Jake Brace
Jake Brace
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This validates our business plan and demonstrates that despite the fact that the industry environment has gotten tougher, the United business plan can attract even more all-debt exit financing than it could last winter.
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The numbers tell the story. Year to date in 2005, the company's operating earnings improved by over $450 million, despite fuel costs that are $1.3 billion higher than last year. When United exits bankruptcy in February 2006, we will be ready to compete aggressively with the best carriers in a way that is distinctly United.
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Third quarter results are strong, despite a $405 million impact from higher fuel prices year-over-year,
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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.
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Our approach is clearly working, as the numbers show. We have substantially improved our financial performance despite dramatic increases in fuel costs over the last 12 months. And United has one of the best operating records in the industry -- in on-time departures, baggage handling, fewest customer complaints and other areas helping us to outpace the industry in unit revenue.
bankruptcy contracts looked measure obviously people setting standard yardstick
We think we're setting the standard for performance. If you see what people have done in other bankruptcies, they've obviously looked at our contracts and things like that as a yardstick to measure their own bankruptcy process.
carriers following mindful obviously pleased
We've been pleased with that decision. We are obviously mindful of other carriers following in our footsteps.
couple days final order wait
We did everything that we set out to do. We have to wait a couple of days to get the final order we need.
business year
We didn't think it would be $50 every year of the business plan. Clearly, in 2006 it's not going to be $50.
exit facility response validation
Response to syndication of our exit facility is yet another validation of the substantial and sustainable improvements made during our restructuring.
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I think this is a much, much different United Airlines than the one that existed in 2002.
anyone believe challenge combat costs fuel higher improve offset ourselves remains
Fuel remains a challenge for the industry, but because of the restructuring we've done, we believe we're as well positioned as anyone to combat higher fuel costs. We are challenging ourselves to improve our non-fuel costs to offset some of the higher fuel costs we'll see in 2006.
advantage bankruptcy case costs early fix full gives opportunity save took view
We took the view early in the case that we were going to take full advantage of every opportunity that bankruptcy gives us to fix our situation, and we have done just that. We also took advantage of all of the opportunities to save costs that aren't necessary, enabled by the bankruptcy process.
auditors building continue eager forward
We look forward to working with our new independent auditors and we're eager to continue building our professional relationship.