header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
February 27
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to the public [story]
Winifred Westover


The U.S. Postal Service ended its 2011 fiscal year (Oct. 1, 2010 – Sept. 30, 2011) with a net loss of $5.1 billion. The year-end loss would have been approximately $10.6 billion had it not been for passage of legislation that postponed a congressionally mandated payment of $5.5 billion to pre-fund retiree health benefits.

Total 2011 mail volume declined by 3 billion pieces, or 1.7 percent, from 2010. The Postal Service’s largest and most profitable product, First-Class Mail, continued its year-over-year decline, from $34.2 billion in 2010 to $32.2 billion in 2011 (5.8 percent), which dwarfed continued growth in its more competitive products, packages and Standard Mail.

USPS Shipping Services revenue, which includes Priority Mail and Express Mail, increased $530 million in 2011 (6.3 percent). The increase in Shipping Services revenue was driven by strong growth in the Parcel Select and Parcel Return Services, due to increased mailings of packages, as customers continued to use the Internet more often to purchase products. Revenue from Standard Mail increased by $495 million (2.9 percent) on a volume increase of 2 billion pieces (2.6 percent).

“The Postal Service can become profitable again if Congress passes comprehensive legislation to provide us with a more flexible business model so we can respond better to a changing marketplace,” said Postmaster General and CEO Patrick Donahoe. “To return to profitability we must reduce our annual costs by $20 billion by the end of 2015. We continue to take aggressive cost-cutting actions in areas under our control and urgently need Congress to do its part to get us the rest of the way there.”

Other 2011 financial results include:

– Operating revenue of $65.7 billion compared to $67.1 billion the year before

– Operating expenses of $70.6 billion compared to $75.4 in 2010

– The retiree health benefit pre-funding payment postponed by Congress and the President is now due by Nov. 18. Unless additional legislation is enacted, the Postal Service will be forced to default on this payment.

The Postal Service continued to increase operating efficiency in 2011, including a reduction in work hours by 34 million despite an increase of 636,500 delivery points. Its productivity gains were the result of effective workforce management, efficient use of materials and transportation, and continued advancements in the use of technology. Since 2001, the Postal Service has reduced work hours by 28 percent, while delivering to almost 14 million additional addresses.

“The continuing and inevitable electronic migration of First-Class Mail, which provides approximately 49 percent of our revenue, underscores the need to streamline our infrastructure and make changes to our business model,” said Chief Financial Officer Joe Corbett. “Since peaking at 213 billion pieces in 2006, our volume has continued to decline each year.”

