13F-HR 1 inftable.txt SCHEDULE 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Advo Inc. COM 007585102 14094 437435 SH SOLE 435735 1700 439 13640 SH OTHER 02 04 13640 Alberto Culver Co. COM 013068101 2152 49047 SH SOLE 47547 1500 Alcan Inc COM 013716105 202 4500 SH SOLE 4500 Alltel Corp. COM 020039103 338 6774 SH SOLE 6774 Altria Group Inc Com COM 02209s103 893 16400 SH SOLE 16400 American Capital Strategies COM 024937104 415 12500 SH SOLE 12500 American Financial Realty Trus COM 02607P305 25194 1486400 SH SOLE 1473600 10000 2800 616 36325 SH OTHER 01 02 04 36325 American Intl. Group COM 026874107 249 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 1370 58275 SH SOLE 58275 Arrow Electronics COM 042735100 28366 1114155 SH SOLE 1104955 7000 2200 952 37400 SH OTHER 01 02 04 37400 AutoZone, Inc. COM 053332102 35395 411715 SH SOLE 377640 2200 31875 560 6510 SH OTHER 01 02 6510 Avnet Inc. COM 053807103 809 33050 SH SOLE 33050 12 500 SH OTHER 02 500 Baldwin & Lyons Inc Class B COM 057755209 2142 73800 SH SOLE 73800 Bank of America Corp COM 060505104 594 7333 SH SOLE 7333 Best Buy Inc Com COM 086516101 11022 213100 SH SOLE 155500 57600 Big Lots Inc COM 089302103 13047 899823 SH SOLE 899823 197 13605 SH OTHER 01 04 13605 Black & Decker COM 091797100 9021 158425 SH SOLE 110000 48425 Bristol-Myers Squibb Co. COM 110122108 556 22950 SH SOLE 22950 Buckeye Partners L.P. * COM 118230101 302 7000 SH SOLE 7000 Buckeye Technologies Corp. COM 118255108 40264 3886439 SH SOLE 3855439 21000 10000 1045 100905 SH OTHER 01 02 04 100905 Burlington Northern Santa Fe C COM 12189T104 3224 102337 SH SOLE 102337 CIT Group Inc. COM 125581108 6848 179980 SH SOLE 175980 4000 13 350 SH OTHER 01 350 CPI Corp. COM 125902106 10444 548821 SH SOLE 545321 3500 417 21920 SH OTHER 02 04 21920 CSX Corp. COM 126408103 1105 36480 SH SOLE 36480 CVS Corp. COM 126650100 2683 76000 SH SOLE 76000 Cabot Oil & Gas COM 127097103 2732 89400 SH SOLE 87600 1800 Canadian Natl Railway Co. COM 136375102 1343 34149 SH SOLE 34149 Capital Automotive REIT* COM 139733109 6454 182777 SH SOLE 182577 200 35 1000 SH OTHER 02 1000 Capital One Financal Corp COM 14040H105 543 7200 SH SOLE 7200 Cedar Fair, L.P. * COM 150185106 11149 318809 SH SOLE 315809 3000 63 1800 SH OTHER 01 02 1800 CenturyTel Inc. COM 156700106 2930 106575 SH SOLE 106575 5 190 SH OTHER 02 190 Citigroup Inc. COM 172967101 599 11580 SH SOLE 11580 Citizens Communications Co. COM 17453B101 21171 1636095 SH SOLE 1621595 14000 500 614 47447 SH OTHER 01 02 04 47447 Coca Cola Company COM 191216100 302 6000 SH SOLE 6000 Colgate-Palmolive COM 194162103 1131 20525 SH SOLE 20525 Comcast Corp Special Class A COM 20030N200 8415 302140 SH SOLE 294140 6500 1500 95 3400 SH OTHER 01 02 3400 Corrections Corp of America COM 22025Y407 8373 235183 SH SOLE 235183 330 9260 SH OTHER 04 9260 Direct General Corp COM 25456W204 597 16500 SH SOLE 16500 Dollar Gen Corp Com COM 256669102 9583 499100 SH SOLE 350000 149100 Echostar Communications Class COM 278762109 21303 650485 SH SOLE 643085 5000 2400 494 15075 SH OTHER 01 02 15075 Everest RE Group LTD COM G3223R108 23490 274930 SH SOLE 271630 2200 1100 569 6655 SH OTHER 01 02 6655 Evergreen Resources Inc. COM 299900308 18402 535730 SH SOLE 532730 3000 705 20530 SH OTHER 02 04 20530 Exxon Mobil Corp COM 