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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. [__])*
Denny's Corporation
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
24869P104
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(CUSIP Number)
Michael Luper, Olstein Capital Management, L.P.
4 Manhattanville Road, Purchase, NY 10577-2119
Telephone: (914) 269-6100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 9, 2007
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because ofss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Persons who respond to the collection of information contained in the form
are not required to respond unless the form displays a currently
valid OMB control number.
CUSIP No. 24869P104
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1. Name of Reporting Persons.
Olstein Capital Management, L.P.
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2. Check the Appropriate Box if a Member of a Group
Not Applicable
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3. SEC Use Only
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4. Source of Funds OO - See Item 3.
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) [ ]
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6. Citizenship or Place of Organization: New York
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Number of Shares
Bene-ficially Owned 7. Sole Voting Power: 8,887,100
by Each Reporting
Person With:
---------------------- ---------------------------------------------------------
8. Shared Voting Power: None
---------------------- ---------------------------------------------------------
9. Sole Dispositive Power: 8,887,100
---------------------- ---------------------------------------------------------
10. Shared Dispositive Power: None
---------------------- ---------------------------------------------------------
11. Aggregate Amount Beneficially Owned By Each Reporting Person:
8,887,100
12. Check if the Aggregate Amount In Row (11) Excludes Certain Shares:
[__]
13. Percentage of Class Represented by Amount in Row (11): 9.5%
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14. Type of Reporting Person
IA
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CUSIP No. 24869P104
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1. Name of Reporting Persons.
The Olstein Funds
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2. Check the Appropriate Box if a Member of a Group
Not Applicable
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3. SEC Use Only
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4. Source of Funds WC - See Item 3.
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e) [__]
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6. Citizenship or Place of Organization: Delaware
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Number of Shares
Bene-ficially Owned 7. Sole Voting Power: 8,120,900
by Each Reporting
Person With:
---------------------- ---------------------------------------------------------
8. Shared Voting Power: None
---------------------- ---------------------------------------------------------
9. Sole Dispositive Power: 8,120,900
---------------------- ---------------------------------------------------------
10. Shared Dispositive Power: None
---------------------- ---------------------------------------------------------
11. Aggregate Amount Beneficially Owned By Each Reporting Person:
8,120,900
12. Check if the Aggregate Amount In Row (11) Excludes Certain Shares:
[__]
13. Percentage of Class Represented by Amount in Row (11): 8.6%
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14. Type of Reporting Person
IV
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Item 1. Security and Issuer.
This statement relates to the common stock ($0.01 par value) of Denny's
Corporation, a Delaware corporation (the "Issuer"). The principal executive
offices of the Issuer are located at: 203 East Main Street, Spartanburg, South
Carolina 29319-0001.
Item 2. Identity and Background.
Olstein Capital Management, L.P.
(a) Name: Olstein Capital Management, L.P.
(b) State or Other Place of its Organization: New York
(c) Principal Business: A federally registered investment adviser and
broker-dealer
(d) Principal Office Address: 4 Manhattanville Road, Purchase, NY 10577-2119
(e) During the last five years, Olstein Capital Management, L.P. has not been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(f) During the last five years, Olstein Capital Management, L.P. has not been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
The Olstein Funds
(a) Name: The Olstein Funds
(b) State or Other Place of its Organization: Delaware
(c) Principal Business: A federally registered open-end management investment
company
(d) Principal Office Address: 4 Manhattanville Road, Purchase, NY 10577-2119
(e) During the last five years, The Olstein Funds has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(f) During the last five years, The Olstein Funds has not been a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
Olstein Advisers, LLC, general partner of Olstein Capital Management, L.P.
(a) Name: Olstein Advisers, LLC
(b) State or Other Place of its Organization: Delaware
(c) Principal Business: Holding Company
(d) Principal Office Address: 4 Manhattanville Road, Purchase, NY 10577-2119
(e) During the last five years, Olstein Advisers, LLC has not been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(f) During the last five years, Olstein Advisers, LLC has not been a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
Olstein, Inc., managing member of Olstein Advisers, LLC
(a) Name: Olstein, Inc.
(b) State or Other Place of its Organization: New York
(c) Principal Business: Holding Company
(d) Principal Office Address: 4 Manhattanville Road, Purchase, NY 10577-2119
(e) During the last five years, Olstein, Inc. has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(f) During the last five years, Olstein, Inc. has not been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
Robert A. Olstein, Chairman, Chief Executive Officer and Chief Investment
Officer of Olstein Capital Management, L.P. and Sole Shareholder of Olstein,
Inc.
