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To: art slott who wrote (2290)	1/26/1998 10:03:00 PM
From: Earlie	Read Replies (1) \| Respond to of 8220

Art: Re no growth: Revenues: If you go back to June 30, 1996, revenues were $18,183. Revenues have stayed in this range in every quarter since except for Dec 31, 1996. when it jumped to $23,143 (seasonal factor) Current quarter's revenues were $23,700 (same seasonal factor). Comparing the revenues for each quarter, year-over-year, they are similar, over that 2 year period.. There has been no revenue growth at all. Earnings: If you go back to June 30, 1996, earnings were $2174. Earnings have also stayed in this range ever since except for Dec 31, 1996. when it jumped to $2887. (seasonal factor) Current quarter's earnings were $2,100 (same seasonal factor) Note the earnings are actually down on flat revenues this quarter on a year-over-year basis. Comparing the earnings for each quarter, year-over-year, they are similar. There has been no earnings growth, and in fact this quarter, earnings were down significantly year-over-year. Louis makes it look better by purchasing expensive stock with the company's dwindling cash and borrowing power. That''s why the debt continues to rise. This is not good business practice when carried to extremes. $2.0 billion per quarter, is extreme, and the balance sheet shows this. Best, Earlie