Eseutil used but no compression?

[GBorrer]

This week we used Exmerge to manually go in and remove all users Sent Items and Deleted Items to help reduce the size of the Exchange Database. After this we then ran the eseutil to compress the data base back down. Well eseutil worked and finished but here is the prob: We removed almost 3 Gig of data with the Exmerge but only compressed that data base down about 200 Meg.
I am kind of baffled as to why it did not shrink the database back 3 Gig from what was removed. Any help greatly appreciated.
Thanks