1
Exhibit (c)(6)
[UBS WARBURG LOGO]
STRICTLY PRIVATE AND CONFIDENTIAL
PROJECT MILL
PRELIMINARY VALUATION ANALYSIS
APRIL 2, 2001
APRIL 2001 PRELIMINARY DRAFT -- FOR DISCUSSION PURPOSES ONLY
2
VALUATION ANALYSIS AT VARIOUS SHARE PRICES
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SPRINGS TRANSACTION VALUE AT PROPOSED OFFER PRICE(1)
<Table>
<Caption>
($MM, EXCEPT PER SHARE)
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Proposed Transaction Price Per Share 44.00
Total Diluted Shares Outstanding 19.96
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878.2
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Less: Option Proceeds (72.7)
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TRANSACTION EQUITY MARKET VALUE 805.5
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Plus: Springs Debt (incl. make whole pmts.) 340.2
Plus: Unfunded Pension Liability 22.8
Plus: Unfunded Deferred Comp. Liability 40.5
Less: Cash and Equivalents (2.9)
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TRANSACTION ENTERPRISE VALUE 1,206.2
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</Table>
IMPLIED VALUATION MULTIPLES AT VARIOUS SHARE PRICES(2)
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<Table>
<Caption>
PER SHARE VALUE ($) 40.00 42.00 44.00 46.00 48.00 50.00 52.00 55.00
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TEV/LTM Revenue(x) 0.50 0.51 0.55 0.55 0.57 0.58 0.60 0.63
TEV/LTM EBITDA(x) 4.4 4.5 4.7 4.8 5.0 5.2 5.3 5.5
TEV/LTM Free Cash Flow(3)(x) 6.9 7.1 7.4 7.6 7.9 8.1 8.3 8.7
TEV/LTM EBIT(x) 7.6 7.9 8.2 8.4 8.7 9.0 9.3 9.7
EMV/LTM Net Income(x) 10.1 10.6 11.1 11.7 12.2 12.8 13.3 14.2
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</Table>
NOTES
(1) Based on fiscal year-end 2000 balance sheet
(2) Implied multiple based on adjusted fiscal year 2000 results
(3) Free cash flow is defined as EBITDA less capital expenditures
[UBS WARBURG LOGO] 1
3
PROJECT MILL
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COMPARABLE COMPANY ANALYSIS
<Table>
<Caption>
FY2000 1998-2000 5-year
Margins
------------ Revenue Growth
Current(1) Equity Net Enterprise EBITDA EBIT CAGR Rate(3)
Company Ticker Price Value Debt Value (%) (%) (%) (%)
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Burlington Industries BUR 2.65 142.3 653.1 795.5 6.0 0.9 (10.2) (30.3)
Crown Crafts, Inc. CRW 0.39 3.4 90.6 93.9 nm nm 0.1 (10.9)
Dan River DRF 1.90 41.4 351.2 392.6 13.9 7.8 13.2 (2.4)
Galey & Lord GNL 2.25 26.9 507.2 534.7 10.9 6.5 3.0 (22.6)
Mohawk Industries MHK 28.08 1,471.2 589.8 2,061.0 12.3 9.7 8.9 40.6
Westpoint WXS 9.00 445.2 1,433.2 1,878.4 17.1 12.6 1.0 14.8
Mean 355.1 604.2 959.2 12.0 7.5 2.7 (1.8)
Median 91.8 548.5 664.8 12.3 7.8 2.0 (6.7)
Harmonic Mean 16.3 303.2 346.0 10.6 3.2 na na
High 1,471.2 1,433.2 2,061.0 17.1 12.6 13.2 40.6
Low 3.4 90.6 93.9 6.0 0.9 (10.2) (30.3)
Springs Industries SMI 36.10 551.7 393.6 1,045.3 11.3 6.5 2.1 2.5
Springs Industries SMI 44.00 805.5 400.7 1,206.2 11.3 6.5 2.1 2.5
Springs Industries SMI 50.00 925.4 400.7 1,326.1 11.3 6.5 2.1 2.5
Springs Industries SMI 55.00 1,025.4 400.7 1,426.1 11.3 6.5 2.1 2.5
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</Table>
<Table>
<Caption>
Enterprise Value to 2000E(2) P/E
--------------------------- ------------
Sales EBITDA EBIT FCF(4) 2000E 2001E
Company (x) (x) (x) (x) (x) (x)
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Burlington Industries 0.49 8.2 nm nm nm 22.6
Crown Crafts, Inc. 0.33 nm nm nm nm nm
Dan River 0.59 4.2 7.6 6.7 3.9 11.2
Galey & Lord 0.55 5.0 8.3 6.1 nm 2.7
Mohawk Industries 0.63 5.7 6.50 6.3 8.8 9.2
Westpoint 1.03 6.0 8.2 8.0 6.7 6.1
Mean 0.60 5.7 7.6 6.8 6.5 10.4
Median 0.57 5.2 7.9 6.5 6.7 9.2
Harmonic Mean 0.54 5.5 7.6 6.7 5.8 6.5
High 1.03 8.2 8.3 8.0 8.8 22.6
Low 0.33 4.25 6.5 6.1 3.9 2.7
Springs Industries 0.46 4.3 7.1 6.4 9.1 9.2
