{"id":25606,"date":"2019-02-08T09:44:45","date_gmt":"2019-02-08T14:44:45","guid":{"rendered":"http:\/\/postalemployeenetwork.com\/news\/?p=25606"},"modified":"2019-02-08T09:44:45","modified_gmt":"2019-02-08T14:44:45","slug":"u-s-postal-service-reports-first-quarter-fiscal-2019-results","status":"publish","type":"post","link":"https:\/\/postalemployeenetwork.com\/news\/2019\/02\/08\/u-s-postal-service-reports-first-quarter-fiscal-2019-results\/","title":{"rendered":"U.S. Postal Service Reports First Quarter Fiscal 2019 Results"},"content":{"rendered":"<ul style=\"box-sizing: border-box; margin: 0px auto 1rem; padding-left: 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">\n<li><em>Revenue of $19.7 billion, up 2.9 percent over the same quarter last year<\/em><\/li>\n<li><em>Net loss of $1.5 billion<\/em><\/li>\n<li><em>Return to financial stability requires legislative and regulatory changes, along with aggressive management actions<\/em><\/li>\n<\/ul>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\"><strong>WASHINGTON<\/strong>\u00a0\u2014 2\/8\/19 &#8211; The U.S. Postal Service reported total revenue of $19.7 billion for the first quarter of fiscal 2019 (October\u00a01, 2018 &#8211; December\u00a031, 2018), an increase of $553 million, or 2.9 percent, compared to the same quarter last year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">First-Class Mail revenue declined by $81 million, or 1.2 percent, on a volume decline of 428 million pieces, or 2.8 percent, compared to the same quarter last year. Meanwhile, Marketing Mail revenue increased by $218 million, or 4.9 percent, on volume growth of 1.0 billion pieces, or 4.8 percent, compared to the same quarter last year. Shipping and Packages revenue increased by $516 million, or 8.7 percent, on volume growth of 93 million pieces, or 5.4 percent, compared to the same quarter last year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">Total operating expenses were $21.2 billion for the quarter, an increase of $1.6 billion, or 7.9 percent, compared to the same quarter last year. Excluding the impact of the $621 million non-cash workers&#8217; compensation expense increase resulting from changes in interest rates and actuarial assumptions, operating expenses would have been $20.6 billion for the quarter, an increase of $939 million, or 4.8 percent, compared to the same quarter last year. The remaining operating expense increase was largely driven by increases in compensation and benefits of $657 million, due to additional hours and contractual wage adjustments, and transportation costs of $207 million, due to higher fuel costs and highway contract rate inflation.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">The net loss for the quarter totaled $1.5 billion, an increase in net loss of nearly $1.0 billion compared to the same quarter last year.<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-19525\" src=\"https:\/\/postalemployeenetwork.com\/news\/wp-content\/uploads\/2017\/05\/usps1-300x211.jpg\" alt=\"\" width=\"300\" height=\"211\" srcset=\"https:\/\/postalemployeenetwork.com\/news\/wp-content\/uploads\/2017\/05\/usps1-300x211.jpg 300w, https:\/\/postalemployeenetwork.com\/news\/wp-content\/uploads\/2017\/05\/usps1-80x55.jpg 80w, https:\/\/postalemployeenetwork.com\/news\/wp-content\/uploads\/2017\/05\/usps1.jpg 416w, https:\/\/postalemployeenetwork.com\/news\/wp-content\/uploads\/2017\/05\/usps1-100x70.jpg 100w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">\u201cWe continued to drive growth in our package business and expanded use of the marketing mail channel during the quarter. Nevertheless, we face ongoing financial challenges. We remain focused on aggressive management of the business, legislative reform, and pricing system reform, all of which are necessary to put the Postal Service on firm financial footing,\u201d said Postmaster General and CEO Megan J. Brennan. \u201cOur nation is best served by a financially sustainable Postal Service that can invest in its future and meet the evolving mailing and shipping needs of the American public.\u201d<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">The controllable loss for the quarter was $103 million, compared to controllable income of $353 million for the same quarter last year.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">&#8220;Overall volumes increased this quarter driven primarily by growth in Marketing Mail and our package business, which resulted in total revenue growth of $553 million,&#8221; said Chief Financial Officer and Executive Vice President Joseph Corbett. &#8220;This growth was offset by increased work hours and related salaries and benefits, increases in transportation costs due to these higher volumes and the continued focus on meeting customers&#8217; needs.&#8221;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\"><strong>First Quarter Fiscal 2019 Operating Revenue and Volume by Service Category Compared to Prior Year<\/strong><br clear=\"all\" \/>The following table presents revenue and volume by category for the three months ended December 31, 2018, and 2017:<\/p>\n<div class=\"wide-table\" style=\"box-sizing: border-box; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">\n<table border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\"><\/td>\n<td colspan=\"7\" valign=\"bottom\" width=\"0\">\n<p align=\"center\"><strong>Revenue<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"5\" valign=\"bottom\" width=\"176\">\n<p align=\"center\"><strong>Volume<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\"><em>(revenue in $ millions; volume in millions of pieces)<\/em><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\">\n<p align=\"center\"><strong>2018<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\">\n<p align=\"center\"><strong>2017<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"center\"><strong>2018<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"center\"><strong>2017<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\"><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\"><strong>Service