13F-HR 1 olstein13fq22008.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 13F FORM 13F COVER PAGE REPORT FOR THE CALENDAR YEAR OR QUARTER ENDED: June 30, 2008 CHECK HERE IF AMENDMENT [_]; AMENDMENT NUMBER: THIS AMENDMENT (CHECK ONLY ONE.): /_/ IS A RESTATEMENT. /_/ ADDS NEW HOLDINGS ENTRIES. INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT: NAME: OLSTEIN CAPITAL MANAGEMENT, L.P. (formerly known as Olstein & Associates, L.P.) ADDRESS: 4 Manhattanville Road Purchase, NY 10577 FORM 13F FILE NUMBER: 028-05485 THE INSTITUTIONAL INVESTMENT MANAGER FILING THIS REPORT AND THE PERSON BY WHOM IT IS SIGNED HEREBY REPRESENT THAT THE PERSON SIGNING THE REPORT IS AUTHORIZED TO SUBMIT IT, THAT ALL INFORMATION CONTAINED HEREIN IS TRUE, CORRECT AND COMPLETE, AND THAT IT IS UNDERSTOOD THAT ALL REQUIRED ITEMS, STATEMENTS, SCHEDULES, LISTS, AND TABLES, ARE CONSIDERED INTEGRAL PARTS OF THIS FORM. PERSON SIGNING THIS REPORT ON BEHALF OF REPORTING MANAGER: NAME: MICHAEL LUPER TITLE: EXECUTIVE VICE PRESIDENT PHONE: (914) 269-6100 SIGNATURE, PLACE, AND DATE OF SIGNING: /s/Michael Luper MICHAEL LUPER Purchase, NY August 14, 2008 REPORT TYPE (CHECK ONLY ONE.): /X/ 13F HOLDINGS REPORT. (CHECK HERE IF ALL HOLDINGS OF THIS REPORTING MANAGER ARE REPORTED IN THIS REPORT.) /_/ 13F NOTICE. (CHECK HERE IF NO HOLDINGS REPORTED ARE IN THIS REPORT, AND ALL HOLDINGS ARE REPORTED BY OTHER REPORTING MANAGER(S).) /_/ 13F COMBINATION REPORT. (CHECK HERE IF A PORTION OF THE HOLDINGS FOR THIS REPORTING MANAGER ARE REPORTED IN THIS REPORT AND A PORTION ARE REPORTED BY OTHER REPORTING MANAGER(S).) FORM 13F SUMMARY PAGE REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 1 FORM 13F INFORMATION TABLE ENTRY TOTAL: 86 FORM 13F INFORMATION TABLE VALUE TOTAL: $1,004,870 (THOUSANDS) LIST OF OTHER INCLUDED MANAGERS: PROVIDE A NUMBERED LIST OF THE NAME(S) AND FORM 13F FILE NUMBER(S) OF ALL INSTITUTIONAL INVESTMENT MANAGERS WITH RESPECT TO WHICH THIS REPORT IS FILED, OTHER THAN THE MANAGER FILING THIS REPORT. NO. FORM 13F FILE NUMBER NAME 1 28-4024 LEGG MASON PARTNERS FUND ADVISOR, LLC

FORM 13F INFORMATION TABLE AS OF 6-30-2008 NAME OF REPORTING MANAGER: OLSTEIN CAPITAL MANAGEMENT, L.P. (ITEM 1) (ITEM 2) (ITEM 3) (ITEM 4) (ITEM 5) (ITEM 6) (ITEM 7) (ITEM 8) Market Investment Investment Voting Voting Name of ISSUER TITLE OF CUSIP Value Amount and discretion Discretion Other Auth Auth CLASS (x$1000) Type of Sole Other Managers Sole Shared Security* AMERICAN EXPRESS CO COMMON 025816109 19046 505600 463,600 42,000 1 463,600 42,000 ANADARKO PETE CORP COMMON 032511107 8809 117700 108,800 8,900 1 108,800 8,900 APPLE INC COMMON 037833100 9594 57300 52,900 4,400 1 52,900 4,400 ARRIS GROUP INC COMMON 04269Q100 203 24000 24,000 0 24,000 0 ATMEL CORP COMMON 049513104 334 96000 96,000 0 96,000 0 BARRETT BUSINESS SERVICES INC COMMON 068463108 390 33000 33,000 0 33,000 0 BERKLEY W R CORP COMMON 084423102 15296 633100 582,300 50,800 1 582,300 50,800 