Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

You Are Here: Home » E-Government, E-Mail, Government Documents » Postal Service Ends Third Quarter with $2.4 Billion Loss

Postal Service Ends Third Quarter with $2.4 Billion Loss

by on

News release: “The U.S. Postal Service ended its third quarter (April 1 – June 30) with a net loss of $2.4 billion, including a non-cash adjustment that increased workers’ compensation expense by $807 million. Ongoing electronic diversion and the widespread economic recession continued to reduce mail volume, resulting in a $1.6 billion decrease in revenue for the quarter. Despite cost reductions against the fiscal 2009 plan of more than $6 billion and actions to grow revenue, the Postal Service (USPS) projects a net loss of more than $7 billion at fiscal year-end. The organization’s financial situation is compounded by its obligation to pay $5.4 billion to $5.8 billion annually to prefund retiree health benefits. This requirement, established in the Postal Accountability and Enhancement Act of 2006, is an obligation that no other government agency has to pay.”

  • Complete USPS third-quarter results include operating revenue of $16.3 billion, a decrease of nearly $1.6 billion, or 9 percent, from the same period last year, and operating expenses of $18.7 billion, a reduction of $294 million, or 1.5 percent, from the third quarter of last year. Details are contained in the Postal Service Form 10-Q report, available at http://www.usps.com/financials/ (click Form 10-Q under Quarter Reports).”
    • LinkedIn

    Sorry, comments are closed for this post.