Financial and Business Highlights • Gross revenue was $294.2 million in the fourth quarter of 2018, a decrease of 4% compared to $305.4 million in the fourth quarter of 2017. Excluding currency impacts, fourth quarter gross revenue decreased 2% compared to the same period of last year. Full-year gross revenue was $1,121.6 million, a decrease of 1% compared to $1,138.4 million in 2017. • Gross profit (net revenue) was $60.1 million, or 20.4% of gross revenue in the fourth quarter of 2018, compared to $68.8 million, or 22.5% of revenue, in the same period of last year. • Net loss for the fourth quarter of 2018 was $(29.3) million, or $(0.57) per diluted share, compared to net loss of $(0.7) million, or $(0.01) per diluted share in the fourth quarter of 2017. Fourth quarter net loss includes $20.9 million of goodwill and other asset impairment charges, $5.5 million of inventory and other operational adjustments impacting gross profit, and $2.7 million of bad debt expense. The impacts to gross profit and bad debt mainly result from unprofitable client relationships that have been terminated. Click read more below for additional detail.
In a unanimous decision, the Postal Regulatory Commission (Commission) voted to designate Commissioner Michael M. Kubayanda Vice Chairman of the Commission for the remainder of the 2019 calendar year and the full 2020 calendar year. Title 39 of the United States Code Section 502 (e) provides that “The Commissioners shall by majority vote designate a Vice Chairman of the Commission. The Vice Chairman shall act as Chairman of the Commission in the absence of the Chairman.”
Vice Chairman Kubayanda is one of three Commissioners recently nominated to the Commission by President Donald J. Trump and confirmed by the United States Senate. Prior to joining the Commission, Michael Kubayanda served as a board member and privacy officer for a digital health startup offering cloud solutions for medical practices in the United States and emerging markets. He previously worked with the Office of Inspector General (OIG) of the U.S. Postal Service as Director, Government Relations, where he worked with OIG officials to support the OIG’s work on data analytics. While serving in the OIG’s research group, he oversaw research on technical issues and wrote reports addressing postal economics and price regulation, intellectual property, and public-private partnerships, while serving as an advisor to colleagues on issues such as privacy, knowledge management, and innovation. Prior to his work with the OIG, he served on the staff of the House Committee on Oversight and Government Reform.
Mr. Kubayanda holds degrees from Georgetown University, Northwestern University, and the Ohio State University. He also studied at the Graduate Institute in Geneva, Switzerland.