<TABLE>
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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AGCO Corp. COM 001084102 672 50000 SH SOLE 50000
Allen Telecom Inc. COM 018091108 6757 584350 SH SOLE 584350
American Express COM 025816109 266 1600 SH SOLE 1600
Arrow Electronics Inc. COM 042735100 1576 62100 SH SOLE 62100
Atlantis Plastics COM 049156102 8757 625506 SH SOLE 625506
Black & Decker COM 091797100 6936 132750 SH SOLE 132750
Boeing Co. COM 097023105 4479 108082 SH SOLE 108082
Cascade Corp. COM 147195101 4835 526300 SH SOLE 526300
Claire's Stores COM 179584107 8527 381100 SH SOLE 381100
Engelhard Corp. COM 292845104 729 38600 SH SOLE 38600
Equity Inns COM 294703103 74 11000 SH SOLE 11000
Federal Home Loan COM 313400301 3838 81550 SH SOLE 81550
Flowers Industries COM 343496105 1796 112700 SH SOLE 112700
Honeywell Int'l. COM 438516106 7712 133691 SH SOLE 133691
IDEX Corp. COM 45167R104 1848 60850 SH SOLE 60850
JSB Financial COM 46624M100 1178 22700 SH SOLE 22700
Kushner-Locke Co. COM 501337406 645 148400 SH SOLE 148400
M & T Bank Corporation COM 55261F104 2310 5576 SH SOLE 5576
Mark IV COM 570387100 5982 338190 SH SOLE 338190
Midway Games COM 598148104 10873 454234 SH SOLE 454234
Monsanto Co. COM 611662107 617 17400 SH SOLE 17400
Newport Corp. COM 651824104 12426 271615 SH SOLE 271615
Ogden Corp. COM 676346109 692 58000 SH SOLE 58000
Pier 1 Imports COM 720279108 2981 467561 SH SOLE 467561
Rollins, Inc. COM 775711104 876 58400 SH SOLE 58400
S&P Midcap 400 Dep Rec Spdrs COM 595635103 2263 27900 SH SOLE 27900
Santa Fe Snyder Corp. COM 80218K105 3723 465400 SH SOLE 465400
Trinity Industries COM 896522109 5101 179375 SH SOLE 179375
United Technologies COM 913017109 6338 97510 SH SOLE 97510
WMS Industries COM 929297109 5292 403200 SH SOLE 403200
Washington Federal Inc. COM 938824109 296 15000 SH SOLE 15000
</TABLE>
