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Hoover's Online Report BuilderUAL Corporation (OTC: UALAQ)

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................3Industry Information..................................................................................................................................................3SIC Codes...................................................................................................................................................................3NAICS Codes.............................................................................................................................................................3Top Competitors.........................................................................................................................................................4All Competitors..........................................................................................................................................................4Rankings.....................................................................................................................................................................4Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................4

Biographies............................................................................................................................................................................5 Glenn F. Tilton, Age 55............................................................................................................................................5 Frederic F. (Jake) Brace, Age 46..............................................................................................................................5 John P. Tague, Age 41..............................................................................................................................................6 Peter D. McDonald, Age 52......................................................................................................................................6 Douglas A. (Doug) Hacker, Age 48..........................................................................................................................7 Rosemary Moore, Age 53.........................................................................................................................................7 Captain Stephen A. Forte..........................................................................................................................................8 Paul R. Lovejoy, Age 49...........................................................................................................................................8 Graham W. Atkinson................................................................................................................................................8 Martin C. White........................................................................................................................................................9 Jane G. Allen.............................................................................................................................................................9 Larry D. DeShon.......................................................................................................................................................9 Sara A. Fields, Age 60............................................................................................................................................10 Rick Poulton............................................................................................................................................................10 M. Lynn Hughitt......................................................................................................................................................11 Joanne D. Calabrese................................................................................................................................................11 Judith A. Bishop......................................................................................................................................................11 Amos S. Kazzaz......................................................................................................................................................12 Henry P. Krakowski................................................................................................................................................12 Peggy K. Dedo........................................................................................................................................................12 Michael G. Whitaker...............................................................................................................................................13 William R. Norman.................................................................................................................................................13 Gregory F. Hall.......................................................................................................................................................14 Mark F. Schwab......................................................................................................................................................14 Kevin N. Knight......................................................................................................................................................14 Daniel C. Walsh......................................................................................................................................................15 Roger A. Gibson......................................................................................................................................................15 Stephen R. Canale, Age 59.....................................................................................................................................16 W. James (Jim) Farrell, Age 61..............................................................................................................................16 W. Douglas Ford, Age 60.......................................................................................................................................16 James J. O'Connor, Age 67.....................................................................................................................................17 Hazel R. O'Leary, Age 66.......................................................................................................................................17 Paul E. Tierney Jr., Age 59.....................................................................................................................................18 John H. Walker, Age 46..........................................................................................................................................18 Robert S. (Steve) Miller Jr., Age 62........................................................................................................................18 George B. Weiksner Jr., Age 59.............................................................................................................................19

Report Builder − UAL Corporation − Hoover's Online

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Table of ContentsBiographies

Dipak C. Jain, Age 46.............................................................................................................................................19

Overview..............................................................................................................................................................................21

History..................................................................................................................................................................................22

Products/Operations...........................................................................................................................................................24

Other Resources Available On Hoover's Online..............................................................................................................26Other Resources.......................................................................................................................................................26Related Products From Our Trusted Partners..........................................................................................................26

Annual Financials................................................................................................................................................................27Historical Auditors...................................................................................................................................................28

Historical Financials & Employees....................................................................................................................................30Historical Auditors...................................................................................................................................................30

Report Builder − UAL Corporation − Hoover's Online

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The Basics

1200 E. Algonquin Rd.Elk Grove Township, IL 60007 (Map)http://www.united.com

Phone: 847−700−4000Fax: 847−700−4081

UAL and its primary business, United Airlines are struggling to put themselves back together. The carrier, which neverfully recovered from the events of September 11 and the ensuing industry downturn, reorganized under bankruptcyprotection in 2003. One of the biggest changes was a change in company ownership. Employees once enjoyed 55%,which was reduced to below 20% during reorganization. The airline flies about 530 jets to more than 110 destinations inthe US and 27 other countries from hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington, DC. It leadsthe Star Alliance, a global marketing partnership with Lufthansa and others.

Key Numbers

Company Type Public (OTC: UALAQ)

Fiscal Year−End December

2003 Sales (mil.) $13,724.0

1−Year Sales Growth (3.9%)

2003 Net Income (mil.) ($2,808.0)

2003 Employees 63,000

1−Year Employee Growth (12.5%)

Auditor Deloitte & Touche LLP

Officers & Employees

Title Name Age Salary Bonus

Chairman, President, and CEO Glenn F. Tilton 55 $745,749

EVP and CFO, UAL and UnitedAirlines

Frederic F. (Jake) Brace 46 $461,066 $232,500

EVP Customer John P. Tague 41

EVP Operations Peter D. McDonald 52 $443,301 $226,500

EVP Strategy, United Airlines Douglas A. (Doug) Hacker 48 $582,000

SVP Corporate and GovernmentAffairs

Rosemary Moore 53

SVP Flight Operations, UnitedAirlines

Captain Stephen A. Forte

SVP, General Counsel, andSecretary

Paul R. Lovejoy 49 $225,323 $212,500

SVP Worldwide Sales andAlliances, United Airlines

Graham W. Atkinson

SVP Marketing Martin C. White

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SVP Onboard Services Jane G. Allen