(a) Name: Robert A. Olstein
(b) Business Address: 4 Manhattanville Road, Purchase, NY 10577-2119
(c) Present principal occupation or employment and name, principal business and
address of any corporation or other organization in which such employment
is conducted: Chairman, Chief Executive Officer and Chief Investment
Officer of Olstein Capital Management, L.P. See above for information
regarding Olstein Capital Management, L.P.
(d) During the last five years, Robert A. Olstein has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, Robert A. Olstein has not been a party to a
civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities
laws or finding any violation with respect to such laws.
(f) Citizenship: United States of America
Item 3. Source and Amount of Funds or Other Consideration.
Olstein Capital Management, L.P. ("Olstein"), an investment adviser registered
under Section 203 of the Investment Advisers Act of 1940, as amended, furnishes
investment advice to the Olstein All Cap Value Fund and the Olstein Strategic
Opportunities Fund, each a series of The Olstein Funds, an investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and to the Legg Mason Partners Classic Values Fund, a series of the Legg
Mason Partners Investment Trust, an investment company registered under the 1940
Act (collectively, the "Funds"). In its role as investment adviser or manager,
Olstein possesses voting and/or investment power over the assets of the Funds
and it is through the investment discretion over these assets that Olstein
purchased and sold the securities of the Issuer described in this Schedule 13D.
Olstein Advisers, LLC, Olstein, Inc. and Robert A. Olstein all do not
beneficially own securities of the Issuer except to the extent that the
securities described in this Schedule 13D may be deemed to be controlled by
these persons through their control of Olstein.
Note: In its role as investment adviser or manager, Olstein possesses voting
and/or investment power over the securities of the Issuer described in this
Schedule 13D that are owned by the Funds, and may be deemed to be the beneficial
owner of the shares of the Issuer held by the Funds. However, all securities
reported in this Schedule 13D are owned by the Funds. Pursuant to Rule 13d-4 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Olstein
disclaims beneficial ownership of such securities. In addition, the filing of
this Schedule 13D shall not be construed as an admission that the reporting
persons or any of their affiliates is the beneficial owner of any securities
covered by this Schedule 13D for any other purposes than Section 13(d) of the
Exchange Act.
Item 4. Purpose of Transaction.
The securities covered by this Schedule 13D were acquired by Olstein on behalf
of the Funds for the purpose of investment. Olstein believes that the Common
Stock of the Issuer is undervalued and that steps can and should be taken by the
Issuer to increase the market valuation of the Common Stock. Olstein plans to
communicate with the Issuer on alternatives for realizing the unrecognized value
of the Issuer and suggestions for improving the Issuer's financial strength.
Olstein intends to continue its dialogue with, and to take an active interest
in, the Issuer regarding, among other things, the Issuer's strategic direction.
Olstein may in the future, on behalf of the Funds, acquire additional shares of
Common Stock of the Issuer, in the open market and may also, depending on then
current circumstances, dispose of all or a portion of the Common Stock
beneficially owned by it in one or more transactions. Other than as described
above, Olstein does not have any present plans or proposals which relate to or
that would result in any of the actions or transactions described in paragraphs
(a) through (j) of Item 4 of the instructions to Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) Olstein Capital Management, L.P.:
Aggregate Amount Beneficially Owned: 8,887,100
Percentage of Class Represented: 9.5%
The Olstein Funds:
Aggregate Amount Beneficially Owned: 8,120,900
Percentage of Class Represented: 8.6%
Note: In its role as investment adviser or manager, Olstein possesses voting
and/or investment power over the securities of the Issuer described in this
Schedule 13D that are owned by the Funds, and may be deemed to be the beneficial
owner of the shares of the Issuer held by the Funds. However, all securities
reported in this Schedule 13D are owned by the Funds. Pursuant to Rule 13d-4 of
the Exchange Act, Olstein disclaims beneficial ownership of such securities. In
addition, the filing of this Schedule 13D shall not be construed as an admission
that the reporting persons or any of its affiliates is the beneficial owner of
any securities covered by this Schedule 13D for any other purposes than Section
13(d) of the Exchange Act.
