Hi, it's Glenn.  It's Tuesday, the 23rd of January, and I am calling today from Chicago.  Earlier, we reported our fourth quarter and 2006 results, which reflect continued improvement in our core business. Working together as one company, we are delivering against our performance agenda of continuous improvement, controlling costs, optimizing revenue and improving our customers' experience.

For the 11 months following exit in February of last year, we reported a net profit.

As we continue to focus on margin as a key measure of competitive performance, it is important to note that our operating margin has improved in each of the last three quarters.

In the fourth quarter, our revenues were up 5 percent to 4.6 billion dollars, a 200 million dollars increase from the year-ago quarter, while our total operating expense was essentially flat.

To better understand fundamental improvements in the basic business, our revenue would have been 95 million dollars higher after adjusting for non-cash fresh start accounting charges that we made at exit in how we account for the Mileage Plus program.

This has been a defining year for United.  We exited bankruptcy, completing our restructuring and creating a platform that has supported the work we have been doing throughout this year.  With the court-restructuring behind us, we have been able to focus on our performance and on our customers.

Our strategy of delivering the right product to the right customer at the right time is working.  We are pleased with the performance of products such as Ted, explus and p.s., and the fact that our customers continue to take advantage of the opportunity to purchase an upgrade to Economy Plus.

We believe our work to deliver a consistent experience to all of our customers and an improved experience to our most frequent business travelers will lead to greater customer satisfaction overall and an increased share of our premium customers' travel spend.

We have improved our network, exiting unprofitable routes, and we are flying to more destinations than we did prior to our restructuring.  The most recent addition will be our new China route, connecting Beijing and Washington, D.C.  Such new routes work because we have a good understanding of our customers and the destinations they value and want to fly.

This combination of targeted products and our network and an improving customer experience is enabling us to win significant and profitable corporate accounts from our largest competitors. These new corporate accounts, some of which are starting to fly with us this month, together with our long-standing corporate customers, benefit from our route and service improvements.  Our corporate customers not only improve our profitability, through their experience and their relationship with us, they help us win more corporate accounts... to our competitive benefit.

We ended 2006 and we are beginning 2007 in a solid, competitive position due to the work that we have done and continue to do.  We have limited capital expenditure requirements.  We are poised to continue to generate cash, and we expect to use our cash balance to reduce our exit facility by some 1 billion dollars.  The industry is also benefiting from a better fuel price environment, which is in line with our expectations and our projections from our plan of reorganization.

Our competitive and motivated management team is focused on cost control and continuous improvement that results in a better outcome for our customers. Our work on resource and network optimization has enabled us to add flights without purchasing additional planes, and we are improving our on-time performance.

Together, we've accomplished much this year, improving the experience for our customers and creating value for our investors and our employees.

I want to take a moment to thank everyone for the many accomplishments of the past year.  We know what we need to do to succeed going forward, and it is that work and that commitment that will propel us forward in 2007 as we continue to build on this solid foundation.  There is no company in our industry with the assets and opportunity that we have created for ourselves, our investors and our customers, and I look forward to continuing to realize that competitive distinction in 2007.

That's all for now.  I'll be talking to you again soon.  Until then, stay focused on our customers, and of course, on one another...and stay united.