SVP Airport Operations, UnitedAirlines

Larry D. DeShon

SVP People Sara A. Fields 60

SVP Planning Gregory Taylor

SVP Strategic Sourcing andChief Procurement Officer

Rick Poulton

VP and Controller, UnitedAirlines

M. Lynn Hughitt

VP Airport Operations − East,United Airlines

Alexandria Marren

VP Airport Operations − West,United Airlines

Joanne D. Calabrese

VP Atlantic, United Airlines Judith A. Bishop

VP Financial Planning, BTO, andCorporate Real Estate, UnitedAirlines

Amos S. Kazzaz

VP Corporate Real Estate Kathryn A. Mikells

VP Corporate Safety, Security,and Quality Assurance, UnitedAirlines

Henry P. Krakowski

VP Engineering and TechnicalSupport

Peggy K. Dedo

VP Governmental Affairs Mark Anderson

VP Information Services Division Nirup N. Krishnamurthy

VP International Affairs, UnitedAirlines

Michael G. Whitaker

VP Labor Relations, UnitedAirlines

Peter B. Kain

VP Line Maintenance, UnitedAirlines

William R. Norman

VP Maintenance andEngineering

Gregory F. Hall

VP Pacific−North, UnitedAirlines

Mark F. Schwab

VP Resource Planning, UnitedAirlines

Kevin N. Knight

VP Revenue Management Richard L. Wysong

VP Sales Daniel C. Walsh

VP Worldwide Cargo, UnitedAirlines

Roger A. Gibson



















VP and Treasurer, UnitedAirlines

Jeffrey T. Kawalsky

VP, Deputy General Counsel,and Assistant Secretary

Marian M. Durkin

Assistant Corporate Secretary Christine S. Grawemeyer

Board Members

Title Name Age

Chairman, President, and CEO Glenn F. Tilton 55

EVP and CFO, UAL and UnitedAirlines

Frederic F. (Jake) Brace 46

EVP Customer John P. Tague 41

EVP Operations Peter D. McDonald 52

EVP Strategy, United Airlines Douglas A. (Doug) Hacker 48

Director Stephen R. Canale 59

Director W. James (Jim) Farrell 61

Director W. Douglas Ford 60

Director James J. O'Connor 67

Director Hazel R. O'Leary 66

Director Paul E. Tierney Jr. 59

Director John H. Walker 46

Director Robert S. (Steve) Miller Jr. 62

Director George B. Weiksner Jr. 59

Director Dipak C. Jain 46

Industry Information

Transportation ServicesAirlines (primary)♦ Air Cargo Services♦

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SIC Codes

4512 Air transportation, scheduled

4513 Air courier services

4522 Air transportation, nonscheduled

NAICS Codes

481111 Scheduled Passenger Air Transportation

481112 Scheduled Freight Air Transportation

















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481212 Nonscheduled Chartered Freight Air Transportation

Top Competitors

AMR• British Airways• Delta•

All Competitors

Alaska Air• Alitalia• America West• AMR• British Airways• Continental Airlines• Delta• FedEx• Frontier Airlines• Japan Airlines• KLM• Midwest Air• Northwest Airlines• Qantas• Southwest Airlines• Swire Pacific• UPS• US Airways• Virgin Atlantic Airways•

Rankings

#132 in FORTUNE 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

MyPoints.com, Inc.• Orbitz, Inc.•


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Biographies

Glenn F. Tilton, Age 55

Chairman, President, and CEO, $745,749 salary

Other Company Affiliations

Company Title Salary Bonus

Lincoln National Corporation DirectorRecent Work Highlights

ChevronTexaco Corporation2001: EVP and CFO, Commercial Federal and Commercial Federal Bank, $846,855 salary, $2,710,584bonus

♦ •

Texaco Inc.Last position held, Chairman and CEO♦

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Biography

Glenn F. Tilton was appointed Chairman, President, and Chief Executive Officer of UAL Corporation in September 2002.Prior to that he was appointed Vice Chairman of the Board of Directors of ChevronTexaco in connection with the mergerof Chevron Corporation and Texaco Inc. completed in October 2001. He assumed the additional position of interimChairman of Dynegy Inc. in May 2002 to help lead that company's effort to restore investor confidence. Previously, heserved as Chairman of the Board and Chief Executive Officer of Texaco Inc., a position he assumed in February 2001.Mr. Tilton joined Texaco Inc. in 1970 and served in various marketing, corporate planning and European downstreamassignments of increasing responsibility. In 1989, while serving as President of U.S. Refining and Marketing, he wasappointed Vice President of Texaco Inc. He became Chairman of Texaco Ltd. in 1991 and President of Texaco Europe in1992. In January 1995, he was appointed President of Texaco USA and, later that year, a Senior Vice President of TexacoInc. In January 1997, he became President of Texaco's Global Business Unit. Mr. Tilton serves on the Board of Directorsof the American Petroleum Institute and Lincoln National Corp., and on the Board and the Executive Committee of theBritish American Chamber of Commerce.

Source: Company Press Release,

Frederic F. (Jake) Brace, Age 46

EVP and CFO, UAL and United Airlines, $461,066 salary, $232,500 bonus

Recent Work Highlights

UAL Corporation2002: SVP and CFO, UAL and United Airlines, $445,717 salary♦ 2001 − 2002, SVP and CFO, UAL and United Airlines♦ 2001: SVP and CFO, UAL and United Airlines, $350,953 salary♦ Title held until 2001: SVP Finance and Treasurer, United Airlines♦

•




Biography

Mr. Brace has been Executive Vice President and Chief Financial Officer of the Company and United Air Lines, Inc.since August 2002. From September 2001 to August 2002, Mr. Brace served as the Company and United's Senior VicePresident and Chief Financial Officer. From July 1999 to September 2001, Mr. Brace had served as United's Senior VicePresident − Finance and Treasurer. From February 1998 through July 1999, he served as Vice President −Finance of United.

Source: 10K, March 2, 2004

John P. Tague, Age 41

EVP Customer



Pacer International, Inc. DirectorRecent Work Highlights

ATA Holdings Corp.2001: VP, CFO, Secretary, and Treasurer, $512,885 salary♦

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Biography

Tague served most recently as President and Chief Executive Officer at ATA Holdings Corp., the tenth largest U.S.passenger airline, prior to which he was Executive Vice President of Marketing and Planning.


Peter D. McDonald, Age 52

EVP Operations, $443,301 salary, $226,500 bonus


UAL Corporation2002: EVP Operations, $301,818 salary♦

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Biography

McDonald joined United in 1969. He progressed through the company's operations and sales organizations, running theDenver hub and overseeing the transition to Denver International Airport. McDonald also managed the company's sales,marketing and airport operations in Southern California before moving to the company's headquarters as vicepresident−Operations Services. For the last year, he has led domestic operations for the airline's 85 airports across theUnited States.





Douglas A. (Doug) Hacker, Age 48

EVP Strategy, United Airlines, $582,000 salary



Orbitz, Inc. DirectorRecent Work Highlights

AvolarLast position held, Acting President♦

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UAL Corporation2002: President, United NewVentures, $524,100 salary, $192,880 bonus♦ 2001 − 2002, President, United NewVentures♦ 2001: President, United NewVentures, $515,000 salary, $192,880 bonus♦ Title held until 2001: EVP and CFO, UAL and United Airlines♦

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Biography

Director since 2002. Mr. Hacker has beenExecutive Vice President −Strategy of UAL and the Company sinceDecember 2002. From September 2001 to December 2002, Mr. Hacker served as the Company's Executive Vice Presidentand President of UAL Loyalty Services, Inc., a wholly owned subsidiary of UAL (manages non−core marketingbusiness and other strategic assets of UAL). From July 1999 to September 2001, Mr. Hacker had served as UAL'sExecutive Vice President and Chief Financial Officer and as the Company's Executive Vice President Finance & Planningand Chief Financial Officer. From July 1994 to July 1999, he served as Senior Vice President and Chief Financial Officerof the Company. He serves as a director of Orbitz, Inc.


