USPS Reports $4.7 Billion Net Loss ending May – $1.8 Billion More Than Same Period Last Year
Filed under: financial statements, postal, postal finances, postal news, usps
The US Postal Service filed its eighth month preliminary financial report of the 2011 fiscal year (unaudited) with the Postal Regulatory Commission (PRC) . USPS reported a net operating loss of $1.3 billion for the month of May 2011. This same period last year saw a $642 million net loss. In October 2010 USPS saw a net profit of $283 Million, November 2010 net loss $456 million, December 2010 net loss $156 million, January 2011, net loss $451 million, February 2011, net loss $1.1 billion, March 2011, $657 million, April net loss of $747 million . After eight months into FY 2011 USPS reports a net loss of $4.7 billion (same time last year it was $2.9 billion). USPS May 2011 Financial Results Net loss $1,348 billion for June and $4,653 billion ending May 31, 2011. at the end of April USPS loss was $ a little more than $3.3. billion.
Postal Service reduced work hours in the month of May by 94,182 million hours or 2.2%.
The number of career employees on May 31, 2011, was 567,401, non-career was 90,050.
* Total mail volume of 12,873,284 billion pieces, compared to 13,125,257 billion pieces in the same period a year earlier, a decrease of 1.90%
* Operating revenue of $5,120 billion, compared to $5,270 billion in the same period a year earlier, a decrease of 2.8%
* Personnel Compensation & Benefits was $3,930 billion roughly 77% of the total operating expenses, an increase of 0.4% SPLY
Mailing Services results for the month of May include:
* First-Class Mail revenue of $2.471,315 billion,decrease 7.8% on volume of 5,641,337 billion pieces;down 7.2%
* Standard Mail revenue of $1,396,194 billion,up by 4.1% on volume of 6,567,762 billion pieces; increase of 3.0%
* Periodicals revenue of $147,527 million,0.07% on volume of 579,449 million pieces; decrease 0.07%
* Package Services revenue of $119,404 million, increase 8.7% on volume of 47,145 million pieces, increase of 5.5%.
* Shipping Services revenue of $711,194, up by 4.7%. Shipping Services volume of 114,342 million pieces represented a 5.6% percent increase compared to the same period a year earlier.
* Total mail volume of 12,873,284 billion pieces, compared to 13,125,257 billion pieces in the same period a year earlier, a decrease of 1.90%
USPS reports net loss of $747 million for APR – YTD $3.3 billion
Filed under: financial statements, postal, postal finances, postal news, PRC, usps
The US Postal Service filed its seventh month preliminary financial report of the 2011 fiscal year (unaudited) with the Postal Regulatory Commission (PRC) . USPS reported a net operating loss of $747 million for the month of April 2011. This same period last year saw a $382 million net loss. In October 2010 USPS saw a net profit of $283 Million, November 2010 net loss $456 million, December 2010 net loss $156 million, January 2011, net loss $451 million, February 2011, net loss $1.1 billion, March 2011, $657 million. After seven months into FY 2011 USPS reports a net loss of $3.3 billion (same time last year it was $2.3 billion).USPS April 2011 Financial Results
USPS April 2011 Financial Results
USPS Ends FY Second Quarter With Net Loss Of $2.2 Billion
Filed under: financial statements, postal, postal finances, postal news, usps
Default on federal payments looming
U.S. Postal Service Loss Widens in Second Quarter
WASHINGTON — The U.S. Postal Service ended the second quarter of this fiscal year (Jan. 1 – March 31, 2011) with a net loss of $2.2 billion, compared to a net loss of $1.6 billion for the same period in FY 2010.
Despite significant cost reductions and revenue growth initiatives, current financial projections indicate that the Postal Service will have a cash shortfall and will have reached its statutory borrowing limit by the end of the fiscal year. Absent substantial legislative change, the Postal Service will be forced to default on payments to the federal government.