Springs Industries 0.53 4.7 8.2 7.4 11.1 11.2
Springs Industries 0.58 5.2 9.0 8.? 12.8 12.7
Springs Industries 0.62 5.5 9.7 8.7 14.2 14.0
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</Table>
NOTES:
1 Closing Stock Prices as of March 30, 2001
2 Latest twelve months ending December 31, 2000
3 Source: I/B/E/S 5 year EPS growth estimate
4 Free cash flow (FCF) is defined as EBITDA less capital expenditures
[UBS WARBURG LOGO] 2
4
PROJECT MILL (CONTINUED)
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COMPARABLE TRANSACTION ANALYSIS
<Table>
<Caption>
One Day One One 3-year LTM LTM LTM
Prior Week Month Total Equity Revenue EBITDA FCF EBIT
Date Premium Premium Premium Enterprise Market LTM Growth Margin Margin Margin
Acquiror/Target Announced (%) (%) (%) Value Value Revenue (%) (%) (%) (%)
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GCW Southeast Partners/ 8/30/99 65.5 84.6 50.0 155.5 32.5 267.6 (6.1) 9.9 7.4 2.6
Johnston Industries
Dan River/ 6/29/98 19.5 22.2 38.9 267.3 172.9 242.9 (20.1) 6.0 (7.5) 3.2
Bibb Company
Pillowtex Corp/ 9/21/97 1.5 8.6 30.5 912.5 406.9 1100.1 1.3 7.1 1.8 3.8
Fieldcrest Cannon Inc
Springs Industries/ 2/6/95 na na na 143.5 118.0 272.1 3.8 5.4 2.1 1.3
Dundee Mills, Inc
Investor Group/ 10/6/99 77.9 75.4 58.2 106.4 66.1 117.6 27.6 15.1 12.5 11.5
Conso International
Berkshire Hathaway/ 9/6/00 18.8 23.8 26.7 3277.1 2393.9 4095.7 7.2 13.1 9.6 7.5
Shaw Industries
Mean 36.0 42.8 40.8 810.4 531.7 1,016.0 2.3 5.4 4.3 5.0
Median 19.5 23.8 38.9 211.4 145.5 269.8 2.6 8.5 4.8 3.5
Min 1.5 8.6 26.7 106.4 32.5 117.6 (20.1) 5.4 (7.5) 1.3
Max 77.9 34.6 58.2 3,277.1 2,393.9 4055.7 27.6 15.1 12.5 11.5
Harmonic Mean 6.2 21.9 37.5 214.7 95.2 283.2 3.4 8.1 3.2 3.1
Springs Industries @ 44 2/20/01 21.9 21.3 28.5 1206.2 805.5 2,275.1 2.5 11.3 7.2 6.5
Springs Industries @ 50 2/20/01 38.5 37.8 54.7 1,326.1 925.4 2,275.1 2.5 11.3 7.2 6.5
Springs Industries @ 55 2/20/01 52.4 61.6 70.2 1,426.1 1,025.4 2,275.1 2.5 11.3 7.2 6.5
Westpoint Stevens 4/24/00 27.5 30.4 28.5 2113.8 649.2 1883.3 6.7 18.7 10.8 14.2
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</Table>
<Table>
<Caption>
LTM Total Enterprise Value Multiples
Net Income -------------------------------- Equity
Margin LTM LTM LTM LTM Mkt. Value/
(%) Revenue EBITDA FCF EBIT Net Income
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GCW Southeast Partners/ (1.0) 0.58 5.9 7.8 22.3 nm
Johnston Industries
Dan River/ (0.4) 1.10 18.4 nm 33.9 nm
Bibb Company
Pillowtex Corp/ 1.5 0.83 11.7 47.3 21.8 23.9
Fieldcrest Cannon Inc
Springs Industries/ (0.5) 0.53 9.8 25.4 40.7 nm
Dundee Mills, Inc
Investor Group/ 4.9 0.90 6.0 7.7 7.9 11.5
Conso International
Berkshire Hathaway/ 4.4 0.80 6.1 8.3 10.7 13.3
Shaw Industries
Mean ??? 0.79 9.6 19.2 22.9 15.2
Median 9.5 0.81 8.0 8.3 22.0 13.3
Min (1.0) 0.53 5.9 7.2 7.9 11.5
Max ??? 7.10 18.4 47.3 40.7 23.9
Harmonic Mean na 0.74 8.1 11.2 15.4 14.7
Springs Industries @ 44 3.2 0.53 4.7 7.4 8.2 11.1
Springs Industries @ 50 3.2 0.53 5.2 8.1 9.0 12.8
Springs Industries @ 55 3.2 0.53 5.5 8.7 9.7 14.2
Westpoint Stevens 5.5 1.12 6.0 10.4 7.9 6.2
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</Table>
NOTE:
(1) WestPoint transaction was terminated on 5/19/00
[UBS WARBURG LOGO] 3
5
PROJECT MILL (continued)
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* DISCOUNTED CASH FLOW ANALYSIS
EXIT MULTIPLE (EBITDA)
<Table>
<Caption>
(%) 4.00x 4.50x 5.00x 5.50x 6.00x
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8.75 41.01 46.66 52.31 57.96 63.60
WACC/ 9.75 38.77 44.18 49.60 55.02 60.44
DISCOUNT 10.75 36.62 41.83 47.03 52.23 57.43
RATE 11.75 34.58 39.58 44.57 49.57 54.57
12.75 32.63 37.43 42.23 47.03 51.83
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[UBS WARBURG LOGO]
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