US. Postal Service Loses $1.3 Billion In Last 3 Months of 2012Submitted by emalvini on Fri, 02/08/2013 - 13:31
US. Postal Service Loses $1.3 Billion In Last 3 Months of 2012
By Ricardo Lopez
February 8, 2013 | 8:05 a.m.
The beleaguered U.S. Postal Service can't seem to catch a break.
Just two days after announcing it would cease Saturday delivery of first-class mail later this year, the agency Friday announced it lost $1.3 billion during the last three months of 2012.
The October through December time frame is traditionally the postal service's strongest financial quarter because of the holiday shipping season.
While package delivery was up 4% from the year-earlier period, that was not enough to buffer that $1.3 billion net loss.
"The encouraging results from our holiday mailing season cannot sustain us as we move deeper into the current fiscal year and face continuing financial challenges," said Postmaster General Patrick Donahoe.