The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to the public [story]
Winifred Westover
The Master's University women's basketball team got to within one in the final quarter, but it was the Menlo Oaks that pulled away in the end to get the 67-60 win Saturday afternoon in The MacArthur Center.
Lady Mustangs Drop Regular Season Finale to Menlo Oaks 60-67
In honor of Black History Month, California State Sen. Scott Wilk, R-Santa Clarita, is pleased to recognize several prominent Black community leaders and organizations who are making a difference across Senate District 21.
SCV Realtor Recognized Among Wilk’s Black History Month Spotlight
State Superintendent of Public Instruction Tony Thurmond joined educators and members of the California Teachers Association Monday on the west steps of the California State Capitol to announce historic legislation—the Pregnancy Leave for Educators Act.
Landmark Legislation Announced for School Employees Paid Pregnancy Leave
The California Jaycee Foundation announced Monday Alexander Bonfiglio of Golden Valley High School is one of eight graduating high school seniors receiving a $1,000 Scholarship resulting from the annual competition completed in January 2024.
Santa Clarita Student Earns CA Jaycee Foundation Scholarship
The city of Santa Clarita’s Film Office released the list of nine productions currently filming in the Santa Clarita Valley for the week of Monday, Feb. 26 - Sunday, March 3.
Nine Productions Currently Filming in Santa Clarita
The Santa Clarita Community College District Board of Trustees will hold a special meeting Wednesday, Feb. 28, at 2 p.m.
COC Board to Consider Amendment to Purchase of 30,000-Square-Foot Tech Center
The regular meeting of the Saugus Union School District Governing Board will take place Tuesday, Feb. 27, with closed session beginning at 5:15p.m., followed immediately by public session at 6:30 p.m.
Saugus School Board to Consider Staff Reductions
Since City incorporation in 1987, public safety has remained a top priority for the city of Santa Clarita.
Ken Striplin | Time to Take a Heads Up! Mindset
The California Department of Transportation has scheduled lane closures on the northbound and southbound State Route 14 between Technology Drive in Palmdale and Avenue A in Lancaster, closing up to three lanes.
Caltrans Announces SR-14 Lane Closures
The Sierra Hillbillies is inviting the community to put on green and add shamrocks and leprechauns to its next monthly dance on Sunday, March 3, from 2 p.m to 5 p.m., at Valencia United Methodist Church.
March 3: Sierra Hillbillies Hosting Leprechaun’s Dance
It's the goal of every basketball team to cut down the nets.
Mustangs Capture Conference Title with Win Over Menlo Oaks 80-73
1923 - U.S. release of Charles Chaplin film "The Pilgrim," partially shot at Saugus Train Station & Newhall First Presbyterian Church [watch]
The Pilgrim
1936 - U.S. release of Silent Era's last feature, "Modern Times" with Charles Chaplin, partially shot in SCV [story]
Modern Times scene
1993 - Jury awards Newhall Land $2.3 million for "Valencia" trademark infringement by Palmer apartments at Valle del Oro, Newhall [story]
Palmer Guilty
Author and illustrator Vashti Harrison (Film/Video MFA 14) has been named the recipient of the 2024 Randolph Caldecott Medal for the most distinguished American picture book for children for her book "Big."
CalArtian Wins 2024 Caldecott Medal
Earlier this month, CSUN’s College of Health and Human Development recognized 10 physical therapy students for winning scholarships from the Roy and Roxie Campanella Foundation and the Los Angeles Dodgers Foundation.
CSUN Physical Therapy Students Honored by Campanella, Dodgers Foundations
The Master's University men's basketball team was nearly perfect down the stretch as they defeated the Jessup Warriors 72-65 Thursday night at The MacArthur Center.
Mustangs Defense Comes Up Big in Win Over Jessup 72-65
Scoring 23 points in the final quarter, The Master's University women's basketball team broke open a close game to defeat the Jessup Warriors 59-45 Thursday night in The MacArthur Center.
Lady Mustangs Pull Away in 4th to Defeat Warriors 59-45
Calling all Junior High and High School students – bring your IDs and join us for discounted ice skating at The Cube – Ice and Entertainment Center | Powered by FivePoint Valencia, located at 27745 Smyth Drive.
City Releases Schedule for High School Nights at The Cube
Valencia-based Lief Labs, a premier formulation and product development innovator and manufacturer of dietary supplements which was founded in February of 2008, marked the completion of its 15th year of business with a celebratory event at Lief’s Valencia headquarters on Friday, Feb. 16.
Valencia-Based Lief Labs Celebrates 15 Years
The Santa Clarita City Council will hold a public safety meeting Tuesday, Feb. 27, at 4 p.m., followed by its regular meeting at 6 p.m.
Feb. 27: City Council Expected Consider Parks Vacancy Applicants
The Los Angeles County Department of Public Health confirmed Friday 78 new cases and one additional death from COVID-19 in the Santa Clarita Valley within the last week.
Public Health Ends Weekly COVID-19 Updates
Recently, the Department of Public Health received a Proposition 65 Notice from the California Department of Toxic Substances Control regarding the threatened illegal discharge of hazardous waste from the Chiquita Canyon Landfill.
Prop 65 Notice Issued to L.A. County for Chiquita Canyon Landfill
SCVNews.com