30231G102 230 5520 SH SOLE 5520 FedEx Corporation COM 31428X106 12292 163545 SH SOLE 144000 19545 Ferrellgas Partners LP * COM 315293100 897 35450 SH SOLE 35450 11 440 SH OTHER 02 440 First Tennessee Natl. Corp. COM 337162101 4563 95666 SH SOLE 95666 Fisher Scientific Intl COM 338032204 38660 702405 SH SOLE 696805 4000 1600 1148 20850 SH OTHER 01 02 04 20850 Flowers Foods Inc COM 343498101 816 31100 SH SOLE 31100 Freddie Mac COM 313400301 710 12030 SH SOLE 12030 Friedman Billings Rmsy Cl A COM 358434108 1404 52025 SH SOLE 52025 Gallagher Arthur J & Co COM 363576109 27061 830850 SH SOLE 822050 6500 2300 600 18410 SH OTHER 01 02 18410 Gardner Denver Inc. COM 365558105 19271 711635 SH SOLE 711635 600 22155 SH OTHER 01 02 04 22155 General Electric COM 369604103 815 26714 SH SOLE 26714 Government Properties Trust * COM 38374W107 951 72200 SH SOLE 72200 Grant Prideco Inc COM 38821G101 13491 870359 SH SOLE 858859 11000 500 325 20946 SH OTHER 01 02 20946 Group 1 Automotive Inc COM 398905109 7982 220500 SH SOLE 220500 Gulf Island Fabrication Inc COM 402307102 7592 373259 SH SOLE 373259 285 14035 SH OTHER 01 04 14035 Harley Davidson Inc. COM 412822108 10799 202450 SH SOLE 150000 52450 Home Depot, Inc. COM 437076102 37270 997600 SH SOLE 789000 208600 Infinity Property & Casualty C COM 45665q103 30182 960915 SH SOLE 960615 300 997 31744 SH OTHER 01 02 04 31744 InterActiveCorp COM 45840Q101 212 6700 SH SOLE 6700 Intl. Business Machines COM 459200101 1496 16289 SH SOLE 16289 J. C. Penney Co., Inc COM 708160106 44729 1286057 SH SOLE 1195707 6000 84350 671 19285 SH OTHER 01 02 19285 Journal Register Co. COM 481138105 26276 1257235 SH SOLE 1256835 400 823 39360 SH OTHER 01 02 04 39360 Kaydon Corp. COM 486587108 25890 940442 SH SOLE 938242 2200 884 32115 SH OTHER 01 02 04 32115 Kinder Morgan Energy, L. P.* COM 494550106 326 7228 SH SOLE 7228 Kinder Morgan Management LLC COM 49455U100 610 14425 SH SOLE 14425 Kroger Co. COM 501044101 6140 369000 SH SOLE 369000 Liberty Media Corp COM 530718105 8227 751300 SH SOLE 727884 18000 5416 68 6240 SH OTHER 02 6240 Lowe's Co. COM 548661107 4704 83800 SH SOLE 83800 Luminent Mortgage Captial, Inc COM 550278303 573 40500 SH SOLE 40500 MSC Industrial Direct Co-A COM 553530106 6683 223130 SH SOLE 223130 329 11000 SH OTHER 04 11000 Metris Companies Inc COM 591598107 45744 5689542 SH SOLE 5650042 27500 12000 1207 150142 SH OTHER 01 02 04 150142 Mettler-Toledo Intl COM 592688105 15754 354810 SH SOLE 351510 3300 435 9805 SH OTHER 01 02 04 9805 Municipal Mortgage & Equity * COM 62624B101 2822 109907 SH SOLE 109907 13 520 SH OTHER 02 520 National Commerce Financial Co COM 63545P104 781 27282 SH SOLE 27282 New Plan Excel Realty Trust* COM 648053106 637 23280 SH SOLE 23280 28 1032 SH OTHER 02 1032 Nissan Motors Sponsored ADR COM 654744408 5502 250000 SH SOLE 250000 Norfolk Southern COM 655844108 5239 237175 SH SOLE 202150 35025 Oceaneering Intl., Inc. COM 675232102 14792 485790 SH SOLE 485790 531 17440 SH OTHER 01 02 04 17440 Ocwen Financial Corp COM 675746101 27167 2809410 SH SOLE 2783410 18000 8000 962 99433 SH OTHER 01 02 04 99433 Old Republic Int'l. COM 680223104 2071 84318 SH SOLE 84318 20 798 SH OTHER 01 798 Overnite Corp COM 690322102 2859 124300 SH SOLE 85000 39300 Pfizer Co. COM 717081103 315 8978 SH SOLE 8978 Pioneer Natural