Year-End Cash Shortfall Possible Despite Aggressive Cost Reductions; Mail Incentive Programs Introduced to Offset Unprecedented Volume Declines The U.S. Postal Service ended its second quarter (Jan 1 – March 31) with a net loss of $1.9 billion, as the economic recession and longer-term financial pressures, such as the diversion of letter mail to electronic alternatives, […]
USPS discloses that its unaudited February 2009 financial results is an estimated net loss of $658 million. Year-to-date loss is $1.8 billion. see report submitted to the Postal Regulatory Commission (PDF).
Press Release Postmaster General Testifies on Capitol Hill, Urges Congress to Act WASHINGTON – The U.S. Postal Service today presented to Congress a comprehensive strategy for ensuring its long-term viability, despite recent sharp declines in mail volume caused by the current economic environment Postmaster General John E. Potter, in testimony before the House Subcommittee on […]
Subcommittee Holds Hearing to Address the Financial Stability of the U.S. Postal Service The Subcommittee will discuss the short and long term strategies to reduce costs and improve efficiency. WASHINGTON, D.C. – On Wednesday, March 25, 2009, at 10:00 a.m. in room 2154 of the Rayburn House Office Building, the Subcommittee on Federal Workforce, Postal […]
The Subcommittee on Federal Workforce, Postal Service and the District of Columbia will hold a business meeting on Wednesday, March 25, 2009 at 9:30 a.m. in room 2154 of the Rayburn House Office Building, to markup H.R. 626 the “Federal Employees Paid Parental Leave Act of 2009.” Immediately following the business meeting, the subcommittee will […]
USPS reported earlier this month that Postal Service Ends First Quarter With Loss Of $384 Million. The text of the 8-K report filed with the Postal Regulatory Commission (PRC) on February 19, 2009 shows USPS has lost over $1.1 billion thus far in Fiscal Year 2009. The U.S. Postal’ Service (USPS) previously announced a loss for the […]
STATE OF THE BUSINESS EFFICIENCY, PRODUCTIVITY KEY TO USPS SUCCESS The state of the American economy has changed drastically in the last year. And the outlook for financial recovery anytime soon dwindles as the recession that began in late 2007 continues. Outlining trends that led to the current economic crisis, Deputy Postmaster General Patrick Donahoe […]
The Postal Service ended its first quarter with a net loss of $384 million as the economic recession contributed to a 5.2 billion piece mail volume decline compared to the same period last year. The 9.3 percent volume drop marked the eighth consecutive quarter of accelerating volume declines. With no economic recovery expected for the […]
Postmaster General’s Testimony Offers Little Insight Burrus Update The long-awaited announcement about the Postal Service’s plans regarding the dramatic decline in mail volume and revenue was presented on Jan. 28 to the Senate subcommittee with jurisdiction over postal affairs, when Postmaster General John E. Potter explained the crisis facing the USPS, and outlined management’s proposed […]
DECLINING MAIL VOLUME CITED The Postal Service concluded fiscal year 2008 with a net loss of $2.8 billion as the national economic slowdown lowered mail volume and as the Postal Service bore additional costs mandated by the Postal Act of 2006. The loss occurred despite more than $2 billion in cost-cutting measures that included the […]