Rosemary Moore, Age 53

SVP Corporate and Government Affairs


Texaco Inc.Last position held, VP Corporate Communications and Government Affairs♦

•

Biography

Ms. Moore has been the Senior Vice President − Corporate and Government Affairs of the Company sinceDecember 2002. From November to December 2002, Ms. Moore had been the Senior Vice President − CorporateAffairs of the Company. From October 2001 to October 2002, she was the Vice President − Public andGovernment Affairs of ChevronTexaco Corporation. From June 2000 to October 2001, she was Vice President −Corporate Communications and Government Affairs of Texaco, Inc. From September 1996 to June 2000, she was anindependent consultant.




Captain Stephen A. Forte

SVP Flight Operations, United Airlines

Biography

Captain Stephen A. Forte is senior vice president−Flight Operations for United Airlines. He is based at the company'sworld headquarters in suburban Chicago. Forte, who joined United in January 1979, is responsible for all aspects of thecompany's flight operations. During his 20 years with United, he has held a variety of management positions in flightoperations, including leadership roles at the Denver Flight Training Center and with the Air Line Pilots Association(ALPA). He is qualified on a majority of the aircraft in United's fleet, including the Airbus 320 and the Boeing 777, 767,757, 747 and 727. He holds a bachelor's degree in journalism and English literature and a master's of businessadministration, both from the University of Arizona. Forte has been honored with three United Airlines Awards of Meritand received more than 30 letters of recognition. He received the US Air Force Civilian Desert Storm Medal forOutstanding Achievement. He and his wife reside in Denver, Colo.

Source: Company Web Site, 2002

Paul R. Lovejoy, Age 49

SVP, General Counsel, and Secretary, $225,323 salary, $212,500 bonus

Biography

Mr. Lovejoy has been Senior Vice President, General Counsel and Secretary of UAL and the Company since June 2003.From September 1999 to June 2003, he was a partner with Weil, Gotshal & Manges, LLP (law firm). He previouslyserved as Assistant General Counsel of Texaco Inc.


Graham W. Atkinson

SVP Worldwide Sales and Alliances, United Airlines

Biography

Graham Atkinson is senior vice president − International for United Airlines. He is based at the company's worldheadquarters in suburban Chicago. Named to the position in May 2001, he is responsible for all international markets −the Atlantic, the Pacific and Latin America − which account for more than one−third of the airline's capacity. Atkinsonalso oversees all aspects of Star Alliance, the first comprehensive global airline network, including partnerships withairlines spanning the globe. Prior to assuming his current position, Atkinson served as vice president − Marketing forUnited. He was responsible for United's global marketing strategies, advertising and communications. Atkinson joinedUnited in 1991 as general manager − United Kingdom and was based at the company's offices in central London. In 1995he was named vice president − Atlantic Division. His responsibilities included overseeing all of United's business affairsand sales and marketing in Europe, the Middle East and Africa. Prior to joining United in 1991, Atkinson held the positionof commercial director at Aviareps, a leading airline management and representation company in the United Kingdom.


Previously, he held a variety of marketing and management positions with British Caledonian Airways and BritishAirways. Atkinson holds a bachelor's degree in business studies from the Ealing School of Business in London. He hasserved on the Executive Board of the American Chamber of Commerce in the U.K. and is currently on the board ofdirectors of Galileo International. Atkinson resides with his wife and two children in Chicago, Ill.


Martin C. White

SVP Marketing

Biography

White has an extensive background in the airline, travel and tourism, and direct−marketing industries. From 1998−2000,White was vice president of Consumer Marketing for Delta Air Lines, Inc., with similar responsibilities to those he willassume at United. Before that, he served as vice president of Marketing Programs & Services for US Airways Group, Inc.He began his career at Continental Airlines, Inc., where he held several marketing positions of increasing importance. Hemost recently was senior vice president of Marketing and Sales for Vail Resorts, Inc. in Avon, Colo. From 1991−1997, hewas an executive with direct−marketing firm Brierley & Partners.

Source: Company Press Release, November 3, 2003

Jane G. Allen

SVP Onboard Services



AMR Corporation VP Flight Services, American AirlinesRecent Work Highlights

UAL CorporationTitle held until 2003: VP Flight Services, American Airlines♦

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Biography

Allen joined American as an attorney in 1986, and became managing director of compensation and benefits in 1992,where she was responsible for the design, management and administration of American's compensation and benefitprograms company−wide. She was an attorney with the Dallas−based law firm of Haynes and Boone from 1981 through1986. Allen, 51, is married and has one child.

Source: Company Press Release, May 29, 2003

Larry D. DeShon

SVP Airport Operations, United Airlines



Biography

Larry D. DeShon is senior vice president − Marketing and a leader to the Customer Satisfaction Division for UnitedAirlines. He is based in Chicago, Illinois. Named to the position in May 2001, he is responsible for all of United's globalmarketing strategies, advertising and communications, including the development and integration of products and brandmanagement. Prior to being appointed senior vice president, DeShon served as vice president − Customer Satisfactionfrom March 2000. In this role he was responsible for strategic design and implementation of processes, services andproducts that promote the highest level of customer service to United's diverse customer base around the world. DeShonjoined United in 1978, and in his early years with the company he held positions in customer service, training, cargo sales,baggage service, training and catering. He served on the Pan Am Pacific Routes Acquisition Team in 1985 and also ledthe development of United's Special Assistance Center, which handles aircraft accident response for passengers andfamily members. In 1990, DeShon was promoted to general manager − France, overseeing all aspects of the company.During his tenure in France, he served as chairman of the Airport Operations Committee, representing all airlinesoperating at Charles De Gaulle and Orly airports. In 1994, DeShon was promoted to director of catering worldwide. Hethen served as managing director of Onboard Service, where he was responsible for flight attendant operations andperformance, catering operations, and food and beverage planning. DeShon serves as president of the InternationalInflight Food Service Association and is on the Travel and Tourism Advisory Board for Roosevelt University. He holds aBachelor of Arts in Communications and Sociology from the University of Missouri and has pursued graduate studies inBusiness at Rockhurst College. DeShon and his wife reside in suburban Chicago with their two children.