Resources Co COM 723787107 22726 703580 SH SOLE 697580 6000 558 17290 SH OTHER 01 02 17290 Placer Dome, Inc. COM 725906101 296 16447 SH SOLE 16447 Plum Creek Timber Co Inc REIT* COM 729251108 2244 69100 SH SOLE 69100 6 190 SH OTHER 02 190 Price Legacy Corp Com New* COM 74144P502 327 19208 SH SOLE 19208 ProAssurance Corporation COM 74267C106 229 6538 SH SOLE 6538 Procter & Gamble COM 742718109 210 2000 SH SOLE 2000 Pulitzer Inc COM 745769109 19517 404490 SH SOLE 404290 200 659 13660 SH OTHER 01 02 04 13660 Ralcorp Hldgs Inc New Com COM 751028101 11812 388175 SH SOLE 388175 428 14075 SH OTHER 01 02 04 14075 Regency Centers Corp.* COM 758849103 210 4500 SH SOLE 4500 Rent-A-Center Inc. COM 76009N100 28868 875845 SH SOLE 787445 5300 83100 413 12520 SH OTHER 01 02 12520 Ross Stores Inc COM 778296103 9979 325800 SH SOLE 236000 89800 34 1100 SH OTHER 02 1100 Safeco Corp Com COM 786429100 448 10400 SH SOLE 10400 Saks, Inc. COM 79377W108 28054 1594005 SH SOLE 1594005 850 48280 SH OTHER 01 02 04 48280 Saxon Capital Inc. COM 80556P302 1127 39700 SH SOLE 39700 Schering Plough Corp. COM 806605101 581 35842 SH SOLE 35842 Scripps Co. Class A COM 811054204 6192 61245 SH SOLE 59245 2000 Shaw Communications Inc-B COM 82028K200 5830 357035 SH SOLE 356635 400 214 13125 SH OTHER 01 02 13125 Shopko Stores COM 824911101 8777 600310 SH SOLE 600310 332 22700 SH OTHER 01 04 22700 Southwest Airlines COM 844741108 3484 245187 SH SOLE 245187 Spherion Corporation COM 848420105 9206 899895 SH SOLE 899895 420 41070 SH OTHER 01 02 04 41070 Sun Communities Inc.* COM 866674104 912 21300 SH SOLE 21300 Target Corp COM 87612E106 14131 313750 SH SOLE 243000 70750 Telephone & Data COM 879433100 248 3500 SH SOLE 3500 Texas Instruments COM 882508104 389 13325 SH SOLE 13325 Toyota Motor Corp Sponsored AD COM 892331307 8780 117850 SH SOLE 80100 37750 Toys R Us COM 892335100 21155 1259220 SH SOLE 1248820 10000 400 392 23305 SH OTHER 01 02 23305 Tuesday Morning Corp COM 899035505 7079 205440 SH SOLE 130000 75440 Tupperware Corporation COM 899896104 1256 70500 SH SOLE 70500 Union Pacific Corp. COM 907818108 6652 111200 SH SOLE 88000 23200 Union Planters COM 908068109 414 13880 SH SOLE 13880 United Parcel Service Cl B COM 911312106 17263 247185 SH SOLE 201000 46185 Universal Health Services Cl B COM 913903100 13922 302190 SH SOLE 297390 3600 1200 336 7285 SH OTHER 01 02 7285 Vesta Insurance Group Inc COM 925391104 87 20000 SH SOLE 20000 W W Grainger Inc. COM 384802104 1537 32030 SH SOLE 32030 5 100 SH OTHER 01 100 Wal-Mart Stores COM 931142103 82482 1381836 SH SOLE 1153436 228400 Walgreen Co. COM 931422109 6195 188000 SH SOLE 188000 Weatherford International, Ltd COM G95089101 19172 456153 SH SOLE 451253 4700 200 442 10515 SH OTHER 01 02 10515 XTO Energy Inc. COM 98385X106 7147 283173 SH SOLE 275173 8000 Young Broadcasting Class A COM 987434107 25795 1425137 SH SOLE 1420337 4800 945 52235 SH OTHER 01 02 04 52235 Interim Services Inc CNV 45868PAA8 602 600000 PRN SOLE 600000 15 15000 PRN OTHER 02 15000 JC Penney Corp (144A) CNV 708160BU9 317 250000 PRN SOLE 250000 JC Penney Corp (Public) CNV 708160BV7 190 150000 PRN SOLE 150000 Citizens Utils Tr Pfd Eppics C PFD CV 177351202 761 14600 SH SOLE 14600 5 100 SH OTHER 02 100 Toys R Us Inc 6.25% Pfd PFD CV 892335209 632 13200 SH SOLE 13200