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To: Michael Burry who wrote (375)	12/8/1997 10:23:00 PM
From: Premier	Respond to of 2068

Mike: Thanks for the great job you are doing. In its simplest form, EVA is the difference between the return on capital and cost of capital, multiplied by the capital employed in the business. It is the framework for financial management that is being used by companies to improve their corporate performance and market value. Per 3rd Quarter 10Q, Stockholder equity per share= 645,592/79,059=8.16. Assuming 1998 EPS=1.32, ROE=16% and assuming 8.5% cost of capital, EVA spread = 7.5. Per 2nd qtr Zacks, book value per share = 9.07. Assuming 1998 EPS=1.32, ROE= 14.55. Therefore EVA spread =14.55-8.5=6% An increase in EVA spread represents higher value in future, especially after the substantial discount from the past (over)valuation. I purchased 50% of my position @21 5/8 today. Best regards Premier