US Postal Service 2005 Annual Report Download - page 51

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2005 Annual Report United States Postal Service | 41
Statement of operations
(Dollars in millions)
Year Ended September 30,
2005 2004
2003
Operating revenue $ 69,907 $ 68,996 $ 68,529
Operating expenses:
Compensation and benefits 53,932 52,134 50,428
Transportation 5,437 4,969 4,989
Other
8,914 8,748 8,485
Total operating expenses 68,283 65,851 63,902
Income from operations 1,624 3,145 4,627
Interest and investment income 86 33 58
Interest expense on deferred retirement obligations (263) (103) (116)
Debt repurchase expense – – (360)
Other interest expense (2) (10) (334)
Emergency preparedness appropriations – – 177
Emergency preparedness expenses – – (184)
Net Income $ 1,445 $ 3,065 $ 3,868
See accompanying notes to the financial statements.