William Krause, just named to board, said he looked forward to working with the board to continue driving shareholder value. Who does he think he is kidding? NOT ONE THIN DIME OF SHAREHOLDER VALUE HAS BEEN CREATED SINCE 1995!

The stock price was $21.35 when 1995 ended, it is $20.09 today, and no dividends were paid.

So, basically, we just named another yes man to the board. I'm sure he will be compensated adequately for that.

If that doesn't take the cake, here is what our chairman said about John Hart, who is leaving the board: "John Hart will retire following 9 years of service.... John has been a dedicated Board member for Coherent. His level of commitment for almost a decade speaks volumes about his character and integrity. All of us here at Coherent express our thanks for John's hard work."

Well, here is John's report card. In the 9 years of his "service," he has helped steer COHR's stock price to a decline of 46%. John, as one shareholder to another, I say, don't let the door hit you on the way out. Have fun spending our money in your retirement.

Let's start being honest with ourselves and to others. Maybe that is how to succeed in America.