<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
(Mark One)
[ ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the fiscal year ended ____________________________________________
OR
[X] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from April 1, 1995 to December 31, 1995
--------------------- -----------------------
Commission file number 0-20382
A. Full title of the plan and the address of the plan, if different from
that of the issuer name below:
DANSKIN, INC. SAVINGS PLAN
B. Name of issuer of the securities held pursual to the plan and the
address of its principal executive office:
DANKSIN, INC.
111 W. 40th Street
New York, NY 10018
<PAGE>
<PAGE>
DANSKIN, INC. SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 1995 AND MARCH 31, 1995
<PAGE>
<PAGE>
DANSKIN, INC. SAVINGS PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
AS OF DECEMBER 31, 1995 AND MARCH 31, 1995
TABLE OF CONTENTS
<TABLE>
<S> <C>
Report of Independent Accountants F-1 - F-2
Statements of Net Assets Available for Plan
Benefits with Fund Information as of
December 31, 1995 and March 31, 1995. F-3
Statements of Changes in Net Assets Available
for Plan Benefits with Fund Information
for the Nine Months ended December 31, 1995. F-4
Notes to Financial Statements F-5 - F-11
Supplemental Schedules:
Item 27(a) - Schedule of Assets Held for
Investment Purposes as of December 31, 1995. S-1
Item 27(d) - Schedule of Reportable Transactions
for the Nine Months ended December 31, 1995. S-2
</TABLE>
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Danskin, Inc. Savings Plan:
We have audited the accompanying Statements of Net Assets Available for Plan
Benefits of DANSKIN, INC. SAVINGS PLAN (the "Plan") as of December 31, 1995 and
March 31, 1995, and the related Statements of Changes in Net Assets Available
for Plan Benefits for the nine months ended December 31, 1995. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted an audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Danskin,
Inc. Savings Plan as of December 31, 1995 and March 31, 1995, and the changes in
net assets available for plan benefits for the nine months ended December 31,
1995 in conformity with generally accepted accounting principles.
F-1
<PAGE>
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules listed on the
accompanying table of contents are presented for the purpose of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The Fund Information in the Statements of Net Assets
Available for Plan Benefits and the Statements of Changes in Net Assets
Available for Plan Benefits is presented for purposes of additional analysis
rather than to present the Net Assets Available for Plan Benefits and the
Changes in Net Assets Available for Plan Benefits of each fund. The supplemental
schedules and Fund Information have been subjected to the auditing procedures
applied in the audit of the basic financial statements, and, in our opinion, are
fairly stated in all material aspects in relation to the basic financial
statements taken as a whole.
Coopers & Lybrand L.L.P.
New York, New York
June 28, 1996
F-2
<PAGE>
<PAGE>
Danskin, Inc. Savings Plan
Statement of Net Assets Available for Plan Benefits with Fund Information
As of December 31, 1995 and
March 31, 1995
<TABLE>
<CAPTION>
PARTICIPANT DIRECTED
-------------------------------------------------
LIQUID ASSETS
LIQUID ASSETS COMPANY STOCK CAPITAL PRESERVATION CONSERVATIVE EQUITY
HOLDING ACCOUNT HOLDING ACCOUNT FUND FUND
---------------------- ---------------------- ----------------------- -----------------------
DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995
--------- ---------- --------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments (See Note 2):
Pooled Funds $2,927,504 $3,078,572
(cost $2,927,504 and
$3,078,572 respectively)
