Cost cuts help USPS end year in black
The U.S. Postal Service said deep cost cuts helped it finish $300 million in the black in 2003 despite a record decline in first-class mail volume. The net increase for the fiscal year that ended Sept. 30 contrasted sharply with last year’s loss of $676 million, triggered by the largest-ever slide in overall mail volume.
The USPS will seek an $884 million federal appropriation for the fiscal year beginning next October, nearly all of it to help pay for ongoing automation upgrades to the mail processing system to guard against bioterror and other threats. Those changes were ordered after the deadly anthrax attacks in 2001.
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