Hi, This is Glenn and it's Thursday, October 30, and I'm calling from Chicago. This morning, we announced our third quarter financial results, and they should make clear to all of us that our restructuring is on track. We increased mainline passenger unit revenue 12 percent compared to the same quarter of last year, outperforming the industry average. We reduced unit costs, excluding special charges and fuel by 14 percent, among the best cost improvements in the business, and we improved earnings from operations by 665 million dollars over the same quarter a year ago.

One way to put our financial progress in perspective is this: One year ago, our operations were burning through 7 million dollars every day. This quarter, we had a positive operating cash flow of 3 million dollars a day. By any measure, this is a huge swing. Our year-over-year improvement reflects the good work that we've done together over the last nine months. And although that there is no doubt that there is much yet to be done, your focus on serving our customers and running a great airline has made a significant difference.

The results that we reported today show that we've made a significant progress in all three of our core areas of focus. We have been managing an excellent bankruptcy case by using the tools available to us under Chapter 11 to reduce costs, improve revenue and restructure our business. At the same time, we have been running a great airline, by delivering terrific operating performance results and reengaging our customers through aggressive sales and marketing initiatives and excellent customer service. And we have been building a better business for the future -- a business that will be profitable, sustainable, and a great place for all of us to work for many years to come. Our cost-reduction efforts are really paying off and I'd like to highlight a few examples of non-labor-related initiatives.

Careful management of our Chapter 11 case has allowed us to reduce aircraft rent by 61 million dollars this quarter -- 29 percent lower than a year ago. And we still have a number of aircraft leases in negotiations. Through disciplined management of every aspect of our business, including purchasing, maintenance and all aspects of operations, the company is on plan to achieve 450 million dollars in cost reduction, as part of the 1 billion dollars in expense and revenue improvement in 2003.

I'd also like to give you a sense for a few revenue management steps that we've taken that have contributed significantly to this quarter's results. We have significantly restructured our route network, exiting unproductive markets, optimizing our fleet and capitalizing on a growing fleet of regional jets. Early in the year, United also restructured business fares in most domestic markets. These fares have resulted in a large share of business travel and more revenue overall for United. And our marketing relationship with US Airways continues to expand and is now contributing meaningfully to our mainline revenue. And, of course, as you know, United continues to reengage our core customers through a series of creative and aggressive sales and marketing programs and advertising programs.

Equally important, the quarter's financial results prove that we're running a better airline than ever, and that's what is most important to our customers. We had the third-best operating performance in United's history for on-time :00 departure. September was the best month the company has ever had, with 80.4 percent of flight departures exactly on time. Arrivals within 14 minutes of schedule were only one percentage point from making United's record books for third-quarter performance, and United is still No. 1 in arrivals within 14 minutes of schedule for the year-to-date among the six major network carriers.

We're doing the right things and we're getting the right results. We should all be very encouraged. That said, these results don't give us reason to be complacent. There's a tremendous amount of difficult work left to do and some challenges to surmount before we can exit Chapter 11. Equally important, our competitors are more focused than ever, which puts pressure on us to intensify our efforts in operations and marketing and sales and in cost and revenue management. We need to continue to perform today, tomorrow and next month. Our sites also have to remain on making us ready for the future. On building United into a profitable, sustainable business that we will all want to be working for long after Chapter 11 is a memory.

That's all for this week. Keep up the excellent work and as always, stay United.