Mutual Funds $1,424,163 $1,422,527
(cost $2,611,728 and
$2,265,740 respectively)
Danskin, Inc. Common Stock
(69,685 shares and 69,104
shares, cost $276,335 and
$292,744 respectively)
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
2,927,504 3,078,572 1,424,163 1,422,527
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
Receivables
Employer Contributions 944 592
Participant Contributions 4,661 2,994
Loans Receivable
from Participants
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
5,605 3,586
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
Cash and Cash
Equivalents: $ 173,552 $140,439 $ 2,813 $3,420
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
Net Assets Available
for Plan Benefits: $ 173,552 $140,439 $ 2,813 $3,420 $2,927,504 $3,084,177 $1,424,163 $1,426,113
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
--------- ---------- --------- ----- ---------- ---------- ---------- ----------
<CAPTION>
PARTICIPANT DIRECTED
------------------------------------------------------------------------
DANSKIN, INC. AGGRESSIVE EQUITY PARTICIPANT LOAN
INCOME FUND COMPANY STOCK FUND FUND
----------------------- ---------------------- ---------------------- ----------------------
DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995 DEC. 1995 MARCH 1995
---------- ---------- --------- ---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments (See Note 2):
Pooled Funds
(cost $2,927,504 and
$3,078,572 respectively)
Mutual Funds $ 741,636 $701,692 $ 247,536 $156,906
(cost $2,611,728
and $2,265,740
respectively)
Danskin, Inc. $314,933 $200,816
Common Stock
(69,685 shares
and 69,104
shares, cost
$276,335 and
$292,744
respectively)
---------- ---------- --------- ---------- --------- ---------- --------- ----------
741,636 701,692 314,933 200,816 247,536 156,906
---------- ---------- --------- ---------- --------- ---------- --------- ----------
Receivables
Employer
Contributions 310 102 39
Participant
Contributions 1,511 456 194
Loans Receivable
from Participants $ 119,059 $124,381
---------- ---------- --------- ---------- --------- ---------- --------- ----------
1,821 558 233 119,059 124,381
---------- ---------- --------- ---------- --------- ---------- --------- ----------
Cash and Cash
Equivalents:
---------- ---------- --------- ---------- --------- ---------- --------- ----------
Net Assets Available
for Plan Benefits: $ 741,636 $703,513 $ 314,933 $201,374 $ 247,536 $157,139 $ 119,059 $124,381
---------- ---------- --------- ---------- --------- ---------- --------- ----------
---------- ---------- --------- ---------- --------- ---------- --------- ----------
<PAGE>
<CAPTION>
TOTAL
-----------------------
DEC. 1995 MARCH 1995
---------- ----------
Assets:
Investments (See Note 2):
Pooled Funds $2,927,504 $3,078,572
(cost $2,927,504 and
$3,078,572 respectively)
Mutual Funds 2,413,335 2,281,125
(cost $2,611,728 and
$2,265,740 respectively)
Danskin, Inc. 314,933 200,816
Common Stock (69,685 shares and
69,104 shares, cost $276,335 and
$292,744 respectively)
---------- ----------
5,655,772 5,560,513
---------- ----------
Receivables
Employer Contributions 1,987
Participant Contributions 9,816
Loans Receivable
from Participants 119,059 124,381
---------- ----------
119,059 136,184
---------- ----------
Cash and Cash
Equivalents: 176,365 143,859
---------- ----------
Net Assets Available
for Plan Benefits: $5,951,196 $5,840,556
---------- ----------
---------- ----------
The Accompanying Notes are an integral part of the financial statements.
</TABLE>
F-3
<PAGE>
<PAGE>
Danskin, Inc. Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
with Fund Information
For the Nine Months Ended December 31, 1995
<TABLE>
<CAPTION>
Participant Directed
---------------------------------------------------------
Liquid Company Danskin, Inc.