Sara A. Fields, Age 60

SVP People

Biography

Sara A. Fields is senior vice president − people for United Airlines. She is based at the company's world headquarters insuburban Chicago. Named to the position in February 2002, Fields is responsible for United's human resource functionsworldwide such as labor relations, personnel policies and issues, training, benefits and compensation. Previous toassuming her current position, Fields served as senior vice president of onboard services for United. She was responsiblefor 23,000 professional flight attendants, including their training, scheduling and management. In addition, she wasresponsible for inflight service design and delivery, as well as the company's entire catering operation. Fields joinedUnited in 1963 as a flight attendant. Throughout her career with United Airlines, she has held a variety of managementpositions, including manager of flight attendant training, manager of the flight attendant domicile in Denver, manager ofindustrial relations, director of inflight service − international, director of employee relations and vice president − inflightservice. Prior to joining United, she worked at Boeing Aircraft in Renton, Washington. Fields resides with her husband inChicago, IL.

Source: Company Web Site,

Rick Poulton

SVP Strategic Sourcing and Chief Procurement Officer

Biography

Rick Poulton is President of UAL Loyalty Services (ULS), the wholly owned subsidiary of UAL Corp. As president, and


as a United vice president, Poulton is responsible for the development and administration of loyalty programs includingMileage Plus®, Silver Wings® and MyPoints.com®. ULS also manages united.com®, United Vacations®, UnitedCruise4Miles, and many of United's media assets. Poulton has been chief financial officer at ULS since August of 2000and has been responsible for its strategic direction as well as all financial functions of the company.

Source: Company Press Release, December 20, 2002

M. Lynn Hughitt

VP and Controller, United Airlines

Biography

M. Lynn Hughitt is vice president and controller for United Airlines. She is based at the company's world headquarters insuburban Chicago. Named to the position in July 1999, Hughitt is responsible for all of the airline's accounting processesand external financial reporting activities. Hughitt joined United in June 1990 and has served in a number of financialmanagement positions, including manager−Investor Relations, director−Financial Planning, and assistant treasurer. Priorto joining United, she held variety of information services positions including assistant vice president−MIS with OxfordFirst Corporation in Philadelphia, PA. She holds master's degrees in business administration from both the University ofChicago as well as Katholieke Universiteit Leuven in Belgium. She has a bachelor's degree in history and economics fromCornell University. Hughitt and her husband reside in Evanston, Ill.


Joanne D. Calabrese

VP Airport Operations − West, United Airlines



The Body Shop International PLC President, Body Shop North America

Judith A. Bishop

VP Atlantic, United Airlines

Biography

Judith A. Bishop is vice president−Atlantic for United Airlines. She is based at the company's offices in central London.Named to the position in July 1999, she is accountable for sales, marketing, reservations, cargo, airport operations andcustomer service within United's Atlantic division. Bishop joined United in 1966 and has served in a variety of managerialpositions in the reservations, inflight, marketing and sales divisions. In June 1995 she was named vice president−NorthAmerica Sales. Bishop was accountable for more than $10 billion in revenue generation. Included within her area ofresponsibilities were business market development, travel agency and corporate relations, national accounts, and salesplanning. She is a former member of the executive board of the Chicago Convention and Tourism Board. She has beenrecognized by Travel Agent Magazine for the last four years as one of the most powerful women in travel. Bishop and her



husband reside in London.


Amos S. Kazzaz

VP Financial Planning, BTO, and Corporate Real Estate, United Airlines

Biography

Amos Kazzaz is vice president − Corporate Real Estate for United Airlines. He is based at the company's worldheadquarters in suburban Chicago. Named to the position in July 1999, he is responsible for supervising the planning,engineering and construction of all of United Airlines' U.S. domestic and international airport and off−airport facilities.Kazzaz joined United in 1983 and has held a variety of positions in the areas of marketing, planning, finance and onboardservice. Before accepting his current position, he served as president of United Shuttle. Prior to joining United, Kazzazserved as manager for Custom Travel, a Denver based firm. Prior to that, he worked for Continental Airlines in rampservice. He holds an MBA in finance from the University of Denver and a bachelor's degree in international affairs cumlaude from the University of Colorado − Boulder. Kazzaz and his wife reside in Arlington Heights, Ill., with their 3children.


Henry P. Krakowski

VP Corporate Safety, Security, and Quality Assurance, United Airlines

Biography

Captain Hank Krakowski serves as Vice President for Corporate Safety, Security and Quality Assurance at UnitedAirlines. He is a Boeing 737 Captain and has worked for United Airlines for 24 years. Captain Krakowski began hiscareer with United as a pilot based in San Francisco. He has been a flight engineer on the Boeing 747, Boeing 727 and hasflown the DC8. He also served as a first officer on the DC10 and the Boeing 737. During his career at United, CaptainKrakowski has touched most areas of the airline's operation. He spent two years as the Director of Flight Crew Resourcesand two years as the Director of Operations Control with United. In the latter position, he had responsibility for Dispatch,Air Traffic, Meteorology and Crew Scheduling. In addition, he has served numerous positions with the Air Line PilotsAssociation (ALPA) and with the Master Executive Council (MEC). He is also a practicing Airframe and PowerplantMechanic. In his current role, Captain Krakowski directs the security, flight safety, inflight safety, occupational safety,environmental safety, and corporate emergency response programs. The Corporate Safety, Security and QualityAssurance Division is involved in regulatory oversight and trend analysis and internal safety and security compliance. Thedivision encompasses a staff of over 150 people. Additionally, Captain Krakowski has refurbished a T−34 Navy trainerand flies as part of the Lima Lima Acrobatic Flight Team. He credits his five−year tenure as a pilot with Lima Lima withteaching him significant lessons in discipline, leadership, and precision teamwork. Along with his passion for flyingairplanes, Krakowski also enjoys restoring vintage airplanes. He resides in Wilmette, Illinois.


Peggy K. Dedo


VP Engineering and Technical Support

Biography

Dedo joined United in 1969 as an engineer in the interior equipment section. She went on to serve in manager, directorand general manager positions in engineering, planning, airframe production, engine production and for the last five yearsin component maintenance. Prior to joining United, Dedo held positions as an aerodynamicist and a missiles subsystemtrainer at Lockheed Missiles and Space Co. in Sunnyvale, CA. Dedo earned a bachelor of science degree in aeronauticalengineering at Purdue University. Dedo and her husband, Kosta, live in San Carlos, CA. They have one daughter, Jenny.

Source: Company Press Release, July 30, 2002

Michael G. Whitaker

VP International Affairs, United Airlines

Biography

Michael G. Whitaker is vice president−International and Regulatory Affairs for United Airlines. He is based at thecompany's world headquarters in suburban Chicago. Named to the position in November 1998, Whitaker is responsiblefor working with the U. S. and foreign governments and regulatory authorities in support of the company's expandingglobal route network. Before becoming vice president, he held the position of director−International and RegulatoryAffairs. Whitaker joined United in 1994 as senior counsel−International and Regulatory Affairs. Prior to that, he wasassistant general counsel−Regulatory and International Affairs for Trans World Airlines. Before entering the airlinebusiness, Whitaker was a litigation attorney with Stites & Harbison, a law firm in Louisville, Ky., where he also taughtcourses in American government, comparative politics and international law at the University of Louisville. He holds ajuris doctorate degree cum laude from Georgetown University Law School and graduated with high honors in politicalscience from the University of Louisville. He and his wife live in Chicago, Ill.


