USPS CFO Jim Corbett’s Quarterly Financial Review
Despite reduced work hours and increases in shipping and standard mail revenue, the economy, rising fuel prices and falling First-Class Mail volume continued to adversely affect revenue in the third quarter of the fiscal year.
In the latest segment of “Dollars and ¢hange,” Chief Financial Officer and Executive Vice President Joe Corbett said declines in mail — 1.6 billion pieces through June — led to operating losses of $1 billion for the quarter and a $5.7 billion year-to-date net loss.
Corbett said employees continue to do their share in helping USPS through tough economic times. Year-to-date work hours have been reduced by 25 million, a 2.8 percent decrease that exceeded the 1.7 percent loss in mail volume. And operating expenses have increased by a relatively modest $300 million.
As in his previous video messages, Corbett urges employees to do everything they can to help USPS meet PMG Pat Donahoe’s four core strategies:
- Strengthen the business-to-consumer channel
- Improve the customer experience
- Compete for the package business
- Become a leaner, faster and smarter organization
Corbett urges employees to become more active in selling USPS services and products. He cites Every Door Direct Mail (EDDM) as an example of how employees can convince neighborhood businesses to take advantage of the power of the mail. “You can help,” he says. “It’s important for each of us to be a salesperson for the Postal Service.”
Click here to view the latest segment of “Dollars and ¢hange.”
source: USPS News Link