UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 14, 1997
GALEY & LORD, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 56-1593207
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
980 Avenue of the Americas
New York, New York 10018
(Address of principal executive offices) Zip Code
212/465-3000
Registrant's telephone number, including area code
Not Applicable
Former name, former address and former fiscal year, if changed since last
report.
<PAGE>
Item 5. Other Events.
Incorporated by reference herein and attached as an exhibit hereto is the press
release of Galey & Lord, Inc. (the "Company") dated March 14, 1997, announcing
that the Company's expected earnings for the March quarter 1997 will likely fall
short of the average estimates that stock analysts have projected.
Exhibit
1. Press Release of Galey & Lord, Inc., dated March 14, 1997.
<PAGE>
SIGNATURES
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 hereunto duly authorized.
Galey & Lord, Inc.
(Registrant)
/s/ Michael R. Harmon
Michael R. Harmon
Executive Vice-President,
Chief Financial Officer
(Principal Financial and
Accounting Officer),
Treasurer and Secretary
March 21, 1997
Date
(GALEY & LORD LOGO) P.O. BOX 35528
GREENSBORO, NORTH CAROLINA 27425-0528
CONTACTS: Arthur C. Wiener
(212) 465-3000
Michael R. Harmon
(910) 665-3037
GALEY & LORD ANNOUNCES
EARNINGS EXPECTATIONS FOR MARCH QUARTER
Greensboro, N.C., March 14, 1997/PRNewswire - Galey & Lord, Inc. (NYSE:GNL)
today announced that although it expects March quarter 1997 sales and earnings
to be up significantly from the March quarter 1996 results, that results for
March quarter 1997 will likely fall short of the average estimates that stock
analysts have currently projected for the Company for March quarter 1997. Mr.
Arthur C. Wiener, Chairman and CEO, commented that "earnings per share for March
quarter 1997 will likely be near the lower end of the range of $.32 to $.40 per
share currently estimated by stock analysts. This decrease in projected earnings
is primarily due to manufacturing inefficiencies caused by increasing production
rates to maximum levels to meet higher customer demand for our products."
Additionally, Mr. Wiener commented that "our order backlog continues at all-time
highs and, in fact, is higher than year-ago orders in every business line." The
Company previously reported that the backlog at December 28, 1996 was $167
million, an increase of 84% versus the previous year backlog of $91 million.
Galey & Lord is a leading manufacturer of high-quality woven cotton and
cotton-blended apparel fabrics, sold principally to manufacturers of sportswear
and commercial uniforms. The Company also manufactures fabrics used in home
furnishings, including comforters, bedspreads and curtains. In June 1996, the
Company began offering finished garments to its branded apparel customers
through G&L Service Company, North America, Inc.
This press release contains statements which constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Those statements include statements regarding the intent, belief or current
expectations of the Company and its management team. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward-looking statements. Such
risks and uncertainties include, among other things, competitive and economic
factors in the textile, apparel and home furnishings markets, raw materials and
other costs, weather-related delays, general economic conditions and other risks
and uncertainties that may be detailed, from time to time, in Galey & Lord's
reports filed with the Securities and Exchange Commission.
