Hi it's Glenn, and I'm calling from Chicago. It's Friday, the 11th of March. Today, John Tague is joining me on the call. I've asked John to talk about our progress on the revenue front, and I've also asked him to talk about the plans for revenue generation in the future throughout the year.

While we're controlling costs throughout United, as we all know that we must, our revenue team is delivering strong results as well, and we want to make sure that all of you on the call are aware of that progress.

United's 2004 unit revenue performance was the second best in the industry, and we are closing the gap on our goal to become number one. Our restructuring work has given us the flexibility to deploy the right plane and product at the right price, in every market that we serve. And as demand changes we now have the agility to put the right aircraft where it generates the most revenue for every available seat for United.

Our product portfolio -- the mainline, Ted, United Express, p.s. and our Star Alliance partners -- enable targeted market segmentation. This is a core element of our business strategy going forward.

A good example of how we use this portfolio is our recent announcement of a 20% expansion in the Ted fleet. With high density, all-coach seats, Ted is perfectly designed for low-fare, high load factor, leisure markets. Using Ted will capture new revenue opportunities in leisure markets from various U.S. domestic hubs, with a seat-mile cost that is 15% below the mainline.

Another example is our shift of aircraft to international markets from domestic routes to take advantage of higher unit revenue opportunities for United. For more detail on our revenue picture, I'll now turn the call over to John. John, over to you.

TAGUE: Thanks, Glenn.

As you said, United's unit revenue performance improved significantly in 2004 -- as it should have. Year-over-year, United's unit revenue performance in 2004 was four percentage points better than 2003, and relative to other majors, we closed the gap by three percentage points. That equals almost $400 to $500 million dollars in annual revenue.

Off this strong performance, as you know, early this year, Delta announced that they were simplifying and reducing their fare structure, cutting their highest fares in half. While the impact on United was not as bad as many analysts had feared and were initially predicting, Delta's introduction of SimpliFares was clearly revenue-negative for United, as we believe it was for the entire industry.

But since then, a number of developments have occurred. United led two attempts to increase fares in February, one on Feb. 10 and one on Feb. 17, and we did achieve material increases in a number of important markets for United. More recently, the fare increase led by Northwest Airlines on Feb. 24, has been largely successful and appears to have stuck across the industry. This is very positive for United.

In fact, between this most recent fare increase and our efforts in early February, United now has largely offset the negative implications of SimpliFares and our revenue performance is back on track.

We will continue to seize opportunities to offset escalating fuel prices by managing our domestic capacity and looking for pricing improvements wherever possible.

Given this background, you may be surprised we launched a sale this week for the spring travel period.

It is important to understand the sale does not undermine the overall increases that we have successfully achieved over the last several weeks. Instead, it is a well-targeted, well-designed promotional fare sale with a very limited duration.

We have done this and will continue to do this in the future from time to time to support seasonally weak revenue periods. Typically, this occurs two to three times a year, as it has for a number of years across the industry. The fare sale is largely directed at leisure travelers, and there are a number of restrictions limiting the usage of these fares. Hence, by design, it is revenue-positive for this weak travel period.

United picked the timing very carefully, so we could be the first in the market this year. This gives us the advantage of designing the sale to match our network and our needs, rather than being in the position of responding to competitors' fares. This leads to a better revenue outcome for United. As the initiating carrier, our fares were alone in the marketplace for a time before our competitors could react. And our advertising for the sale controlled share of voice for several days, therefore giving us a disproportionate share of the stimulated travel.

So as you can see, our revenue teams are working hard to make sure that United achieves its goal of industry-leading revenue performance. It is a goal that is achievable and within sight.

This is all good work for United, but the high fuel prices will require us to continue to do more each and every month to reach that goal and deal with the strain across the industry of record-high fuel. Glenn?

TILTON: Thanks very much, John.

As John just mentioned, we are pleased today to have a strong revenue-production team in place at United. Today, Sales, Marketing and Revenue Management are all working together, and working more effectively on behalf of the company.

The other major factor contributing to our continuing revenue performance is the fact that all of you are working so very hard to run an excellent airline. United has continued to deliver quality service to our customers despite the opportunity for distraction during our Chapter 11 filing.

Our customer satisfaction ratings continue to be consistently high, and this reflects well on your continuing focus on the customer.

This is a genuine accomplishment. It's one that all of us at the company should be proud of, and it's one that we cannot take for granted. We have to continue to focus on the customer and the importance of customer satisfaction to the company, and its future every day. That's all for now. Until the next time, stay United.