“The Postal Service continues to seek changes in the law to enable a more flexible and sustainable business model,” said Postmaster General and CEO Patrick R. Donahoe. “We are committed to working with Congress and the administration to resolve these issues prior to the end of the fiscal year. The Postal Service may return to financial stability only through significant changes to the laws that limit flexibility and impose undue financial burdens.”
Mailing Services revenue of $14.0 billion decreased $568 million, or 3.9 percent, in the second quarter of 2011, compared to the same period a year ago. Mailing Services volume of 40.7 billion pieces represents a 3.1 percent decline from the same period a year earlier. The modest increase in revenue from Standard Mail was not sufficient to offset the loss of revenue from the reduced volume of First-Class Mail.
“Sluggish economic growth and diversion of First-Class Mail to electronic alternatives continue to cause record losses, despite a reduction of over 130,000 full-time equivalents (FTEs) in the last three years,” says Joseph Corbett, CFO and executive vice president. The Postal Service reduced work hours in the second quarter by 9.6 million hours or 3.2 percent. The number of career employees on March 31, 2011, was 571,566, a reduction of 6,726 employees during the second quarter.
Mailing Services results in the second quarter include:
* First-Class Mail revenue of $8.0 billion, on volume of 18.5 billion pieces;
* Standard Mail revenue of $4.2 billion, on volume of 20.2 billion pieces;
* Periodicals revenue of $443 million, on volume of 1.7 billion pieces; and
* Package Services revenue of $394 million, on volume of 167 million pieces.
Shipping Services revenue of $2.2 billion increased 5.0 percent or $105 million compared to the same period a year ago. Shipping Services volume of 352 million pieces represented a 3.5 percent increase compared to the same period a year earlier.
Details of the second quarter results include:
* Total mail volume of 41.0 billion pieces, compared to 42.3 billion pieces in the same period a year earlier, a decrease of 3.0 percent, lead by a drop in First-Class Mail; and
* Operating revenue of $16.2 billion, compared to $16.7 billion in the same period a year earlier, a decrease of 2.8 percent.
Service performance remained excellent during the second quarter, with the national score for overnight Single-Piece First-Class Mail arriving on time 96 percent of the time, a slight improvement over the same period a year earlier. Read more
USPS Starts Fiscal Year 2011 With $283 Million Net Profit
Filed under: financial statements, postal, postal finances, postal news, PRC, usps
The US Postal Service yesterday filed its first month of the 2011 fiscal year (unaudited) preliminary financial report with the Postal Regulatory Commission. USPS reported a net profit of $283 million. This same period last year saw a $221 million net loss.
Total Mail Services Volume was up 5.0%, revenue down 1.7%
Total Shipping Services volume was down by 2.4%, revenue down 0.2%
Total Mail volume was up by 5.0%
First class volume down 6.2%, revenue down 5.4%
Stand Mail volume up by 15.6%, revenue up 11.4%
Total Workhours was down 6.0% (City Carriers 4.8%, Mail Processing, 7.0%, Customer Services 11.0%, Rural Delivery down by 3.0%, Other down 5.7%)
USPS Reports $1.6 Billion Net Loss For August 2010 – YTD $7.7 Billion
Filed under: financial statements, postal, postal news, usps
The US Postal Service today filed its August 2010 (unaudited) preliminary financial report with the Postal Regulatory Commission. USPS reported a net income/loss of $1.6 billion. The total Fiscal Year to Date loss is $7.7 billion (July, $764 Million; June, $2.5 Billion; May, $642;$382 lost for April; $381 lost for month of March; $611 Million lost in February; $592 million lost for the month of January, $179 Million gain the month of December; $255 million lost for November; $221 Million lost the month of October)
Total Mail Services Volume was up 1.8%, revenue down 1.3%
Total Shipping Services volume was up 3.6%, revenue up 3.7%
Total Mail volume was up 1.8%, revenue down by 0.7%
First class volume down 6.4%, revenue down 7.0%
Standard Mail volume up by 11.0%, revenue up 9.8%
