13F-HR 1 olstein13fform.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 13F FORM 13F COVER PAGE REPORT FOR THE CALENDAR YEAR OR QUARTER ENDED: December 31, 2007 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 February 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: 89 FORM 13F INFORMATION TABLE VALUE TOTAL: $1,547,278 (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 12-31-2007 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 Amount Investment Investment Voting Voting Title of Value and Type Discretion Descretion Other Authority Authority Name of Issuer Class CUSIP X1000 of Securitiy* Sole Other Managers Sole Shared AMERICAN EAGLE OUTFITTERS COMMON 02553E106 $26,413 1,271,700 1,159,500 112,200 1 1,159,500 112,200 AMERICAN EXPRESS CO COMMON 025816109 $35,462 681,700 622,200 59,500 1 622,200 59,500 APPLE INC COMMON 037833100 $18,580 93,800 85,500 8,300 1 85,500 8,300 ATMEL CORP COMMON 049513104 $432 100,000 100,000 0 100,000 0 AVERY DENNISON CORP COMMON 053611109 $13,524 254,500 232,200 22,300 1 232,200 22,300 BARRETT BUSINESS SERVICES COMMON 068463108 $576 32,000 32,000 0 32,000 0 BAXTER INTL INC COMMON 071813109 $7,953 137,000 126,600 10,400 1 126,600 10,400 BERKLEY W R CORP COMMON 084423102 $24,128 809,400 738,800 70,600 1 738,800 70,600 BLACKSTONE GROUP L P COMMON 09253U108 $15,210 687,300 627,100 60,200 1 627,100 60,200 BLOUNT INTL INC NEW COMMON 095180105 $1,448 117,600 109,000 8,600 1 109,000 8,600 BOSTON SCIENTIFIC CORP COMMON 101137107 $29,234 2,513,700 2,296,500 217,200 1 2,296,500 217,200 BOYD GAMING CORP COMMON 103304101 $25,951 761,700 695,600 66,100 1 695,600 66,100 BURGER KING HLDGS INC COMMON 121208201 $23,070 809,200 740,300 68,900 1 740,300 68,900 CAPITAL ONE FINL CORP COMMON 14040H105 $31,527 667,100 608,500 58,600 1 608,500 58,600 CARTER INC COMMON 146229109 $22,431 1,159,200 1,059,500 99,700 1 1,059,500 99,700 CHEESECAKE FACTORY INC COMMON 163072101 $31,556 1,330,900 1,217,500 113,400 1 1,217,500 113,400 CISCO SYS INC COMMON 17275R102 $25,611 946,100 863,300 82,800 1 863,300 82,800 CITIGROUP INC COMMON 172967101 $32,302 1,097,200 1,003,000 94,200 1 1,003,000 94,200 CKE RESTAURANTS INC COMMON 12561E105 $350 26,500 26,500 0 26,500 0 COLLECTIVE BRANDS INC COMMON 19421W100 $24,906 1,432,200 1,308,200 124,000 1 1,308,200 124,000 COLUMBUS MCKINNON CORP NY COMMON 199333105 $277 8,500 8,500 0 8,500 0 COMMSCOPE INC COMMON 203372107 $23,985 487,400 446,200 41,200 1 446,200 41,200 COVIDIEN LTD COMMON G2552X108 $35,585 803,450 737,325 66,125 1 737,325 66,125 DAVITA INC COMMON 23918K108 $15,220 270,100 248,200 21,900 1 248,200 21,900 DELL INC COMMON 24702R101 $34,611 1,412,100 1,288,500 123,600 1 1,288,500 123,600 DENNYS CORP COMMON 24869P104 $33,421 8,912,300 8,146,100 766,200 1 8,146,100 766,200 DISNEY WALT CO COMMON 254687106 $24,530 759,900 693,200 66,700 1 693,200 66,700 DIXIE GROUP INC COMMON 255519100 $330 40,000 40,000 0 40,000 0 DRESS BARN INC COMMON 261570105 $438 35,000 35,000 0 35,000 0 ENTEGRIS INC COMMON 29362U104 $390 45,200 45,200 0 45,200 0 FLANDERS CORP COMMON 338494107 $836 148,800 148,800 0 148,800 0 FOOT LOCKER INC COMMON 344849104 $32,399 2,371,800 2,166,000 205,800 1 2,166,000 205,800 FROZEN FOOD EXPRESS INDS COMMON 359360104 $309 52,400 52,400 0 52,400 0 GAP INC DEL COMMON 364760108 $17,411 818,200 754,500 63,700 1 754,500 63,700 GENWORTH FINL INC COMMON 37247D106 $29,189 1,146,900 1,044,200 102,700 1 1,044,200 102,700 GOLDMAN SACHS GROUP INC COMMON 38141G104 $26,408 122,800 112,000 10,800 1 112,000 10,800 GRIFFON CORP COMMON 398433102 $96 7,700 7,700 0 7,700 0 HALLIBURTON CO COMMON 406216101 $32,785 864,800 787,800 77,000 1 787,800 77,000 HARLEY DAVIDSON INC COMMON 412822108 $27,479 588,300 535,800 52,500 1 535,800 52,500 HELIX ENERGY SOLUTIONS GRP COMMON 42330P107 $35,773 862,000 790,600 71,400 1 790,600 71,400 HEWITT