The United States Postal Service announced on June 20, 2014, the appointment of Maura McNerney, age 43, to the position of Vice President, Controller (principal accounting officer). Ms. McNerney succeeds Scott G. Davis, whose appointment to the position of Acting Vice President, Controller was previously announced by the Postal Service; he will return to his […]
“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 […]
USPS finances improved this year, but not enough to offset $5 billion in losses, according to the Postal Service’s 2013 Annual Report to Congress. Despite “challenging marketplace conditions and an inflexible business model,” USPS reported revenues increased nearly $800 million in 2013. Expenses were reduced by $900 million, while enhanced Priority Mail offerings helped the […]
Rep. Dennis Ross, (R-Fla.), on what steps need to be taken to tackle the U.S. Postal Service’s growing debt crisis. One of Ross’ comments deals with the exaggerated claim that postal workers pay as little as $32 per month for health care benefits compared to other Federal Workers paying $125. Rep. Ross was on Fox News […]
Rep. Dennis Ross, (R-Fla.), on what steps need to be taken to tackle the U.S. Postal Service’s growing debt crisis. One of Ross’ comments deals with the exaggerated claim that postal workers pay as little as $32 per month for health care benefits compared to other Federal Workers paying $125. Rep. Ross was on Fox News […]
The US Postal Service released its fourth month preliminary financial report of the 2011 fiscal year (unaudited) . USPS reported a net operating loss of $451 million for the month of January 2011. This same period last year saw a $592 million net loss. In October USPS saw a net profit of $283 Million, November […]
Postal Service Begins 2011 with $329 Million Loss in First Quarter. Recession eases, but First-Class Mail volume continues to decline The U.S. Postal Service (USPS) ended the first quarter of this fiscal year (Oct. 1 – Dec. 31, 2010) with a net loss of $329 million, compared to a net loss of $297 million for […]
$173 Million Net Loss for FY 2011 The US Postal Service yesterday filed with PRC its second month preliminary financial report of the 2011 fiscal year (unaudited) . USPS reported a net loss of $456 million for the month of November. This same period last year saw a $255 million net loss. In October 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 […]
Not $8.5 Billion On November 12, the U.S. Postal Service released a report that stated it had lost a staggering $8.5 billion in Fiscal Year 2010, which ended September 30. Media coverage of the report predictably focused on its negatives—the historically high figure is undeniably a headline-grabber—and news stories, shying away from the somewhat harder […]