Total Workhours was down 3.0% (City Carriers 2.6%, Mail Processing, 6.8%, Customer Services 6.5%, Rural Delivery up by 0.6%, Other down 0.1%)
Total Career Employees 585,347, down 1,515 employees since July 2010
Total Non-Career Employees 88,139, down 81 employees since July 2010
see full report via Postal Regulatory Commission
USPS Reports Net Loss Of $764 Million For the Month of July
Filed under: financial statements, postal, postal finances, postal news, PRC, usps
The US Postal Service today filed its July 2010 (unaudited) preliminary financial report with the Postal Regulatory Commission. USPS reported a net income/loss of $764 million. The total Fiscal Year to Date loss is $6.1 billion (June, $2.5 Billion; May $642;$382 lost for April; $381 lost for month of March; $611 Million lost in February; $592 million lost for the month of January, $179 Million gain the month of December; $255 million lost for November; $221 Million lost the month of October)
Total Mail Services Volume was up 0.9%, revenue down 1.7%
Total Shipping Services volume was up slightly by .0.4%, revenue down 0.2%
Total Mail volume was down 0.8%, revenue up by 0.1%
First class volume down 3.6%, revenue down 3.7%
Stand Mail volume up by 6.6%, revenue up 4.8%
Total Workhours was down 5.0% (City Carriers 2.9%, Mail Processing, 8.3%, Customer Services 9.7%, Rural Delivery up by 0.6%, Other down 6.4%)
Total Career Employees 586,852, down 2049 employees since June 2010
Total Non-Career Employees 88,220, up 551 employees since June 2010
U.S. Postal Service Posts Net Loss of $3.5 Billion in Third Quarter
Filed under: board of governors, financial statements, postal, postal finances, postal news, usps
Aug. 5 (Bloomberg) – The U.S. Postal Service, which has predicted it may lose $7 billion this year, posted a loss of $3.5 billion in its fiscal third quarter alone.
The net loss in the quarter ended June 30 widened from a year-earlier $2.4 billion, the agency said today in Washington. An $800 million adjustment to workers compensation liabilities accounted for most of the difference, according to the agency.
Mail volume dropped 1.7 percent, the smallest quarterly decrease in three years, Chief Financial Officer Joseph Corbett said at the Postal Service’s board meeting
USPS Lost $611 Million In February 2010 – YTD $1.5 Billion
The US Postal Service filed its February 2010 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income/ loss of $611 million. The total Fiscal Year to year loss is $1.5 billion ($592 million lost for the month of January, $179 Million gain the month of December; $255 million lost for November; $221 Million lost the month of October) .
Mail volume was down across all classes except shipping services with an overall total decrease of 4.8% First class mail volume was down by 9.4%, first class mail revenue was down by 7.3%.
The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 12.1% and 11.3% respectively. City Delivery 3.8%, Rural Delivery 4.0%
See Full Report via Postal Regulatory Commission website
USPS Lost $592 Million for January 2010
The US Postal Service filed its January 2010 (unaudited) preliminary financial report today with the Postal Regulatory Commission. USPS reported a net income/ loss of $592 million. The total Fiscal Year to year loss is $887 million ($255 million for lost for November and $179 Million gain the month of December) .
Mail volume was down across all classes with an overall total decrease of 7.6%
The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 10.0% and 12.7% respectively.
See Full Report via Postal Regulatory Commission web site
USPS Reports Loss Of $255 Million In November 2009
The US Postal Service filed its November 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income/ loss of $255 million. The total Fiscal Year to year loss is $476 million ($221 million for the month of October) .
Mail volume was down across all classes except shipping services with an overall total decrease of 4.0% but revenue was up by 0.9%. First class mail volume was down by 3.3% (195 million few pieces) but first class mail revenue was up by 1.3%.
The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 15.1% and 11.7% respectively.
See Full Report via Postal Regulatory Commission web site