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 525 79496 SH SOLE 62000 17496 Advo Inc. COM 007585102 9631 293360 SH SOLE 198560 94800 195 5950 SH OTHER 04 5950 Alberto Culver Class A COM 013068200 1895 39000 SH SOLE 39000 49 1000 SH OTHER 01 1000 Alltel Corp. COM 020039103 1060 20784 SH SOLE 20784 American Financial Realty Trus COM 02607P206 2112 176000 SH SOLE 176000 American Intl. Group COM 026874107 202 3491 SH SOLE 3491 Americredit Corp COM 03060R101 217 28000 SH SOLE 28000 Amsouth Bancorporation COM 032165102 1199 62462 SH SOLE 62462 Arrow Electronics COM 042735100 19167 1498572 SH SOLE 1306672 191900 758 59235 SH OTHER 01 02 04 59235 AutoZone, Inc. COM 053332102 23070 326535 SH SOLE 288830 37705 521 7380 SH OTHER 01 02 7380 Avnet Inc. COM 053807103 2622 242060 SH SOLE 199660 42400 281 25915 SH OTHER 01 02 25915 BJ's Wholesale Club, Inc. COM 05548J106 14433 788665 SH SOLE 653290 135375 614 33525 SH OTHER 01 02 33525 Baldwin & Lyons Inc Class B COM 057755209 1131 48000 SH SOLE 48000 Bank of America Corp COM 060505104 298 4282 SH SOLE 4282 Best Buy Inc Com COM 086516101 3349 138667 SH SOLE 78500 60167 Big Lots Inc COM 089302103 6564 496163 SH SOLE 347263 148900 138 10405 SH OTHER 04 10405 Bristol-Myers Squibb Co. COM 110122108 253 10950 SH SOLE 10950 Buckeye Partners L.P. * COM 118230101 269 7000 SH SOLE 7000 Buckeye Technologies Corp. COM 118255108 29350 4772314 SH SOLE 4193114 579200 1081 175785 SH OTHER 01 02 04 175785 Burlington Northern Santa Fe C COM 12189T104 3267 125595 SH SOLE 91637 33958 CIT Group Inc. COM 125581108 6625 338020 SH SOLE 330020 8000 CPI Corp. COM 125902106 13540 934448 SH SOLE 670148 264300 305 21020 SH OTHER 02 04 21020 CSX Corp. COM 126408103 1051 37130 SH SOLE 37130 CVS Corp. COM 126650100 1898 76000 SH SOLE 76000 Cabot Oil & Gas COM 127097103 9859 397856 SH SOLE 283856 114000 182 7330 SH OTHER 01 04 7330 Callon Petroleum Corp COM 13123X102 1460 435950 SH SOLE 256450 179500 52 15525 SH OTHER 04 15525 Canadian Natl Railway Co. COM 136375102 991 23850 SH SOLE 23850 Capital Automotive REIT* COM 139733109 17167 724327 SH SOLE 607977 116350 416 17550 SH OTHER 01 02 04 17550 Cedar Fair, L.P. * COM 150185106 8293 351409 SH SOLE 349609 1800 156 6630 SH OTHER 01 02 6630 CenturyTel Inc. COM 156700106 21191 721275 SH SOLE 606275 115000 176 5980 SH OTHER 01 02 5980 Citigroup Inc. COM 172967101 453 12880 SH SOLE 12880 Citizens Communications Co. COM 17453B101 38729 3670990 SH SOLE 3172590 498400 1240 117537 SH OTHER 01 02 04 117537 Coca Cola Company COM 191216100 263 6000 SH SOLE 6000 Colgate-Palmolive COM 194162103 1097 20925 SH SOLE 20925 Conseco Inc Com COM 208464107 1 30365 SH SOLE 30365 Corrections Corp of America COM 22025Y407 9411 548723 SH SOLE 389523 159200 242 14130 SH OTHER 04 14130 Delta Airlines COM 247361108 246 20300 SH SOLE 20300 Dillards, Inc. Cl A COM 254067101 10733 676740 SH SOLE 549140 127600 Dollar Gen Corp Com COM 256669102 848 71000 SH SOLE 71000 Echostar Communications Class COM 278762109 26402 1186080 SH SOLE 1169230 16850 1194 53645 SH OTHER 01 02 53645 Entertainment Properties Trust COM 29380T105 588 25000 SH SOLE 25000 Everest RE Group LTD COM G3223R108 24406 441340 SH SOLE 433140 8200 898 16235 SH OTHER 01 02 16235 Evergreen Resources Inc. COM 299900308 23388 521480 SH SOLE 405680 115800 460 10250 SH OTHER 01 02 04 10250 Exxon Mobil Corp COM 30231G102 230 6576 SH SOLE 6576 FBR Asset Investment Corp* COM 30241E303 1359 40100 SH SOLE 40100 Family Dollar Stores COM 307000109 1954 62600 SH SOLE 62600 FedEx Corporation COM 31428X106 8307 153218 SH SOLE 124000 29218 Felcor Lodging Trust