Realizing these goals will result in $2.5 billion in overall profit improvement.

To operate at a profit, we must invest in these aircraft, and we must do so quickly.

The decision by President Bush assures our customers that for at least the next 90 days their travel plans will be unaffected while we continue our efforts to reach agreement on a new contract for our mechanics, cleaners and custodians and that no strike or other job action is imminent. We will be working diligently to achieve a new contract during this period.

The year-over-year improvement in operating profit despite record fuel prices demonstrates United's significantly improved competitiveness. United is well on the way to completing the Chapter 11 reorganization process and emerging as a strong competitor.

We are in intensified negotiations with union leaders in order to reach consensual agreements that reduce labor costs by $1.4 billion annually.

We remain open to exploring various options to attain the needed labor costs savings but we need to resolve the issue quickly.