Revenue was $4.4 billion, up 10 percent from $4 billion. Some industry analysts say that even the extensive cost-cutting done by United since 2002 - whacking $7 billion off its annual expenditures - may not have gone far enough, particularly with rivals Delta Air Lines Inc. and Northwest Airlines Corp. now doing their own cost-slashing in bankruptcy court. "Cost is the name of the game and I'd like to see that a little bit lower," said Ray Neidl of Calyon Securities. Morningstar analyst Chris Lozier said United's competition among other legacy carriers may even get tougher with possible bankruptcy reorganizations by American Airlines parent AMR Corp. and Continental Airlines Inc. down the road. For now, he said: "They (United) are ready to come out and be competitive with the best legacy carriers, but they're still not going to be competitive with the low-cost carriers. I don't know that the cost-cutting they've done is going to be enough."