First Quarter Fiscal 2008 for the US Postal Service (USPS) which ended on December 31, 2007, showed that total revenue was up 3.5% year over year with net income of $672 million on revenues of $20.4 billion. Total volumes were down 3% in the period with First-Class showing a decline of 3.9%.
“The economic downturn was the main factor for the volume decline,” observed John Porter, Postmaster General, “as the hard-hit financial and housing sectors are heavy users of the mail. I’m proud our managers and employees adjusted quickly to these changing market conditions, making a positive quarterly net income possible. Not only did they help us tighten our belt, but they provided record levels of service.”
Potter’s reference to improved service was that national on-time performance scores for delivery of First-Class Mail hit all-time first-quarter highs in two of the three categories USPS tracks. “National overnight was service at 96% on-time—a first for three quarters in a row,” says the USPS. “Two-day service was 93% on-time. Three-day performance was 88%, a two-point improvement over the same period last year.”