USPS Posts $3.8 Billion Loss for Year
The U.S. Postal Service posted a net loss of $3.8 billion for 2009, compared to a $2.8 billion net loss in the prior year.
The USPS announced these results even though a few months ago it received a $4 billion deferment on paying its annual $5.4 billion obligation to pre-fund retiree healthcare premiums. This effectively gave it an additional $4 billion to operate with until next September (Direct Newsline, Oct. 4).
The USPS reported operating revenue of $68.1 billion for the year ended Sept. 30, compared to operating revenue of $74.9 billion last year.
Postal management attributed these results to the overall economy as well as the movement over the past few years to more electronic forms of communication.
In addition, the USPS reported standard mail revenue of $17.4 billion for the quarter, a decrease from $38.2 billion in the prior year.
The USPS posted standard mail volume for the year of 82.7 billion pieces, a decline from 99.1 billion pieces in the prior year.
Total mail volume was 177.1 billion pieces, a 12.7% decrease from 202.7 billion pieces in the prior year
