Postal Service Ends Third Quarter With $2.4 Billion Loss
Year-End Cash Shortfall Likely Despite $6 Billion in Cost Reductions; Customer Service Scores Remain High in Face of Economic Challenges
WASHINGTON, August 5, 2009 — The U.S. Postal Service ended its third quarter (April 1 – June 30) with a net loss of $2.4 billion, including a non-cash adjustment that increased workers’ compensation expense by $807 million. Ongoing electronic diversion and the widespread economic recession continued to reduce mail volume, resulting in a $1.6 billion decrease in revenue for the quarter.
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- Companies:
- U.S. Postal Service
- Places:
- Washington
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