13F-HR 1 inftable.txt FORM 13F TABLE 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 1521 79451 SH SOLE 79451 Alberto Culver Class A COM 013068200 3657 110900 SH SOLE 110900 1259 38185 SH OTHER 02 01 38185 Albertsons, Inc. COM 013104104 2183 68472 SH SOLE 68472 Alltel Corp. COM 020039103 2085 35972 SH SOLE 35972 1211 20899 SH OTHER 02 01 20899 Ametek Inc COM 031100100 19916 757850 SH SOLE 757850 26 1000 SH OTHER 01 1000 Amsouth Bancorporation COM 032165102 1268 70181 SH SOLE 70181 Arrow Electronics COM 042735100 42663 2045202 SH SOLE 2030202 15000 1493 71575 SH OTHER 02 01 71575 AutoZone, Inc. COM 053332102 36759 708807 SH SOLE 701607 7200 1789 34500 SH OTHER 02 01 34500 Avnet Inc. COM 053807103 12785 702868 SH SOLE 684868 18000 1225 67365 SH OTHER 02 01 67365 BJ's Wholesale Club, Inc. COM 05548J106 13215 277569 SH SOLE 277569 86 1810 SH OTHER 01 1810 Bank of America Corp COM 060505104 267 4564 SH SOLE 4564 Best Buy Inc Com COM 086516101 2435 53578 SH SOLE 53578 Big Lots Inc COM 089302103 35645 4299796 SH SOLE 4260796 39000 1176 141880 SH OTHER 02 01 141880 Boyd Gaming Corp. COM 103304101 200 45000 SH SOLE 45000 Bristol Myers COM 110122108 567 10200 SH SOLE 10200 Buckeye Partners L.P. * COM 118230101 416 12000 SH SOLE 12000 Buckeye Technologies Corp. COM 118255108 60000 6060599 SH SOLE 6015599 45000 1962 198144 SH OTHER 02 01 198144 Burlington Northern Santa Fe C COM 12189T104 3723 139190 SH SOLE 139190 Burlington Resources COM 122014103 1698 49630 SH SOLE 49630 134 3920 SH OTHER 02 01 3920 CPI Corp. COM 125902106 21285 1481237 SH SOLE 1481237 51 3550 SH OTHER 02 01 3550 CSX Corp. COM 126408103 949 30130 SH SOLE 30130 CVS Corp. COM 126650100 3020 90960 SH SOLE 90960 Cabot Oil & Gas Cl A COM 127097103 32308 1619424 SH SOLE 1619424 1427 71505 SH OTHER 02 01 71505 Callon Petroleum Corp COM 13123X102 8950 1316248 SH SOLE 1316248 22 3300 SH OTHER 02 3300 Canadian Natl Railway Co. COM 136375102 1731 45500 SH SOLE 45500 Capital Automotive REIT* COM 139733109 34934 1982652 SH SOLE 1982652 323 18335 SH OTHER 02 01 18335 Cedar Fair, L.P. * COM 150185106 8652 442550 SH SOLE 442550 139 7120 SH OTHER 02 01 7120 Cendant Corp. COM 151313103 1022 79871 SH SOLE 79871 Centurytel Inc. COM 156700106 51441 1535545 SH SOLE 1520945 14600 1658 49495 SH OTHER 02 01 49495 Citigroup Inc. COM 172967101 505 12480 SH SOLE 12480 2 48 SH OTHER 02 48 Citizens Communications Co. COM 17453B101 45886 4881470 SH SOLE 4839470 42000 1668 177460 SH OTHER 02 01 177460 Coca Cola Company COM 191216100 281 6000 SH SOLE 6000 Colgate-Palmolive COM 194162103 1257 21575 SH SOLE 21575 Conseco Inc COM 208464107 786 108306 SH SOLE 108306 Costco Wholesale Corp. COM 22160K105 4559 128195 SH SOLE 128195 Delta Airlines COM 247361108 508 19300 SH SOLE 19300 Discount Auto Parts Inc COM 254642101 16291 1180524 SH SOLE 1180524 Dollar Gen Corp Com COM 256669102 702 60000 SH SOLE 60000 Everest RE Group LTD COM G3223R108 23908 369520 SH SOLE 362020 7500 1409 21785 SH OTHER 02 01 21785 Evergreen Resources Inc. COM 299900308 21317 627900 SH SOLE 627900 Exxon Mobil Corp COM 30231G102 259 6576 SH SOLE 6576 FBR Asset Investment Corp* COM 30241E303 924 40000 SH SOLE 40000 Family Dollar Stores COM 307000109 2218 80600 SH SOLE 80600 FedEx Corporation COM 31428X106 