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To: j rector who wrote (1312)	8/15/1999 11:48:00 AM
From: Michael Burry	Respond to of 1418

Why the drop in cash--payment for new machines??? That's my guess. I can't imagine a better use, if indicated. Very happy with the quarter myself. I expected to see a rebound, and it's there. Mike

To: j rector who wrote (1312)	8/16/1999 12:42:00 AM
From: Ron Bower	Read Replies (1) \| Respond to of 1418

j, I questioned the cash reduction myself then realized it was the 55 cents dividend paid out this Q. Worked it out below in round numbers. Net earnings of $2.113 plus depreciation would be approximately $2.45M from operations. About $600 increase in restricted cash, $1.1M increase in A/R, $700K increase in A/P, $700 reduction in Customer Deposits. This would decrease Cash by about $1.7M and the dividend decreases by another $3.015M for total of $4.715 reduction. $27.556 minus above $4.715 plus $2.45 received from ops = $25.291M, approximately the $25.309 on the report. Ron