Hi it's Glenn and it's Sunday, May 2nd and I'm calling from Chicago. Last week was certainly a very busy week, and as I know all of you know by now, we reported our first-quarter results. They continue to demonstrate significant restructuring progress.

As I said in our press release, we're doing what we said we would do to be able to succeed in the new and challenging revenue environment, and we're maintaining a relentless focus on reducing costs and improving efficiency and improving our revenues – something that we have now come to call “making our own margin in a very difficult business environment.”

Just to restate the numbers a little bit:

We had a $211 million operating loss for the quarter, which was $602 million better that the first-quarter results last year.

Significantly, our passenger unit revenue was up 14% and we continue to outperform the industry.

Our operating revenues were $3.7 billion, up some 17% compared to the first quarter of 2003 and our unit costs were down 11%, also near the best of industry; excluding fuel, our unit costs were down 14%.

Taking all of that into consideration we are indeed working hard to make our own margin.

We had positive operating cash flow of over $4 million per day for the quarter and we ended the quarter with a strong cash balance of some $2.6 billion, including $683 million in restricted cash.

We had other accomplishments in the quarter as well:

We cleared major issues on our path to exit Chapter 11, including the successful passage of significant pension legislation, a positive court ruling regarding LA, New York and San Francisco municipal bonds and we have concluded our negotiated ACA transition agreement in Dulles.

TED continues to be a significant factor in our progress; we announced new international routes, especially the announcement that we made in Los Angeles at the Pow Wow convention with the announcement of the San Francisco-Hong Kong-Ho Chi Minh City, Vietnam route;

We introduced our new aircraft livery and we've launched “It's Time to Fly,” our exciting new advertising campaign.

And, again and again, as I've said on the call, we continue to have excellent operational performance; customer satisfaction was at an all time high, resulting in, as we announced earlier in the week, the successful Success Sharing results for the first time that we've had Success Sharing in the Company. You have all now I hope received your Success Sharing bonus checks.

We remain on path, with the exception of fuel prices, to make our plan, which we have filed with the various constituencies. And, of course, fuel affects the entire industry, and as I said on the call, we have much work to do yet, but we continue to make significant progress.

While I was in LA, we met with Mayor Hahn and several Los Angeles City Council members and their staffs to discuss the LAX master plan for the upgrade of the Los Angeles airport, and those meetings were very successful.

There is a keen understanding and recognition of the role that United and Star Alliance plays at LAX, and the importance that we have to the entire LA community and the economy.

I subsequently traveled to Washington and then New York, and met with those who are important to the Company's progress toward exit from Chapter 11 in both cities.

And I announced along the way, at a Leadership Call at the end of the week, the appointment of Scott Dolan as President of United Cargo effective May 1, and it's a elevated a position to Senior Vice President status, and over the weekend, Scott accompanied Pete McDonald to a cargo conference and we were delighted to have him aboard. He joins us from Atlas Air Worldwide Holdings where he was Chief Operating Officer.

Scott is a very strong leader with skills that are necessary to help improve cargo reliability and importantly, with his background from General Electric, I think Scott is going to be a strong contributor to the overall leadership team.

Lastly, we continue to make tremendous progress on our operating performance; our on-time performance for the month was excellent and I'm enthusiastic about the start that we have to Success Sharing in the second quarter.

And the results for April and May and the look that we have into June suggest that bookings are strong, and we have every reason to think that we're going to continue to make progress quarter to quarter as we move the Company toward exit from Chapter 11.

This is going to be sort of an interim call and I wanted to share the quarterly results with everybody on the call, but we're going to be scheduling a call with myself and Jane Allen for early in the week, where she and I will be talking about Onboard service, and I'm very much looking forward to recording that call with Jane either Tuesday or Wednesday.

So until that call - which will come quickly and I'll get the opportunity to talk to you again - keep up the great work, congratulations on Success Sharing, and stay focused and stay United.