Postal Service Has ‘Fantastic Quarter’ as Profits Rise
02/08/2015 - The Postal Service’s operating profit for the first fiscal quarter of 2015 was $1.1 billion, with cash at hand increasing to $7 billion, according to the unaudited financial report released on Feb. 6. Revenues have increased 4.3 percent to $18.8 billion, compared to the same time last year.
Although the Postal Service’s Chief Financial Officer called it a “fantastic quarter,” the USPS press release cries the blues over a $754 million net loss – a loss that exists only on paper. In 2006, a lame-duck Congress mandated that the Postal Service pre-fund future retiree health benefits 75 years in advance – something no other public agency or private firm is required to do.
“These numbers are great news for the Postal Service and for people,” said APWU President Mark Dimondstein. “There is no justification for management to continue the policy of dismantling the postal network and degrading service.
“This is the perfect time to strengthen our national treasure,” he added.