U.S. Postal Service Losses Mount, Warns of Potential for Defaults

WASHINGTON, DC—Feb. 9, 2011—The U.S. Postal Service (USPS) ended the first quarter of this fiscal year (Oct. 1 - Dec. 31, 2010) with a net loss of $329 million, compared to a net loss of $297 million for the same period in fiscal year 2010. Excluding the cost of prefunding future retiree healthcare benefits and noncash adjustments to the workers’ compensation liability, the Postal Service would have had a net income of $226 million for the first quarter.