US Postal Service 2005 Annual Report Download - page 11

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2005 Annual Report United States Postal Service | 1
Table of Contents
1 2005 Financial highlights
2 Year in review
5 A letter from the Postmaster General/CEO
and Chairman of the Board of Governors
7 It’s about being the best
8 Nothing delivers like the mail
9 Postal Service Ambassadors
10 Board of Governors
11 The Executive Committee
12 A Message from the Audit and
Finance Committee
14 A Message from the Chief Financial Officer
and Executive Vice President
16 Financial review Part I
21 Financial review Part II
38 Financial review Part III
40 Report of independent auditors
41 Financial statements
54 Operating statistics
58 Financial history summary
60 Glossary
62 2006 Stamps
(Dollars in millions)
Year Ended September 30,
Percentage Change From Preceding Year
2005 2004 2003 2005 2004 2003
Operating revenue $ 69,907 $ 68,996 $ 68,529 1.3% 0.7% 3.1%
Operating expenses $ 68,283 $ 65,851 $ 63,902 3.7% 3.0% (2.0%)
Income from operations $ 1,624 $ 3,145 $ 4,627
Operating margin 2.3% 4.6% 6.8%
Net income $ 1,445 $ 3,065 $ 3,868
Cash outlays for purchase of capital property
and equipment $ 2,317 $ 1,685 $ 1,314 37.5% 28.2% (22.9%)
Total debt $ – $ 1,800 $ 7,273 (100.0%) (75.3%) (34.6%)
Interest expense* $ 2 $ 10 $ 334 (80.0%) (97.0%) (1.8%)
Capital contributions of U.S. government $ 3,034 $ 3,034 $ 3,034
Retained earnings (deficit) since reorganization $ 2,342 $ 897 $ (2,168)
Total net capital $ 5,376 $ 3,931 $ 866
Number of career employees 704,716 707,485 729,035 (0.4%) (3.0%) (3.2%)
Mail volume (Pieces in millions) 211,743 206,106 202,185 2.7% 1.9% (0.3%)
New delivery points served** 2,006,577 1,782,900 1,908,797
* Excluding interest expense on retirement obligations.
** See page 35 in our Management’s Discussion and Analysis for a description of a change we made in 2004 in how we count delivery points.
Financial highlights