In his latest “Dollars and ¢hange” video, CFO Joe Corbett discusses improvement in USPS financial numbers for fiscal year (FY) 2013 and the need for legislative change to help the Postal Service regain its financial health.

Corbett notes that in FY 2013, USPS produced operating revenue of $66 billion — an increase of $800 million over FY 2012 and the Postal Service’s first growth in revenue since 2008. USPS also grew its shipping and packaging revenue by 8 percent and saw a 3 percent increase in standard mail.

“Perhaps most importantly, we laid the groundwork for continued package growth by entering contracts with major shippers,” says Corbett. “The highlight of that is our announcement of Sunday deliveries for Amazon.”

The Postal Service also achieved cost reductions of approximately $1 billion, contributing to $15 billion in savings since 2006.

Even with this good news, Corbett says the Postal Service’s financial footing still is shaky.

“The combination of onerous mandates in existing laws and continued First-Class Mail declines threatens the Postal Service’s financial viability,” says Corbett, who notes that Congressional action is necessary to help USPS solve its financial problems.

source: USPS News Link