USPS August financial statement: Without RHBF prefunding, YTD $182 million profit

  • user warning: Got error 28 from storage engine query: SELECT t.* FROM dr_term_node r INNER JOIN dr_term_data t ON r.tid = t.tid INNER JOIN dr_vocabulary v ON t.vid = v.vid WHERE r.vid = 12025 ORDER BY v.weight, t.weight, t.name in /home3/savethe7/public_html/savethepostoffice/modules/taxonomy/taxonomy.module on line 632.
  • user warning: Got error 28 from storage engine query: SELECT DISTINCT(node.nid) AS nid, node_data_field_image.field_image_fid AS node_data_field_image_field_image_fid, node_data_field_image.field_image_list AS node_data_field_image_field_image_list, node_data_field_image.field_image_data AS node_data_field_image_field_image_data, node.type AS node_type, node.vid AS node_vid, node_data_field_article_url.field_article_url_value AS node_data_field_article_url_field_article_url_value, node.title AS node_title, node.created AS node_created FROM dr_node node LEFT JOIN dr_content_field_image node_data_field_image ON node.vid = node_data_field_image.vid LEFT JOIN dr_content_type_blog node_data_field_article_url ON node.vid = node_data_field_article_url.vid WHERE (node.type in ('blog')) AND (node.status <> 0) AND (node_data_field_image.field_image_list <> 0) GROUP BY nid ORDER BY node_created DESC LIMIT 0, 6 in /home3/savethe7/public_html/savethepostoffice/sites/all/modules/views/includes/view.inc on line 771.
  • user warning: Got error 28 from storage engine query: SELECT DISTINCT(node.nid) AS nid, node_data_field_video.field_day_value AS node_data_field_video_field_day_value, node.type AS node_type, node.vid AS node_vid, node.title AS node_title, node_data_field_video.field_video_embed AS node_data_field_video_field_video_embed, node_data_field_video.field_video_value AS node_data_field_video_field_video_value, node_data_field_video.field_video_provider AS node_data_field_video_field_video_provider, node_data_field_video.field_video_data AS node_data_field_video_field_video_data, node_data_field_video.field_video_status AS node_data_field_video_field_video_status, node_data_field_video.field_video_version AS node_data_field_video_field_video_version, node_data_field_video.field_video_title AS node_data_field_video_field_video_title, node_data_field_video.field_video_description AS node_data_field_video_field_video_description, node_data_field_video.field_video_duration AS node_data_field_video_field_video_duration, node_revisions.body AS node_revisions_body, node_revisions.format AS node_revisions_format, node.created AS node_created FROM dr_node node LEFT JOIN dr_content_type_video node_data_field_video ON node.vid = node_data_field_video.vid LEFT JOIN dr_node_revisions node_revisions ON node.vid = node_revisions.vid WHERE (node.type in ('video')) AND (node_data_field_video.field_video_embed IS NOT NULL) GROUP BY nid ORDER BY node_created DESC LIMIT 0, 1 in /home3/savethe7/public_html/savethepostoffice/sites/all/modules/views/includes/view.inc on line 771.
  • user warning: Got error 28 from storage engine query: SELECT DISTINCT(node.nid) AS nid, node_data_field_image.field_image_fid AS node_data_field_image_field_image_fid, node_data_field_image.field_image_list AS node_data_field_image_field_image_list, node_data_field_image.field_image_data AS node_data_field_image_field_image_data, node.type AS node_type, node.vid AS node_vid, node.title AS node_title, node.created AS node_created FROM dr_node node LEFT JOIN dr_content_field_image node_data_field_image ON node.vid = node_data_field_image.vid WHERE (node_data_field_image.field_image_list <> 0) AND (node.status <> 0) AND (node.promote <> 0) AND (node.type in ('story')) GROUP BY nid ORDER BY node_created DESC LIMIT 1, 4 in /home3/savethe7/public_html/savethepostoffice/sites/all/modules/views/includes/view.inc on line 771.

September 25, 2013

The Postal Service’s August financial report came out yesterday.  With just one month left in the fiscal year, it looks as though 2013 will mark a turnaround in the fiscal condition of the Postal Service. 

Revenues are up 1.4 percent over the same period last year (i.e., eleven months, October – August), and they are 2 percent better than expected in the plan.

The bottom line shows a net operating loss of $4.95 billion.  But that includes a payment of $5.13 billion to the Retiree Health Benefit Fund (RHBF).  Take away the prepayment, and the Postal Service would be showing a net operating profit of $182 million for the year so far. 

For July itself, there was a net operating loss of $634 million, which includes a RHBF payment of $467 million.  Exclude that, and the loss for the month was $167 million.

As usual, First Class mail volumes continue to drop (down 3.9 percent for year-to-date), while Standard mail continues to rise (up 1.6 percent).  Packing and shipping services are doing fine, with volumes up 4 percent and revenues up 8.4 percent.

The news media continue to report the $!6 billion loss last year, but the financial condition of the Postal Service is nowhere near that bad.  The media conveniently neglect to mention that this deficit included two payments to the RHBF (one for 2011 and one for 2012), and news reports about this year’s financial statements continue to omit reference to the RHBF payments, at least in the headlines.

Overall, were it not for the prefunding obligation, the Postal Service would basically be breaking even this year, just as it’s supposed to do. 

But a decent financial report is not the stuff of headlines, and it doesn’t really help the Postmaster General’s case for an exigent rate increase or his urgent plea to Congress to enact postal reform.  In the topsy-turvy world of the Postal Service, good news is bad news, and a profit of $181 million is a loss of $5 billion.

JUST OUT

Communities and Postal Workers United

July-August 2014 Newsletter

Sign the petition

On Privatization

Good Reading on Postal Privatization

Also: Sarah Ryan's "Understanding Postal Privatization: Corporations, Unions, and the "Public Interest"


 

Privatization in the UK

save your p.o.

Organizing to Save Rural Post Offices


A Community Organizing Toolkit

Revised November 2012

[pdf doc] [word doc]

follow us

Follow Save the Post Office.

 

RSS feed for Save the Post Office articles

 

RSS feed for Save the Post Office News Briefs

 

Links & Topics