USPS Posts $1.9B in Red; 20th Loss in Last 22 Quarters
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WASHINGTON, DC—The U.S. Postal Service ended the second quarter of its 2014 fiscal year (Jan. 1, 2014-March 31, 2014) with a net loss of $1.9 billion. This marks the 20th of the last 22 quarters it has sustained a loss.
“The Postal Service is working diligently to improve its finances by streamlining our network to improve efficiency, reduce operating costs and increase revenue, which was up $379 million over the same period last year—the third straight quarter of revenue increase,” said Postmaster General and CEO Patrick Donahoe. “Despite aggressive cost-cutting actions, however, we will still incur annual inflationary cost increases of approximately $1.2 billion each year, and First-Class Mail volume continues to decline.”
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