ASSOCS INC COMMON 42822Q100 $12,536 327,400 299,700 27,700 1 299,700 27,700 HOME DEPOT INC COMMON 437076102 $28,831 1,070,200 977,600 92,600 1 977,600 92,600 INTEL CORP COMMON 458140100 $14,266 535,100 487,300 47,800 1 487,300 47,800 INTERNATIONAL BUSINESS MAC COMMON 459200101 $24,095 222,900 203,400 19,500 1 203,400 19,500 JOHNSON & JOHNSON COMMON 478160104 $19,096 286,300 261,100 25,200 1 261,100 25,200 KEITHLEY INSTRS INC COMMON 487584104 $237 24,500 24,500 0 24,500 0 KORN FERRY INTL COMMON 500643200 $2,087 110,900 101,200 9,700 1 101,200 9,700 LEGG MASON INC COMMON 524901105 $23,993 328,000 328,000 0 328,000 0 LIVE NATION INC COMMON 538034109 $23,373 1,609,700 1,470,400 139,300 1 1,470,400 139,300 LOWES COS INC COMMON 548661107 $20,510 906,700 826,900 79,800 1 826,900 79,800 LUBYS INC COMMON 549282101 $527 51,900 51,900 0 51,900 0 MACYS INC COMMON 55616P104 $42,360 1,637,400 1,496,700 140,700 1 1,496,700 140,700 MCDONALDS CORP COMMON 580135101 $17,502 297,100 271,250 25,850 1 271,250 25,850 METALICO INC COMMON 591176102 $129 11,900 11,900 0 1 11,900 0 MICROSOFT CORP COMMON 594918104 $23,727 666,500 609,300 57,200 1 609,300 57,200 MOODYS CORP COMMON 615369105 $7,572 212,100 193,800 18,300 1 193,800 18,300 MORGAN STANLEY COMMON 617446448 $35,493 668,300 609,400 58,900 1 609,400 58,900 MOTOROLA INC COMMON 620076109 $20,226 1,261,000 1,152,000 109,000 1 1,152,000 109,000 NASH FINCH CO COMMON 631158102 $395 11,200 11,200 0 11,200 0 NATHANS FAMOUS INC NEW COMMON 632347100 $232 13,300 13,300 0 13,300 0 NEENAH PAPER INC COMMON 640079109 $26,433 906,800 828,900 77,900 1 828,900 77,900 NEWPARK RES INC COMMON 651718504 $507 93,100 93,100 0 93,100 0 NIGHTHAWK RADIOLOGY HLDGS COMMON 65411N105 $408 19,400 19,400 0 19,400 0 OFFICE DEPOT INC COMMON 676220106 $21,586 1,551,800 1,421,100 130,700 1 1,421,100 130,700 PACKETEER INC COMMON 695210104 $351 57,000 57,000 0 57,000 0 PENNEY J C INC COMMON 708160106 $22,334 507,700 463,300 44,400 1 463,300 44,400 PITNEY BOWES INC COMMON 724479100 $22,356 587,700 535,900 51,800 1 535,900 51,800 QUANTA SVCS INC COMMON 74762E102 $32,346 1,232,700 1,125,200 107,500 1 1,125,200 107,500 QUEST DIAGNOSTICS INC COMMON 74834L100 $28,931 546,900 499,100 47,800 1 499,100 47,800 RADIOSHACK CORP COMMON 750438103 $20,107 1,192,600 1,089,000 103,600 1 1,089,000 103,600 ROSS STORES INC COMMON 778296103 $504 19,700 19,700 0 19,700 0 SCHWAB CHARLES CORP NEW COMMON 808513105 $21,191 829,400 757,700 71,700 1 757,700 71,700 SEALY CORP COMMON 812139301 $224 20,000 20,000 0 20,000 0 SPAN AMER MED SYS INC COMMON 846396109 $371 32,800 32,800 0 32,800 0 STEIN MART INC COMMON 858375108 $446 94,000 94,000 0 94,000 0 TELEFLEX INC COMMON 879369106 $35,166 558,100 510,700 47,400 1 510,700 47,400 TJX COS INC NEW COMMON 872540109 $15,385 535,500 485,800 49,700 1 485,800 49,700 TYCO INTL LTD BERMUDA COMMON G9143X208 $25,037 631,450 570,225 61,225 1 570,225 61,225 TYCO ELECTRONICS LTD COMMON G9144P105 $23,446 631,450 570,225 61,225 1 570,225 61,225 UMPQUA HLDGS CORP COMMON 904214103 $164 10,700 10,700 0 10,700 0 UNITEDHEALTH GROUP INC COMMON 91324P102 $32,243 554,000 508,700 45,300 1 508,700 45,300 VALERO ENERGY CORP NEW COMMON 91913Y100 $29,111 415,700 379,200 36,500 1 379,200 36,500 WADDELL & REED FINL INC COMMON 930059100 $19,431 538,400 491,500 46,900 1 491,500 46,900 WATTS WATER TECHNOLOGIES COMMON 942749102 $27,535 924,000 843,500 80,500 1 843,500 80,500 WELLPOINT INC COMMON 94973V107 $15,081 171,900 156,600 15,300 1 156,600 15,300 WET SEAL INC COMMON 961840105 $419 180,000 180,000 0 180,000 0 XEROX CORP COMMON 984121103 $18,194 1,123,800 1,024,700 99,100 1 1,024,700 99,100 ZIMMER HLDGS INC COMMON 98956P102 $15,678 237,000 216,600 20,400 1 216,600 20,400 3M CO COMMON 88579Y101 $12,968 153,800 140,100 13,700 1 140,100 13,700

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