NEW YORK — Driven by strong performance in its denim operation and margins boosted by cost-cutting measures put in place over the past year, Cone Mills Corp. reported $3 million in net income for the fourth quarter of 2002, compared with a $3.5 million net loss in the year-ago period.

The company also reported a profit of $7.2 million for the year, marking the Greensboro, N.C.-based firm’s first profitable fiscal year since 1994. Last year, the company posted a $40.6 million net loss, which included $19.9 million in pretax restructuring charges.

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