Inc. COM 31430F101 132 11500 SH SOLE 11500 Ferrellgas Partners LP * COM 315293100 777 38150 SH SOLE 38150 14 700 SH OTHER 02 700 First Tennessee Natl. Corp. COM 337162101 1767 49157 SH SOLE 46457 2700 Flowers Foods Inc COM 343498101 10593 542975 SH SOLE 367375 175600 224 11470 SH OTHER 04 11470 Ford Motor Co COM 345370860 3987 428700 SH SOLE 428700 Freddie Mac COM 313400301 941 15930 SH SOLE 15930 36 610 SH OTHER 01 610 Gallagher Arthur J & Co COM 363576109 22085 751690 SH SOLE 741190 10500 888 30235 SH OTHER 01 02 30235 General Electric COM 369604103 231 9500 SH SOLE 9500 General Motors COM 370442105 7396 200652 SH SOLE 128900 71752 Grant Prideco Inc COM 38821G101 13067 1122605 SH SOLE 1104005 18600 714 61319 SH OTHER 01 02 61319 Gulf Island Fabrication Inc COM 402307102 11116 684065 SH SOLE 441365 242700 266 16380 SH OTHER 01 02 04 16380 Harley Davidson Inc. COM 412822108 3787 81975 SH SOLE 62300 19675 Home Depot, Inc. COM 437076102 17462 726995 SH SOLE 544000 182995 Idexx Labs Inc COM 45168D104 9122 277700 SH SOLE 207600 70100 144 4395 SH OTHER 04 4395 Intl. Business Machines COM 459200101 912 11769 SH SOLE 11769 J. C. Penney Co., Inc COM 708160106 41400 1799212 SH SOLE 1650562 148650 1189 51660 SH OTHER 01 02 51660 Journal Register Co. COM 481138105 30242 1700910 SH SOLE 1452210 248700 757 42555 SH OTHER 01 02 04 42555 Kaydon Corp. COM 486587108 21217 1000318 SH SOLE 821518 178800 749 35293 SH OTHER 01 02 04 35293 Kinder Morgan Energy, L. P.* COM 494550106 253 7228 SH SOLE 7228 Kohls Corp Com COM 500255104 2567 45875 SH SOLE 25000 20875 Kroger Co. COM 501044101 5006 324000 SH SOLE 324000 Lakes Entertainment, Inc COM 51206P109 371 68800 SH SOLE 68800 Liberty Media Corp COM 530718105 7730 864697 SH SOLE 834537 30160 73 8216 SH OTHER 02 8216 Limited Brands, Inc. COM 532716107 1463 105000 SH SOLE 105000 Local Financial Corporation COM 539553107 432 29500 SH SOLE 29500 Lowe's Co. COM 548661107 8091 215752 SH SOLE 163800 51952 MSC Industrial Direct Co-A COM 553530106 8273 466110 SH SOLE 312110 154000 212 11940 SH OTHER 04 11940 Metris Companies Inc COM 591598107 10321 4178599 SH SOLE 3689049 489550 389 157474 SH OTHER 01 02 04 157474 Municipal Mortgage & Equity * COM 62624B101 2444 95807 SH SOLE 95807 15 600 SH OTHER 02 600 National Commerce Financial Co COM 63545P104 677 28395 SH SOLE 28395 New Plan Excel Realty Trust* COM 648053106 501 26220 SH SOLE 25020 1200 37 1932 SH OTHER 02 1932 Norfolk Southern COM 655844108 1842 92150 SH SOLE 92150 Oceaneering Intl., Inc. COM 675232102 12553 507410 SH SOLE 355810 151600 219 8840 SH OTHER 04 8840 Ocwen Financial Corp COM 675746101 14536 5191435 SH SOLE 4501235 690200 537 191770 SH OTHER 01 02 04 191770 Office Depot, Inc. COM 676220106 2229 151000 SH SOLE 151000 Old Republic Int'l. COM 680223104 2294 81941 SH SOLE 81941 37 1339 SH OTHER 01 1339 Pfizer Co. COM 717081103 232 7578 SH SOLE 7578 Philip Morris COM 718154107 713 17600 SH SOLE 17600 Pioneer Natural Resources Co COM 723787107 16223 642500 SH SOLE 641600 900 1164 46110 SH OTHER 01 02 46110 Plum Creek Timber Co Inc REIT* COM 729251108 1348 57100 SH SOLE 57100 5 200 SH OTHER 02 200 ProAssurance Corporation COM 74267C106 468 22307 SH SOLE 22307 Pulitzer Inc COM 745769109 30375 675760 SH SOLE 573160 102600 1290 28690 SH OTHER 01 02 04 28690 RFS Hotel Investors Inc * COM 74955J108 1016 93600 SH SOLE 93600 4 400 SH OTHER 02 400 Radioshack Corp. COM 750438103 1387 74000 SH SOLE 74000 Ralcorp Hldgs Inc New Com COM 751028101 12644 502960 SH SOLE 371260 131700 215 8535 SH OTHER 04 8535 Rockwell Automation Inc. COM 773903109 16292 786650 SH SOLE 773850 