Sour Q1 for USPS; Could Default on Obligations
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WASHINGTON, DC—The U.S. Postal Service (USPS) ended the first quarter of this fiscal year (Oct. 1 to Dec. 31, 2010) with a net loss of $329 million, compared to a net loss of $297 million for the same period in fiscal year 2010. Excluding the cost of prefunding future retiree health care benefits and noncash adjustments to the workers’ compensation liability, the USPS would have had a net income of $226 million for the first quarter.
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