United has made tremendous progress in our restructuring to improve performance across the board, in costs, revenue, operations and service to our customers.

We’ve put ourselves in a position to be able to compete with the effect of high oil prices in 2006. I’m confident that the work that we’ve done will put us in a position to...

We’re here today because we’re not in denial, … At United today, we face facts.

Although operating earnings for both the fourth quarter and the full year 2005 have improved significantly despite an increase in system fuel price of over 40 percent, we know we can do better. We will...

The results we are reporting make it clear that we have done well this quarter in overall cost control, especially given the significant reduction in capacity.

much stronger position to seize growth opportunities as we move forward.

So far, the pressure is not that great. It’s sort of ringing the bell for us. We’ve learned to compete effectively with Frontier, and we’ll do the same with Southwest.

Should Southwest decide to fly from Denver to every city in their network, they would still only offer 60% of the coverage United offers today, … We will be delighted to fly you to the...

other U.S. competitors who provide a commodity product with the barest minimum of service.

These global financial institutions see opportunity in United — even in the midst of the ongoing brutally competitive industry environment.

United is a fundamentally better company today, with sustainable improvements across the business and solid operational performance,