Category<\/strong><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"0\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">First-Class Mail<\/td>\n<td valign=\"bottom\" width=\"8\">$<\/td>\n<td valign=\"bottom\" width=\"77\">\n<p align=\"right\">6,623<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"8\">$<\/td>\n<td valign=\"bottom\" width=\"77\">\n<p align=\"right\">6,704<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">14,849<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">15,277<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">Marketing Mail<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">4,665<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">4,447<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">22,045<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">21,045<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">Shipping and Packages<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">6,461<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">5,945<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">1,818<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">1,725<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">International<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">724<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">771<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">253<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">279<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">Periodicals<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">311<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">336<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">1,198<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">1,314<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\">Other<\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">927<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">949<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">87<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">90<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"293\"><strong>Total operating revenue and volume<\/strong><\/td>\n<td valign=\"bottom\" width=\"8\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"77\">\n<p align=\"right\"><strong>19,711<\/strong><\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"8\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"77\">\n<p align=\"right\"><strong>19,152<\/strong><\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>40,250<\/strong><\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>39,730<\/strong><\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"16\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\"><strong>Selected First Quarter Fiscal 2019 Results of Operations and Controllable (Loss) Income\u00a0<\/strong><br clear=\"all\" \/>This news release references\u00a0<em>controllable (loss) income<\/em>, which is not calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). Controllable loss is defined as net loss adjusted for items outside of management\u2019s control and non-recurring items. These adjustments include workers\u2019 compensation expenses caused by actuarial revaluation and discount rate changes, and the amortization of Postal Service Retiree Health Benefits Fund (PSRHBF), Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) unfunded liabilities.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">The following table presents selected results of operations and reconciles GAAP net loss to controllable (loss) income and illustrates the (loss) income from ongoing business activities without the impact of non-controllable items for the three months ended December\u00a031, 2018, and 2017:<\/p>\n<div class=\"wide-table\" style=\"box-sizing: border-box; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">\n<table border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><em>(results in $ millions)<\/em><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"5\">\n<p align=\"center\"><strong>2018<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"3\" valign=\"bottom\" width=\"5\">\n<p align=\"center\"><strong>2017<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><strong>Operating revenue<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>19,711<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>19,152<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">Other revenue<\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>6<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">12<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><strong>Total revenue<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>19,717<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>19,164<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><strong>Total operating expenses<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>21,226<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>19,666<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">Interest and investment income (expense), net<\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">(28)<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">(38)<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><strong>Net loss<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>(1,537)<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>(540)<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">PSRHBF unfunded liability amortization expense<sup>1<\/sup><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">275<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">297<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">Change in workers\u2019 compensation liability resulting from fluctuations in discount rates<\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">505<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">\u2014<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">Other change in workers\u2019 compensation