William R. Norman

VP Line Maintenance, United Airlines

Biography

William R. Norman is vice president − Line Maintenance for United Airlines at the company's Maintenance OperationsCenter in San Francisco. Named to the position in August 1999, he is responsible for aircraft line maintenance worldwide,system aircraft maintenance control, and United's flight−test crews. Since 1984, when he joined United Airlines, Normanheld a variety of managerial positions in the last 15 years. He most recently served as general manager−AirframeMaintenance at the company's Oakland maintenance center. Prior to joining United, Norman served as a mechanic forPacific Express Airlines. Norman received his master's degree in Industrial Design from San Francisco State University in1986.



Gregory F. Hall

VP Maintenance and Engineering



AMR Corporation VP Line Maintenance, American Airlines

Mark F. Schwab

VP Pacific−North, United Airlines

Biography

Mark Schwab is vice president−Pacific North for United Airlines. He is based at the company's offices in Tokyo. Namedto the position in July 2000, Schwab is responsible for the airline's airport operations, passenger and cargo sales andreservations, as well as community and government relations in Japan and Korea. Schwab began his industry career in1975 with Pan American World Airways, holding numerous executive positions. In 1990, he became regional managingdirector−Latin America for American Airlines in Miami. In 1992, Schwab joined United Airlines as the carrier's generalmanager in Mexico and later served as general manager−United Kingdom. In 1998, Schwab moved to US Airways toserve as vice president−International, a position in which he was responsible for the company's expanding trans−Atlanticmarket, as well as for international point of sale revenue. He returned to United in August 2000 to head the airline's NorthPacific operations. Schwab, his wife and their two daughters resided in Tokyo, Japan. A native of Minneapolis, he haslived and worked abroad for more than 30 years and is fluent in Portuguese and Spanish.


Kevin N. Knight

VP Resource Planning, United Airlines

Biography

Kevin N. Knight is vice president−Resource Planning for United Airlines. He is based at the company's worldheadquarters in suburban Chicago. Named to the position in July 1999, he is responsible for the company's route planning,fleet planning aircraft scheduling and capacity planning. Knight joined United in 1993 and has served in a variety ofmanagement positions in schedule planning and marketing. Most recently, Knight held the position of director of Brandand Product Development. Prior to joining United, he served as director of International Planning for Northwest Airlines.In that position he was responsible for planning Northwest's international operation and developing a global alliance withKLM Royal Dutch Airlines. He also held various positions with Hughes Airwest and Republic Airlines. Knight earned hisbachelor's degree from Westminster College and received a master's degree from the University of Utah. A native of SaltLake City, Utah, Knight resides in St. Charles, Ill., with his wife and two children.




Daniel C. Walsh

VP Sales


UAL CorporationTitle held until 2002: VP North America East, United Airlines♦

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Biography

Daniel Walsh is vice president sales for United Airlines. He is based at the company's offices in Teaneck, N.J. He wasnamed to the position in December 2002. Prior to his current position, he served as vice president−North AmericanSales−East and was responsible for sales, customer service and reservations operations at 35 airports in 16 statesthroughout the East Region. Walsh began his career with United in 1973 in reservations and has held a variety ofmanagement positions since then in the reservations, sales and marketing organizations. Most recently, Walsh served asregional manager−Passenger Sales in Los Angeles, where he was responsible for $1.1 billion in revenue generation fromtravel agencies and commercial accounts. Walsh is a member of the board of directors of the German American Chamberof Commerce. He is also a member of the American Society of Travel Agents and the National Business TravelAssociation. He and his wife currently reside in Old Tappan, N.J., with their son.


Roger A. Gibson

VP Worldwide Cargo, United Airlines


UAL CorporationTitle held until 2002: VP North America, United Airlines♦

•

Biography

Roger A. Gibson is vice president−North America−Mountain Region for United Airlines. He is based at the company'soffices in Denver, Colo. Named to the position in June 1995, he is responsible for United's sales, customer service andreservations operations at 28 cities in 17 states and Canada. Gibson joined United in 1967 and held a variety of managerialpositions in San Francisco, including director of Maintenance Operation Center supply and system distribution, director ofInventory Planning and Control, director of Resource Planning and Control− Airframe Operations, director−Total Qualityand general manager−Oakland Aircraft Modification Center. Before assuming his current position, he served as vicepresident−Northwest Region in San Francisco. He holds a bachelor's degree in management from St. Mary's College inMoraga, Calif., and served in the U.S. Navy from 1964 to 1970. Gibson serves on the board of the followingorganizations: Boy Scouts of America − Denver Area Council, Colorado Association of Commerce and IndustryEducational Foundation, Colorado Uplift, Colorado's Ocean Journey, The Denver Foundation, First American Funds,Metropolitan State college of Denver Foundation and the National Jewish Medical Center. Gibson and his wife reside inDenver, Col.



Stephen R. Canale, Age 59

Director

Biography

Director since 2002. Mr. Canale has served as President and Directing General Chairman since 1999 of the IAM DistrictLodge 141 (labor union). Mr. Canale was nominated by the IAM and elected in 2002 by the International Association ofMachinists and Aerospace Workers, the holder of the Company's Class IAM stock.


W. James (Jim) Farrell, Age 61

Director



The Allstate Corporation Director

Illinois Tool Works Inc. Chairman and CEO $1,047,010 $1,869,000

Kraft Foods Inc. Director

Sears, Roebuck and Co. DirectorRecent Work Highlights

Illinois Tool Works Inc.2001: Chairman and CEO, $969,240 salary, $1,071,630 bonus♦ 2000: Chairman and CEO, $899,990 salary, $1,309,500 bonus♦

•

Biography

Director since 2001. Mr. Farrell has been Chairman and Chief Executive Officer of Illinois Tool Works Inc.(manufacturing and marketing of engineered components) for the past five years. Mr. Farrell also currently serves as adirector of Allstate Insurance Company, Illinois Tool Works Inc., Kraft Foods, Inc. and Sears, Roebuck and Company..


