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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 21st Century Holding Co COM 90136Q100 138 11850 SH SOLE 11850 Advo Inc. COM 007585102 19174 619726 SH SOLE 617726 2000 529 17105 SH OTHER 02 04 17105 Alberto Culver Co. COM 013068101 2017 46397 SH SOLE 44897 1500 Alcan Inc COM 013716105 215 4500 SH SOLE 4500 Altria Group Inc Com COM 02209S103 729 15500 SH SOLE 15500 American Capital Strategies COM 024937104 396 12650 SH SOLE 12650 American Financial Realty Trus COM 02607P305 18615 1319274 SH SOLE 1315274 4000 394 27945 SH OTHER 02 04 27945 American Intl. Group COM 026874107 237 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 816 33462 SH SOLE 33462 Arrow Electronics COM 042735100 18700 828170 SH SOLE 826170 2000 415 18365 SH OTHER 02 04 18365 AutoZone, Inc. COM 053332102 29180 377737 SH SOLE 346712 31025 162 2095 SH OTHER 02 2095 Avnet Inc. COM 053807103 237 13850 SH SOLE 13850 9 500 SH OTHER 02 500 Baldwin & Lyons Inc Class B COM 057755209 1477 58523 SH SOLE 58523 Bank of America Corp COM 060505104 635 14666 SH SOLE 14666 Best Buy Inc Com COM 086516101 9275 171000 SH SOLE 171000 Big Lots Inc COM 089302103 196 16000 SH SOLE 16000 Black & Decker COM 091797100 12569 162300 SH SOLE 120000 42300 Bristol-Myers Squibb Co. COM 110122108 525 22200 SH SOLE 22200 Buckeye Partners L.P. * COM 118230101 308 7000 SH SOLE 7000 Buckeye Technologies Corp. COM 118255108 34324 3078395 SH SOLE 3069395 9000 711 63745 SH OTHER 02 04 63745 CIT Group Inc. COM 125581108 4389 117380 SH SOLE 117380 CPI Corp. COM 125902106 7074 533899 SH SOLE 533899 227 17165 SH OTHER 04 17165 Cabot Oil & Gas COM 127097103 3516 78300 SH SOLE 76500 1800 Capital Automotive REIT* COM 139733109 4892 156450 SH SOLE 156450 31 1000 SH OTHER 02 1000 Capital One Financal Corp COM 14040H105 525 7100 SH SOLE 7100 Career Education Corp COM 141665109 8091 284600 SH SOLE 283100 1500 75 2640 SH OTHER 02 2640 Catalina Marketing Corp COM 148867104 3508 152000 SH SOLE 152000 171 7390 SH OTHER 04 7390 Cedar Fair, L.P. * COM 150185106 9080 296250 SH SOLE 293250 3000 Citigroup Inc. COM 172967101 440 9980 SH SOLE 9980 Citizens Communications Co. COM 17453B101 6174 461080 SH SOLE 461080 29 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 914 20225 SH SOLE 20225 EBAY Inc COM 278642103 3016 32805 SH SOLE 32805 Echostar Communications Class COM 278762109 14558 467815 SH SOLE 465815 2000 137 4415 SH OTHER 02 4415 FedEx Corporation COM 31428X106 25803 301125 SH SOLE 218200 82925 Ferrellgas Partners LP * COM 315293100 774 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 3193 73632 SH SOLE 73632 Fisher Scientific Intl COM 338032204 32622 559261 SH SOLE 557861 1400 733 12565 SH OTHER 02 04 12565 Flowers Foods Inc COM 343498101 684 26450 SH SOLE 26450 Ford Motor Co COM 345370860 6768 481700 SH SOLE 481700 Freddie Mac COM 313400301 692 10600 SH SOLE 10600 Friedman Billings Rmsy Cl A COM 358434108 805 42125 SH SOLE 42125 Gallagher Arthur J & Co COM 363576109 19832 598623 SH SOLE 596623 2000 183 5530 SH OTHER 02 5530 Gardner Denver Inc. COM 365558105 21271 771512 SH SOLE 769312 2200 612 22215 SH OTHER 02 04 22215 General Electric COM 369604103 746 22214 SH SOLE 22214 Grant Prideco Inc COM 38821G101 13244 646382 SH SOLE 646382 59 2898 SH OTHER 02 2898 Gulf Island Fabrication Inc COM 402307102 7846 351859 SH SOLE 351859 292 13110 SH OTHER 04 13110 Harley Davidson Inc. COM 412822108 13130 220900 SH SOLE 165000 55900 Home Depot, Inc. COM 437076102 38709 987475 SH SOLE 789000 198475 IPIX Corporation COM 44982l103 3797 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665q103 21080 713843 SH SOLE 713843 618 20915 SH OTHER 02 04 20915 Intl. Business Machines COM 459200101 1390 16209 SH SOLE 16209 J. C. Penney Co., Inc COM 708160106 34917 989714 SH SOLE 887364 102350 146 4130 SH OTHER 02 4130 Journal Register Co. COM 481138105 17580 930158 SH SOLE 930158 435 23020 SH OTHER 02 04 23020 Kaydon Corp. COM 486587108 26359 916203 SH SOLE 914203 2000 551 19165 SH OTHER 02 04 19165 Kinder Morgan Energy, L. P.