13F-HR 1 inftable.txt FORM 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Acxiom Corp COM 005125109 19158 1023380 SH SOLE 1020180 3200 530 28338 SH OTHER 02 04 28338 Advo Inc. COM 007585102 17006 543505 SH SOLE 541505 2000 516 16487 SH OTHER 02 04 16487 Alberto Culver Co. COM 013068101 1999 44672 SH SOLE 43172 1500 Altria Group Inc Com COM 02209S103 1098 14900 SH SOLE 14900 American Capital Strategies COM 024937104 977 26650 SH SOLE 26650 American Financial Realty Trus COM 02607P305 14353 1010750 SH SOLE 1006750 4000 363 25553 SH OTHER 02 04 25553 American Intl. Group COM 026874107 216 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 845 33462 SH SOLE 33462 Arrow Electronics COM 042735100 3069 97870 SH SOLE 97870 AutoZone, Inc. COM 053332102 27187 326575 SH SOLE 281125 45450 158 1900 SH OTHER 02 1900 B J Services COM 055482103 256 7120 SH SOLE 7120 BP PLC-Spons Adr COM 055622104 276 3900 SH SOLE 3900 Baldwin & Lyons Inc Class B COM 057755209 1465 58523 SH SOLE 58523 Bank of America Corp COM 060505104 609 14470 SH SOLE 14470 Best Buy Inc Com COM 086516101 12493 287000 SH SOLE 287000 Big Lots Inc COM 089302103 176 16000 SH SOLE 16000 Brascan Corp Class A COM 2841 60960 SH SOLE 60960 Bristol-Myers Squibb Co. COM 110122108 740 30736 SH SOLE 30736 Buckeye Technologies Corp. COM 118255108 22253 2740505 SH SOLE 2731505 9000 542 66697 SH OTHER 02 04 66697 Burlington Northern Santa Fe C COM 12189T104 11362 190000 SH SOLE 190000 CIT Group Inc. COM 125581108 3067 67880 SH SOLE 67880 CPI Corp. COM 125902106 7435 422656 SH SOLE 422656 334 19015 SH OTHER 04 19015 CVS Corp. COM 126650100 6382 220000 SH SOLE 220000 Cabo Mining Enterprises COM 12687b100 26 66880 SH SOLE 66880 Cabot Oil & Gas COM 127097103 2656 52580 SH SOLE 49880 2700 Capital Automotive REIT* COM 139733109 4910 126850 SH SOLE 126850 Capital One Financal Corp COM 14040H105 565 7100 SH SOLE 7100 Cedar Fair, L.P. * COM 150185106 7403 246847 SH SOLE 243847 3000 Charming Shoppes, Inc. COM 161133103 3663 343300 SH SOLE 343300 Citigroup Inc. COM 172967101 450 9880 SH SOLE 9880 Citizens Communications Co. COM 17453B101 5421 400040 SH SOLE 400040 30 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 1043 19750 SH SOLE 19750 Compton Petroleum Corp COM 204940100 6909 511800 SH SOLE 511800 325 24055 SH OTHER 04 24055 Core Laboratories N V Com COM N22717107 10847 336230 SH SOLE 336230 427 13245 SH OTHER 04 13245 Direct General Corp COM 25456W204 8995 455900 SH SOLE 455900 344 17440 SH OTHER 04 17440 Discovery Holding Co Cl A Com COM 25468y107 859 59498 SH SOLE 58798 700 12 848 SH OTHER 02 848 Echostar Communications Class COM 278762109 8000 270540 SH SOLE 268540 2000 117 3945 SH OTHER 02 3945 Equity Inns, Inc.* COM 294703103 605 44800 SH SOLE 44800 25 1840 SH OTHER 02 1840 FedEx Corporation COM 31428X106 29858 342687 SH SOLE 299000 43687 Ferrellgas Partners LP * COM 315293100 769 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 2364 65022 SH SOLE 65022 Fisher Scientific Intl COM 338032204 30028 483926 SH SOLE 482526 1400 758 12216 SH OTHER 02 04 12216 Ford Motor Co COM 345370860 4664 473000 SH SOLE 473000 Freddie Mac COM 313400301 390 6900 SH SOLE 6900 Friedman Billings Rmsy Cl A COM 358434108 190 18600 SH SOLE 18600 Gallagher Arthur J & Co COM 363576109 12470 432853 SH SOLE 430853 2000 143 4950 SH OTHER 02 4950 Gardner Denver Inc. COM 365558105 30225 677697 SH SOLE 675497 2200 905 20288 SH OTHER 02 04 20288 Gartner Inc. COM 366651107 18551 1586940 SH SOLE 1586940 546 46725 SH OTHER 02 04 46725 General Electric COM 369604103 748 22221 SH SOLE 22221 Grant Prideco Inc COM 38821G101 16444 404522 SH SOLE 404522 89 2188 SH OTHER 02 2188 Gulf Island Fabrication Inc COM 402307102 5643 196270 SH SOLE 196270 254 8819 SH OTHER 04 8819 Home Depot, Inc. COM 437076102 45641 1196675 SH SOLE 1055000 141675 IPIX Corporation COM 44982l103 1407 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665q103 