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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Acxiom Corp COM 005125109 35763 1554915 SH SOLE 1550915 4000 969 42149 SH OTHER 02 04 42149 Advo Inc. COM 007585102 20933 742821 SH SOLE 741321 1500 623 22097 SH OTHER 02 04 22097 Alberto Culver Co. COM 013068101 2023 44222 SH SOLE 42722 1500 Altria Group Inc Com COM 02209S103 1113 14900 SH SOLE 14900 American Capital Strategies COM 024937104 965 26650 SH SOLE 26650 American Financial Realty Trus COM 02607P305 10637 886455 SH SOLE 886455 278 23173 SH OTHER 02 04 23173 American Intl. Group COM 026874107 238 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 877 33462 SH SOLE 33462 Arrow Electronics COM 042735100 3083 96250 SH SOLE 96250 AutoZone, Inc. COM 053332102 28259 308003 SH SOLE 281215 26788 174 1900 SH OTHER 02 1900 B J Services COM 055482103 261 7120 SH SOLE 7120 BP PLC-Spons Adr COM 055622104 250 3900 SH SOLE 3900 Baldwin & Lyons Inc Class B COM 057755209 1422 58523 SH SOLE 58523 Bank of America Corp COM 060505104 668 14470 SH SOLE 14470 BellSouth Corp. COM 079860102 202 7452 SH SOLE 7452 Best Buy Inc Com COM 086516101 12479 287000 SH SOLE 287000 Bristol-Myers Squibb Co. COM 110122108 706 30736 SH SOLE 30736 Brookfield Asset Mgmt Cl A Ltd COM 112585104 4161 82680 SH SOLE 82680 Buckeye Technologies Corp. COM 118255108 21651 2689610 SH SOLE 2689610 398 49406 SH OTHER 02 04 49406 CIT Group Inc. COM 125581108 3417 66000 SH SOLE 66000 CPI Corp. COM 125902106 7808 417291 SH SOLE 417291 353 18880 SH OTHER 04 18880 CVS Corp. COM 126650100 5812 220000 SH SOLE 220000 Cabo Mining Enterprises COM 12687b100 22 66880 SH SOLE 66880 Cabot Oil & Gas COM 127097103 2371 52580 SH SOLE 49880 2700 Canadian Natl Railway Co. COM 136375102 12798 160000 SH SOLE 160000 Capital One Financal Corp COM 14040H105 618 7150 SH SOLE 7150 Cedar Fair, L.P. * COM 150185106 7040 246659 SH SOLE 243659 3000 Charming Shoppes, Inc. COM 161133103 241 18300 SH SOLE 18300 Citigroup Inc. COM 172967101 538 11080 SH SOLE 11080 Citizens Communications Co. COM 17453B101 5060 413700 SH SOLE 413700 27 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 1083 19750 SH SOLE 19750 Compton Petroleum Corp COM 204940100 9761 664025 SH SOLE 664025 353 24035 SH OTHER 04 24035 Core Laboratories N V Com COM N22717107 11266 301555 SH SOLE 301555 348 9320 SH OTHER 04 9320 Diagnostic Products Corp. COM 252450101 7423 152900 SH SOLE 152900 332 6840 SH OTHER 04 6840 Direct General Corp COM 25456W204 7636 451840 SH SOLE 451840 245 14485 SH OTHER 04 14485 Discovery Holding Co Cl A Com COM 25468y107 732 48289 SH SOLE 47589 700 7 450 SH OTHER 02 450 Echostar Communications Class COM 278762109 7352 270480 SH SOLE 268480 2000 107 3945 SH OTHER 02 3945 Equity Inns, Inc.* COM 294703103 607 44800 SH SOLE 44800 25 1840 SH OTHER 02 1840 Exxon Mobil Corp COM 30231G102 275 4895 SH SOLE 4895 FedEx Corporation COM 31428X106 33899 327875 SH SOLE 299000 28875 Ferrellgas Partners LP * COM 315293100 730 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 2499 65022 SH SOLE 65022 Fisher Scientific Intl COM 338032204 22971 371346 SH SOLE 369946 1400 423 6831 SH OTHER 02 04 6831 Ford Motor Co COM 345370860 3652 473000 SH SOLE 473000 Freddie Mac COM 313400301 451 6900 SH SOLE 6900 Gallagher Arthur J & Co COM 363576109 13433 435013 SH SOLE 433013 2000 153 4950 SH OTHER 02 4950 Gannett, Inc. COM 364730101 11164 184320 SH SOLE 183420 900 42 700 SH OTHER 02 700 Gardner Denver Inc. COM 365558105 33284 675137 SH SOLE 672937 2200 995 20188 SH OTHER 02 04 20188 Gartner Inc. COM 366651107 20351 1577610 SH SOLE 1577610 597 46290 SH OTHER 02 04 46290 General Electric COM 369604103 674 19221 SH SOLE 19221 Grant Prideco Inc COM 38821G101 11848 268551 SH SOLE 268551 56 1258 SH OTHER 02 1258 Gulf Island Fabrication Inc COM 402307102 3436 141345 SH SOLE 141345 213 8774 SH OTHER 04 8774 Home Depot, Inc. COM 437076102 46012 1136650 SH SOLE 1055000 81650 IPIX Corporation COM 44982l103 859 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665q103 22085 593520 SH SOLE 593520 716 19255 SH OTHER 02 04 19255 Intl. Business Machines COM 459200101 1411 17160 SH SOLE 17160 Ishares - Russell 2000 Value COM 464287630 2828 42900 SH SOLE 42900 330 5000 SH OTHER 04 5000 J. C. Penney Co., Inc COM 708160106 51155 920057 SH SOLE 848907 71150 200 3600 SH OTHER 02 3600 Journal Register Co. COM 481138105 6442 430925 SH SOLE 430925 169 11320 SH OTHER 04 11320 Kaydon Corp. COM 486587108 24855 773343 SH SOLE 770843 2500 553 17211 SH OTHER 02 04 17211 Kinder Morgan Energy, L. P.