W. Douglas Ford, Age 60

Director



Air Products and Chemicals, Inc. Director









Amoco CorporationLast position held, EVP Petroleum Products Sector♦

•

Biography

Director since 2002. Mr. Ford served as the Chief Executive of Refining & Marketing in 1999 and as the ExecutiveDirector from 2000 to 2002 of BP p.l.c. (petroleum and petrochemicals holding company). From 1993 to 1999 he servedas Executive Vice President of Amoco Corporation and President of Amoco Oil Company (oil company). He serves as adirector of USG Corporation and Air Products and Chemical, Inc. Mr. Ford was nominated by the System Roundtable, abody of salaried and management employees of United, and elected in 2002 by the holders of the Company's Class SAMstock, who are W. Douglas Ford, the Salaried/Management Employee Director and Sara A. Fields, United's Senior VicePresident−People.


James J. O'Connor, Age 67

Director



Corning Incorporated Director

Smurfit−Stone Container Corporation Director

Trizec Properties, Inc. DirectorBiography

Director since 1984. Mr. O'Connor has been retired Chairman and Chief Executive Officer of Unicom Corporation(holding company of supplier of electricity) since 1998. He serves as a director of Corning Incorporated,Smurfit−Stone Container Corporation and Trizec Properties, Inc.


Hazel R. O'Leary, Age 66

Director



Scottish Re Group Limited Director






Biography

Director since 1999. Ms. O'Leary has been President of O'Leary & Associates (energy services and investment strategy)since 2002. She previously served as President and Chief Operating Officer of Blaylock & Partners (investment banking)from 2000 to 2002. From 1997 to 2000 she served as President of O'Leary & Associates. She serves as a director ofScottish Re Holdings, Ltd.


Paul E. Tierney Jr., Age 59

Director



Liz Claiborne, Inc. DirectorBiography

Director since 1990. Mr. Tierney has been a General Partner at Darwin Capital Partners (investment management) since1999 and a Managing Member of Development Capital, LLC (investment management) since 1997. He serves as adirector of Liz Claiborne, Inc.


John H. Walker, Age 46

Director


Weirton Steel Corporation2001: President, CEO, COO, and Director, $387,087 salary♦

•

Biography

Director since 2002. Mr. Walker has been the Chief Executive Officer and President of the Boler Company (transportationmanufacturer) since August 2003. He previously served as the Chief Executive Officer of Weirton Steel Corporation(steel manufacturer that filed for protection under federal bankruptcy laws on May 19, 2003) from 2001 to 2003 and wasPresident and Chief Operating Officer from 2000 to 2001. From 1997 to 2000 he was President of Flat Rolled Products, adivision of Kaiser Aluminum Corporation (aluminum manufacturer that filed for protection under federal bankruptcy lawson February 12, 2002).


Robert S. (Steve) Miller Jr., Age 62




Director



Federal−Mogul Corporation Chairman

R.J. Reynolds Tobacco Holdings, Inc. Director (Joins board June 30, 2003)

Symantec Corporation DirectorRecent Work Highlights

Bethlehem Steel CorporationLast position held, Chairman and CEO♦ 2001: Chairman and CEO, $242,500 salary♦

•

Biography

Director since 2003. Mr. Miller has been non−executive Chairman of the Board of Federal Mogul Corporationsince January 12, 2004. He previously served as Chairman and CEO of Bethlehem Steel Corporation (steel manufacturerthat filed for protection under federal bankruptcy laws on October 15, 2001) from 2001 to 2003, Chairman and CEO ofFederal Mogul Corporation (auto parts supplier that filed for protection under federal bankruptcy laws on October 1,2001) from 1999 to 2000, and Chairman and CEO of Waste Management, Inc. (waste services) from 1997 to 1999. Heserves as a director of Federal Mogul Corporation, Pope & Talbot, Inc., RJ Reynolds Tobacco Holdings, Inc., SymantecCorporation and Waste Management, Inc.


George B. Weiksner Jr., Age 59

Director

Biography

George B. Weiksner, Jr., is vice chairman, Latin America, for Credit Suisse First Boston Corporation, based in New York.A 33−year veteran of the firm, his experience spans the full range of investment banking services for both domestic andinternational clients. Currently, he has responsibility for business development in Latin America, and he was previouslymanaging director and co−head of CSFB's Global Corporate Finance Group, which he developed. He was also chairmanof the financing section of CSFB's U.S. Investment Banking Committee. Weiksner, 58, is a graduate of PrincetonUniversity and earned an MBA and a law degree at Stanford University.


Dipak C. Jain, Age 46

Director







Deere & Company Director

Hartmarx Corporation Director

Peoples Energy Corporation DirectorBiography

Dean Jain has been a member of the Kellogg School faculty since 1987 and was appointed dean in 2001. As the Sandyand Morton Goldman Professor in Entrepreneurial Studies and a professor of marketing, his teaching focuses onmarketing research, new products and services, and probabilistic and statistical models in marketing. His researchportfolio includes, among other disciplines, market segmentation and competitive market structure analysis, andcross−cultural issues in global marketing. Dean Jain is also a visiting professor of marketing at a number of colleges anduniversities around the world. He serves on the boards of directors of Evanston Northwestern Healthcare, John Deere,Hartmarx Corporation and Peoples Energy. He has also consulted with a variety of Fortune 500 corporations.






Overview

UAL and its primary business, United Airlines are struggling to put themselves back together. The carrier, which neverfully recovered from the events of September 11 and the ensuing industry downturn, reorganized under bankruptcyprotection in 2003. One of the biggest changes was a change in company ownership. Employees once enjoyed 55%,which was reduced to below 20% during reorganization. The airline flies about 530 jets to more than 110 destinations inthe US and 27 other countries from hubs in Chicago, Denver, Los Angeles, San Francisco, and Washington, DC. It leadsthe Star Alliance, a global marketing partnership with Lufthansa and others.

UAL also operates United Express, which is operated by independent partners, to provide regional feeder service.

Other partnerships fuel United's global ambitions. Code−sharing alliances with a host of carriers, including Lufthansa andother members of the extensive Star Alliance marketing partnership, permit revenue sharing and joint ticketing andpurchasing.

Two United flights were hijacked in the September 11, 2001, terrorist attacks on the US. The resulting reduction in airtravel, which came amid a slump brought on by the slowing US economy, led United to reduce its flights by 23% and layoff 20,000 employees (about 20% of its total workforce). In 2002 United began moving to restore some flights to itsschedule, but an $875 million debt payment due at the end of 2002 led the airline to file for Chapter 11 bankruptcy.

