The U.S. Postal Service reported net income of $1.7 billion for the first quarter of fiscal year 2005, down from $1.8 billion last year.
The postal service reported a 5.5% growth in mail volume in November.
USPS CFO Richard J. Strasser Jr. attributed the volume growth to a one-time November spike, resulting from the economic recovery. The largest increases in volume came from the financial and catalog sectors.
“The 5.5% increase is the highest quarterly volume growth in 15 years,” said Strasser. November’s volume was up 15% compared with the previous years.
In addition, the BOG:
*Approved the filing of the USPS’s fourth negotiated service agreement with the Postal Rate Commission (PRC), in this case with Bank One Corp.
*Authorized the sale of the main post office in Atlantic City, NJ to the local development authority and the construction of a new 14,991 sq. ft. postal-owned carrier annex.
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