12800 701 33845 SH OTHER 01 02 33845 Ross Stores Inc COM 778296103 6309 148841 SH SOLE 98000 50841 142 3347 SH OTHER 01 02 3347 Sabre Holdings Corp. COM 785905100 1054 58224 SH SOLE 46624 11600 Safeway Inc Com New COM 786514208 2990 128000 SH SOLE 128000 Saks, Inc. COM 79377w108 23530 2004265 SH SOLE 1692465 311800 979 83370 SH OTHER 01 02 04 83370 Saxon Capital Inc. COM 80556P302 709 56700 SH SOLE 56700 Scripps Co. Class A COM 811054204 9739 126565 SH SOLE 119565 7000 31 400 SH OTHER 02 400 Sears Roebuck & Co. COM 812387108 1940 81000 SH SOLE 81000 Shopko Stores COM 824911101 11681 938200 SH SOLE 575500 362700 288 23100 SH OTHER 01 02 04 23100 Southwest Airlines COM 844741108 2851 205075 SH SOLE 161187 43888 Spherion Corporation COM 848420105 8481 1265855 SH SOLE 975655 290200 462 69000 SH OTHER 01 02 04 69000 Summit America Television, Inc COM 86600T109 67 25000 SH SOLE 25000 TBC Corp Com COM 872180104 607 50500 SH SOLE 50500 TJX Companies COM 872540109 2530 129600 SH SOLE 129600 Target Corp COM 87612E106 6330 211000 SH SOLE 211000 Telephone & Data COM 879433100 2278 48450 SH SOLE 48450 503 10693 SH OTHER 01 02 10693 Toys R Us COM 892335100 18423 1842310 SH SOLE 1816410 25900 644 64415 SH OTHER 01 02 64415 Tupperware Corporation COM 899896104 38156 2530220 SH SOLE 2201120 329100 1405 93199 SH OTHER 01 02 04 93199 UNUMProvident Corp. COM 91529y106 17698 1008990 SH SOLE 988390 20600 738 42065 SH OTHER 01 02 42065 US Cellular Corp COM 911684108 7865 314340 SH SOLE 307340 7000 3 120 SH OTHER 01 02 120 US Unwired Inc -- Class A COM 90338R104 2545 5193230 SH SOLE 4365730 827500 113 230905 SH OTHER 01 02 04 230905 USA Interactive COM 902984103 19554 853145 SH SOLE 837445 15700 1016 44345 SH OTHER 01 02 44345 Union Pacific Corp. COM 907818108 3352 55986 SH SOLE 55986 United Parcel Service Cl B COM 911312106 18983 300935 SH SOLE 246000 54935 United Stationers Inc COM 913004107 11846 411300 SH SOLE 305900 105400 207 7180 SH OTHER 04 7180 Universal Health Services Cl B COM 913903100 17608 390420 SH SOLE 385670 4750 797 17675 SH OTHER 01 02 17675 Wal-Mart Stores COM 931142103 72665 1438628 SH SOLE 1093436 345192 Walgreen Co. COM 931422109 7193 246425 SH SOLE 163000 83425 Weatherford International, Ltd COM G95089101 21803 546041 SH SOLE 537342 8699 1076 26958 SH OTHER 01 02 26958 XTO Energy Inc. COM 98385X106 10860 439665 SH SOLE 420165 19500 5 200 SH OTHER 01 200 Young Broadcasting Class A COM 987434107 32099 2437267 SH SOLE 2128067 309200 1272 96580 SH OTHER 01 02 04 96580 EchoStar Communications CNV 278762AD1 398 450000 PRN SOLE 450000 22 25000 PRN OTHER 02 25000 Interim Services Inc CNV 45868PAA8 997 1100000 PRN SOLE 1100000 23 25000 PRN OTHER 02 25000 JC Penney Corp (144A) CNV 708160BU9 267 250000 PRN SOLE 250000 JC Penney Corp (Public) CNV 708160BV7 27 25000 PRN SOLE 25000 Jumbosports Inc Conv org due CNV 481386AA8 0 150000 PRN SOLE 150000 Bankunited Cap Tr Pfd B 10.25 PFD 06651Y401 200 200 SH SOLE 200 Chevy Chase Svgs Bk 13.00% Pfd PFD 166784207 270 10000 SH SOLE 10000 FNMA Series F PFD 313586703 479 10000 SH SOLE 10000 Freddie Mac 4.50% Series Pfd PFD 313400764 934 20000 SH SOLE 20000 Freddie Mac 4.817% Series Pfd PFD 313400780 926 20000 SH SOLE 20000 Price Legacy 8.75% Series A PFD 74144P205 282 17000 SH SOLE 17000 Citizens Utils Tr Pfd Eppics C PFD CV 177351202 617 13000 SH SOLE 13000 5 100 SH OTHER 02 100 Corrections Corp 12% PIK Serie PFD CV 22025y308 325 12987 SH SOLE 12987 Corrections Corp of America 8% PFD CV 22025Y209 4201 195400 SH SOLE 195400 Toys R Us Inc 6.25% Pfd PFD CV 892335209 1210 35950 SH SOLE 35950 57 1700 SH OTHER 02 1700