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USPS: Mail Volume Down 6.6%, May Seek Emergency Cash from Congress

Thursday, November 08, 2001

Press release from the issuing company

WASHINGTON, D.C. - Meeting today in Washington, the Board of Governors of the U.S. Postal Service depicted an agency battered by uncertain economic times, under attack by terrorists and experiencing the grief of losing some of its own employees. Reporting on the financial condition of the Postal Service, CFO Richard J. Strasser, Jr., noted deteriorating revenue and volume statistics. Financial projections for the current year, which had already forecast a loss $1.4 billion, now show current losses mounting ever higher from the on-going battle with terrorism. Revenue for the period September 5 through October 8 is $300 million under pre-September 11 projections. Initial estimates of mail volumes for the period saw a decline of 1.1 billion pieces or 6.6 percent compared to the same period a year earlier. First-Class Mail volume declined 2 percent; Priority Mail declined 15 percent; and Standard Mail fell 11 percent from their levels a year ago. In spite of the distressed environment, expenses are below plan by $100 million. On Thursday, the Postal Service will likely request emergency funding from Congress to recover business impact of the on-going terrorist activity as well as the costs of sanitzation and security for the national mail infrastructure. In other Board action, the Governors voted to withdraw a request for a decision from the Postal Rate Commission on an experimental suspension of the fee for the manual Delivery Confirmation service category during a proposed December trial period.

 

 

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