Video: PMG reports on latest USPS financial results in message to employees

The Postal Service’s financial stability is improving, but significant challenges remain, says PMG Pat Donahoe. In his latest message to employees, Donahoe reviews the Postal Service’s financial results for the first half of the fiscal year (Oct. 1-Mar. 31) and discusses strategies for moving forward. “From a financial standpoint, compared to last year, we’re about […]

Why is the Postmaster General Understating Postal Revenue Gains?

In a May 9, 2014 press release, the Postal Service issued another quarterly press release turning an operating profit (of $261 million) into a loss. The supposed loss, an accounting fiction, was caused entirely by the 2006 law which generates a long-term loan to the Federal treasury, under the guise of “pre-funding” employee benefits. In […]

Issa’s New Best Friend on Postal Reform — President Barack Obama??

As chairman of the House Oversight and Government Reform Committee, Congressman Darrell Issa (R-CA) has dogged the Obama administration since 2011. Issa has tried to tied Obama on reports of IRS bias in tax exemption forms, at the Benghazi attacks of 9/11/12, Healthcare.gov website fiasco, bring down the U.S. Attorney General Eric Holder and anything […]

USPS Reports $1 Billion Operating Profit in First Half of Fiscal Year

So Why is Postal Management Cutting Service? May 9, 2014 – Midway through the fiscal year, the USPS is reporting a $1 billion profit from operations, with $261 million of that amount from the second quarter. But you won’t read that in the mainstream media. Instead, you’ll hear – once again – that the Postal […]

NALC Rolando: Results reconfirm the steady improvement in USPS’ finances

April, 8, 2014—Following today’s release of the U.S. Postal Service’s financial statement for the second quarter of Fiscal Year 2014, which covers January, February and March, NALC President Fredric Rolando released the following statement: The Postal Service today reported a quarterly operating profit of $261 million, which brings the operating profit for the first half […]

Senators Carper, Coburn React to USPS Second Quarter Losses

WASHINGTON – Today, Homeland Security and Governmental Affairs Committee Chairman Tom Carper (D-Del.) and Ranking Member Tom Coburn (R-Okla.) released the following reactions to the announcement that the U.S. Postal Service lost $1.9 billion in the second quarter of fiscal year 2014: “Unfortunately, today’s announcement that the Postal Service lost $1.9 billion in the second […]

USPS Records FY 2014 Second Quarter Loss of $1.9 Billion

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, […]

USPS Awards $83 million Contract To Ernst & Young for Financial Auditing Services

USPS awarded a contract to Ernst & Young to continue existing services as the external auditor for its financial statements, cost and revenue analysis statements. The contract is for a two-year base with five priced one-year options at an estimated value, if all options are exercised, of $83,000,000. Audit testing for reports are required to […]

USPS OIG: Show Me the Money

Benjamins, dough, cabbage, coin, greenbacks. Most of us could rattle off a dozen or more slang words that mean money. But we might be unsure what certain financial terms — operating income, liquidity — mean. When you follow the U.S. Postal Service, this might put you at a disadvantage, especially when it’s quarterly financial statement […]