US Postal Service 2008 Annual Report Download - page 3

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2008 Annual Report United States Postal Service | 3
Table of Contents
4 Letter from the Postmaster
General, CEO and Chairman of
the Board of Governors
6 2008 Year in Review
8 Value of the Mail
10 Board of Governors
12 Executive Committee
14 Message from the Audit and
Finance Committee
16 Message from the Chief Financial
Officer and Executive
Vice President
19 Business
24 Risk Factors
27 Properties
28 Management’s Discussion and
Analysis of Financial Condition
and Results of Operations
45 Controls & Procedures
46 Report of Independent Auditor
47 Financial Statements
52 Notes to the Financial Statements
62 Operating Statistics
66 Financial History Summary
67 Selected Quarterly Financial Data
68 Glossary
2008 Financial Highlights
Years Ended September 30 Percent Change From
Preceding Year
2008 2007 2006 2008 2007 2006
(Dollars in millions, audited)
Operating revenue $ 74,932 $ 74,778 $ 72,650 0.2% 2.9% 3.9%
Operating expenses $ 77,738 $ 80,105 $ 71,681 (3.0%) 11.8% 5.0%
Income from Operations $ (2,806) $ (5,327) $ 969
Operating margin (3.7%) (7.1%) 1.3%
Net (loss) income $ (2,806) $ (5,142) $ 900
Purchase of capital property
and equipment $ 1,995 $ 2,715 $ 2,630 (26.5%) 3.2% 13.5%
Debt $ 7,200 $ 4,200 $ 2,100
Interest expense*$ 36 $ 10 $ 5
Capital contributions of
U.S. government $ 3,034 $ 3,034 $ 3,034
Retained (deficit) earnings
since reorganization $ (4,706) $ (1,900) $ 3,242
Total Net Capital $ (1,672) $ 1,134 $ 6,276
(Unaudited)
Number of career employees 663,238 684,762 696,138 (3.1%) (1.6%) (1.2%)
Mail volume (pieces in millions) 202,703 212,234 213,138 (4.5%) (0.4%) 0.7%
New delivery points served 1,199,764 1,818,326 1,847,831
* Excluding interest expense on deferred retirement obligations in 2006.