13F-HR 1 inftable.txt SCHEDULE 13F 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 160 11850 SH SOLE 11850 Advo Inc. COM 007585102 22325 596130 SH SOLE 594130 2000 662 17680 SH OTHER 04 02 17680 Alberto Culver Co. COM 013068101 2156 45047 SH SOLE 43547 1500 Altria Group Inc Com COM 02209S103 974 14900 SH SOLE 14900 American Capital Strategies COM 024937104 642 20450 SH SOLE 20450 American Financial Realty Trus COM 02607P305 16854 1151989 SH SOLE 1147989 4000 399 27253 SH OTHER 04 02 27253 Amsouth Bancorporation COM 032165102 868 33462 SH SOLE 33462 Arrow Electronics COM 042735100 3176 125270 SH SOLE 123270 2000 AutoZone, Inc. COM 053332102 30616 357247 SH SOLE 331797 25450 180 2095 SH OTHER 02 2095 BP PLC-Spons Adr COM 055622104 243 3900 SH SOLE 3900 Baldwin & Lyons Inc Class B COM 057755209 1518 58523 SH SOLE 58523 Bank of America Corp COM 060505104 647 14666 SH SOLE 14666 Best Buy Inc Com COM 086516101 9074 168000 SH SOLE 168000 Big Lots Inc COM 089302103 192 16000 SH SOLE 16000 Brascan Corp Class A COM 10549P606 2435 64510 SH SOLE 64510 Bristol-Myers Squibb Co. COM 110122108 783 30736 SH SOLE 30736 Buckeye Partners L.P. * COM 118230101 319 7000 SH SOLE 7000 Buckeye Technologies Corp. COM 118255108 31231 2891720 SH SOLE 2882720 9000 673 62284 SH OTHER 04 02 62284 Burlington Northern Santa Fe C COM 12189T104 8898 165000 SH SOLE 165000 CIT Group Inc. COM 125581108 3028 79680 SH SOLE 79680 CPI Corp. COM 125902106 7493 496194 SH SOLE 496194 303 20060 SH OTHER 04 20060 CVS Corp. COM 126650100 5788 110000 SH SOLE 110000 Cabo Mining Enterprises COM 12687b100 33 66880 SH SOLE 66880 Cabot Oil & Gas COM 127097103 3690 66900 SH SOLE 65100 1800 Capital Automotive REIT* COM 139733109 4117 124300 SH SOLE 124300 Capital One Financal Corp COM 14040H105 613 8200 SH SOLE 8200 Career Education Corp COM 141665109 8699 253900 SH SOLE 252400 1500 118 3440 SH OTHER 02 3440 Cedar Fair, L.P. * COM 150185106 9529 302797 SH SOLE 299797 3000 Citigroup Inc. COM 172967101 449 9980 SH SOLE 9980 Citizens Communications Co. COM 17453B101 5151 398040 SH SOLE 398040 28 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 1041 19950 SH SOLE 19950 Core Laboratories N V Com COM N22717107 7545 293940 SH SOLE 293940 360 14010 SH OTHER 04 14010 EBAY Inc COM 278642103 2026 54385 SH SOLE 54385 Echostar Communications Class COM 278762109 12599 430730 SH SOLE 428730 2000 129 4415 SH OTHER 02 4415 FedEx Corporation COM 31428X106 26226 279150 SH SOLE 218200 60950 Ferrellgas Partners LP * COM 315293100 752 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 3060 75022 SH SOLE 75022 Fisher Scientific Intl COM 338032204 32911 578201 SH SOLE 576801 1400 747 13131 SH OTHER 04 02 13131 Ford Motor Co COM 345370860 5359 473000 SH SOLE 473000 Freddie Mac COM 313400301 657 10400 SH SOLE 10400 Friedman Billings Rmsy Cl A COM 358434108 669 42125 SH SOLE 42125 GMX Resources Inc. COM 38011m108 1151 100000 SH SOLE 100000 Gallagher Arthur J & Co COM 363576109 16140 560423 SH SOLE 558423 2000 159 5530 SH OTHER 02 5530 Gardner Denver Inc. COM 365558105 29605 749297 SH SOLE 747097 2200 856 21653 SH OTHER 04 02 21653 Gartner Inc. Cl A COM 366651107 12856 1343400 SH SOLE 1343400 389 40630 SH OTHER 04 02 40630 General Electric COM 369604103 801 22221 SH SOLE 22221 Grant Prideco Inc COM 38821G101 13957 577697 SH SOLE 577697 70 2898 SH OTHER 02 2898 Gulf Island Fabrication Inc COM 402307102 5971 254524 SH SOLE 254524 215 9179 SH OTHER 04 9179 Harley Davidson Inc. COM 412822108 18457 319550 SH SOLE 242000 77550 Home Depot, Inc. COM 437076102 40000 1046025 SH SOLE 850000 196025 IPIX Corporation COM 44982l103 1500 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665q103 21553 689463 SH SOLE 689463 636 20345 SH OTHER 04 02 20345 Intl. Business Machines COM 459200101 1568 17160 SH SOLE 17160 J. C. Penney Co., Inc COM 708160106 56836 1094689 SH SOLE 972339 122350 217 4180 SH OTHER 02 4180 Journal Register Co. COM 481138105 11940 714975 SH SOLE 714975 318 19031 SH OTHER 04 02 19031 Kaydon Corp. COM 486587108 26766 852423 SH SOLE 850423 2000 586 18676 SH OTHER 04 02 18676 Kinder Morgan Energy, L. P.