Assets Stock Capital Company
Holding Holding Preservation Conservative Income Stock Aggressive Participant
Account Account Fund Equity Fund Fund Fund Equity Fund Loan Fund TOTAL
------ ------- ------------ ------------ ------ ----- --------- ----------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Assets available for plan
benefits at March 31, 1995: $140,439 $ 3,420 $3,084,177 $1,426,113 $703,513 $ 201,374 $157,139 $124,381 $5,840,556
Additions to (deductions from)
net assets attributed to:
Net unrealized appreciation
(depreciation) in fair
value of investments: (261,782) 27,406 130,525 20,598 (83,253)
Realized appreciation
(depreciation): 21,516 (1,992) (14,781) 2,104 6,847
Interest and Dividends: 3,799 55 126,410 422,255 35,257 19,305 6,166 613,247
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
3,799 55 126,410 181,989 60,671 115,744 42,007 6,166 536,841
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Contributions from:
Employer: 40,754 25,601 16,376 2,891 10,217 95,839
Employees: 193,943 116,328 74,167 12,052 46,893 443,383
Rollovers: 8,575 3,085 10,385 4,186 26,231
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
243,272 145,014 100,928 14,943 61,296 565,453
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Total Additions 3,799 55 369,682 327,003 161,599 130,687 103,303 6,166 1,102,294
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Deductions from net assets
attributed to:
Distributions to Participants: 482,959 313,560 115,525 14,882 26,059 952,985
Forfeitures: 21,166 5,698 5,179 6,626 38,669
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
504,125 319,258 120,704 21,508 26,059 991,654
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Net Transfers Between Funds: 29,314 (662) (22,230) (9,695) (2,772) 4,380 13,153 (11,488)
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Net additions (deductions): 33,113 (607) (156,673) (1,950) 38,123 113,559 90,397 (5,322) 110,640
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
Net Assets available for
plan benefits
at December 31, 1995: $173,552 $2,813 $2,927,504 $1,424,163 $741,636 $314,933 $247,536 $119,059 $5,951,196
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
-------- -------- ---------- ---------- -------- ---------- -------- -------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-4
<PAGE>
<PAGE>
DANSKIN, INC. SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. Description of Plan
The following descriptions of the Danskin, Inc. (The "Company" or
"Sponsor") Savings Plan (the "Plan") is provided for general
information purposes only.
The Plan is a defined contribution plan subject to the requirements of
the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). The Plan became effective July 22, 1986 and was established
to provide deferred compensation to all non-union, full-time salaried
employees following attainment of age 21, and all nonunion part-time
salaried employees following completion of "Eligibility Service", as
defined.
Due to the change in the Sponsor's corporate year-end, the Plan's
year-end was changed from March 31 to December 31, effective for the
period ended December 31, 1995. All accounting for the current year was
on a nine month basis.
Contributions:
Each participant may elect to contribute to the Plan through
withholdings on compensation by any whole percentage an amount between
1% and 15%. The Company matches 25% of the employee's contributions up
to 6% of the employee's salary. The Company may, at its discretion,
make an additional annual contribution to the Plan which is allocated
to employees based upon their compensation. Effective January 1, 1994
the Plan was amended to allow such discretionary contributions to be
made in cash or in shares of Danskin, Inc. Common Stock. These
employee, Company match and discretionary Company contributions are all
deposited in the investment programs made available by the Plan in
multiples of 10% as directed by the participant. In the case of
discretionary contributions made in shares of Danskin, Inc. Common
Stock, such contribution is deposited in the Danskin, Inc. Company
Stock Fund. Such election by the participant may be revised on a
monthly basis. In addition, the participant may transfer assets among
funds as of the first of the month, but no more often than once every
three consecutive months.
Any amounts forfeited by terminated participants are used to reduce
Company matching contributions.
Allocations and Vesting:
Investment income by fund is allocated to individual accounts monthly
based on the proportion each account bears to the total of all account
balances within the Fund which earned the income.
Continued
F-5
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
Plan participants are at all times 100% vested in the value of their
contributions and rollover accounts. Participants who were eligible
participants on June 30, 1989 are 100% vested in the value of their
Company match and discretionary Company contributions. For employees
who became eligible participants in the Plan after June 30, 1989, all
company-matching contributions vest in accordance with the following
schedule:
<TABLE>
<CAPTION>
Years of Company Service Percentage Vested
------------------------ -----------------
<S> <C> <C>
Less than 3 0%
3 33%
4 66%
5 100%
</TABLE>
Participants also become 100% vested in their Company match and
discretionary Company contribution accounts upon termination of
employment due to death or disability, retirement or termination of the
Plan.
