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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- AMR Corp. COM 001765106 2079 57551 SH SOLE 57551 AT&T-Liberty Media Cl A COM 001957208 18400 1052050 SH SOLE 1023050 29000 51 2900 SH OTHER 02 01 2900 Alberto Culver Class A COM 013068200 16491 465835 SH SOLE 465835 1537 43415 SH OTHER 03 02 01 43415 Albertsons, Inc. COM 013104104 2053 68472 SH SOLE 68472 Alltel Corp. COM 020039103 3935 64242 SH SOLE 64242 1546 25232 SH OTHER 03 02 01 25232 Ametek Inc COM 031100100 23798 779000 SH SOLE 779000 31 1000 SH OTHER 01 1000 Amsouth Bancorporation COM 032165102 1298 70181 SH SOLE 70181 Arrow Electronics COM 042735100 52813 2174252 SH SOLE 2159252 15000 1831 75370 SH OTHER 03 02 01 75370 AutoZone, Inc. COM 053332102 37041 987747 SH SOLE 976747 11000 2014 53700 SH OTHER 03 02 01 53700 Avnet Inc. COM 053807103 16350 729278 SH SOLE 711278 18000 1600 71345 SH OTHER 03 02 01 71345 BJ's Wholesale Club, Inc. COM 05548J106 14965 280979 SH SOLE 280979 102 1910 SH OTHER 03 01 1910 Bank of America Corp COM 060505104 274 4564 SH SOLE 4564 Best Buy Inc Com COM 086516101 3416 53778 SH SOLE 53778 Big Lots Inc COM 089302103 67492 4933596 SH SOLE 4894596 39000 2087 152590 SH OTHER 03 02 01 152590 Boyd Gaming Corp. COM 103304101 259 45000 SH SOLE 45000 Bristol Myers COM 110122108 533 10200 SH SOLE 10200 Buckeye Partners L.P. * COM 118230101 414 12000 SH SOLE 12000 Buckeye Technologies Corp. COM 118255108 86993 6041199 SH SOLE 6001199 40000 2897 201189 SH OTHER 03 02 01 201189 Burlington Northern Santa Fe C COM 12189T104 4258 140535 SH SOLE 140535 Burlington Resources COM 122014103 1973 49630 SH SOLE 49630 532 13375 SH OTHER 02 01 13375 CPI Corp. COM 125902106 35784 1460560 SH SOLE 1460560 90 3675 SH OTHER 03 02 01 3675 CSX Corp. COM 126408103 1092 30130 SH SOLE 30130 CVS Corp. COM 126650100 3526 91360 SH SOLE 91360 Cabot Oil & Gas Cl A COM 127097103 40047 1641274 SH SOLE 1641274 1493 61180 SH OTHER 03 02 01 61180 Callon Petroleum Corp COM 13123X102 15346 1294998 SH SOLE 1294998 39 3300 SH OTHER 02 3300 Canadian Natl Railway Co. COM 136375102 1877 46350 SH SOLE 46350 Capital Automotive REIT* COM 139733109 39346 2185902 SH SOLE 2185902 345 19175 SH OTHER 02 19175 Cedar Fair, L.P. * COM 150185106 11676 513000 SH SOLE 513000 176 7740 SH OTHER 02 01 7740 Cendant Corp. COM 151313103 4034 206871 SH SOLE 206871 Centurytel Inc. COM 156700106 51745 1707745 SH SOLE 1693145 14600 1540 50825 SH OTHER 02 01 50825 Citigroup Inc. COM 172967101 659 12480 SH SOLE 12480 Citizens Communications Co. COM 17453B101 58904 4888339 SH SOLE 4850539 37800 2168 179935 SH OTHER 03 02 01 179935 Coca Cola Company COM 191216100 270 6000 SH SOLE 6000 Colgate-Palmolive COM 194162103 1315 22300 SH SOLE 22300 Conseco Inc COM 208464107 1485 107206 SH SOLE 107206 Costco Wholesale Corp. COM 22160K105 4950 120495 SH SOLE 120495 Delta Airlines COM 247361108 851 19300 SH SOLE 19300 Discount Auto Parts Inc COM 254642101 25835 2381122 SH SOLE 2381122 Dollar Gen Corp Com COM 256669102 1170 60000 SH SOLE 60000 Everest RE Group LTD COM G3223R108 10825 144720 SH SOLE 138220 6500 13 175 SH OTHER 01 175 Evergreen Resources Inc. COM 299900308 22739 