The Postal Service expects to end this fiscal year $4.2 billion in the black, allowing it to pay down a substantial amount of debt.
Chief Financial Officer Richard Strasser said the financial plan is to reduce debt by $3.8b this year to $7.2b.
In addition, the agency expects a $2.1b net income for the 2004 fiscal year, which begins in October, allowing further reduction in debt, Strasser told the agency’s Board of Governors.
Read MoreIn a plug for its NetPost Mailing Online hybrid mail service, the US Postal Service web site says, “Upload your documents and we do the rest.”
Well, it appears the project hasn’t not been that successful or much of a revenue generator because the post wants to end the “experiment” and try to transition it over to a private operator. Targeted at small and medium-sized businesses, individuals and charitable organizations, the three-year-old NetPost service let mailers upload documents and mailing lists electronically to the post.
Read MoreWorld Airways today announced that it has been selected by the U.S. Postal Service to operate at least eight all-cargo flights between Newark, New Jersey and Bahrain during the month of September. The award is the result of a competitive bid solicitation issued by the U.S. Postal Service, and flights, using DC-10-30F aircraft, will carry U.S. mail to and from American service personnel serving in Iraq.
Hollis Harris, chairman and chief executive officer of World Airways, said, “We believe that World’s past record of reliability and performance for the U.S. Postal Service was a major reason for our selection to handle this contract. We look forward to working with the U.S. Postal Service on this important program, and we hope to continue to be a partner for future opportunities.”
Read MoreA prospective change in postal regulations soon could open the door to mail solicitations that enrich commercial fundraisers operating under the guise of raising money for charitable groups, nonprofit advocates said last week.
The U.S. Postal Service is expected to publish in the Federal Register this week changes to the cooperative mailing rule, which governs the use of less expensive postal rates for fundraising appeals by nonprofits.
A new exemption would remove the ban on the use of preferred mailing rates by partnerships between nonprofit organizations and for-profit businesses such as direct mailers. The ban was intended to ensure that only nonprofits benefited from the cheaper postal rates, which can shave as much as a dime off the cost of each piece of mail.
Read MoreThe U.S. Postal Service has begun shrinking the hours of operation at some post offices as a slump in first-class mail grows.
About half the post offices in Maine have scaled back operations in recent months, opening later or closing earlier or at lunchtime. Similar moves are under way in Vermont and upstate New York, and managers across the country are weighing the possibility of additional cutbacks, according to an agency spokesman.
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