Upon termination of employment, any portion of a participant's
company-matching account that is not vested is forfeited. Forfeitures
are used to reduce subsequent Company contributions.
Benefit Distributions:
Upon termination for any reason, participants are entitled to all of
their vested balances in a lump sum payment, or with respect to the
Danskin, Inc. Company Stock Fund, may elect to receive that portion of
their distribution in shares of Company stock.
The Plan includes a loan feature whereby participants may borrow up to
50% of their vested account balances (minimum $1000, maximum $50,000).
Such loans are at the discretion of the Employee Benefits Committee and
are repayable within five years (up to ten years for loans to buy a
primary residence) and bear interest at a rate in conformity with
Department of Labor Regulations. The Plan also includes a provision for
withdrawals under certain circumstances, as defined in the Plan, under
which participants may withdraw all or a portion of their vested
account balances. Under the Plan, a participant may not replace any
amounts voluntarily withdrawn.
The Company has the right to modify or amend the Plan in whole or in
part at any time, provided such amendment does not reduce accrued
benefits.
Continued
F-6
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
2. Summary of Significant Accounting Policies
a) Basis of Presentation:
The accompanying financial statements have been prepared on
the accrual basis of accounting, however, obligations for
withdrawals and distributions are recorded when paid.
b) Valuation of Investments:
Investments included in the Statements of Net Assets Available
for Plan Benefits are recorded in the following manner:
Capital Preservation Fund - quotations from brokerage firms
which indicate the underlying assets are valued at contract
value plus accrued interest. The Trustee was unable to provide
the fair value of the underlying assets in the Fund.
Conservative Equity Fund - at fair value based on quotation
from NASDAQ.
Income Fund - at fair value based on quotation from NASDAQ.
Aggressive Equity Fund - at fair value based on quotation from
NASDAQ.
Danskin, Inc. Company Stock Fund - at fair value based on
quoted market price from NASDAQ.
c) Administrative Expenses:
Administrative expenses incurred by the Plan have been
absorbed by the Sponsor of the Plan. Such administrative
expenses are not significant to the accompanying financial
statements.
d) Use of Estimates:
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make significant estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of additions and
deductions during the reporting period. Actual results could
differ from those estimates.
Continued
F-7
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
e) Risks and Uncertainties:
The Plan provides for various investment options in any
combination of stocks, mutual funds, and other investment
securities. Investment securities are exposed to various
risks, such as interest rate, market and credit. Due to the
level of risk associated with certain investment securities
and the level of uncertainty related to changes in the value
of investment securities, it is at least reasonably possible
that changes in risks in the near term would materially affect
participants' account balances and the amounts reported in the
statement of net assets available for plan benefits and the
statement of changes in net assets available for plan
benefits.
3. Liquid Assets Holding Accounts
All investment and withdrawal activity is processed through liquid
assets holding accounts held by the Trustee. Such accounts are
considered cash equivalents and all funds deposited remain for periods
not to exceed ninety days. These accounts are not participant directed
investment options, but rather a flow-through vehicle for processing
investment and withdrawal activity.
4. Investment Funds
The plan offers five investment funds. The Capital Preservation Fund
invests in guaranteed investment contracts issued by U.S. banks and
insurance companies, which have average maturities of between 1 1/2 to
3 years. The Conservative Equity Fund consists of investments in common
and preferred stocks of various companies. The Income Fund primarily
invests in U.S. Government securities and bonds. The Danskin, Inc.
Company Stock Fund invests in the common stock of Danskin, Inc.
purchased either from the Company or in the market at prevailing market
rates. The fifth investment Fund, the Aggressive Equity Fund, was
established effective January 1, 1995. This Fund consists of common
stocks of emerging smaller size companies with new or innovative
products. The Capital Preservation, Conservative Equity, Income and
Aggressive Equity funds are managed by Dreyfus Trust Company ("Dreyfus"
or "Trustee"). A potential valuation risk exists due to a concentration
of Plan investments in the custody of Dreyfus and the Trustee managed
funds.
