That's a combination I generally refer to as a waste of time. The shrink will cause massive fragmentation of your indexes, easily up to 90%. You're spending time, CPU and IOs to put the indexes in order (possibly growing the database) and then you're spending more time, cpu and IOs shrinking the file and shuffling the indexes. Next time any data is added, SQL will spend even more time, CPU and IOs growing the file so it has space to work.

Also, repeated shrinks and grows can easily cause fragmentation at a file system level, requiring a disk defragment to fix

See - http://sqlinthewild.co.za/index.php/2007/09/08/shrinking-databases/