U.S. Postal Service continues streak of losses - Reuters
The U.S. Postal Service posted a loss of $297 million for the first quarter of its fiscal year, blaming the recession and the use of electronic mail.
The loss marked a slight improvement over the prior-year period due to cost cutting, but the Postal Service warned the continued negative trend "raises significant uncertainty" about its ability to generate enough cash to meet large payment obligations later this year.
"Unfortunately, economic drivers that significantly affect mail volumes, such as continuing high unemployment levels and lower investments, appear to be lagging general economic recovery," said Joseph Corbett, chief financial officer and executive vice president, in a statement.
The U.S. Postal Service posted a loss of $297 million for the first quarter of its fiscal year, blaming the recession and the use of electronic mail.
The loss marked a slight improvement over the prior-year period due to cost cutting, but the Postal Service warned the continued negative trend "raises significant uncertainty" about its ability to generate enough cash to meet large payment obligations later this year.
"Unfortunately, economic drivers that significantly affect mail volumes, such as continuing high unemployment levels and lower investments, appear to be lagging general economic recovery," said Joseph Corbett, chief financial officer and executive vice president, in a statement.
