The Postal Service ended the second quarter of fiscal year 2011 (Jan. 1 to March 31) with a net loss of $2.2 billion, compared to a net loss of $1.6 billion for the same period last year.
A looming issue is the Sept. 30 $5.5 billion payment to the federal government, prefunding future retirees' health care. PMG Pat Donahoe has said "USPS will be forced to default," absent any legistlative changes.
“We are committed to working with Congress and the administration to resolve these issues prior to the end of the fiscal year,” he said.
Mailing Services revenue of $14 billion decreased $568 million, or 3.9 percent, in the second quarter of 2011, compared to the same period a year ago. Mailing Services volume of 40.7 billion represents a 3.1 percent decline from the same period a year earlier.
Shipping Services revenue of $2.2 billion increased 5 percent or $105 million compared to the same period a year ago. Shipping Services volume of 352 million pieces represented a 3.5 percent increase compared to the same period a year earlier.
The USPS second quarter financial news release and a copy of the second quarter financial results are available on the Postal Service website usps.com.
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