We believe expansion plans in Denver are aggressive and that Southwest capacity will more than triple in the next two years.

While costs and the balance sheet are not stellar (industry mid-point), the carrier is in a unique position to benefit from capacity cutbacks and more aggressive pricing in '06.

They're not in the same boat as everyone else, but they're sticking a couple of toes in the same boat. They are feeling the same pressures as everyone else.

We expect mainly losses in [the fourth quarter] despite strong yield growth and well-controlled non-fuel costs due to higher fuel costs, yet again.

Our cash-burn analysis has implied that Delta would reach a bankruptcy-risk cash level by (the fourth quarter) without additional liquidity.