Postal Service estimates $1.2 billion loss in 2002

  • Congress Daily
  • September 6, 2002
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The U.S. Postal Service expects to finish this fiscal year with a loss of $1.2 billion, slightly less than the agency anticipated, Postmaster General John Potter said Friday.

The agency had anticipated a loss of $1.35 billion for the fiscal year that ends Sept. 30. Potter attributed the improvement to aggressive cost cutting by the agency.

"It's been a white-knuckle year in terms of managing our cash position," Richard Strasser, the Postal Service's chief financial officer told the Postal Service's board of governors.

The Postal Service has been battered by declining mail volume due to the recession and anthrax mail threats last fall.

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