Hi, it’s Glenn. It's Wednesday the 11th of February, and I’m calling from Washington, D.C.

There are several items that I want to talk about today. I think that each one illustrates significant progress in different ways for the company, and each one underscores the importance of knowing what we need to do and then being relentless as we drive toward our goals.

First, our fourth-quarter financial results reflected the progress that we have made in restructuring our company and in moving in the right strategic direction. Our challenge continues to be to focus on cost containment and continuous improvement as a critical driver for United and, of course, we have to continue to improve our revenue-generation skills. While there are many other factors that are going to contribute to our ultimate success –- and we are going to be successful -- these two are critical.

We know we have a lot of work to do and we are keenly aware that we are competing in a very difficult market environment. As a matter of fact, our competitors noted in their comments on the outlook for 2004 that they all believe that it’s going to be another challenging, difficult year. Northwest, for example, advised its investors that it would need to bring its costs in line with revenue expectations and that relying on the possibility of a cyclical recovery is a very bad idea. Delta announced a complete strategic reassessment of its entire business to ensure it is competitive in the rapidly changing industry environment that I’ve described.

United has now established a good, solid track record for managing in very tough times, and we‘re going to apply that same focus and that determination as we move forward.

That brings me to the second accomplishment for 2003 that demonstrates real progress, and that’s the DOT rankings for United and our peer companies. United was second among the seven major carriers for on-time arrivals :14 for the full year 2003. And just as important, our complaint rate for 2003 was United's lowest on record with the DOT since 1997 --real, significant progress.

Our focus every day on our customers and on delivering the service and experience that they expect when they choose to fly United is the way in which we are going to differentiate ourselves and keep our relationship with our customers as it should be.

One of the things that we have been very clear and very consistent about is the relationship that we need to establish between our employees and our customers, and our mutual commitment to one another. That’s reflected in our commitment to our customers in Dulles through improved United Express service and, as we announced last week, the addition of Ted flights into the product mix.

Which leads me to my last thought, and that is, in fact, Ted -- or Ted, our ‘scrappy champion,’ as he was described in USA Today in this morning’s edition. It is not often that companies in Chapter 11 are able to innovate and create new product. As we prepare to launch the first Ted flight this Thursday, I want to take a moment and reflect on that thought -- that we as an organization are able to bring Ted to market and the role that Ted is going to play in our company.

We all know that low-fare carriers are an increasingly important factor in the competitive marketplace. They have improved their product quality; they have expanded their product offerings. And, they’ve dramatically accelerated their growth, and they are being successful. They’re taking significant market share from network carriers, including us.

Ted gives United the flexibility to compete for value-driven customers in selected leisure markets.

Ted enables us to offer current customers who fly United for business purposes an attractive option to fly with us for their leisure needs, and it gives us the ability to attract new customers who have let us know that they want low cost and they want a simple fare structure.

Not unlike Star Alliance and United Express, Ted complements the mainline, which remains our core product. Ted will also enable customers to connect into our global network, feeding customers to the mainline. And Ted is going to strengthen United’s presence in our hubs and in leisure markets served by our hubs.

What is also encouraging about the Dulles announcement was that nearly 200 employees, and the media, were squarely focused on Ted and the customer –- focused on Ted and the excitement created at Dulles for our employees. Not United and its restructuring, but United and our customers and our employees, and our relationship with one another. This is an important shift that resonates well with our customers themselves, as well as everybody else that is watching our progress.

I want to thank all of you who have been working so very hard on creating and launching Ted. You should be very proud of what you’ve been able to create in the midst of everything else that we’ve had to do.

Last week, Sean Donohue and some of the team flew a Ted plane to every station that Ted will serve to ensure that employees at all of those stations are familiar with the airplane and prepared for the rollout of flights over the coming months.

In San Francisco, a team of our mechanics finalized this week the modifications to the Ted planes that will fly on Thursday. You may know that our Maintenance & Engineering division won a competitive bid among several maintenance providers to be awarded this work.

When we launch Ted's first flight this week, it will again be all about the customer and our relationship as employees of the company with our customer. It’s important that our customers see that we’re making appropriate investments in our company so that we can start to deliver improved flying options and a better product experience for them.

At the same time that we make these investments in our customers, we will maintain our focus on operational excellence and continuous improvement, not only with Ted but with every aspect of our business, from cost competitiveness and workplace productivity, to sales and marketing activities, to network planning, all of which impact our ability to compete moving forward.

The proof that we can is not only in our progress to-date, but also in our ability to do all the things that we must do at the same time and doing them well at the same time. We need to build on that foundation of work and credibility so that we’re not only significantly better than we once were, but we become a competitive force to be reckoned with in this marketplace.

Let's all keep up that good work and that relentless drive, let’s take advantage of every opportunity that we’ve made for ourselves, and let’s stay United. I’ll be talking to you soon.