------
                    This filing is made on behalf of John Hancock Mutual Life
                    Insurance Company ("JHMLICO"), JHMLICO's direct, wholly-
                    owned subsidiary, John Hancock Subsidiaries, Inc. ("JHSI"),
                    JHSI's direct, wholly-owned subsidiary, The Berkeley
                    Financial Group ("TBFG") and TBFG's direct, wholly-owned
                    subsidiary, NM Capital Management, Inc. ("NM").

        Item 2(b)   Address of the Principal Offices: 
                    ---------------------------------
                    The principal business offices of JHMLICO and JHSI are
                    located at John Hancock Place, P.O. Box 111, Boston, MA
                    02117. The principal business offices of TBFG is located at
                    101 Huntington Avenue, Boston, Massachusetts 02199. The
                    principal business office of NM is 6501 Americas Parkway,
                    Suite 950, Albuquerque, NM 87110-5372.

        Item 2(c)   Citizenship:
                    ------------
                    JHMLICO and TBFG were organized and exist under the laws of
                    the Commonwealth of Massachusetts. JHSI was organized and
                    exists under the laws of the State of Delaware. NM was
                    organized and exists under the laws of the State of New
                    Mexico.

        Item 2(d)   Title of Class of Securities:
                    -----------------------------
                    Common Stock.

        Item 2(e)   CUSIP Number:
                    -------------
                    247909104

        Item 3      If the Statement is being filed pursuant to Rule 13d-1(b),
                    ----------------------------------------------------------
                    or 13d-2(b), check whether the person filing is a:
                    --------------------------------------------------

                    JHMLICO:  (a) (X) Broker or Dealer registered under (S)15 of
                                      the Act.

                              (c) (X) Insurance Company as defined in
                                      (S)3(a)(19) of the Act.

                              (e) (X) Investment Adviser registered under (S)203
                                      of the Investment Advisers Act of 1940.

                              (g) (X) Parent Holding Company, in accordance with
                                      (S)240.13d-1(b)(ii)(G).



                             PAGE  6  OF  9  PAGES
<PAGE>
 
                JHSI    (g) (X) Parent Holding Company, in accordance with 
                                240.13d-1(b)(ii)(G).

                TBFG    (g) (X) Parent Holding Company, in accordance with 
                                240.13d-1(b)(ii)(G).

                NM      (e) (X) Investment Adviser registered under 203 of 
                                the Investment Advisers Act of 1940.

     Item 4     Ownership:

                (a)  Amount Beneficially Owned: 
                     --------------------------
                     NM beneficially owns 1,824,508 shares of Common Stock in
                     various advisory accounts. In addition to the shares owned
                     by NM, TBFG beneficially owns 30,500 shares of Common Stock
                     through its direct, wholly-owned subsidiary, John Hancock
                     Advisers, Inc. ("Advisers") which manages the John Hancock
                     Special Value Fund under an advisory agreement dated
                     October 1, 1993.

                (b)  Percent of Class:  
                     -----------------
                     TBFG - 7.6%
                     NM   - 7.5%

                (c)  (i)  sole power to vote or to direct the vote:
                          NM              - 323,360 shares
                          Advisers        -  30,500 shares

                    (ii)  shared power to vote or to direct the 
                          vote: -0-

                   (iii)  sole power to dispose or to direct the disposition of:
                          NM              - 1,824,508 shares
                          Advisers        -    30,500 shares
  
                    (iv)  shared power to dispose or to direct the disposition
                          of: -0-

     Item 5     Ownership of Five Percent or Less of a Class:
                ---------------------------------------------
                Not applicable.

     Item 6     Ownership of More than Five Percent on Behalf of Another Person:
                ----------------------------------------------------------------
                See Item 4(a).

     Item 7     Identification and Classification of the Subsidiary which 
                ---------------------------------------------------------
                Acquired the Security Being Reported on by the Parent Holding 
                -------------------------------------------------------------
                Company:
                --------
                See Items 2(a), 3 and 4.

     Item 8     Identification and Classification of Members of the Group:
                ---------------------------------------------------------- 
                Not applicable.

     Item 9     Notice of Dissolution of a Group:
                ---------------------------------
                Not applicable.

     Item 10    Certification:
                --------------
                By signing below the undersigned certifies that, to the best of
                its knowledge and belief, the securities referred to above were
                acquired in the ordinary course of business and were not
                acquired for the purpose of and do not have the effect of
                changing or influencing the control of the issuer of such
                securities and were not acquired in connection with or as a
                participant in any transaction having such purpose or effect.


                             PAGE  7  OF  9  PAGES
<PAGE>
 
                                   SIGNATURE

        After reasonable inquiry and to the best of its knowledge and belief,
 each of the undersigned certifies that the information set forth in this
 statement is true, complete and correct.
        



                                      JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY

                                      By:    /s/ John T. Farady
                                          --------------------------------------
                                      Name:  John T. Farady
                                            ------------------------------------
Dated: January 19, 1995               Title: Senior Vice President & Treasurer
     ------------------                      -----------------------------------


                                      JOHN HANCOCK SUBSIDIARIES, INC.

                                      By:    /s/ John T. Farady
                                          --------------------------------------
                                      Name:  John T. Farady
                                            ------------------------------------
Dated: January 19, 1995               Title: Treasurer
     ------------------                      -----------------------------------


                                      THE BERKELEY FINANCIAL GROUP

                                      By:    /S/ Susan S. Newton
                                          --------------------------------------
                                      Name:  Susan S. Newton
                                            ------------------------------------
Dated: January 19, 1995               Title: Vice President
     ------------------                      -----------------------------------



                                      NM CAPITAL MANAGEMENT, INC.

                                      By:    /S/ Susan S. Newton
                                          --------------------------------------
                                      Name:  Susan S. Newton
                                            ------------------------------------
Dated: January 19, 1995               Title: Vice President
     ------------------                      -----------------------------------
                                







                             PAGE  8  OF  9  PAGES
<PAGE>
 
                                                                       EXHIBIT A


                            JOINT FILING AGREEMENT
                            ----------------------

        John Hancock Mutual Life Insurance Company, John Hancock Subsidiaries,
Inc., The Berkeley Financial Group and NM Capital Mangement, Inc. agree that the
Initial Schedule 13G, to which this Agreement is attached, relating to the
Common Stock of Delta Woodside Industries, Inc., is filed on behalf of each of
them.



                                      JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY

                                      By:    /s/ John T. Farady
                                          --------------------------------------
                                      Name:  John T. Farady
                                            ------------------------------------
Dated: January 19, 1995               Title: Senior Vice President & Treasurer
      -----------------                      -----------------------------------


                                      JOHN HANCOCK SUBSIDIARIES, INC.

                                      By:    /s/ John T. Farady
                                          --------------------------------------
                                      Name:  John T. Farady
                                            ------------------------------------
Dated: January 19, 1995               Title: Treasurer
      -----------------                      -----------------------------------


                                      THE BERKELEY FINANCIAL GROUP

                                      By:    /S/ Susan S. Newton
                                          --------------------------------------
                                      Name:  Susan S. Newton
                                            ------------------------------------
Dated: January 19, 1995               Title: Vice President
      -----------------                      -----------------------------------



                                      NM CAPITAL MANAGEMENT, INC.

                                      By:    /S/ Susan S. Newton
                                          --------------------------------------
                                      Name:  Susan S. Newton
                                            ------------------------------------
Dated: January 19, 1995               Title: Vice President
      -----------------                      -----------------------------------
                                







                             PAGE  9  OF  9  PAGES


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