Continued
F-8
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
The Number of Participants in each fund was as follows:
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
---- ----
<S> <C> <C>
Capital Preservation Fund 268 305
Conservative Equity Fund 156 162
Income Fund 126 136
Aggressive Equity Fund 244 294
Danskin, Inc. Company Stock Fund 66 37
</TABLE>
Investments in excess of 5% of net assets at December 31, 1995 and
March 31, 1995 were as follows:
<TABLE>
<CAPTION>
December 31, 1995 March 31, 1995
----------------- --------------
Units/Shares Market Value Units/Shares Market Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Capital Preservation Fund 2,927,504 2,927,504 3,078,572 3,078,572
Conservative Equity Fund 136,676 1,424,163 110,103 1,422,527
Income Fund 66,814 741,636 65,456 701,692
Danskin, Inc. Company Stock Fund 69,985 314,933
</TABLE>
5. Termination of the Plan
Although it has not expressed any intent to do so, the Company, by
action of its Board of Directors, may terminate the Plan for any reason
and at any time subject to the provisions of ERISA. Upon termination of
the Plan, the rights of participants to the benefits accrued under the
Plan to the date of termination become fully vested.
6. Tax Status
The Plan is intended to be qualified under section 401(a) of the
Internal Revenue Code of 1986 (the "Code") and is intended to be exempt
from taxation under Section 501(a) of the Code. The Plan received a
favorable IRS determination letter dated February 2, 1996. The Plan has
been amended since receiving the determination letter. However, the
Plan administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements of the
Internal Revenue Code and the related trust was tax-exempt as of the
financial statement date. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
Continued
F-9
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
7. Accounting for Distribution to Withdrawn Participants
In accordance with guidance issued by the American Institute of Public
Accountants, the Plan, in 1994, changed its method of accounting for
distributions, such that all amounts elected to be withdrawn by
participants are no longer recorded as a liability in the Statements of
Net Assets Available for Plan Benefits, but are recorded only when
disbursed by the Plan. The effect of the change was to increase the net
assets available for plan benefits for amounts due to withdrawn
participants as of April 1, 1993 amounting to $50,769. As of December
31, 1995 and March 31, 1995, $13,020 and $242,587, respectively, has
been allocated to accounts of persons who have withdrawn from
participation in the earnings and operations of the Plan, but for which
disbursement of these funds from the Plan has not yet been made.
The following is a reconciliation of net assets available for plan
benefits reported on the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31, 1995 March 31, 1995
----------------- --------------
<S> <C> <C>
Net Assets available for plan benefits per
the financial statements $5,951,196 $5,840,556
Amounts allocated to withdrawing
participants (13,020) (242,587)
---------- ----------
Net assets available for plan benefits per the
Form 5500 $5,938,176 $5,597,969
========== ==========
</TABLE>
Continued
F-10
<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
The following is a reconciliation for withdrawals per the financial statement to
the Form 5500:
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, 1995 March 31, 1995
----------------- --------------
<S> <C> <C>
Withdrawals per the financial $952,985 $876,312
Add: Amounts allocated to withdrawals at
December 31, 1995 and March 31, 1995 $13,020 242,587
Less: Amounts allocated to withdrawals at
March 31, 1995 and 1994 (242,587) (199,228)
--------- ---------
Withdrawals per the Form 5500 $723,418 $919,671
========= =========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
claims processed and approved for payment prior to December 31, 1995 and March
31, 1995, but not yet paid as of that date.
Subsequent Events
Effective April 15, 1996, the members of the Employee Benefits Committee of
Danskin, Inc. replaced Dreyfus Trust Company as Trustee with Sumitomo Bank of
California as Successor Trustee.
Effective June 1, 1996, the following investment funds were replaced by new
investment options.
The Capital Preservation Fund was replaced by the Traveler's Capital
Preservation Fund.
