The executive moves we are announcing today will strengthen American for the long-term future and reflect well on the depth of the Company's management team.

I think in just about any business the low cost competitor is always going to have an advantage.

However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.

This airline is grateful for his extensive contributions and we will miss his friendship and support. We extend our deepest sympathies to the Casey family on its personal loss.

We need to take excellent care of our customers, and do so at a profit.

Second, we have to make the most of the strengths we have, the amenities that many of our competitors cannot replicate. But again, those advantages won't mean much if we don't do a great job with the basics of our business.

We have, unlike many of our competitors, continued to meet our various financial obligations.