13F-HR 1 inftable.txt FORM 13F FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ACNielsen Corp COM 004833109 38715 1068000 SH SOLE 1068000 AMR Corp. COM 001765106 1739 44371 SH SOLE 44371 AT&T-Liberty Media Cl A COM 001957208 814 60000 SH SOLE 60000 Alberto Culver Class A COM 013068200 46818 1284885 SH SOLE 1278285 6600 2336 64110 SH OTHER 03 02 01 64110 Albertsons, Inc. COM 013104104 2993 112935 SH SOLE 112935 Alltel Corp. COM 020039103 29189 467496 SH SOLE 455496 12000 2146 34367 SH OTHER 03 02 01 34367 American Intl. Group COM 026874107 210 2135 SH SOLE 2135 Ametek Inc COM 031100100 14227 548500 SH SOLE 548500 53 2025 SH OTHER 02 01 2025 Amsouth Bancorporation COM 032165102 1070 70181 SH SOLE 70181 Arrow Electronics COM 042735100 62780 2193202 SH SOLE 2178202 15000 2527 88270 SH OTHER 03 02 01 88270 Astec Industries Inc COM 046224101 11633 882160 SH SOLE 882160 AutoZone, Inc. COM 053332102 36610 1284552 SH SOLE 1262052 22500 1968 69040 SH OTHER 03 02 01 69040 Avnet Inc. COM 053807103 16362 761008 SH SOLE 743008 18000 1469 68310 SH OTHER 03 02 01 68310 BJ's Wholesale Club, Inc. COM 05548J106 42828 1116030 SH SOLE 1102030 14000 2250 58640 SH OTHER 03 02 01 58640 Bank of America Corp COM 060505104 209 4564 SH SOLE 4564 Best Buy Inc Com COM 086516101 1646 55678 SH SOLE 55678 Boyd Gaming Corp. COM 103304101 137 40000 SH SOLE 40000 Bristol Myers COM 110122108 754 10200 SH SOLE 10200 Buckeye Partners L.P. * COM 118230101 346 12000 SH SOLE 12000 Buckeye Technologies Corp. COM 118255108 79746 5670799 SH SOLE 5630799 40000 2659 189119 SH OTHER 03 02 01 189119 Burlington Northern Santa Fe C COM 12189T104 3834 135400 SH SOLE 135400 Burlington Resources COM 122014103 3284 65030 SH SOLE 65030 737 14590 SH OTHER 02 01 14590 CPI Corp. COM 125902106 29222 1461077 SH SOLE 1461077 73 3675 SH OTHER 03 02 01 3675 CSX Corp. COM 126408103 2813 108468 SH SOLE 108468 CVS Corp. COM 126650100 5925 98860 SH SOLE 98860 Cabot Oil & Gas Cl A COM 127097103 75840 2431736 SH SOLE 2411736 20000 2765 88665 SH OTHER 03 02 01 88665 Callon Petroleum Corp COM 13123X102 20909 1252950 SH SOLE 1252950 55 3300 SH OTHER 02 3300 Capital Automotive REIT* COM 139733109 34059 2465845 SH SOLE 2465845 302 21850 SH OTHER 02 21850 Cedar Fair, L.P. * COM 150185106 10637 579675 SH SOLE 579675 156 8490 SH OTHER 02 01 8490 Cendant Corp. COM 151313103 1971 204741 SH SOLE 204741 Centurytel Inc. COM 156700106 30153 843440 SH SOLE 843440 1475 41250 SH OTHER 02 01 41250 Circuit City Group COM 172737108 319 27750 SH SOLE 27750 Citigroup Inc. COM 172967101 700 13713 SH SOLE 13713 Citizens Communications Co. COM 17453B101 45980 3503219 SH SOLE 3478219 25000 1587 120950 SH OTHER 03 02 01 120950 Coca Cola Company COM 191216100 366 6000 SH SOLE 6000 Colgate-Palmolive COM 194162103 1446 22400 SH SOLE 22400 Conseco Inc COM 208464107 1424 108014 SH SOLE 108014 Consolidated Stores Corp COM 210149100 40703 3830916 SH SOLE 3788916 42000 1434 134990 SH OTHER 03 02 01 134990 Costco Wholesale Corp. COM 22160K105 5070 126945 SH SOLE 126945 Delta Airlines COM 247361108 935 18637 SH SOLE 18637 Discount Auto Parts Inc COM 254642101 13435 2442649 SH SOLE 2442649 Dollar Gen Corp Com COM 256669102 1672 88603 SH SOLE 88603 Equity Inns, Inc.