(b) Olstein Capital Management, L.P.:
Sole Voting Power: 8,887,100
Shared Voting Power: None
Sole Dispositive Power: 8,887,100
Shared Dispositive Power: None
The Olstein Funds:
Sole Voting Power: 8,120,900
Shared Voting Power: None
Sole Dispositive Power: 8,120,900
Shared Dispositive Power: None
(c): Olstein Capital Management, L.P.:
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Where and How the
Identity of Person who Effected the Date of Amount of Price Per Share Transaction was
Transaction Transaction Securities Involved of Unit Effected
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/06/07 53,022.80 3.7340 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/06/07 19,258.50 3.8517 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/06/07 5,601.00 3.7340 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/07/07 237,209.53 3.9079 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/07/07 7,940.00 3.9700 Buy through Brokerage
behalf of Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/07/07 23,447.40 3.9079 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/08/07 275,572.30 3.8813 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/08/07 27,169.10 3.8813 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/09/07 68,032.53 3.8007 Buy through Brokerage
behalf of Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/28/07 34,853.00 3.8300 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/28/07 57,912.00 3.8608 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/28/07 3,447.00 3.8300 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/29/07 28,725.00 3.8300 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/29/07 2,681.00 3.8300 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 09/10/07 346,400.60 3.8066 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 09/10/07 34,259.40 3.8066 Buy through Brokerage
behalf of the Legg Mason Partners Transaction
Classic Values Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 09/11/07 19,584.00 3.8400 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 22,427.93 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 65,964.49 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 4,837.40 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
The Olstein Funds:
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Where and How the
Identity of Person who Effected the Date of Amount of Price Per Share Transaction was
Transaction Transaction Securities Involved of Unit Effected
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/06/07 53,022.80 3.7340 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/06/07 19,258.50 3.8517 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/07/07 237,209.53 3.9079 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/07/07 7,940.00 3.9700 Buy through Brokerage
behalf of Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/08/07 275,572.30 3.8813 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/09/07 68,032.53 3.8007 Buy through Brokerage
behalf of Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/28/07 34,853.00 3.8300 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/28/07 57,912.00 3.8608 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 08/29/07 28,725.00 3.8300 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 09/10/07 346,400.60 3.8066 Buy through Brokerage
behalf of the Olstein All Cap Value Transaction
Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 09/11/07 19,584.00 3.8400 Buy through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 22,427.93 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 65,964.49 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
Olstein Capital Management, L.P. on 10/05/07 4,837.40 4.3976 Sell through Brokerage
behalf of the Olstein Strategic Transaction
Opportunities Fund
---------------------------------------- ----------------- --------------------- ------------------ ------------------------
(d) Not applicable
(e) Not applicable
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
Other than as disclosed above in Item 3, no persons named in Item 2 herein has
any contract, arrangement, understanding or relationship (legal or otherwise)
with any person with respect to any securities of the Issuer, including, but not
limited to, transfer or voting of any securities, finders' fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, division of
profits or losses, or the giving or withholding of proxies.
Item 7. Material Filed as Exhibits.
Exhibit A - Agreement Regarding Joint Filing of Schedule 13D
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Olstein Capital Management, L.P. The Olstein Funds
By: Olstein Advisers, LLC,
General Partner
By: /s/ Michael Luper By: /s/ Michael Luper
Name: Michael Luper Name: Michael Luper
Title: Executive Vice President Title: Chief Accounting Officer
and Treasurer
Date: October 10, 2007 Date: October 10, 2007
Exhibit A
AGREEMENT
JOINT FILING OF SCHEDULE 13D
Olstein Capital Management, L.P. (an investment adviser registered under the
Investment Advisers Act of 1940) and The Olstein Funds, a Delaware statutory
trust, hereby agree to file jointly the statement on Schedule 13D to which this
Agreement is attached, and any amendments thereto which may be deemed necessary,
pursuant to Regulation 13d-1 under the Securities Exchange Act of 1934.
It is understood and agreed that each of the parties hereto is responsible for
the timely filing of such statement and any amendments thereto, and for the
completeness and accuracy of the information concerning such party contained
therein, but such party is not responsible for the completeness or accuracy of
information concerning the other party unless such party knows or has reason to
believe that such information is inaccurate. It is understood and agreed that a
copy of this Agreement shall be attached as an exhibit to the statement on
Schedule 13D, and any amendments hereto, filed on behalf of each of the parties
hereto.
Olstein Capital Management, L.P. The Olstein Funds
By: Olstein Advisers, LLC,
General Partner
By: /s/ Michael Luper By: /s/ Michael Luper
Name: Michael Luper Name: Michael Luper
Title: Executive Vice President Title: Chief Accounting Officer
and Treasurer
Date: October 10, 2007 Date: October 10, 2007