* COM 494550106 246 5150 SH SOLE 5150 Kinder Morgan Management LLC COM 49455U100 1887 41502 SH SOLE 41502 Liberty Media Corp COM 530718105 4132 524990 SH SOLE 517990 7000 67 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 5486 82300 SH SOLE 82300 Lubrizol Corp COM 549271104 12897 296960 SH SOLE 295460 1500 132 3050 SH OTHER 02 3050 MSC Industrial Direct Co-A COM 553530106 19645 488435 SH SOLE 488435 617 15345 SH OTHER 02 04 15345 Mettler-Toledo Intl COM 592688105 13989 253415 SH SOLE 253415 396 7172 SH OTHER 02 04 7172 Municipal Mortgage & Equity * COM 62624B101 2561 99150 SH SOLE 99150 National Interstate Corp COM 63654U100 5655 296560 SH SOLE 296560 257 13465 SH OTHER 04 13465 New Plan Excel Realty Trust* COM 648053106 480 20700 SH SOLE 20700 24 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 12772 284894 SH SOLE 248450 36444 Oceaneering Intl., Inc. COM 675232102 16237 326180 SH SOLE 326180 486 9756 SH OTHER 02 04 9756 Ocwen Financial Corp COM 675746101 7849 902235 SH SOLE 902235 361 41483 SH OTHER 04 41483 Old Republic Int'l. COM 680223104 1958 74552 SH SOLE 74552 Penn Virginia Resource Partner COM 707884102 1453 26150 SH SOLE 26150 Pfizer Co. COM 717081103 212 9078 SH SOLE 9078 Pioneer Natural Resources Co COM 723787107 18247 355896 SH SOLE 354222 1674 183 3579 SH OTHER 02 3579 Placer Dome, Inc. COM 725906101 370 16157 SH SOLE 16157 Plum Creek Timber Co Inc REIT* COM 729251108 2376 65900 SH SOLE 65900 ProAssurance Corporation COM 74267C106 318 6538 SH SOLE 6538 RCN Corp Com New COM 749361200 10374 442380 SH SOLE 442380 400 17075 SH OTHER 04 17075 Regions Financial Corp. COM 7591EP100 585 17126 SH SOLE 17126 Ross Stores Inc COM 778296103 11069 383000 SH SOLE 383000 Safeco Corp Com COM 786429100 565 10000 SH SOLE 10000 Saks, Inc. COM 79377W108 236 14000 SH SOLE 14000 Schering Plough Corp. COM 806605101 1094 52482 SH SOLE 52482 Scripps Co. Class A COM 811054204 3299 68700 SH SOLE 68700 Shire PLC COM 82481R106 21153 545317 SH SOLE 542817 2500 216 5560 SH OTHER 02 5560 Southern Co. COM 842587107 246 7132 SH SOLE 7132 Spherion Corporation COM 848420105 8998 898940 SH SOLE 898940 403 40266 SH OTHER 04 40266 Stewart Enterprises Inc Cl A COM 860370105 1894 350100 SH SOLE 350100 Suntrust Banks, Inc. COM 867914103 897 12328 SH SOLE 12328 Synovus Financial Corp. COM 87161C105 939 34752 SH SOLE 34752 Target Corp COM 87612E106 36200 658550 SH SOLE 607000 51550 Texas Instruments COM 882508104 427 13325 SH SOLE 13325 Toyota Motor Corp Sponsored Ad COM 892331307 13444 128500 SH SOLE 128500 Tuesday Morning Corp COM 899035505 15402 736240 SH SOLE 656890 79350 261 12461 SH OTHER 04 12461 Tupperware Brands Corp Com COM 899896104 298 13300 SH SOLE 13300 United Parcel Service Cl B COM 911312106 13589 180830 SH SOLE 180830 Valero Energy COM 91913Y100 310 6000 SH SOLE 6000 Viacom Inc - Cl B COM 925524308 12673 388740 SH SOLE 386840 1900 127 3885 SH OTHER 02 3885 Wal-Mart Stores COM 931142103 48699 1040573 SH SOLE 983436 57137 Walgreen Co. COM 931422109 14694 332000 SH SOLE 332000 Weatherford International, Ltd COM G95089101 16416 453486 SH SOLE 453486 200 5520 SH OTHER 02 5520 Western Gas Resource Inc. COM 958259103 10986 233290 SH SOLE 233290 518 10993 SH OTHER 02 04 10993 XTO Energy Inc. COM 98385X106 3887 88467 SH SOLE 88467 Young Broadcasting Class A COM 987434107 2929 1126702 SH SOLE 1126702 62 23882 SH OTHER 02 04 23882 Kaydon Corp CNV 486587AB4 556 475000 PRN SOLE 475000