* COM 294703103 65 10500 SH SOLE 10500 5 840 SH OTHER 02 840 Evergreen Resources Inc. COM 299900308 328 8500 SH SOLE 8500 Excel Legacy Corp* COM 300665106 8917 3754400 SH SOLE 3754400 8 3260 SH OTHER 02 3260 Exxon Mobil Corp COM 30231G102 336 3860 SH SOLE 3860 FedEX Corporation COM 31428X106 5657 141573 SH SOLE 141573 Federated Dept. Stores, Inc. COM 31410H101 2007 57343 SH SOLE 57343 Ferrellgas Partners LP * COM 315293100 768 58250 SH SOLE 58250 First Tennessee Natl. Corp. COM 337162101 1259 43513 SH SOLE 43513 Ford Motor Co COM 345370860 7696 328368 SH SOLE 328368 Freddie Mac COM 313400301 1570 22800 SH SOLE 22800 255 3700 SH OTHER 01 3700 Gap, Inc. COM 364760108 6277 246141 SH SOLE 246141 General Electric COM 369604103 412 8600 SH SOLE 8600 General Motors COM 370442105 12876 252772 SH SOLE 252772 Grant Prideco Inc COM 38821G101 16088 733363 SH SOLE 723363 10000 1122 51123 SH OTHER 03 02 01 51123 Gulf Island Fabrication Inc COM 402307102 21329 1172750 SH SOLE 1172750 23 1250 SH OTHER 02 01 1250 Home Depot, Inc. COM 437076102 30166 660270 SH SOLE 660270 Horace Mann Educators Corp New COM 440327104 1603 75000 SH SOLE 75000 Independent Energy Hld Sponsor COM 45384x108 0 12000 SH SOLE 12000 Integrated Homes Inc Com COM 45813J100 4 10000 SH SOLE 10000 Intl. Business Machines COM 459200101 1195 14060 SH SOLE 14060 J. C. Penney Co., Inc COM 708160106 27550 2533317 SH SOLE 2498317 35000 970 89170 SH OTHER 03 02 01 89170 Journal Register Co. COM 481138105 58017 3611975 SH SOLE 3611975 100 6200 SH OTHER 02 6200 Kaydon Corp. COM 486587108 54576 2193995 SH SOLE 2176495 17500 1852 74435 SH OTHER 03 02 01 74435 Kinder Morgan Energy, L. P.* COM 494550106 204 3614 SH SOLE 3614 Kohls Corp Com COM 500255104 4864 79730 SH SOLE 79730 Kroger Co. COM 501044101 7627 281840 SH SOLE 281840 Lakes Gaming Inc COM 51206P109 281 30000 SH SOLE 30000 Limited, Inc. COM 532716107 2190 128377 SH SOLE 128377 Local Financial Corporation COM 539553107 953 72640 SH SOLE 72640 Lowe's Co. COM 548661107 5055 113586 SH SOLE 113586 Maytag Co. COM 578592107 858 26550 SH SOLE 26550 Medical Assurance, Inc. COM 58449U100 372 22307 SH SOLE 22307 Metris Companies Inc COM 591598107 107691 4092786 SH SOLE 4060786 32000 3540 134530 SH OTHER 03 02 01 134530 Municipal Mortgage & Equity * COM 62624B101 2734 122180 SH SOLE 122180 National Commerce Bancorporati COM 635449101 1225 49490 SH SOLE 49490 New Plan Excel Realty Trust* COM 648053106 584 44480 SH SOLE 44480 14 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 1503 112907 SH SOLE 112907 Oceaneering Intl., Inc. COM 675232102 27195 1399075 SH SOLE 1399075 16 800 SH OTHER 02 800 Ocwen Financial Corp COM 675746101 44866 7037841 SH SOLE 6982841 55000 1244 195163 SH OTHER 03 02 01 195163 Office Depot, Inc. COM 676220106 842 118226 SH SOLE 118226 Old