598400 SH SOLE 598400 Excel Legacy Corp* COM 300665106 7813 3774432 SH SOLE 3774432 8 4010 SH OTHER 02 4010 Exxon Mobil Corp COM 30231G102 287 3288 SH SOLE 3288 Family Dollar Stores COM 307000109 2081 81200 SH SOLE 81200 FedEX Corporation COM 31428X106 4143 103068 SH SOLE 103068 Federated Dept. Stores, Inc. COM 31410H101 3147 74043 SH SOLE 74043 Ferrellgas Partners LP * COM 315293100 1021 52750 SH SOLE 52750 First Tennessee Natl. Corp. COM 337162101 1337 38518 SH SOLE 38518 Flowers Foods Inc COM 343498101 4198 133900 SH SOLE 133900 Ford Motor Co COM 345370860 12381 504318 SH SOLE 504318 Freddie Mac COM 313400301 1330 19550 SH SOLE 19550 238 3500 SH OTHER 01 3500 Gap, Inc. COM 364760108 4393 151500 SH SOLE 151500 General Electric COM 369604103 512 10500 SH SOLE 10500 General Motors COM 370442105 10180 158202 SH SOLE 158202 Grant Prideco Inc COM 38821G101 21649 1237783 SH SOLE 1218583 19200 1567 89586 SH OTHER 03 02 01 89586 Gulf Island Fabrication Inc COM 402307102 16952 1177235 SH SOLE 1177235 18 1250 SH OTHER 02 01 1250 Home Depot, Inc. COM 437076102 27593 592770 SH SOLE 592770 Horace Mann Educators Corp New COM 440327104 1616 75000 SH SOLE 75000 Independent Energy Hld Sponsor COM 45384x108 2 12000 SH SOLE 12000 Integrated Homes Inc Com COM 45813J100 1 10000 SH SOLE 10000 Intl. Business Machines COM 459200101 1460 12920 SH SOLE 12920 J. C. Penney Co., Inc COM 708160106 52215 1980857 SH SOLE 1957357 23500 2555 96925 SH OTHER 03 02 01 96925 Journal Register Co. COM 481138105 54837 3405998 SH SOLE 3405998 88 5480 SH OTHER 02 5480 Kaydon Corp. COM 486587108 56181 2190300 SH SOLE 2174600 15700 2029 79090 SH OTHER 03 02 01 79090 Kinder Morgan Energy, L. P.* COM 494550106 248 3614 SH SOLE 3614 Kohls Corp Com COM 500255104 1255 20000 SH SOLE 20000 Kroger Co. COM 501044101 10546 421840 SH SOLE 421840 Lakes Gaming Inc COM 51206P109 222 30000 SH SOLE 30000 Limited, Inc. COM 532716107 1322 80000 SH SOLE 80000 Linens 'N Things Inc COM 535679104 850 31100 SH SOLE 31100 Local Financial Corporation COM 539553107 782 60640 SH SOLE 60640 Lowe's Co. COM 548661107 7729 106536 SH SOLE 106536 Metris Companies Inc COM 591598107 134512 3990262 SH SOLE 3958262 32000 4738 140541 SH OTHER 03 02 01 140541 Municipal Mortgage & Equity * COM 62624B101 2591 111480 SH SOLE 111480 National Commerce Financial Co COM 63545P104 1082 44390 SH SOLE 44390 New Plan Excel Realty Trust* COM 648053106 524 34280 SH SOLE 34280 30 1932 SH OTHER 02 1932 Norfolk Southern COM 655844108 1460 70350 SH SOLE 70350 Oceaneering Intl., Inc. COM 675232102 29163 1405460 SH SOLE 1405460 17 800 SH OTHER 02 800 Ocwen Financial Corp COM 675746101 71403 6966172 SH SOLE 6911172 55000 2126 207368 SH OTHER 03 02 01 207368 Office Depot, Inc. COM 676220106 4803 462696 SH SOLE 462696 Old Republic Int'l. COM 680223104 3502 120767 SH SOLE 120767 105 3623 SH OTHER 01 3623 Park Place Entertainment COM 700690100 142 11727 SH SOLE 11727 Parker Hannifin Corp COM 701094104 849 20000 SH SOLE 20000 Pathmark Stores New Com COM 70322A101 5392 219200 SH SOLE 219200 Pfizer Co. COM 717081103 318 7928 SH SOLE 7928 Philip Morris COM 718154107 1091 21500 SH SOLE 21500 Plum Creek Timber Co Inc REIT* COM 729251108 