The Conservative Equity Fund was replaced by the Fidelity Advisor
Growth Opportunities.
The Income Fund was replaced by the Fidelity Advisor High Yield.
The Aggressive Equity Fund was replaced by the MFS Emerging Growth A.
The Danskin, Inc. Company Stock Fund remains unchanged.
The intent of the new investment options mirrors the old investment options.
Additionally, the following was an additional investment option added to the
Plan.
The Index Fund, which invests in the common stock of companies included
in Standard & Poor's 500 index.
Participants may reinvest their contributions, matching company contributions,
discretionary company contributions and rollover contributions in multiple of
10% in any combination among these funds. If any participant fails to initiate a
fund transfer during the specified transition period, his or her investment
balances will remain in the same options.
F-11
<PAGE>
<PAGE>
DANSKIN, INC. SAVINGS PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FORM 5500, ITEM 27a
AS OF DECEMBER 31, 1995
<TABLE>
<CAPTION>
Number of Shares/
Par Value Cost Market Value
--------- ---- ------------
<S> <C> <C> <C>
Pooled Funds
Capital Preservation Trust -
Series E 2,927,504 $2,927,504 $2,927,504
Mutual Funds
Dreyfus Conservative Equity
Fund 136,676 $1,633,054 $1,424,163
Dreyfus Short Intermediate
Government Fund --
Income Fund 66,814 $757,069 $741,636
Dreyfus New Leaders Fund --
Aggressive Equity Fund 6,620 $221,605 $247,536
Common Stock
Danskin, Inc. 69,985 $276,335 $314,933
-------- --------
Total Investments $5,815,567 $5,655,772
Loan Receivable $119,059 $119,059
Cash and Cash Equivalents $176,365 $176,365
---------- ----------
Total Assets Held for $6,112,991 $5,951,196
========== ==========
Investment Purposes
</TABLE>
S-1
<PAGE>
<PAGE>
DANSKIN, INC. SAVINGS PLAN
SCHEDULE OF 5% REPORTABLE TRANSACTIONS
FORM 5500 ITEM 27d
FOR THE NINE MONTHS ENDED DECEMBER 1995
<TABLE>
<CAPTION>
Net Gain
Description Purchases Sales Cost (or Loss)
----------- --------- ----- ---- ---------
Single Transactions
-------------------
Cash and Cash Equivalents
No Reportable Transactions
Series of Transactions in the Same Security and with the Same Person
<S> <C> <C> <C> <C>
Pooled Funds
Capital Preservation Fund - Series E 139,669 290,737 290,737 --
Number of Transactions 11 7
Mutual Funds
Dreyfus Fund (*) 505,117 263,216 241,700 21,516
Number of Transactions 8 6
Common Stock
No Reportable Transactions
Cash and Cash Equivalents
Dreyfus Liquid Assets Holding
Account (*) 1,275,997 1,243,491 1,243,491 --
Number of Transactions 146 47
Series of Transactions in the Same Security and with the Same Person
No Reportable Transactions
</TABLE>
(*) With the Dreyfus Trust Company - a registered broker.
S-2
<PAGE>
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
undersigned member of the Employee Benefits Committee has duly caused this
annual report to be signed on behalf of the Danskin, Inc. Savings Plan by the
undersigned thereunto duly authorized.
DANSKIN, INC. SAVINGS PLAN
By: BEVERLY EICHEL
.....................................
Beverly Eichel
Chairperson of the Employee
Benefits Committee
Date: July 12, 1996
<PAGE>
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements of
Danskin, Inc. on Forms S-8 (Registration Nos. 33-89692, 33-53852 and 33-67644)
of our report dated June 28, 1996 on our audits of the financial statements and
supplemental schedules of Danskin, Inc. Savings Plan as of December 31, 1995 and
March 31, 1995, and for the nine months ended December 31, 1995, which report is
included in this Annual Report on Form 11-K.
COOPERS & LYBRAND L.L.P.
New York, N.Y.
July 12, 1996