liability<sup>2<\/sup><\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">55<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\">(67)<\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\">CSRS unfunded liability amortization expense<sup>3<\/sup><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">360<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td width=\"5\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"86\">\n<p align=\"right\">434<\/p>\n<\/td>\n<td valign=\"top\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\" width=\"485\">FERS unfunded liability amortization expense<sup>4<\/sup><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"5\">\n<p align=\"right\">239<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<td colspan=\"2\" valign=\"bottom\" width=\"5\">\n<p align=\"right\">229<\/p>\n<\/td>\n<td valign=\"bottom\"><\/td>\n<td valign=\"bottom\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"485\"><strong>Controllable (loss) income<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>(103)<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\">&nbsp;<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"86\"><strong>$<\/strong><\/td>\n<td valign=\"bottom\" width=\"86\">\n<p align=\"right\"><strong>353<\/strong><\/p>\n<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"8\" valign=\"bottom\" width=\"672\"><sup>1<\/sup>\u00a0Expense for the accrual for the annual payment due to PSRHBF by September 30 of the respective fiscal year, for the amortization of the unfunded liability based on Postal Service estimates to OPM\u2019s preliminary calculations with updated discount rate assumptions.<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"8\" valign=\"bottom\" width=\"672\"><sup>2<\/sup>Net amounts include changes in assumptions, valuation of new claims and revaluation of existing claims, less current year claim payments.<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"8\" valign=\"bottom\" width=\"672\"><sup>3<\/sup>Expense for the accrual for the annual payment due to OPM by September 30 of the respective fiscal year, based on information provided by OPM, to amortize the unfunded CSRS retirement obligation. Payments are to be made through 2043 based on OPM invoices.<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<tr>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<td colspan=\"8\" valign=\"bottom\" width=\"672\"><sup>4<\/sup>Expense for the accrual for the annual payment due to OPM by September 30 of the respective fiscal year, based on information provided by OPM, to amortize the unfunded FERS retirement obligation. Payments are to be made through 2047 based on OPM invoices.<\/td>\n<td valign=\"bottom\" width=\"5\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">Financial results in the Form 10-Q are available at\u00a0<em><u><a href=\"http:\/\/about.usps.com\/what\/financials\/\">http:\/\/about.usps.com\/what\/financials\/<\/a><\/u><\/em><\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\"><strong>Financial Briefing<\/strong><strong>\u00a0<\/strong><br \/>\nPostmaster General and CEO Megan J. Brennan and CFO and Executive Vice President Joseph Corbett will host a telephone\/Web conference call to discuss the financial results in more detail. The call will begin at 11:30 am ET on February\u00a08, 2019, and is open to news media and all other interested parties.<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\"><strong>How to Participate:<\/strong><strong>\u00a0<\/strong><br \/>\nUS\/Canada Attendee Dial-in: 844-340-4622 Conference ID: 9554328<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">Attendee Direct URL:<em>\u00a0<u><a href=\"https:\/\/usps.webex.com\/usps\/onstage\/g.php?MTID=e8819a23e720f35b5cc2e1e0d111d116f\">https:\/\/usps.webex.com\/usps\/onstage\/g.php?MTID=e8819a23e720f35b5cc2e1e0d111d116f<\/a><\/u><\/em><\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">Alternate URL:\u00a0<u><a href=\"https:\/\/usps.webex.com\/\">https:\/\/usps.webex.com<\/a><\/u><br \/>\nEvent Number: 996 337 922<\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">The briefing is also available on live audio webcast (listen only) at:<br \/>\n<em><u><a href=\"http:\/\/about.usps.com\/what\/financials\/briefings\/welcome.htm\">http:\/\/about.usps.com\/what\/financials\/briefings\/welcome.htm<\/a><\/u><\/em><\/p>\n<p style=\"box-sizing: border-box; margin: 0px auto 1rem; color: #101820; font-family: HelveticaNeueW02-55Roma, 'Segoe UI', 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 17.5px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #f7f7f7; text-decoration-style: initial; text-decoration-color: initial;\">The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revenue of $19.7 billion, up 2.9 percent over the same quarter last year Net loss of $1.5 billion Return to financial stability requires legislative and regulatory changes, along with aggressive management actions WASHINGTON\u00a0\u2014 2\/8\/19 &#8211; The U.S. Postal Service reported total revenue of $19.7 billion for the first quarter of fiscal 2019 (October\u00a01, 2018 &#8211; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-25606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usps-news","last_archivepost"],"_links":{"self":[{"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/posts\/25606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/comments?post=25606"}],"version-history":[{"count":3,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/posts\/25606\/revisions"}],"predecessor-version":[{"id":25609,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/posts\/25606\/revisions\/25609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/media\/19525"}],"wp:attachment":[{"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/media?parent=25606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/categories?post=25606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/postalemployeenetwork.com\/news\/wp-json\/wp\/v2\/tags?post=25606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}