USPS Losses Tempered In Third Fiscal Quarter
August 12, 2013 by UPI - United Press International, Inc.
WASHINGTON, (UPI) — Lower expenses and higher revenue gave the U.S. Postal Service improved third quarter results compared to the same period a year earlier, the service said.
The New York Times reported Saturday that the USPS, which has been struggling with falling revenue due to the success of the Internet and with a congressional mandate to pay billions of dollars into a fund for future retirees, reported operating revenues of $16.2 billion, up from $15.6 billion in the previous year’s fiscal third quarter, which ends June 30.
Expenses for the quarter dropped to $16.9 billion from $20.8 billion, including a $918 million savings on workers’ compensation, which went down due to lower interest rates.
“The Postal Service’s latest quarterly report makes clear that Postal Service finances are rebounding strongly as the U.S. economy improves,” said Fredric V. Rolando, president of the National Association of Letter Carriers.
Rolando said the USPS would have made a profit of $660 million without the congressional mandate.
The decline in mail volume continued, but the pace of the decline has slowed, the Times said.