The U.S. Postal Service reported net income of $3.1 billion for the year ended Sept. 30.
The postal service reported revenue of $69 billion for the year, an increase of $265 million over last year.
Total mail volume rose nearly 4 billion pieces to 206 billion, mostly in standard mail, First class mail declined by 1.1 billion pieces, for a third straight year of decline.
Specifically, first class mail brought in revenue of $36.4 billion, standard mail $18.1 billion and other products and services $14.5 billion.
“For the first time in history, in 2005 first class mail is projected to fall below standard mail as the largest volume product,” said USPS CFO Richard Strasser in a statement. “This shift in mail mix to lower revenue-per-piece mail classes will result in shrinking margins which are used to maintain universal service.”
Separately, the appropriations bill sent to President Bush this week includes $507 million to set up a mail irradiation building on the site of the Brentwood mail facility where two workers died in 2001, according to wire service reports.
A USPS spokeswoman says they hope to break ground in the spring and open the facility in 2006.
At present, all mail sent to federal agencies in Washington DC first has to go to New Jersey, where it’s irradiated before returning south for delivery.
Network
