USPS' 2Q Loss Was $303 Million
The U.S. Postal Service had a second-quarter net loss of $303 million, $123 million greater than planned, USPS chief financial officer and executive vice president Richard J. Strasser Jr. told the agency’s Board of Governors at its monthly meeting yesterday. Strasser also said the USPS expects continuing loss in volume during the third quarter, which ends May 22. He said the USPS could lose as much as $800 million in the third quarter if the economy fails to improve enough to increase mail volume. The postal service’s second quarter was from Dec. 1 to Feb. 22.” Dmnews: “In other news from the meeting: The board approved postal management’s request to file a new classification and flexible pricing proposal with the PRC for Confirm, the USPS’ flat-mail and letter-mail system that enables senders or recipients to track delivery of their mail. Confirm uses a USPS Planet Code to uniquely identify each mail piece; the board approved funding for Phase I of the Postal Automated Redirection System. Designed for installation on letter automation sorters, PARS will identify undeliverable-as-addressed mail during first handling and redirect it to the correct destination; [and] Potter said he was pleased with congressional and mailing industry reaction to the postal service’s transformation plan that was submitted April 4 to Congress
