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 39746 1538165 SH SOLE 1534165 4000 1033 39969 SH OTHER 02 04 39969 Advo Inc. COM 007585102 24244 757621 SH SOLE 755421 2200 686 21427 SH OTHER 02 04 21427 Alberto Culver Co. COM 013068101 1904 43047 SH SOLE 41547 1500 Altria Group Inc Com COM 02209S103 1056 14900 SH SOLE 14900 American Capital Strategies COM 024937104 993 28250 SH SOLE 28250 American Financial Realty Trus COM 02607P305 10197 875255 SH SOLE 875255 280 24053 SH OTHER 02 04 24053 American Intl. Group COM 026874107 231 3491 SH SOLE 3491 Amsouth Bancorporation COM 032165102 905 33462 SH SOLE 33462 Arrow Electronics COM 042735100 2883 89350 SH SOLE 89350 AutoZone, Inc. COM 053332102 29270 293608 SH SOLE 276415 17193 189 1900 SH OTHER 02 1900 B J Services COM 055482103 246 7120 SH SOLE 7120 BP PLC-Spons Adr COM 055622104 269 3900 SH SOLE 3900 Bank of America Corp COM 060505104 336 7368 SH SOLE 7368 Barrick Gold Corp. COM 067901108 327 12002 SH SOLE 12002 Best Buy Inc Com COM 086516101 7662 137000 SH SOLE 137000 Bristol-Myers Squibb Co. COM 110122108 756 30736 SH SOLE 30736 Brookfield Asset Mgmt Cl A Ltd COM 112585104 4211 76480 SH SOLE 76480 Buckeye Technologies Corp. COM 118255108 24443 2700910 SH SOLE 2692910 8000 629 69522 SH OTHER 02 04 69522 CBS Corp New Cl B COM 124857202 11741 489625 SH SOLE 486825 2800 126 5255 SH OTHER 02 5255 CIT Group Inc. COM 125581108 3158 59000 SH SOLE 59000 CVS Corp. COM 126650100 6571 220000 SH SOLE 220000 Cabo Drilling Corporation COM 12687c108 27 66880 SH SOLE 66880 Cabot Oil & Gas COM 127097103 2444 51000 SH SOLE 48300 2700 Canadian Natl Railway Co. COM 136375102 14490 320000 SH SOLE 320000 Capital One Financal Corp COM 14040H105 576 7150 SH SOLE 7150 Cedar Fair, L.P. * COM 150185106 7031 240359 SH SOLE 237359 3000 Citigroup Inc. COM 172967101 533 11280 SH SOLE 11280 Citizens Communications Co. COM 17453B101 5189 391000 SH SOLE 391000 29 2200 SH OTHER 02 2200 Colgate-Palmolive COM 194162103 1122 19650 SH SOLE 19650 Compton Petroleum Corp COM 204940100 8927 695275 SH SOLE 695275 394 30700 SH OTHER 04 30700 Core Laboratories N V Com COM N22717107 12342 259555 SH SOLE 259555 418 8790 SH OTHER 04 8790 Diagnostic Products Corp. COM 252450101 7259 152400 SH SOLE 152400 310 6500 SH OTHER 04 6500 Direct General Corp COM 25456W204 7614 447590 SH SOLE 447590 276 16220 SH OTHER 04 16220 Echostar Communications Class COM 278762109 7763 259880 SH SOLE 257880 2000 118 3945 SH OTHER 02 3945 Equity Inns, Inc.* COM 294703103 726 44800 SH SOLE 44800 30 1840 SH OTHER 02 1840 Exxon Mobil Corp COM 30231G102 298 4895 SH SOLE 4895 FedEx Corporation COM 31428X106 35749 316535 SH SOLE 299000 17535 Federated Dept. Stores, Inc. COM 31410H101 7446 102000 SH SOLE 102000 Ferrellgas Partners LP * COM 315293100 753 35450 SH SOLE 35450 First Horizon National Corpora COM 320517105 2733 65622 SH SOLE 65622 Fisher Scientific Intl COM 338032204 24926 366296 SH SOLE 364896 1400 452 6646 SH OTHER 02 04 6646 Ford Motor Co COM 345370860 3765 473000 SH SOLE 473000 Freddie Mac COM 313400301 421 6900 SH SOLE 6900 Gallagher Arthur J & Co COM 363576109 12183 438063 SH SOLE 436063 2000 138 4950 SH OTHER 02 4950 Gannett, Inc. COM 364730101 11194 186820 SH SOLE 185920 900 42 700 SH OTHER 02 700 Gardner Denver Inc. COM 365558105 43256 663437 SH SOLE 661237 2200 1252 19198 SH OTHER 02 04 19198 Gartner Inc. COM 366651107 22525 1614660 SH SOLE 1614660 599 42910 SH OTHER 02 04 42910 General Electric COM 369604103 669 19221 SH SOLE 19221 Grant Prideco Inc COM 38821G101 11246 262521 SH SOLE 261321 1200 54 1258 SH OTHER 02 1258 Gulf Island Fabrication Inc COM 402307102 3265 137945 SH SOLE 137945 128 5404 SH OTHER 04 5404 Home Depot, Inc. COM 437076102 46807 1106555 SH SOLE 1055000 51555 IPIX Corporation COM 44982l103 714 517246 SH SOLE 517246 Infinity Property & Casualty C COM 45665Q103 24870 595820 SH SOLE 595820 764 18305 SH OTHER 02 04 18305 Intl. Business Machines COM 459200101 1399 16960 SH SOLE 16960 Ishares - Russell 2000 Value COM 464287630 4387 58700 SH SOLE 58700 J. C. Penney Co., Inc COM 708160106 53386 883735 SH SOLE 838045 45690 217 3600 SH OTHER 02 3600 Journal Register Co. COM 481138105 5262 432025 SH SOLE 432025 182 14945 SH OTHER 04 14945 Kaydon Corp. COM 486587108 30794 762993 SH SOLE 760493 2500 655 16226 SH OTHER 02 04 16226 Kinder Morgan Energy, L. P.