*NEWS*U.S.P.S. ENDS YEAR IN BLACK !

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*NEWS*U.S.P.S. ENDS YEAR IN BLACK !

 user 2005-12-14 at 11:10:00 am Views: 137
  • #13681

    USPS, Ends Year in Black!
    Postal Service ends year with net income, and debt free – escrow fund looms.
    Washington,
    D.C. – The U.S. Postal Service reported today it concluded fiscal 2005
    with a net income of $1.4 billion on record revenues of $70 billion and
    record volume of 212 billion pieces of mail.
    ‘Best Position Since 70s’
    “Financially,
    we are in the best position we’ve been since the 1970s,” said
    Postmaster General John E. Potter at the December meeting of the Board
    of Governors. “Despite the strong financial and productivity records of
    recent years, we are facing a modest increase in postage rates in
    January.”
    The January 8, 2006 rate increase was compelled by
    legislation enacted in 2003 requiring the Postal Service to put aside
    over $3 billion each year into escrow beginning in 2006. Efforts to
    change the escrow requirement have been stalled in Congress. Without
    the escrow requirement, postage rates most likely would have remained
    at current levels until 2007.
    Debt Reduced to Zero
    Postage rates
    have remained stable since 2002, a direct result of three straight
    years of operating surpluses. The cash generated from the surpluses
    have been used to reduce the Postal Service’s once $11 billion in debt
    to zero.
    “We kept our focus on the customer for the past four
    years,” said Potter. “It has paid off in record revenues, record
    volumes, and positive customer satisfaction ratings.”
    Volume Increasing
    In
    2005, mail volume increased 5.6 billion pieces to 212 billion. Standard
    Mail, which American businesses rely on to reach consumers, outpaced
    First-Class Mail for the first time in history with 101 billion pieces
    of Standard Mail compared to 98 billion in First-Class Mail.
    First-Class Mail grew slightly in 2005 after three years of decline.
    “The
    increase in mail volume demonstrates that American businesses recognize
    that hard copy mail works and has a bright future,” said Potter.
    Although
    today’s postal financial news is positive, Potter cautioned that the
    forecast for 2006 projects a surplus from operations, but coupled with
    an anticipated escrow requirement of $3.1 billion, the Postal Service
    will likely have a net deficiency approaching $2 billion.
    Since
    Potter became Postmaster General in 2001, the Postal Service has
    reduced costs by a cumulative $15 billion. “Our postal team is moving
    more mail, going to more places, and doing it with less people,” Potter
    said. In September, he unveiled plans to continue to reduce costs,
    pledging to take another $5 billion out of the Postal Service by 2010.
    Potter
    said further the Harrisburg mail processing facility will be dedicated
    in memory of the late Postal Gov. LeGree Daniels. Ms. Daniels, who
    served on the Board of Governors since 1990, passed away November 19.
    Potter
    noted, “In honor of her contributions to the Postal Service over the
    past 15 years, and a lifetime of public service to the American people,
    I am designating the mail processing plant in Harrisburg, Pennsylvania
    - her home town for the past 54 years — as the LeGree Daniels Mail
    Processing Facility.” A ceremony officially marking the dedication will
    occur in the near future.
    Potter also acknowledged the service of
    Governor Robert F. Rider of Delaware, who attended his last meeting
    because his term has expired. Rider, a businessman, was first appointed
    a Governor of the U.S. Postal Service in May 1995. He has served as
    Chairman of the Board, as Vice Chairman of the Board and as Chairman of
    the Audit and Finance Committee. Rider is the Chairman and Chief
    Executive Officer of O. A. Newton & Son Company, with diversified
    divisions in agriculture and design/manufacturing of materials handling
    equipment.
    Upgrading Data Networks
    In other business, the Board
    approved $54.9 million in capital funding for the final phase of a
    comprehensive effort to upgrade the Postal Service’s existing
    mail-processing data networks.
    In seeking approval, Charles E.
    Bravo, senior vice president, Intelligent Mail and Address Quality,
    said the upgrade will provide a reliable and supportable high-speed
    infrastructure that is easier to maintain.
    “The state-of-the-art
    computer wiring is flexible and scalable,” said Bravo, “and simplifies
    the addition and relocation of mail-processing equipment.”
    No Tax Dollars
    Since
    1775, the Postal Service and its predecessor, the Post Office
    Department, has connected friends, families, neighbors and businesses
    by mail. It is an independent federal agency that visits 144 million
    homes and businesses every day, six days a week and is the only service
    provider delivering to every address in the nation. The Postal Service
    receives no taxpayer dollars for routine operations, but derives its
    operating revenues solely from the sale of postage, products and
    services. With annual revenues of more than $69 billion, it is the
    world’s leading provider of mailing and delivery services, offering
    some of the most affordable postage rates in the world. The Postal
    Service delivers more than half of the world’s mail volume – some 212
    billion letters, advertisements, periodicals and packages a year – and
    serves seven and a half million customers each day at its 37,000 retail
    locations nationwide. Its website, usps.com, attracts more than 21
    million visitors each month.