BLACKSTONE GROUP LP COMMON 09253U108 25593 1405425 1,295,026 110,399 1 1,295,026 110,399 BOSTON SCIENTIFIC CORP COMMON 101137107 20479 1666300 1,540,517 125,783 1 1,540,517 125,783 BOYD GAMING CORP COMMON 103304101 14305 1138900 1,050,637 88,263 1 1,050,637 88,263 BURGER KING HLDGS INC COMMON 121208201 12224 456300 420,700 35,600 1 420,700 35,600 CARTER INC COMMON 146229109 19533 1413400 1,307,300 106,100 1 1,307,300 106,100 CBRL GROUP INC COMMON 12489V106 270 11000 11,000 0 11,000 0 CENTURY ALUM CO COMMON 156431108 8650 130100 119,700 10,400 1 119,700 10,400 CHEESECAKE FACTORY INC COMMON 163072101 13574 853200 790,500 62,700 1 790,500 62,700 CISCO SYS INC COMMON 17275R102 28163 1210800 1,110,400 100,400 1 1,110,400 100,400 CITIGROUP INC COMMON 172967101 39440 2353200 2,174,100 179,100 1 2,174,100 179,100 CKE RESTAURANTS INC COMMON 12561E105 249 20000 20,000 0 20,000 0 COLLECTIVE BRANDS INC COMMON 19421W100 19743 1697600 1,570,400 127,200 1 1,570,400 127,200 COLUMBUS MCKINNON CORP N Y COMMON 199333105 361 15000 15,000 0 15,000 0 COMMSCOPE INC COMMON 203372107 237 4500 4,500 0 4,500 0 COVIDIEN LTD COMMON G2552X108 25930 541450 499,425 42,025 1 499,425 42,025 DELL INC COMMON 24702R101 21267 972000 935,300 36,700 1 935,300 36,700 DENNYS CORP COMMON 24869P104 26604 9367600 8,593,900 773,700 1 8,593,900 773,700 DISNEY WALT CO COMMON 254687106 17007 545100 499,400 45,700 1 499,400 45,700 DIXIE GROUP INC CLA 255519100 197 30000 30,000 0 30,000 0 DRESS BARN INC COMMON 261570105 294 22000 22,000 0 22,000 0 DSW INC CLA 23334L102 188 16000 16,000 0 16,000 0 ENTEGRIS INC COMMON 29362U104 295 45000 45,000 0 45,000 0 FLANDERS CORP COMMON 338494107 575 95000 95,000 0 95,000 0 FOOT LOCKER INC COMMON 344849104 212 17000 17,000 0 17,000 0 GAP INC DEL COMMON 364760108 8415 504800 466,700 38,100 1 466,700 38,100 GENERAL ELECTRIC CO COMMON 369604103 26031 975300 901,700 73,600 1 901,700 73,600 GOLDMAN SACHS GROUP INC COMMON 38141G104 19939 114000 105,400 8,600 1 105,400 8,600 GRIFFON CORP COMMON 398433102 315 36000 36,000 0 36,000 0 HARLEY-DAVIDSON INC COMMON 412822108 19301 532300 491,500 40,800 1 491,500 40,800 HEWITT ASSOCS INC COMMON 42822Q100 268 7000 7,000 0 7,000 0 HOME DEPOT INC COMMON 437076102 17513 747800 685,700 62,100 1 685,700 62,100 INTEL CORP COMMON 458140100 19341 900400 829,300 71,100 1 829,300 71,100 INTERNATIONAL BUSINESS MACHS COMMON 459200101 9399 79300 72,900 6,400 1 72,900 6,400 JACK IN THE BOX INC COMMON 466367109 8563 382100 353,700 28,400 1 353,700 28,400 JANUS CAP GROUP INC COMMON 47102X105 185 7000 7,000 0 7,000 0 JOHNSON & JOHNSON COMMON 478160104 19392 301400 276,200 25,200 1 276,200 25,200 KEITHLEY INSTRS INC COMMON 487584104 285 30000 30,000 0 30,000 0 KINETIC CONCEPTS INC COMMON 49460W208 10684 267700 247,500 20,200 1 247,500 20,200 KORN FERRY INTL COMMON 500643200 18989 1207200 1,109,200 98,000 1 1,109,200 98,000 LEGG MASON INC COMMON 524901105 15838 363500 363,500 0 363,500 0 LIVE NATION INC