* COM 494550106 339 7228 SH SOLE 7228 Kinder Morgan Management LLC COM 49455U100 649 15638 SH SOLE 15638 Kroger Co. COM 501044101 5727 369000 SH SOLE 369000 Liberty Media Corp COM 530718105 7569 868008 SH SOLE 861008 7000 74 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 4555 83800 SH SOLE 83800 Luminent Mortgage Captial, Inc COM 550278303 335 26400 SH SOLE 26400 MSC Industrial Direct Co-A COM 553530106 8686 254880 SH SOLE 254880 369 10825 SH OTHER 04 10825 Metris Companies Inc COM 591598107 42071 4301768 SH SOLE 4291768 10000 884 90380 SH OTHER 02 04 90380 Mettler-Toledo Intl COM 592688105 15504 328345 SH SOLE 328345 380 8050 SH OTHER 02 04 8050 Municipal Mortgage & Equity * COM 62624B101 2300 91200 SH SOLE 91200 National Commerce Financial Co COM 63545P104 933 27282 SH SOLE 27282 New Plan Excel Realty Trust* COM 648053106 582 23280 SH SOLE 23280 26 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 2903 97600 SH SOLE 450 97150 Oceaneering Intl., Inc. COM 675232102 17572 476990 SH SOLE 476990 521 14130 SH OTHER 02 04 14130 Ocwen Financial Corp COM 675746101 19505 2131694 SH SOLE 2125194 6500 573 62585 SH OTHER 02 04 62585 Old Republic Int'l. COM 680223104 2065 82518 SH SOLE 82518 Pfizer Co. COM 717081103 232 7578 SH SOLE 7578 Pioneer Natural Resources Co COM 723787107 25868 750246 SH SOLE 748572 1674 488 14156 SH OTHER 02 04 14156 Placer Dome, Inc. COM 725906101 327 16447 SH SOLE 16447 Plum Creek Timber Co Inc REIT* COM 729251108 2144 61200 SH SOLE 61200 Price Legacy Corp Com New* COM 74144P502 364 19208 SH SOLE 19208 ProAssurance Corporation COM 74267C106 229 6538 SH SOLE 6538 Pulitzer Inc COM 745769109 15924 322349 SH SOLE 322349 351 7105 SH OTHER 02 04 7105 Ralcorp Hldgs Inc New Com COM 751028101 7936 219820 SH SOLE 219820 360 9985 SH OTHER 02 04 9985 Regions Financial Corp. COM 7591EP100 475 14357 SH SOLE 14357 Rent-A-Center Inc. COM 76009N100 28389 1097810 SH SOLE 948860 148950 103 4000 SH OTHER 02 4000 Rockwell Automation Inc. COM 773903109 201 5200 SH SOLE 5200 Ross Stores Inc COM 778296103 10810 461175 SH SOLE 365000 96175 14 600 SH OTHER 02 600 Safeco Corp Com COM 786429100 475 10400 SH SOLE 10400 Saks, Inc. COM 79377W108 188 15575 SH SOLE 15575 Saxon Capital Inc. REIT COM 350 16300 SH SOLE 16300 Schering Plough Corp. COM 806605101 683 35842 SH SOLE 35842 Scripps Co. Class A COM 811054204 5451 114090 SH SOLE 114090 Shire Pharmaceuticals-SP ADR COM 82481R106 17972 627312 SH SOLE 624812 2500 124 4340 SH OTHER 02 4340 Shopko Stores COM 824911101 10932 627910 SH SOLE 627910 380 21830 SH OTHER 04 21830 Spherion Corporation COM 848420105 6082 777760 SH SOLE 777760 183 23370 SH OTHER 02 04 23370 Sun Communities Inc.* COM 866674104 588 15000 SH SOLE 15000 Synovus Financial Corp. COM 87161C105 856 32730 SH SOLE 32730 TBC Corp Com COM 872180104 8423 377050 SH SOLE 377050 384 17200 SH OTHER 04 17200 Target Corp COM 87612E106 25392 561150 SH SOLE 450000 111150 Texas Instruments COM 882508104 284 13325 SH SOLE 13325 Toyota Motor Corp Sponsored AD COM 892331307 9435 123525 SH SOLE 80100 43425 Toys R Us COM 892335100 12100 682080 SH SOLE 682080 53 2980 SH OTHER 02 2980 Tuesday Morning Corp COM 899035505 17716 572950 SH SOLE 472100 100850 371 11985 SH OTHER 04 11985 Tupperware Corporation COM 899896104 1097 64600 SH SOLE 64600 Union Pacific Corp. COM 907818108 9259 158000 SH SOLE 158000 United Parcel Service Cl B COM 911312106 20574 271000 SH SOLE 271000 Universal Health Services Cl B COM 913903100 13337 306599 SH SOLE 305399 1200 130 2980 SH OTHER 02 2980 Valero Energy COM 91913Y100 237 2950 SH SOLE 2950 Vesta Insurance Group Inc COM 925391104 90 20000 SH SOLE 20000 Wal-Mart Stores COM 931142103 64983 1221486 SH SOLE 1053436 168050 Walgreen Co. COM 931422109 12111 338000 SH SOLE 338000 Weatherford International, Ltd COM G95089101 17752 347947 SH SOLE 347947 170 3340 SH OTHER 02 3340 XTO Energy Inc. COM 98385X106 7375 227048 SH SOLE 227048 Young Broadcasting Class A COM 987434107 17514 1611264 SH SOLE 1611264 489 44960 SH OTHER 02 04 44960 Credit Depot Warehouse Lending CNV credit200 0 44022 PRN SOLE 44022 JC Penney Corp (144A) CNV 708160BU9 309 250000 PRN SOLE 250000 JC Penney Corp (Public) CNV 708160BV7 186 150000 PRN SOLE 150000 Toys R Us Inc 6.25% Pfd PFD CV 892335209 437 9100 SH SOLE 9100