Republic Int'l. COM 680223104 3997 124895 SH SOLE 124895 121 3773 SH OTHER 01 3773 Park Place Entertainment COM 700690100 144 12087 SH SOLE 12087 Parker Hannifin Corp COM 701094104 882 20000 SH SOLE 20000 Pfizer Co. COM 717081103 365 7928 SH SOLE 7928 Philip Morris COM 718154107 1091 24800 SH SOLE 24800 Plum Creek Timber Co Inc REIT* COM 729251108 1921 73900 SH SOLE 73900 Polyone Corp COM 73179P106 834 142000 SH SOLE 142000 Pulitzer Inc COM 745769109 50397 1075700 SH SOLE 1075700 889 18975 SH OTHER 02 01 18975 RFS Hotel Investors Inc COM 74955J108 1920 147000 SH SOLE 147000 Radioshack Corp. COM 750438103 3280 76610 SH SOLE 76610 Ross Stores Inc COM 778296103 4765 282361 SH SOLE 282361 212 12550 SH OTHER 02 01 12550 Sabre Holdings Corp. COM 785905100 1579 36614 SH SOLE 36614 Safeway Inc Com New COM 786514208 8937 142990 SH SOLE 142990 Saks, Inc. COM 79377w108 27715 2771550 SH SOLE 2734550 37000 1027 102748 SH OTHER 03 02 01 102748 Scott Technologies Inc COM 810022301 290 12950 SH SOLE 12950 58 2580 SH OTHER 02 2580 Scripps Co. Class A COM 811054204 7277 115730 SH SOLE 109730 6000 Sears Roebuck & Co. COM 812387108 3249 93500 SH SOLE 93500 Shoney's, Inc. COM 825039100 836 1672324 SH SOLE 1672324 Southwest Airlines COM 844741108 5390 160754 SH SOLE 160754 Spherion Corporation COM 848420105 25464 2250965 SH SOLE 2250965 162 14325 SH OTHER 02 01 14325 Stone Energy Corp COM 861642106 290 4500 SH SOLE 4500 Storage USA, Inc. * COM 861907103 928 29240 SH SOLE 29240 16 510 SH OTHER 02 510 TBC Corp Com COM 872180104 2384 522500 SH SOLE 522500 TJX Companies COM 872540109 2706 97520 SH SOLE 97520 Target Corp COM 87612E106 8274 256570 SH SOLE 256570 Telephone & Data COM 879433100 38762 430690 SH SOLE 424190 6500 2015 22393 SH OTHER 03 02 01 22393 Trenwick Group Ltd COM G9032C109 83702 3373362 SH SOLE 3346112 27250 2509 101102 SH OTHER 03 02 01 101102 Tribune Co. COM 896047107 12261 290200 SH SOLE 280200 10000 Tupperware Corporation COM 899896104 87394 4276155 SH SOLE 4243655 32500 2870 140409 SH OTHER 03 02 01 140409 UNUMProvident Corp. COM 91529y106 31285 1164085 SH SOLE 1139085 25000 1657 61665 SH OTHER 02 01 61665 US Airways Group COM 911905107 911 22466 SH SOLE 22466 Union Pacific Corp. COM 907818108 4190 82554 SH SOLE 82554 Wabash National Corp COM 929566107 271 31363 SH SOLE 31363 Wal-Mart Stores COM 931142103 63682 1198728 SH SOLE 1198728 Walgreen Co. COM 931422109 9342 223430 SH SOLE 223430 Weatherford International COM 947074100 39547 836979 SH SOLE 821979 15000 2624 55531 SH OTHER 03 02 01 55531 Young Broadcasting Class A COM 987434107 73799 2203975 SH SOLE 2203975 2581 77090 SH OTHER 03 02 01 77090 Interim Services Inc CNV 45868PAA8 793 1175000 PRN SOLE 1175000 Jumbosports Inc Conv org due CNV 481386AA8 0 150000 PRN SOLE 150000 Lechters Inc CNV 127999XW5 1345 1770000 PRN SOLE 1770000 Excel Legacy Corp CNV 300665AA4 1409 1643000 PRN SOLE 1643000 Chevy Chase Svgs Bk 13.00% Pfd PFD 166784207 306 12000 SH SOLE 12000 FNMA Series F PFD 313586703 507 10000 SH SOLE 10000