In the midst of UAL's struggles, interim CEO Jack Creighton retired and was replaced by Glenn Tilton who had served asvice chairman of ChevronTexaco prior to joining UAL. Despite his lack of experience with airlines, union representativesexpressed their support for the oil executive. The airline announced that it would lay−off another 11% of its workforce, or9,000 employees. The cost−cutting measures were aimed at seeking approval for a $1.8 billion federal loan guarantee, butthe Air Transportation Stabilization Board rejected UAL's application. In early 2003 UAL announced plans to cut another1,500 management and salaried employees. It also said it was closing its remaining 32 City Ticket Offices, leavinganother 188 employees without jobs.

The company has launced a low−cost, low−fare airline utilizing regional jets to help the airline back to profitability, andanticipates completing its restructuring in 2004.

The carrier, called Ted (the last three letters of United), was created to better situate itself against low−fare competition.Ted began operating out of Denver in late 2003 and in early 2004 added Washington Dulles as a second hub. United alsosigned a deal with Chautauqua Airlines, Republic Airways, and Shuttle America (which are all owned by WexfordCapital) to operate as United Express. The arrangment essentiall replaces the deal United had with Atlantic Coast Airlinesbefore that airline annonced its intentions to operate as independent low−fare carrier.





History

In 1929 aircraft designer Bill Boeing and engine designer Fred Rentschler of Pratt & Whitney joined forces to formUnited Aircraft and Transport. Renamed United Air Lines in 1931, the New York−based company offered one of the firstcoast−to−coast airline services. In 1934 United's manufacturing and transportation divisions split. Former banker BillPatterson became president of the latter, United Air Lines, and moved it to the Chicago area.

Led by Patterson until 1963, United was slow to move and began offering jet service in 1959, after rival American. But in1961 United bought Capital Airlines and became the US's #1 airline.

In 1969 UAL Corp. was formed as a holding company. In 1979, a year after airline deregulation, hotelier Richard Ferrisbecame CEO. Dreaming of a travel conglomerate, he bought Hertz (1985) and Hilton International (1987). Angered bythe diversification, the pilots struck in 1985 and then tried to buy the airline in 1987. That year, after dropping $7.3million to change United's name to Allegis, Ferris left when leading shareholder Coniston Partners threatened to oust theboard and liquidate the firm. Assuming its old name and a new CEO, Stephen Wolf (former chief of cargo carrier FlyingTigers), UAL shed its hotels and car rental business and 50% of its computer reservation partnership, Covia.

A 1989 takeover bid by Los Angeles billionaire Marvin Davis and Coniston triggered an unsuccessful buyout effort byUnited pilots, management, and British Airways. Gerald Greenwald, a turnaround expert from Chrysler, headed theattempt. Coniston later sold most of its stake in exchange for two seats on the board.

Fare wars and the rise of short−haul rivals caused profits to flag from 1991 to 1993. United began expanding globally andadded routes in the Asia/Pacific region (bought from Pan Am in 1986 and 1991). It also laid off thousands of employeesand cut executive pay. Finally, the 1993 sale of United's kitchen operations (slashing 5,800 union jobs) brought the unionsto the table with an employee stock ownership plan (ESOP). The ESOP, which ceded 55% of UAL to employees inexchange for $4.8 billion in wage concessions, was approved in 1994. The deal effectively ended Wolf's reign at UALsince he had fallen out of favor with employees; Greenwald became CEO. United also launched its low−fare carrier thatyear.

In 1995 workers vetoed a proposed merger with US Airways, largely because of pilots' concerns about combiningseniority lists. Two years later United formed the Star Alliance with Lufthansa, Scandinavian Airlines System, AirCanada, and Thai Airways. In 1998 United meshed its frequent−flier program with Delta's.

President James Goodwin, a 32−year United veteran, took over as CEO after Greenwald's 1999 retirement. Also that yearRussian airspace −− off−limits to foreign airlines for more than 50 years −− was opened to United. In 2000 UAL againmade plans to buy US Airways, this time for $4.3 billion in cash and $7.3 billion in assumed debt.

The next year the company formed a subsidiary to offer fractional ownership of business jets. Through its UnitedNewVentures unit, UAL also bought Internet−based direct marketing firm MyPoints.com.

Later in 2001, however, US antitrust regulators moved to block the UAL−US Airways deal, citing concerns that thecombination would reduce competition and lead to higher fares. The companies called off the transaction, and UAL wasto pay US Airways a $50 million termination fee.

Also that year United Airlines lost two planes in the terrorist attacks on New York and Washington, DC. As demand forair travel slumped after the attacks, UAL eliminated flights and laid off 20% of its workforce. A month after the attacks,chairman and CEO James Goodwin resigned under pressure from employee unions; UAL director and formerWeyerhaeuser chief John Creighton replaced him on an interim basis. The cutbacks, however, were not enough to preventthe airline from posting a $2.1 billion loss for 2001.

The following year, UAL avoided a potentially disastrous strike by its mechanics when they approved a new contractgiving them their first raise since 1994. The airline managed to convince its pilots and salaried managers to take a pay−cut


in 2002 to alleviate some of its debt in 2002. Also that year, UAL applied for a $1.8 billion loan under the federal loanguarantee program created to help airlines in the aftermath of September 11. John Creighton also announced his intent toretire and was replaced by Glenn Tilton, an oil executive who served as vice chairman of ChevronTexaco and interimchairman of Dynegy.

The company scrapped plans in 2003 to sign a regional service deal with Mesa Air, after that company failed to close adeal to acquire regional carrier Atlantic Coast Airlines.




Products/Operations

UAL's primary business, United Airlines, flies to more than 130 airports in 28 countries.

Hub Locations

Chicago• Denver• Los Angeles• San Francisco• Washington, DC•

Gateways for International Flights

Frankfurt• London• Miami• Tokyo• Toronto•

2003 Sales

$ mil. % of total

Passenger 11,13481

Regional affiliates 508 4

Cargo 630 5

Other 1,452 10

Total 13,724

Star Alliance Partners

Air Canada• Air New Zealand• All Nippon Airways• Austrian Airlines Group• British Midland• Lauda Air• Lufthansa• Mexicana Airlines• Scandinavian Airlines System• Singapore Airlines• Thai Airways International• Tyrolean Airways• Viacao Aerea Rio−Grandense (VARIG)•

Selected Subsidiaries and Affiliates

Galileo International (18%, Apollo and Galileo computer reservations systems)• United NewVentures (Internet investments)• MyPoints.com (direct marketing)•


Archived Charts

2002 Aircraft FleetType No.Boeing 737−300 101Airbus 320−200 98Boeing 757−200 97Boeing 737−500 57Boeing 777−200 60Airbus 319−100 55 Boeing 747−400 44Boeing 767−300 37Boeing 767−200 18

