USPS Reports Strong Performance Through October; Ready for Holiday Season

The U.S. Postal Service today announced its financial results for the 2023 fiscal year ended September 30. The net loss totaled $6.5 billion, compared to net income of $56.0 billion for the prior year. The net income last year was due primarily to the one-time non-cash impact of the Postal Service Reform Act (PSRA) in April 2022 and the results this year were significantly affected by the impact of inflation on operating expenses. Results under GAAP include retiree benefits expense for the amortization of underfunded Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) plans, and workers’ compensation expenses caused by actuarial revaluation and discount rate changes, as well as the impact of the PSRA for the same period last year. The Postal Service reports its adjusted results excluding these costs. Total operating revenue was $78.2 billion for the year, a decrease of $321 million, or 0.4 percent, compared to the same period last year, as package revenue increases were offset by mail revenue declines. Revenue for the overall Shipping and Packages category increased $324 million, or 1.0 percent, on a volume decline of 175 million pieces, or 2.4 percent, compared to the same period last year. Marketing Mail revenue decreased $920 million, or 5.8 percent, on a volume decline of 7.7 billion pieces, or 11.4 percent, compared to the same period last year. Total operating expenses were $85.4 billion for the year, an increase of $5.8 billion, or 7.3 percent, compared to the same period last year.

“As we head into the third quarter, which is historically the busiest quarter in HMH’s selling season, we are encouraged by our results for the first half of 2017,” said Jack Lynch, Chief Executive Officer of HMH. “We experienced strong net sales and billings growth within the extensions of our core Basal business, which are comprised of intervention, professional learning and supplemental products and services, and we took important steps to reduce our fixed cost base and improve our operating efficiency.” Joe Abbott, Chief Financial Officer of HMH added, “We remain on track to deliver against the targets we set at the start of the year and continue to progress our next generation program and platform development in advance of the large new adoption opportunities we anticipate in 2018 and 2019.”

Savvas Learning Company, a next-generation K-12 learning solutions leader, today announced that Successmaker, its continuously-adaptive, personalized learning math and reading programs for all K-8 students, met ESSA Level 2 evidence standards by demonstrating significantly higher math proficiency and reading gains for students. ESSA, formally known as the Every Student Succeeds Act, is the federal K-12 education law requiring that all students in America be taught to high academic standards that will prepare them to succeed in college and careers. ESSA provides states and school districts guidance as well as flexibility in selecting evidence-based learning solutions that have demonstrated a positive effect on student performance.