2113 75100 SH SOLE 75100 Polyone Corp COM 73179P106 1478 142000 SH SOLE 142000 ProAssurance Corporation COM 74267C106 385 22307 SH SOLE 22307 Pulitzer Inc COM 745769109 55593 1052893 SH SOLE 1052893 1107 20975 SH OTHER 03 02 01 20975 RFS Hotel Investors Inc * COM 74955J108 2160 136800 SH SOLE 136800 Radioshack Corp. COM 750438103 2308 75660 SH SOLE 75660 Ross Stores Inc COM 778296103 6324 264061 SH SOLE 264061 244 10200 SH OTHER 02 01 10200 Sabre Holdings Corp. COM 785905100 1754 35074 SH SOLE 35074 Safeway Inc Com New COM 786514208 6484 135090 SH SOLE 135090 Saks, Inc. COM 79377w108 25738 2681051 SH SOLE 2646551 34500 1057 110098 SH OTHER 03 02 01 110098 Saxon Capital Acquisition Co COM 80556P203 850 85000 SH SOLE 85000 Scripps Co. Class A COM 811054204 12485 180940 SH SOLE 173940 7000 28 400 SH OTHER 02 400 Sears Roebuck & Co. COM 812387108 4472 105700 SH SOLE 105700 Shoney's, Inc. COM 825039100 1154 1672324 SH SOLE 1672324 Shopko Stores COM 824911101 16824 2311000 SH SOLE 2311000 Southwest Airlines COM 844741108 3951 213660 SH SOLE 213660 Spherion Corporation COM 848420105 19458 2174076 SH SOLE 2174076 927 103625 SH OTHER 02 01 103625 Storage USA, Inc. * COM 861907103 898 24940 SH SOLE 24940 18 510 SH OTHER 02 510 TBC Corp Com COM 872180104 4986 520500 SH SOLE 520500 TJX Companies COM 872540109 2995 93980 SH SOLE 93980 Target Corp COM 87612E106 6796 196420 SH SOLE 196420 Telephone & Data COM 879433100 46339 426110 SH SOLE 419810 6300 2527 23233 SH OTHER 03 02 01 23233 Trenwick Group Ltd COM G9032C109 76150 3322431 SH SOLE 3297681 24750 2520 109946 SH OTHER 03 02 01 109946 Tribune Co. COM 896047107 10398 259890 SH SOLE 249890 10000 30 750 SH OTHER 02 750 Tupperware Corporation COM 899896104 98025 4183745 SH SOLE 4152745 31000 3388 144599 SH OTHER 03 02 01 144599 Tyco Intl Ltd New Com COM 902124106 293 5380 SH SOLE 5380 59 1079 SH OTHER 02 1079 UNUMProvident Corp. COM 91529y106 38597 1201640 SH SOLE 1178640 23000 2127 66230 SH OTHER 03 02 01 66230 US Airways Group COM 911905107 437 17996 SH SOLE 17996 US Unwired Inc -- Class A COM 90338R104 15313 1443300 SH SOLE 1443300 Union Pacific Corp. COM 907818108 2470 44986 SH SOLE 44986 Union Planters COM 908068109 203 4650 SH SOLE 4650 Wabash National Corp COM 929566107 314 25913 SH SOLE 25913 Wal-Mart Stores COM 931142103 57639 1181128 SH SOLE 1181128 Walgreen Co. COM 931422109 7282 211330 SH SOLE 211330 Weatherford International COM 947074100 33241 692511 SH SOLE 682511 10000 2326 48455 SH OTHER 03 02 01 48455 XTO Energy Inc. COM 98385X106 11177 778905 SH SOLE 754155 24750 Young Broadcasting Class A COM 987434107 72837 2169050 SH SOLE 2169050 2882 85835 SH OTHER 03 02 01 85835 Interim Services Inc CNV 45868PAA8 876 1100000 PRN SOLE 1100000 Jumbosports Inc Conv org due CNV 481386AA8 0 150000 PRN SOLE 150000 Excel Legacy Corp CNV 300665AA4 585 645000 PRN SOLE 645000 Chevy Chase Svgs Bk 13.00% Pfd PFD 166784207 265 10000 SH SOLE 10000 FNMA Series F PFD 313586703 499 10000 SH SOLE 10000 Freddie Mac 4.50% Series Pfd PFD 313400764 980 20000 SH SOLE 20000 Freddie Mac 4.817% Series Pfd PFD 313400780 968 20000 SH SOLE 20000 Citizens Utils Tr Pfd Eppics C CPR 177351202 275 5500 SH SOLE 5500