13F-HR 1 inftable.txt SCHEDULE 13F-HR 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 173 11850 SH SOLE 11850 Advo Inc. COM 007585102 21782 610986 SH SOLE 608986 2000 623 17480 SH OTHER 04 02 17480 Alberto Culver Co. COM 013068101 2195 45197 SH SOLE 43697 1500 Albertsons, Inc. COM 013104104 5397 226000 SH SOLE 226000 Alcan Inc COM 013716105 221 4500 SH SOLE 4500 Altria Group Inc Com COM 02209S103 910 14900 SH SOLE 14900 American Capital Strategies COM 024937104 682 20450 SH SOLE 20450 American Financial Realty Trus COM 02607P305 21400 1322619 SH SOLE 1318619 4000 435 26905 SH OTHER 04 02 26905 American Intl. Group COM 026874107 229 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 867 33462 SH SOLE 33462 Arrow Electronics COM 042735100 19855 817070 SH SOLE 815070 2000 367 15090 SH OTHER 04 02 15090 AutoZone, Inc. COM 053332102 34381 376532 SH SOLE 346907 29625 191 2095 SH OTHER 02 2095 Baldwin & Lyons Inc Class B COM 057755209 1568 58523 SH SOLE 58523 Bank of America Corp COM 060505104 689 14666 SH SOLE 14666 Best Buy Inc Com COM 086516101 9983 168000 SH SOLE 168000 Big Lots Inc COM 089302103 194 16000 SH SOLE 16000 Black & Decker COM 091797100 13991 158400 SH SOLE 118000 40400 Bristol-Myers Squibb Co. COM 110122108 569 22200 SH SOLE 22200 Buckeye Partners L.P. * COM 118230101 296 7000 SH SOLE 7000 Buckeye Technologies Corp. COM 118255108 40333 3100170 SH SOLE 3091170 9000 801 61535 SH OTHER 04 02 61535 CIT Group Inc. COM 125581108 5530 120680 SH SOLE 120680 CPI Corp. COM 125902106 7070 520264 SH SOLE 520264 154 11365 SH OTHER 04 11365 Cabo Mining Enterprises COM 12687b100 48 66880 SH SOLE 66880 Cabot Oil & Gas COM 127097103 3465 78300 SH SOLE 76500 1800 Capital Automotive REIT* COM 139733109 5437 153050 SH SOLE 153050 36 1000 SH OTHER 02 1000 Capital One Financal Corp COM 14040H105 623 7400 SH SOLE 7400 Career Education Corp COM 141665109 11586 289650 SH SOLE 288150 1500 138 3440 SH OTHER 02 3440 Cedar Fair, L.P. * COM 150185106 9753 296447 SH SOLE 293447 3000 Citigroup Inc. COM 172967101 481 9980 SH SOLE 9980 Citizens Communications Co. COM 17453B101 6713 486820 SH SOLE 486820 30 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 1021 19950 SH SOLE 19950 EBAY Inc COM 278642103 3642 31305 SH SOLE 31305 Echostar Communications Class COM 278762109 15691 471915 SH SOLE 469915 2000 147 4415 SH OTHER 02 4415 FedEx Corporation COM 31428X106 29274 297225 SH SOLE 218200 79025 Ferrellgas Partners LP * COM 315293100 720 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 3140 72832 SH SOLE 72832 Fisher Scientific Intl COM 338032204 38107 610881 SH SOLE 609481 1400 810 12985 SH OTHER 04 02 12985 Ford Motor Co COM 345370860 6925 473000 SH SOLE 473000 Freddie Mac COM 313400301 781 10600 SH SOLE 10600 Friedman Billings Rmsy Cl A COM 358434108 817 42125 SH SOLE 42125 Gallagher Arthur J & Co COM 363576109 19777 608523 SH SOLE 606523 2000 180 5530 SH OTHER 02 5530 Gardner Denver Inc. COM 365558105 27570 759717 SH SOLE 757517 2200 777 21420 SH OTHER 04 02 21420 Gartner Inc. Cl A COM 366651107 7459 598670 SH SOLE 598670 199 15945 SH OTHER 04 02 15945 General Electric COM 369604103 811 22214 SH SOLE 22214 Grant Prideco Inc COM 38821G101 13034 650082 SH SOLE 650082 58 2898 SH OTHER 02 2898 Gulf Island Fabrication Inc COM 402307102 7432 340469 SH SOLE 340469 342 15645 SH OTHER 04 15645 Harley Davidson Inc. COM 412822108 13802 227200 SH SOLE 162000 65200 Home Depot, Inc. COM 437076102 41230 964675 SH SOLE 775000 189675 IPIX Corporation COM 44982l103 3000 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665q103 24601 698903 SH SOLE 698903 710 20170 SH OTHER 04 02 20170 Intl. Business Machines COM 459200101 1598 16209 SH SOLE 16209 Ishares Tr Rusl 2000 Valu COM 464287630 405 2100 SH OTHER 04 2100 J. C. Penney Co., Inc COM 708160106 48809 1178964 SH SOLE 1038114 140850 173 4180 SH OTHER 02 4180 Journal Register Co. COM 481138105 17588 909858 SH SOLE 909858 429 22190 SH OTHER 04 02 22190 Kaydon Corp. COM 486587108 30000 908533 SH SOLE 906533 2000 608 18425 SH OTHER 04 02 18425 Kinder Morgan Energy, L. P.