Total 567

2002 Sales $ mil. % of totalPassenger 11,872 83Cargo 673 5Other 1,741 12

Total 14,286 100

2001 Aircraft FleetType No.Boeing 737−300 101Airbus 320−200 86Boeing 757−200 97Boeing 737−500 57Boeing 777−200 56Airbus 319−100 47 Boeing 747−400 44Boeing 767−300 37Boeing 767−200 18

Total 543

2001 Sales $ mil. % of totalPassenger 13,788 86Cargo 704 4Other 1,646 10

Total 16,138 100


Other Resources Available On Hoover's Online

News for UAL (last 90 days)

Company Press Release Archive

Other Resources

Headquarters Map• SEC Filings

10−K Filings♦ •

Stock Quote• Stock Chart• Earnings Estimates• Annual Report • Investor Relations • Financial Data Definitions• Market Data Definitions• Comparison Data Definitions• Historical Financials & Employees Definitions•

Related Products From Our Trusted Partners

Buy Reports and Books

D&B Business/Credit Reports: UAL Corporation(D&B, Feb 1, 2004, Business Reports)

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UAL Corporation: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

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Air Cargo Services: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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Nonscheduled Air Transportation in the US(IBISWorld, Jan 19, 2004, Business Reports)

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Airline Customer Service: Online Sales Unharmed by Phone Option(Jupitermedia Corporation, Feb 14, 2003, Business Reports)

•

Plunkett's Airline, Hotel & Travel Industry Almanac(Plunkett Research, Ltd., Nov 10, 2002, Books)

•

ValuEngine Quantitative Industry Report for AIRLINES(ValuEngine, Inc., Nov 1, 2002, Business Reports)

•

Freedonia Focus on Freight(Freedonia Group, Inc., Feb 1, 2003, Business Reports)

•

Additional 3rd Party Libraries

Additional Research On UAL

Corporate Hierarchy •


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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 03 Dec 02 Dec 01

Revenue 13,724.0 14,286.0 16,138.0

Cost of Goods Sold 12,817.0 14,449.0 6,989.0

Gross Profit 907.0 (163.0) 9,149.0

Gross Profit Margin 6.6% −− 56.7%

SG&A Expense 2,267.0 2,674.0 9,626.0

Depreciation & Amortization 968.0 960.0 1,866.0

Operating Income (1,360.0) (2,837.0) (2,343.0)

Operating Margin −− −− −−

Nonoperating Income 516.0 261.0 257.0

Nonoperating Expenses 1,964.0 629.0 446.0

Income Before Taxes (2,808.0) (3,205.0) (3,357.0)

Income Taxes 0.0 0.0 (1,226.0)

Net Income After Taxes (2,808.0) (3,205.0) (2,131.0)

Continuing Operations (2,808.0) (3,205.0) (2,137.0)

Discontinued Operations 0.0 0.0 0.0

Total Operations (2,808.0) (3,205.0) (2,137.0)

Total Net Income (2,808.0) (3,212.0) (2,145.0)

Net Profit Margin −− −− −−

Diluted EPS from Continuing Operations ($) −− −− (39.90)

Diluted EPS from Discontinued Operations ($) −− −− 0.00

Diluted EPS from Total Operations ($) −− −− (39.90)

Diluted EPS from Total Net Income ($)

Dividends per Share −− −− 0.68

Balance Sheet Dec 03 Dec 02 Dec 01

Assets

Current Assets

Cash 1,640.0 886.0 1,688.0

Net Receivables 929.0 788.0 1,221.0

Inventories 264.0 310.0 329.0


Other Current Assets 1,191.0 1,395.0 1,848.0

Total Current Assets 4,024.0 3,379.0 5,086.0

Net Fixed Assets 15,038.0 16,361.0 16,808.0

Other Noncurrent Assets 2,917.0 3,916.0 3,303.0

Total Assets 21,979.0 23,656.0 25,197.0

Liabilities and Shareholders' Equity Dec 03 Dec 02 Dec 01

Current Liabilities

Accounts Payable 501.0 284.0 1,268.0

Short−Term Debt 689.0 0.0 1,587.0

Other Current Liabilities 4,922.0 3,707.0 5,211.0

Total Current Liabilities 6,112.0 3,991.0 8,066.0

Long−Term Debt 163.0 700.0 8,565.0

Other Noncurrent Liabilities 21,620.0 21,446.0 5,435.0

Total Liabilities 27,895.0 26,137.0 22,164.0

Shareholders' Equity

Preferred Stock Equity (305.0) (303.0) 0.0

Common Stock Equity (5,611.0) (2,178.0) 3,033.0

Total Equity (5,916.0) (2,481.0) 3,033.0

Shares Outstanding (mil.) −− −− 55.0

Cash Flow Statement Dec 03 Dec 02 Dec 01

Net Operating Cash Flow 1,001.0 (1,139.0) (160.0)

Net Investing Cash Flow 271.0 (71.0) (1,969.0)

Net Financing Cash Flow (336.0) 266.0 2,138.0

Net Change in Cash 754.0 (802.0) 9.0

Depreciation & Amortization 968.0 960.0 1,866.0

Capital Expenditures (150.0) (157.0) (1,983.0)

Cash Dividends Paid 0.0 (7.0) (88.0)

Historical Auditors

Auditor Name Year

Deloitte & Touche LLP 2003



Arthur Andersen LLP 2001

Data Definitions


Historical Financials & Employees

Income Statement

YearRevenue

($ mil.)Net Income

($ mil.)Net Profit

MarginEmployees

Dec 03 13,724.0 (2,808.0) −− 63,000

Dec 02 14,286.0 (3,212.0) −− 72,000

Dec 01 16,138.0 (2,145.0) −− 84,000

Dec 00 19,352.0 50.0 0.3% 102,000

Dec 99 18,027.0 1,235.0 6.9% 100,000

Dec 98 17,561.0 821.0 4.7% 95,035

Dec 97 17,378.0 949.0 5.5% 91,700

Dec 96 16,362.0 533.0 3.3% 87,628

Dec 95 14,943.0 349.0 2.3% 83,929

Dec 94 13,950.0 51.0 0.4% 77,900

2003 Year−End Financials

Debt ratio −−

Cash ($ mil.) 1,640.0

Current ratio 0.66

Long−term debt ($ mil.) 163.0

Shares Outstanding (mil.) −−

Dividend yield −−

Dividend payout −−

Market Cap ($ mil.) −−

Historical Auditors

Auditor Name Year












Data Definitions


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