3762 102358 SH SOLE 102358 Federated Dept. Stores, Inc. COM 31410H101 2074 73543 SH SOLE 73543 Ferrellgas Partners LP * COM 315293100 781 40750 SH SOLE 40750 First Tennessee Natl. Corp. COM 337162101 1419 38350 SH SOLE 38350 Flowers Foods Inc COM 343498101 1359 37500 SH SOLE 37500 Ford Motor Co COM 345370860 9142 526918 SH SOLE 526918 Freddie Mac COM 313400301 1232 18950 SH SOLE 18950 107 1650 SH OTHER 01 1650 Gallagher Arthur J & Co COM 363576109 16276 480820 SH SOLE 473320 7500 1065 31470 SH OTHER 02 01 31470 Gap, Inc. COM 364760108 1810 151500 SH SOLE 151500 General Electric COM 369604103 391 10500 SH SOLE 10500 General Motors COM 370442105 6770 157802 SH SOLE 157802 Grant Prideco Inc COM 38821G101 10224 1678741 SH SOLE 1653741 25000 667 109580 SH OTHER 02 01 109580 Gulf Island Fabrication Inc COM 402307102 9104 1068575 SH SOLE 1068575 11 1250 SH OTHER 02 01 1250 Home Depot, Inc. COM 437076102 22622 589570 SH SOLE 589570 Horace Mann Educators Corp New COM 440327104 1324 75000 SH SOLE 75000 Idexx Labs Inc COM 45168D104 14394 615900 SH SOLE 615900 Integrated Homes Inc Com COM 45813J100 1 10000 SH SOLE 10000 Intl. Business Machines COM 459200101 1185 12920 SH SOLE 12920 J. C. Penney Co., Inc COM 708160106 44383 2026627 SH SOLE 2003127 23500 2023 92365 SH OTHER 02 01 92365 Journal Register Co. COM 481138105 51926 3147048 SH SOLE 3147048 290 17550 SH OTHER 02 17550 Kaydon Corp. COM 486587108 44233 2113400 SH SOLE 2097700 15700 1584 75685 SH OTHER 02 01 75685 Kinder Morgan Energy, L. P.* COM 494550106 250 7228 SH SOLE 7228 Kohls Corp Com COM 500255104 960 20000 SH SOLE 20000 Kroger Co. COM 501044101 10347 419940 SH SOLE 419940 Lakes Gaming Inc COM 51206P109 166 30000 SH SOLE 30000 Liberty Media Corp COM 530718105 13052 1027750 SH SOLE 998750 29000 69 5400 SH OTHER 02 01 5400 Limited, Inc. COM 532716107 760 80000 SH SOLE 80000 Linens 'N Things Inc COM 535679104 635 34200 SH SOLE 34200 Local Financial Corporation COM 539553107 804 60140 SH SOLE 60140 Lowe's Co. COM 548661107 7339 231872 SH SOLE 231872 Metris Companies Inc COM 591598107 94503 3818285 SH SOLE 3786285 32000 3313 133843 SH OTHER 02 01 133843 Municipal Mortgage & Equity * COM 62624B101 2564 110980 SH SOLE 110980 National Commerce Financial Co COM 63545P104 1159 44390 SH SOLE 44390 New Plan Excel Realty Trust* COM 648053106 474 27740 SH SOLE 27740 33 1932 SH OTHER 02 1932 Norfolk Southern COM 655844108 1134 70350 SH SOLE 70350 Nu Horizons Elec Corp COM 669908105 272 36000 SH SOLE 36000 Oceaneering Intl., Inc. COM 675232102 22562 1395300 SH SOLE 1395300 13 800 SH OTHER 02 800 Ocwen Financial Corp COM 675746101 48173 6681352 SH SOLE 6626352 55000 1489 206468 SH OTHER 02 01 206468 Office Depot, Inc. COM 676220106 5634 414296 SH SOLE 414296 Old Republic Int'l. COM 680223104 2829 107917 SH SOLE 107917 55 2116 SH OTHER 01 2116 Park Place Entertainment COM 700690100 86 11727 SH SOLE 11727 Parker Hannifin Corp COM 701094104 686 20000 SH SOLE 20000 Pathmark Stores New Com COM 70322A101 5253 220700 SH SOLE 220700 Pfizer Co. COM 717081103 318 7928 SH SOLE 7928 Philip Morris COM 718154107 951 19700 SH SOLE 19700 Plum Creek Timber Co Inc REIT* COM 729251108 2041 76400 SH SOLE 76400 Polyone Corp COM 73179P106 1420 182000 SH SOLE 182000 Price Legacy Corp * COM 74144P106 8118 2635587 SH SOLE 2635587 8 2673 SH OTHER 02 2673 ProAssurance Corporation COM 74267C106 332 22307 SH SOLE 22307 Pulitzer Inc COM 745769109 46886 1058843 SH SOLE 1058843 1066 24085 SH OTHER 02 01 24085 RFS Hotel Investors Inc * COM 74955J108 1273 123000 SH SOLE 123000 Radioshack Corp. COM 750438103 1830 75460 SH SOLE 75460 Ralcorp Hldgs Inc New Com COM 751028101 7002 359800 SH SOLE 359800 Ross Stores Inc COM 778296103 4462 152561 SH SOLE 152561 358 12250 SH OTHER 02 01 12250 Sabre Holdings Corp. COM 785905100 930 34774 SH SOLE 34774 Safeway Inc Com New COM 786514208 5342 134490 SH SOLE 134490 Saks, Inc. COM 79377w108 14142 2828477 SH SOLE 2789477 39000 739 147748 SH OTHER 02 01 147748 Saxon Capital Acquisition Co COM 80556P203 850 85000 SH SOLE 85000 Scripps Co. Class A COM 811054204 8749 143640 SH SOLE 136640 7000 24 400 SH OTHER 02 400 Sears Roebuck & Co. COM 812387108 5348 154400 SH SOLE 154400 Shoney's, Inc. COM 825039100 502 1672324 SH SOLE 1672324 Shopko Stores COM 824911101 20216 2438600 SH SOLE 2438600 Southwest Airlines COM 844741108 3146 212005 SH SOLE 212005 Spherion Corporation COM 848420105 12118 1683096 SH SOLE 1683096 677 93985 SH OTHER 02 01 93985 Storage USA, Inc. * COM 861907103 968 24440 SH SOLE 24440 20 510 SH OTHER 02 510 TBC Corp Com COM 872180104 4145 419500 SH SOLE 419500 TJX Companies COM 872540109 3072 93380 SH SOLE 93380 Target Corp COM 87612E106 8608 271120 SH SOLE 271120 Telephone & Data COM 879433100 37961 402560 SH SOLE 396260 6300 2084 22098 SH OTHER 02 01 22098 Trenwick Group Ltd COM G9032C109 28580 3519726 SH SOLE 3519726 962 118510 SH OTHER 02 01 118510 Tupperware Corporation COM 899896104 79772 4000595 SH SOLE 3969595 31000 2736 137189 SH OTHER 02 01 137189 Tyco Intl Ltd New Com COM 902124106 245 5380 SH SOLE 5380 27 583 SH OTHER 02 583 UNUMProvident Corp. COM 91529y106 31288 1239140 SH SOLE 1216140 23000 1715 67935 SH OTHER 02 01 67935 US Airways Group COM 911905107 271 58186 SH SOLE 58186 US Unwired Inc -- Class A COM 90338R104 18006 1773950 SH SOLE 1773950 USA Networks Inc. COM 902984103 14671 815980 SH SOLE 795480 20500 796 44260 SH OTHER 01 44260 Union Pacific Corp. COM 907818108 2110 44986 SH SOLE 44986 Wabash National Corp COM 929566107 179 25983 SH SOLE 25983 Wal-Mart Stores COM 931142103 61431 1241028 SH SOLE 1241028 Walgreen Co. COM 931422109 7242 210330 SH SOLE 210330 Weatherford International COM 947074100 22410 878485 SH SOLE 864485 14000 1573 61650 SH OTHER 02 01 61650 XTO Energy Inc. COM 98385X106 9723 697005 SH SOLE 672255 24750 28 2000 SH OTHER 01 2000 Young Broadcasting Class A COM 987434107 37796 2606635 SH SOLE 2606635 1236 85255 SH OTHER 02 01 85255 Interim Services Inc CNV 45868PAA8 861 1100000 PRN SOLE 1100000 Jumbosports Inc Conv org due CNV 481386AA8 0 150000 PRN SOLE 150000 Chevy Chase Svgs Bk 13.00% Pfd PFD 166784207 265 10000 SH SOLE 10000 Citizens Communications 6.75% PFD 17453B200 695 32500 SH SOLE 32500 FNMA Series F PFD 313586703 497 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 942 20000 SH SOLE 20000 Price Legacy Corp 8.75% Pfd PFD 74144P304 1002 66468 SH SOLE 66468 Citizens Utils Tr Pfd Eppics C PFD CV 177351202 766 17600 SH SOLE 17600 Corrections Corp of America 8% PFD CV 22025Y209 991 65000 SH SOLE 65000