The Postal Service made a $363 million profit in fiscal 1999, M. Richard Porras, the agency's chief financial officer, announced Tuesday.
As a semi-independent federal agency, the Postal Service does not rely on tax revenue to operate.
Despite a number of financial hurdles, including delaying stamp price increases, Y2K-related costs, and increasing health benefits expenses, the Postal Service kept its books in the black for the fifth consecutive year.
"Through sound management and the efforts of our employees, we were able to achieve our fifth straight year of positive net income," Porras said.
Management initiatives included reducing expenses by more than $1 billion and increasing productivity by the largest percentage in 8 quarters.
As a result, Porras said, postal rates will not go up for at least another year.
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