* COM 494550106 325 7228 SH SOLE 7228 Kinder Morgan Management LLC COM 49455U100 1149 28306 SH SOLE 28306 Liberty Media Corp COM 530718105 7137 688280 SH SOLE 681280 7000 88 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 4699 82300 SH SOLE 82300 Luminent Mortgage Capital, Inc COM 550278303 290 26400 SH SOLE 26400 MSC Industrial Direct Co-A COM 553530106 13821 452270 SH SOLE 452270 374 12222 SH OTHER 04 02 12222 Metris Companies Inc COM 591598107 35628 3074042 SH SOLE 3064042 10000 745 64237 SH OTHER 04 02 64237 Mettler-Toledo Intl COM 592688105 14193 298795 SH SOLE 298795 371 7812 SH OTHER 04 02 7812 Municipal Mortgage & Equity * COM 62624B101 2463 101200 SH SOLE 101200 National Interstate Corp COM 63654U100 2960 176200 SH SOLE 176200 132 7835 SH OTHER 04 7835 New Plan Excel Realty Trust* COM 648053106 554 22060 SH SOLE 22060 26 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 10868 293325 SH SOLE 215450 77875 Oceaneering Intl., Inc. COM 675232102 18517 493790 SH SOLE 493790 516 13766 SH OTHER 04 02 13766 Ocwen Financial Corp COM 675746101 14775 1830909 SH SOLE 1824409 6500 489 60643 SH OTHER 04 02 60643 Old Republic Int'l. COM 680223104 1822 78246 SH SOLE 78246 Pioneer Natural Resources Co COM 723787107 24375 570570 SH SOLE 568896 1674 403 9445 SH OTHER 04 02 9445 Placer Dome, Inc. COM 725906101 262 16157 SH SOLE 16157 Plum Creek Timber Co Inc REIT* COM 729251108 2185 61200 SH SOLE 61200 ProAssurance Corporation COM 74267C106 258 6538 SH SOLE 6538 Ralcorp Hldgs Inc New Com COM 751028101 9205 194410 SH SOLE 194410 432 9129 SH OTHER 04 9129 Regions Financial Corp. COM 7591EP100 555 17125 SH SOLE 17125 Ross Stores Inc COM 778296103 10432 358000 SH SOLE 358000 Safeco Corp Com COM 786429100 701 14400 SH SOLE 14400 Saks, Inc. COM 79377W108 253 14000 SH SOLE 14000 Saxon Capital Inc. REIT* COM 80556T106 280 16300 SH SOLE 16300 Schering Plough Corp. COM 806605101 953 52482 SH SOLE 52482 Scripps Co. Class A COM 811054204 4109 84290 SH SOLE 84290 Shire Pharmaceuticals-SP ADR COM 82481R106 24363 710697 SH SOLE 708197 2500 216 6310 SH OTHER 02 6310 Shopko Stores COM 824911101 12640 568850 SH SOLE 568850 473 21287 SH OTHER 04 21287 Southern Co. COM 842587107 227 7132 SH SOLE 7132 Spherion Corporation COM 848420105 6675 891190 SH SOLE 891190 319 42630 SH OTHER 04 42630 Sun Communities Inc.* COM 866674104 419 11700 SH SOLE 11700 Suntrust Banks, Inc. COM 867914103 888 12328 SH SOLE 12328 Synovus Financial Corp. COM 87161C105 976 35030 SH SOLE 35030 TBC Corp New Com COM 872183108 11163 400690 SH SOLE 400690 548 19676 SH OTHER 04 19676 Target Corp COM 87612E106 36550 730700 SH SOLE 607000 123700 Texas Instruments COM 882508104 340 13325 SH SOLE 13325 Toyota Motor Corp Sponsored AD COM 892331307 13095 176050 SH SOLE 128500 47550 Tuesday Morning Corp COM 899035505 18480 640115 SH SOLE 534815 105300 335 11590 SH OTHER 04 11590 Tupperware Corporation COM 899896104 918 45100 SH SOLE 45100 United Parcel Service Cl B COM 911312106 14984 206000 SH SOLE 206000 Universal Health Services Cl B COM 913903100 14589 278409 SH SOLE 277209 1200 172 3290 SH OTHER 02 3290 Unocal Corp. COM 915289102 218 3528 SH SOLE 3528 Valero Energy COM 91913Y100 220 3000 SH SOLE 3000 Vesta Insurance Group Inc COM 925391104 71 20000 SH SOLE 20000 Viacom Inc - Cl B COM 925524308 11714 336305 SH SOLE 334805 1500 121 3480 SH OTHER 02 3480 Wal-Mart Stores COM 931142103 56130 1120136 SH SOLE 983436 136700 Walgreen Co. COM 931422109 14747 332000 SH SOLE 332000 Weatherford International, Ltd COM G95089101 17835 307813 SH SOLE 307813 179 3085 SH OTHER 02 3085 Western Gas Resource Inc. COM 958259103 9798 284410 SH SOLE 284410 441 12808 SH OTHER 04 12808 XTO Energy Inc. COM 98385X106 4674 142337 SH SOLE 142337 Young Broadcasting Class A COM 987434107 13110 1517332 SH SOLE 1517332 354 40935 SH OTHER 04 02 40935