USPS Net Income At $816 million

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The U.S. Postal Service reported a net income of $816 million for the first quarter of fiscal year 2000 (Sept. 11 through Dec. 3) at the USPS' monthly Board of Governors meeting in Miami yesterday.

Actual expenses were more favorable than planned due to cost management, but revenues were $306 million below plan, indicating the current fiscal year presents a significant financial challenge, said M. Richard Porras, executive vice president and chief financial officer.

He said growth shows softness in nearly all categories except Priority Mail. Volumes and revenues of First Class and Standard-A mail are of particular concern, Porras said. Negative publicity on sweepstakes contests, growth in Internet Advertising, tighter advertising budgets and increased competition were cited by Porras as having an affect on revenues.

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