* COM 494550106 320 7228 SH SOLE 7228 Kinder Morgan Management LLC COM 49455U100 1030 25316 SH SOLE 25316 Liberty Media Corp COM 530718105 9727 885888 SH SOLE 878888 7000 93 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 4740 82300 SH SOLE 82300 Luminent Mortgage Captial, Inc COM 550278303 314 26400 SH SOLE 26400 MSC Industrial Direct Co-A COM 553530106 8863 246325 SH SOLE 246325 371 10325 SH OTHER 04 10325 McCormick & Co Inc Com Non Vtg COM 579780206 203 5260 SH SOLE 5260 Metris Companies Inc COM 591598107 53945 4230947 SH SOLE 4220947 10000 970 76080 SH OTHER 04 02 76080 Mettler-Toledo Intl COM 592688105 16527 322100 SH SOLE 322100 396 7710 SH OTHER 04 02 7710 Municipal Mortgage & Equity * COM 62624B101 2531 93000 SH SOLE 93000 New Plan Excel Realty Trust* COM 648053106 616 22740 SH SOLE 22740 28 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 3369 93100 SH SOLE 450 92650 Oceaneering Intl., Inc. COM 675232102 22244 596040 SH SOLE 596040 589 15770 SH OTHER 04 02 15770 Ocwen Financial Corp COM 675746101 18201 1903889 SH SOLE 1897389 6500 587 61405 SH OTHER 04 02 61405 Old Republic Int'l. COM 680223104 1980 78246 SH SOLE 78246 Pfizer Co. COM 717081103 204 7578 SH SOLE 7578 Pioneer Natural Resources Co COM 723787107 26266 748311 SH SOLE 746637 1674 482 13737 SH OTHER 04 02 13737 Placer Dome, Inc. COM 725906101 310 16447 SH SOLE 16447 Plum Creek Timber Co Inc REIT* COM 729251108 2353 61200 SH SOLE 61200 ProAssurance Corporation COM 74267C106 256 6538 SH SOLE 6538 Pulitzer Inc COM 745769109 665 10250 SH SOLE 10250 Ralcorp Hldgs Inc New Com COM 751028101 8917 212660 SH SOLE 212660 388 9255 SH OTHER 04 9255 Regions Financial Corp. COM 7591EP100 511 14357 SH SOLE 14357 Rent-A-Center Inc. COM 76009N100 28241 1065680 SH SOLE 925030 140650 119 4500 SH OTHER 02 4500 Rockwell Automation Inc. COM 773903109 258 5200 SH SOLE 5200 Ross Stores Inc COM 778296103 10335 358000 SH SOLE 358000 Safeco Corp Com COM 786429100 543 10400 SH SOLE 10400 Saks, Inc. COM 79377W108 203 14000 SH SOLE 14000 Saxon Capital Inc. REIT COM 80556T106 391 16300 SH SOLE 16300 Schering Plough Corp. COM 806605101 748 35842 SH SOLE 35842 Scripps Co. Class A COM 811054204 5624 116490 SH SOLE 116490 Shire Pharmaceuticals-SP ADR COM 82481R106 24789 775882 SH SOLE 773382 2500 202 6310 SH OTHER 02 6310 Shopko Stores COM 824911101 11375 608930 SH SOLE 608930 389 20835 SH OTHER 04 20835 Spherion Corporation COM 848420105 8070 960670 SH SOLE 960670 305 36355 SH OTHER 04 36355 Sun Communities Inc.* COM 866674104 604 15000 SH SOLE 15000 Suntrust Banks, Inc. COM 867914103 993 13442 SH SOLE 13442 Synovus Financial Corp. COM 87161C105 1001 35030 SH SOLE 35030 TBC Corp New Com COM 872183108 10360 372660 SH SOLE 372660 519 18655 SH OTHER 04 18655 Target Corp COM 87612E106 29307 564350 SH SOLE 442000 122350 Texas Instruments COM 882508104 328 13325 SH SOLE 13325 Toyota Motor Corp Sponsored AD COM 892331307 9826 120025 SH SOLE 78500 41525 Toys R Us COM 892335100 5337 260730 SH SOLE 260730 Tuesday Morning Corp COM 899035505 20662 674565 SH SOLE 553215 121350 350 11425 SH OTHER 04 11425 Tupperware Corporation COM 899896104 934 45100 SH SOLE 45100 Union Pacific Corp. COM 907818108 10625 158000 SH SOLE 158000 United Parcel Service Cl B COM 911312106 23160 271000 SH SOLE 271000 Universal Health Services Cl B COM 913903100 13833 310849 SH SOLE 309649 1200 146 3290 SH OTHER 02 3290 Valero Energy COM 91913Y100 268 5900 SH SOLE 5900 Vesta Insurance Group Inc COM 925391104 74 20000 SH SOLE 20000 Wal-Mart Stores COM 931142103 58822 1113636 SH SOLE 983436 130200 Walgreen Co. COM 931422109 12739 332000 SH SOLE 332000 Weatherford International, Ltd COM G95089101 18083 352492 SH SOLE 352492 171 3340 SH OTHER 02 3340 Western Gas Resource Inc. COM 958259103 6648 227280 SH SOLE 227280 265 9070 SH OTHER 04 9070 XTO Energy Inc. COM 98385X106 8033 227048 SH SOLE 227048 Young Broadcasting Class A COM 987434107 16350 1548302 SH SOLE 1548302 318 30120 SH OTHER 04 02 30120 Credit Depot Warehouse Lending CNV credit200 0 44022 PRN SOLE 44022 Toys R Us Inc 6.25% Pfd PFD CV 892335209 482 9100 SH SOLE 9100