The United States Postal Service lost $5.1 billion in the fiscal year that ended in October, and is on track to lose $14.1 billion this year.Total 2011 mail volume declined by 3 billion pieces, or 1.7 per cent, from 2010, according to a report from postal service CFO Joe Corbett to the agency’s board of governors.
Other 2011 financial results include:
- Operating revenue of $65.7 billion compared to $67.1 billion the year before
- Operating expenses of $70.6 billion compared to $75.4 in 2010
- The retiree health benefit pre-funding payment postponed by Congress and the President is now due by Nov. 18. Unless additional legislation is enacted, the Postal Service will be forced to default on this payment.
The Post Office will have to pay the $5.5 billion for retirees deferred from 2011, in addition to benefits for 2012 — bringing total projected losses to $14.1 billion:
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