Hi, it's Glenn and it's May 19th and I am calling from New York City. Earlier today, I gave a speech at the Wings Club, one of the premier aviation groups in the country. In attendance were many of the leading members of the industry, with investors, airline analysts and the media.

It was an excellent opportunity for me to share with them what the people of United have done to restructure the company to meet the challenges of a rapidly evolving and a very highly competitive business and to position our company for success.

So on the call, I'd like to give you a summary of what I shared with that audience. But I'd like also to encourage you to read the text of the entire speech, which is posted on SkyNet.

I told the audience that ever since I arrived at United 20 months ago I have seen the tremendous potential of this company -- superb assets, a great brand, loyal customers and dedicated employees.

I also told them that there was a lot of work that had to be done to unlock that potential, and we had not been doing a good job of doing so in the past. I told them also that United had been directly and greatly harmed by the terrorist attacks of Sept. 11.

I explained that we realized early on that we were going to have to operate at an even higher performance level than ever before in this very difficult and competitive environment, and that we could not be distracted by the complex work of restructuring. Nor could we expect our customers to use restructuring as an excuse for anything other than terrific service delivery.

That's why we proceeded on two parallel tracks. We knew we had to do good, hard work on both to be successful.

The central challenge of our restructuring and for our industry overall has been costs. So I described to the audience how we have brought United's costs from among the highest in the business to among the most competitive.

I made it clear that one of most significant contributions was the investment that you've made in the company by contributing significant wage reductions. Equally important, the changes in work rules we've agreed on have given us the flexibility that we need to compete.

We also expect to see significant upside as we continue to attack costs. In fact, costs must yield as we face the skyrocketing fuel prices that this industry seems incapable or unwilling to pass along to consumers. In fact, if not for record high fuel prices, we would likely be profitable this quarter.

The operational performance of United is essential, and I shared that message as well. As all of you on the call know, in today's competitive environment, our customers expect us to do more to earn their loyalty, not less.

I explained that you have not only met the goals United set for reliability and customer satisfaction, you have actually surpassed them. United's employees and our union leadership are driving the pace and scale of the changes that we have made. Today we are aligned behind a solid business plan that is delivering results. As proof, I offered the fact that the strength of United's plan had been validated by our banks.

Working together through Chapter 11 means that a lot of outside people get involved in our business. And this hasn't been a bad thing for United. JPMorgan and Citigroup know every aspect of our plan because they have been involved. They've also witnessed our performance --they know the quality of our work and that's why they support us.

Near the end of my speech I addressed some of the other big issues facing the industry as a whole, especially the fact that ours is a very complex industry that is prone to oversimplification by commentators regarding both the problems and possible solutions.

I said that United and its competitors are being held back from meaningful change by federal regulations that diminish our ability to compete globally and have thrown up barriers for rational consolidation in the industry. The failure of a carrier, I said, is a dumb solution to overcapacity in the aviation industry today, just as it was a dumb solution to the issue of overcapacity when we witnessed the demise of TWA, Eastern, Braniff and the rest.

I also expressed my firm belief that the concept of LCCs inheriting our skies through the elimination of network carriers is one of the simplifications that's happening today to really drive some perceptions by industry observers.

There will be both point-to-point carriers in our future and there will be network carriers for the foreseeable future. Low-cost carriers have a specific cost structure and they deliver a very specific and valuable product to their customers.

What they don't have is our connectivity, our ability to serve the range of communities that we serve. The network model is right for us.

In my opinion, success in the future is based on good execution against your business model, whatever your business model may be -- in short, the company that does the best work is the company that's going to win. That's what we're doing, and that's what I'm saying on your behalf. We're working hard to unlock the incredible potential of this company. It hasn't been easy and there's going to be a lot more work to do. But we're all better for the experience.

I let everyone at the Wings Club know it's now time for all of us, time for United to fly. I'll look forward to our next call, and until then, stay focused, keep up the great work and, above all, stay United.