NEW YORK — A substantial improvement in Cone Mills Corp.’s denim business helped it reverse a year-ago loss and generate its best third-quarter profits in seven years.

For the quarter ended Sept. 29, Cone posted income of $3.8 million, or 11 cents per share, after preferred dividends against a loss of $4.6 million, or 22 cents, in the year-ago period. Sales were up 4.4 percent to $111.7 million from $107 million.

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