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2004 annual report united states postal service | 1
I’m always in a hurry. Glad I heard about these Automated Postal Centers.
They work on my schedule . . . for just about anything I need from the Post Office.
table of contents
financial highlights
2004 financial highlights 1
year in review 2
a letter from the postmaster general/ceo and
chairman of the board of governors 5
quick. easy. convenient. 7
delivering for you 8
postal service ambassadors 9
legislation and the postal service 11
board of governors 12
leadership of the postal service 13
฀฀฀฀Year฀Ended฀September฀30,
฀฀฀฀Percentage฀Change฀From
฀฀฀฀Preceding฀Year
฀(Dollars฀in฀millions) 2004 2003 2002 2004 2003 2002
฀Operating฀revenue฀ $ 68,996 $ 68,529 $ 66,463 0.7% 3.1% 1.0%
฀Operating฀expenses $ 65,851 $ 63,902 $ 65,234 3.0% (2.0%) (0.6%)
฀Income฀from฀operations $ 3,145 $ ฀4,627 $ ฀1,229
฀Operating฀margin 4.6% 6.8% 1.8%
฀Net฀income฀(loss) $ 3,065 $ ฀3,868 $ ฀฀(676)
฀Cash฀outlays฀for฀purchase฀of฀
฀capital฀property฀and฀equipment $ 1,685 $ ฀1,314 $ ฀1,705 28.2% (22.9%) (42.4%)
฀Total฀debt $ 1,800 $ 7,273 $ 11,115 (75.3%) (34.6%) (1.8%)
฀Interest฀expense*** $ 10 $63,3334 $ 11,340 (97.0%) (1.8%) 11.1%
฀Capital฀contributions฀of฀U.S.฀government $ 3,034 $63,034 $ ฀3,034
Retained฀earnings฀(deficit)฀since฀reorganization $ 897 $ (2,168) $ (6,036)
Total฀net฀capital฀(deficiency) $ 3,931 $ ฀฀฀฀866 $ (3,002)
Number฀of฀career฀employees** 707,485 729,035 752,949 (3.0%) (3.2%) (3.0%)
Mail฀volume฀(millions฀of฀pieces)฀ 206,106 202,185 202,822 1.9% (0.3%) (2.2%)
New฀delivery฀points฀served* 1,782,900 1,908,797 1,770,172
Automated Postal Centers make
shipping convenient for me.
a message from the audit and finance committee 14
a message from the chief financial officer 16
financial review 18
report of independent auditors 38
financial statements 39
operating statistics 52
financial history summary 56
glossary 59
*฀฀ See฀page฀33฀in฀our฀Management's฀Discussion฀and฀Analysis฀for฀a฀description฀of฀a฀change฀we฀made฀in฀2004฀in฀how฀we฀count฀delivery฀points.
**฀ As฀of฀the฀end฀of฀September฀for฀2004฀and฀2003฀and฀early฀September฀2002.
***฀฀Excluding฀interest฀expense฀on฀deferred฀retirement฀obligations.