According to a press release, USPS announced a $329 million loss for FY11 Q1, compared to the $297 million for FY10 Q1.
* Without the retiree health benefit payment and noncash adjustment of workers’ compensation, USPS would have made $226 million for the first quarter.
* It reduced workhours by 6.4 million in Q1, equal to 3,600 full time equivalent employees.
* USPS ended the quarter with 578,292 employees, a reduction of 5,616 employees.
* Total mail volume increased by 707 million.
* Mailing services volume grew by 1.5 percent from the same period last year, while mailing services revenues declined. According to the USPS, “the increase in revenue from Standard Mail was not sufficient to offset the loss of revenue from the reduced volume of First-Class Mall.
* USPS’ liquidity concerns remain for FY11. Without some legislative action USPS will not be able to meet all of its financial obligations, including the retiree health benefits payment due on September 30, 2011.
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