* COM 494550106 248 5150 SH SOLE 5150 Kinder Morgan Management LLC COM 49455U100 1817 41297 SH SOLE 41297 Liberty Media Corp COM 530718105 3402 414390 SH SOLE 407390 7000 70 8500 SH OTHER 02 8500 Lowe's Co. COM 548661107 5303 82300 SH SOLE 82300 Lubrizol Corp COM 549271104 12701 296410 SH SOLE 294910 1500 131 3050 SH OTHER 02 3050 MSC Industrial Direct Co-A COM 553530106 26223 485435 SH SOLE 485435 779 14415 SH OTHER 02 04 14415 Mettler-Toledo Intl COM 592688105 15083 249965 SH SOLE 249965 404 6692 SH OTHER 02 04 6692 Municipal Mortgage & Equity * COM 62624B101 2667 100650 SH SOLE 100650 New Plan Excel Realty Trust* COM 648053106 527 20300 SH SOLE 20300 27 1032 SH OTHER 02 1032 Norfolk Southern COM 655844108 14630 270574 SH SOLE 248450 22124 Oceaneering Intl., Inc. COM 675232102 18627 325080 SH SOLE 325080 541 9446 SH OTHER 02 04 9446 Ocwen Financial Corp COM 675746101 9129 893235 SH SOLE 893235 395 38678 SH OTHER 04 38678 Old Republic Int'l. COM 680223104 1915 87751 SH SOLE 87751 Penn Virginia Resource Partner COM 707884102 1500 26150 SH SOLE 26150 Pfizer Co. COM 717081103 226 9078 SH SOLE 9078 Pioneer Natural Resources Co COM 723787107 16598 375106 SH SOLE 373432 1674 163 3689 SH OTHER 02 3689 Plum Creek Timber Co Inc REIT* COM 729251108 2434 65900 SH SOLE 65900 ProAssurance Corporation COM 74267C106 234 4500 SH SOLE 4500 RCN Corp Com New COM 749361200 12264 473505 SH SOLE 473505 483 18640 SH OTHER 04 18640 Regions Financial Corp. COM 7591EP100 602 17126 SH SOLE 17126 Ross Stores Inc COM 778296103 11180 383000 SH SOLE 383000 Safeco Corp Com COM 786429100 251 5000 SH SOLE 5000 Schering Plough Corp. COM 806605101 997 52482 SH SOLE 52482 Scripps Co. Class A COM 811054204 2980 66650 SH SOLE 66650 Shire PLC COM 82481R106 24671 530667 SH SOLE 528167 2500 258 5560 SH OTHER 02 5560 Southern Co. COM 842587107 214 6532 SH SOLE 6532 Spherion Corporation COM 848420105 9246 889040 SH SOLE 889040 392 37646 SH OTHER 04 37646 Stewart Enterprises Inc Cl A COM 13319 2332580 SH SOLE 2332580 454 79455 SH OTHER 04 79455 Suntrust Banks, Inc. COM 867914103 897 12328 SH SOLE 12328 Synovus Financial Corp. COM 87161C105 1632 60240 SH SOLE 60240 Target Corp COM 87612E106 33268 639640 SH SOLE 607000 32640 Texas Instruments COM 882508104 433 13325 SH SOLE 13325 Toyota Motor Corp Sponsored Ad COM 892331307 13994 128500 SH SOLE 128500 Tuesday Morning Corp COM 899035505 18877 817520 SH SOLE 767300 50220 455 19696 SH OTHER 04 19696 United Parcel Service Cl B COM 911312106 14354 180830 SH SOLE 180830 Valero Energy COM 91913Y100 359 6000 SH SOLE 6000 Viacom Inc New Cl B COM 92553p201 6481 167044 SH SOLE 167044 75 1942 SH OTHER 02 1942 Wal-Mart Stores COM 931142103 48161 1019493 SH SOLE 983436 36057 Walgreen Co. COM 931422109 14319 332000 SH SOLE 332000 Weatherford International, Ltd COM G95089101 19237 420486 SH SOLE 420486 253 5520 SH OTHER 02 5520 Western Gas Resource Inc. COM 958259103 11548 239340 SH SOLE 239340 506 10488 SH OTHER 02 04 10488 XTO Energy Inc. COM 98385X106 3624 83167 SH SOLE 83167 Young Broadcasting Class A COM 987434107 3813 1121502 SH SOLE 1121502 122 35757 SH OTHER 02 04 35757 Kaydon Corp CNV 486587AB4 679 475000 PRN SOLE 475000 Franklin Custodian Fds Income 353496805 50 20161.290SH SOLE 20161.290