USPS Lost $721 Million In August 2009–Over $6 Billion YTD

September 30, 2009 by Lu
Filed under: financial statements, postal finances, usps 

The U.S. Postal Service filed its July 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income loss of $721 million (July 2009 was $865 million). The year-to-date deficit currently stands at approximately $6.3 billion. Mail volume was down across all classes with an overall total decrease of 13.2%. The Postal Service continues to reduce its workhours with Mail Processing and Customer Services/Retail showing the highest reduction of 14.4% and 11.9% respectively.

The U.S. Postal Service said it “expects to lose more than $7 billion by the end of the fiscal year . The rising tide of red ink could leave the Postal Service with a potential cash shortfall of up to $700 million by its fiscal year-end on Sept. 30, when it must pay up to $5.8 billion to pre-fund retiree health benefits. Postal Service officials hope Congress will pass legislation that would increase its ability to borrow from the U.S. Treasury Department before the bill comes due.”

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Comments

7 Comments on USPS Lost $721 Million In August 2009–Over $6 Billion YTD

  1. Don on Wed, 30th Sep 2009 5:42 pm

    2. Someone needs to cut management positions. Wonder who will do it? Management? NOT!

  2. Tony on Wed, 30th Sep 2009 8:26 pm

    3. How much did th P.O pay in bonuses to
    mismanagers?

  3. john on Wed, 30th Sep 2009 9:43 pm

    4. The bonuses that you speak of were only for the upper management mis-managers, the lowly and often stepped on line supervisors do not get anything but s___ on.
    If the P.O. would get rid of duplicate jobs in management and all the assistance to the assistance, and also all of these teams that go around the nation not knowing what the hell they are talking about. How much do you think that would save.

  4. Mrmelman on Thu, 1st Oct 2009 3:13 am

    5. Pay, Bonuses, Pay for Performance, all should be based on Job Performance alone.

  5. Packhorse on Sun, 4th Oct 2009 9:04 am

    6. As if losing billions so far this year wasn’t enough…now the mismanagers are installing GPS on carrier vehicles….wonder who got a big bonus for THIS idea…and whose relative or buddy works for the firm that sold this big package to USPS….amazing.

  6. under_budget on Tue, 6th Oct 2009 2:11 pm

    7. All processing facilities annual budget must be cut by at least 30%. By cutting deep into duplicate supervisory positions such as paper pushers and mail processors due to automation. Savings in budgets should be encouraged rather than overspend to use up this year’s budget. Morgan GF NYC is planning to build a GREEN roof garden. Go to 7th floor they just have a roomful of luxury leather seats like this http://images.officechairs.com/product/product/ren-7000-set_zom.jpg

  7. mailhandler on Sun, 8th Nov 2009 6:35 am

    8. Watch the secret video management doesn’t want you to see.
    Find out the salaries of executives in Washington.
    http://www.youtube.com/watch?v=l47Xxq3GGt4