COMMON 538034109 8469 800500 739,300 61,200 1 739,300 61,200 LOWES COS INC COMMON 548661107 17380 837600 770,400 67,200 1 770,400 67,200 LUBYS INC COMMON 549282101 372 61000 61,000 0 61,000 0 MACY'S INC COMMON 55616P104 18111 932600 855,400 77,200 1 855,400 77,200 MCDONALDS CORP COMMON 580135101 13392 238200 219,950 18,250 1 219,950 18,250 MERRILL LYNCH & CO INC COMMON 590188108 18902 596100 550,700 45,400 1 550,700 45,400 METLIFE INC COMMON 59156R108 14322 271400 250,000 21,400 1 250,000 21,400 MICROSOFT CORP COMMON 594918104 21224 771500 711,800 59,700 1 711,800 59,700 MIDDLEBY CORP COMMON 596278101 307 7000 7,000 0 7,000 0 MORGAN STANLEY COMMON 617446448 23608 654500 603,900 50,600 1 603,900 50,600 MOTOROLA INC COMMON 620076109 8315 1132800 1,045,900 86,900 1 1,045,900 86,900 NYSE EURONEXT COMMON 629491101 21576 425900 393,900 32,000 1 393,900 32,000 NASH FINCH CO COMMON 631158102 240 7000 7,000 0 7,000 0 NATHANS FAMOUS INC NEW COMMON 632347100 243 16000 16,000 0 16,000 0 NEWPARK RES INC COMMON 651718504 157 20000 20,000 0 20,000 0 NORTEL NETWORKS CORP NEW COMMON 656568508 615 74779 74,779 0 74,779 0 NOVELLUS SYS INC COMMON 670008101 10555 498100 460,500 37,600 1 460,500 37,600 OFFICE DEPOT INC COMMON 676220106 645 59000 59,000 0 59,000 0 PENNEY J C INC COMMON 708160106 13928 383800 354,865 28,935 1 354,865 28,935 PITNEY BOWES INC COMMON 724479100 17875 524200 484,400 39,800 1 484,400 39,800 QUANTA SVCS INC COMMON 74762E102 8973 269700 249,900 19,800 1 249,900 19,800 QUEST DIAGNOSTICS INC COMMON 74834L100 19378 399800 369,100 30,700 1 369,100 30,700 RADIOSHACK CORP COMMON 750438103 22166 1806500 1,670,800 135,700 1 1,670,800 135,700 ROFIN SINAR TECHNOLOGIES INC COMMON 775043102 10026 332000 307,200 24,800 1 307,200 24,800 SCHERING PLOUGH CORP COMMON 806605101 12444 632000 584,300 47,700 1 584,300 47,700 SCHWAB CHARLES CORP NEW COMMON 808513105 8452 411500 380,300 31,200 1 380,300 31,200 SEALY CORP COMMON 812139301 287 50000 50,000 0 50,000 0 SPAN AMER MED SYS INC COMMON 846396109 281 25100 25,100 0 25,100 0 TELEFLEX INC COMMON 879369106 33371 600300 554,800 45,500 1 554,800 45,500 TERADATA CORP DEL COMMON 88076W103 5792 250300 231,400 18,900 1 231,400 18,900 TJX COS INC NEW COMMON 872540109 9680 307600 284,000 23,600 1 284,000 23,600 TYCO INTL LTD BERMUDA SHS G9143X208 23562 588450 542,925 45,525 1 542,925 45,525 TYCO ELECTRONICS LTD COMMON G9144P105 23339 651550 601,625 49,925 1 601,625 49,925 VALERO ENERGY CORP NEW COMMON 91913Y100 21051 511200 472,800 38,400 1 472,800 38,400 WET SEAL INC CLA 961840105 258 54000 54,000 0 54,000 0 XEROX CORP COMMON 984121103 21324 1572600 1,449,700 122,900 1 1,449,700 122,900 ZIMMER HOLDINGS INC COMMON 98956P102 11017 161900 149,400 12,500 1 149,400 12,500 ZOLTEK COS INC COMMON 98975W104 3119 128600 118,900 9,700 1 118,900 9,700 3M CO COMMON 88579Y101 16590 238400 220,500 17,900 1 220,500 17,900

*All of the securities listed within this column are stated as "SH."