NALC: USPS $1.1 billion operating profit in FY 2015 first quarter by the numbers

The U.S. Postal Service had a $1.1 billion operating profit in the first quarter of Fiscal Year 2015, up from $765 million in the same period last year and $144 million two years ago. (See pg. 17 of the Quarter I, 2015 Report on Form 10-Q.) In addition, USPS’ cash balance grew to $7 billion […]

NALC: USPS FY Quarter 1 ends with $1.1 billion operating profit , $7 billion in cash

From Fredric Rolando, president of the National Association of Letter Carriers: The Postal Service financial turnaround is continuing into its third year of operating profitability, never more evident than in this quarter with its $1.1 billion operating profit and the increase to $7 billion in available cash. The CFO called it “a fantastic quarter.” This […]

Postal Service 1st quarter financial results release date announced

Postal Service 1st quarter financial results release date announced January 23, 2015 -Mark your calendars: The Postal Service will report its first fiscal quarter results (the period from Oct. 2014 through Dec. 2014) on Friday Feb. 6. The Temporary Emergency Committee of the Board of Governors session in Washington, DC, will begin at 8:30 a.m. […]

USPS moving in right direction – operating revenues up 2nd second consecutive year

(December 5, 2014) The package business continued to pay dividends for the Postal Service, which ended the fiscal year with an increase in operating revenue for the second consecutive year, CFO Joe Corbett says in his latest Dollars and ȼhange video. “After four straight years of declines, this is certainly a welcome result,” Corbett says. […]

USPS Board of Governors agenda for open meeting on December 5th

DATES AND TIMES: Friday, December 5, 2014, at 2:30 p.m. PLACE: Via Teleconference (Public access to hear the teleconference will be at 475 L’Enfant Plaza SW., in the Benjamin Franklin Room, or live via audio webcast at STATUS: Friday, December 5, at 2:30 p.m.—Open MATTERS TO BE CONSIDERED: 1. Approval of Minutes of Previous […]

Former USPS exec say postal financial and liquidity crisis is over for now

(October 31, 2014) Since [Stephen] Kearney filled most every executive job on the Postal Service’s financial side, few people outside the agency are better qualified to write about postal finances. His Oct. 7 analysis may have turned a few heads there because he declared that “the financial and liquidity crisis that USPS management declared a […]

OIG: USPS misclassified millions of operating expenses as training

potentially impacting the Postal Service’s ability to make informed financial decisions This management advisory presents the results of our self-initiated review of misclassified training expenses. Our objective was to determine whether the U.S. Postal Service properly classified training expenses within general ledger accounts. See Appendix A for additional information about this review. The Postal Service […]

USPS finances for July shows net profit without prefunding

The data on this page represents preliminary financial information for the month of July 2014 required by the Postal Regulatory Commission to be reported on a monthly basis. This data has not been subjected to all closing procedures and reviews required to present interim quarterly financial statements in accordance with generally accepted accounting principles (GAAP), […]

Deputy PMG: USPS reports quarterly losses in the $2 billion range due to pre-funding

How bad is the outlook for the Postal Service? Ronald Stroman, deputy postmaster general, doesn’t hesitate. We’re defaulting on our retiree health benefit obligations, he explains. We owe the Treasury $15 billion, he says. First class mail volume is declining about 4 percent a year, he notes. The Post Office should spend about $10 billion […]

Video: Postmaster General blames Congress for $2 Billion loss

The Postal Service needs help from Congress to stop the red ink, Postmaster General Patrick Donahoe told CNBC on Wednesday. Despite an increase in package revenues and an emergency price hike that took effect in January, the agency said Monday it lost $2 billion in the second quarter. “The problem we face … is we […]