20894 595445 SH SOLE 595445 679 19345 SH OTHER 02 04 19345 Intl. Business Machines COM 459200101 1377 17160 SH SOLE 17160 Ishares - Russell 2000 Value COM 464287630 1516 23000 SH SOLE 23000 J. C. Penney Co., Inc COM 708160106 46271 975777 SH SOLE 855327 120450 171 3600 SH OTHER 02 3600 Journal Register Co. COM 481138105 7048 435610 SH SOLE 435610 261 16150 SH OTHER 04 16150 Kaydon Corp. COM 486587108 21987 773923 SH SOLE 771423 2500 492 17331 SH OTHER 02 04 17331 Kinder Morgan Management LLC COM 49455U100 2000 40349 SH SOLE 40349 Liberty Media Corp COM 530718105 4864 604180 SH SOLE 597180 7000 68 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 5300 82300 SH SOLE 82300 Lubrizol Corp COM 549271104 12626 291400 SH SOLE 289900 1500 132 3050 SH OTHER 02 3050 MSC Industrial Direct Co-A COM 553530106 16213 488790 SH SOLE 488790 511 15420 SH OTHER 02 04 15420 Mettler-Toledo Intl COM 592688105 13020 255395 SH SOLE 255395 368 7227 SH OTHER 02 04 7227 Municipal Mortgage & Equity * COM 62624B101 2476 99150 SH SOLE 99150 National Interstate Corp COM 63654U100 5188 299870 SH SOLE 299870 234 13540 SH OTHER 04 13540 New Plan Excel Realty Trust* COM 648053106 475 20700 SH SOLE 20700 24 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 12328 303944 SH SOLE 248450 55494 Oceaneering Intl., Inc. COM 675232102 20759 388665 SH SOLE 388665 673 12596 SH OTHER 02 04 12596 Ocwen Financial Corp COM 675746101 6343 913970 SH SOLE 913970 290 41788 SH OTHER 04 41788 Old Republic Int'l. COM 680223104 2020 75732 SH SOLE 75732 Penn Virginia Resource Partner COM 707884102 1227 22950 SH SOLE 22950 Pioneer Natural Resources Co COM 723787107 19580 356513 SH SOLE 354839 1674 197 3579 SH OTHER 02 3579 Placer Dome, Inc. COM 725906101 277 16157 SH SOLE 16157 Plum Creek Timber Co Inc REIT* COM 729251108 2498 65900 SH SOLE 65900 ProAssurance Corporation COM 74267C106 305 6538 SH SOLE 6538 RCN Corp Com New COM 749361200 4987 235010 SH SOLE 235010 214 10075 SH OTHER 04 10075 Regions Financial Corp. COM 7591EP100 533 17126 SH SOLE 17126 Ross Stores Inc COM 778296103 9077 383000 SH SOLE 383000 Safeco Corp Com COM 786429100 534 10000 SH SOLE 10000 Saks, Inc. COM 79377W108 259 14000 SH SOLE 14000 Saxon Capital Inc. REIT* COM 80556T106 502 42400 SH SOLE 42400 Schering Plough Corp. COM 806605101 1105 52482 SH SOLE 52482 Scripps Co. Class A COM 811054204 3467 69390 SH SOLE 69390 Shire Pharmaceuticals-SP ADR COM 82481R106 20183 545647 SH SOLE 543147 2500 206 5560 SH OTHER 02 5560 Southern Co. COM 842587107 255 7132 SH SOLE 7132 Spherion Corporation COM 848420105 6912 909530 SH SOLE 909530 308 40526 SH OTHER 04 40526 Suntrust Banks, Inc. COM 867914103 856 12328 SH SOLE 12328 Synovus Financial Corp. COM 87161C105 971 35030 SH SOLE 35030 TBC Corp New Com COM 872183108 14084 408340 SH SOLE 408340 643 18656 SH OTHER 04 18656 Target Corp COM 87612E106 36156 696250 SH SOLE 607000 89250 Texas Instruments COM 882508104 452 13325 SH SOLE 13325 Toyota Motor Corp Sponsored Ad COM 892331307 11964 129525 SH SOLE 128500 1025 Tuesday Morning Corp COM 899035505 22381 865135 SH SOLE 729860 135275 432 16686 SH OTHER 04 16686 Tupperware Corporation COM 899896104 303 13300 SH SOLE 13300 United Parcel Service Cl B COM 911312106 12443 180000 SH SOLE 180000 Valero Energy COM 91913Y100 339 3000 SH SOLE 3000 Viacom Inc - Cl B COM 925524308 12729 385620 SH SOLE 383720 1900 128 3885 SH OTHER 02 3885 Wal-Mart Stores COM 931142103 47423 1082223 SH SOLE 983436 98787 Walgreen Co. COM 931422109 14425 332000 SH SOLE 332000 Weatherford International, Ltd COM G95089101 15658 228048 SH SOLE 228048 190 2760 SH OTHER 02 2760 Western Gas Resource Inc. COM 958259103 14073 274710 SH SOLE 274710 622 12138 SH OTHER 04 12138 XTO Energy Inc. COM 98385X106 5288 116684 SH SOLE 116684 Young Broadcasting Class A COM 987434107 4609 1320747 SH SOLE 1320747 133 38087 SH OTHER 02 04 38087 Kaydon Corp CNV 486587AB4 519 475000 PRN SOLE 475000