What: Telephone/Web conference on U.S. Postal Service FY 2014 end of year financial results Who: Postmaster General and CEO Patrick Donahoe CFO and Executive Vice President Joseph Corbett When: Fri., Nov. 14, 2014 11 a.m. ET Background: The call is open to the news media and all other interested parties. How to Participate Important Notice: […]
The Postal Service is facing “an unprecedented financial crisis” and will be unable to fix its problems unless Congress gives the organization more flexibility, a new report concludes. USPS has about $22 billion in assets and $113 billion in liabilities, including liabilities related to a law that requires the organization to “prefund” health benefits for […]
The Postal Service is focused on growing revenue, but the organization remains stymied by its outdated business model, CFO Joe Corbett told the nation’s top chief financial officers recently. “We need to continue doing what we are doing — and we need legislation from Congress to change our business model so that we can be […]
“The situation now, as you can see, is fairly precarious. When you have roughly $4 billion of cash, and over $100 billion in liabilities, it doesn’t take a genius to figure out we’re in a financial crisis.” —USPS Chief Financial Officer Joseph Corbett, Wall Street Journal online edition, June 18, 2014 June 18, 2014—Poor Joe […]
The Postal Service boosted operating income (before Retiree Health Benefits and non-cash Workers’ Compensation expense) by $1.2 billion during the first half of the fiscal year, but it wasn’t enough to offset ongoing losses, CFO Joe Corbett says in the latest Dollars and ¢hange video. Operating income measures an organization’s profit after expenses and depreciation […]
Urges Congress to Pass Comprehensive Postal Legislation First-Class Mail Volume Declines by 4.1 percent Approximately $64 Billion in Liabilities Exceed Assets by $42 Billion Eight Percent Growth in Shipping and Package Services Drives Revenue Increase of $379 Million WASHINGTON— The U.S. Postal Service ended the second quarter of its 2014 fiscal year (Jan. 1, […]
Telephone/Web Conference With Postmaster General Donahoe and CFO Corbett WASHINGTON, Feb. 5, 2014 /PRNewswire-USNewswire/ — The following is being released by the U.S. Postal Service: What U.S. Postal Service FY 2014 First Quarter Financial Briefing
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 […]