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2007 Annual Report United States Postal Service | 3
2007 Financial highlights
Years Ended September 30 Percent Change From Preceding Year
2007 2006 2005 2007 2006 2005
(Dollars in millions, audited)
Operating revenue $ 74,778 $ 72,650 $ 69,907 2.9% 3.9% 1.3%
Operating expenses $ 80,105 $ 71,681 $ 68,281 11.8% 5.0% 3.7%
(Loss) Income from Operations $ (5,327) $ 969 $ 1,626
Operating margin (7.1%) 1.3% 2.3%
Net (loss) income $ (5,142) $ 900 $ 1,445
Purchase of capital property
and equipment $ 2,715 $ 2,630 $ 2,317 3.2% 13.5% 37.5%
Debt $ 4,200 $ 2,100 $ –
Interest expense*$ 10 $ 5 $ 4
Capital contributions of U.S. government $ 3,034 $ 3,034 $ 3,034
Retained (deficit) earnings since reorganization $ (1,900) $ 3,242 $ 2,342
Total Net Capital $ 1,134 $ 6,276 $ 5,376
(Unaudited)
Number of career employees 684,762 696,138 704,716 (1.6%) (1.2%) (0.4%)
Mail volume (pieces in millions) 212,234 213,138 211,743 (0.4%) 0.7% 2.7%
New delivery points served 1,818,326 1,847,831 2,006,577
* Excluding interest expense on deferred retirement obligations in 2006 and 2005.
Table of contents
3 2007 Financial Highlights
4 A Letter from the Postmaster General, CEO and
Chairman of the Board of Governors
6 2007 Year in Review
8 Adding new value to mail
9 Delivering for future generations
10 Board of Governors
11 The Executive Committee
12 A Message from the Audit and Finance
Committee
13 A Message from the Chief Financial Officer and
Executive Vice President
15 Financial Section Part I
21 Financial Section Part II
35 Financial Section Part III
38 Report of Independent Auditors
39 Financial Statements
44 Notes to the Financial Statements
53 Operating Statistics
57 Financial History Summary
58 Selected Quarterly Financial Data
58 Glossary
60 2008 Postage Stamps