- The Washington Times - Wednesday, January 8, 2003

ASSOCIATED PRESS
The Postal Service recorded a $1 billion profit in the first quarter of the fiscal year, the agency said yesterday.
The busy three-month period before Christmas meant heavy volume for the post office, producing income to help balance slower periods.
Richard J. Strasser Jr., the agency's chief financial officer, said the post office had revenue of $16.1 billion during the period covering Sept. 7 to Nov. 29. That was $300 million less than had been expected, but cost-cutting and staff reductions lowered expenses by $500 million.
The post office had a net loss of $1.35 billion last fiscal year, but anticipates finishing this year in the black as a result of cost-cutting and the rate increase that took effect last summer.
Mr. Strasser told the agency's board of governors that during the first quarter, the post office delivered 49.3 billion pieces of mail, an increase of 742 million.
Mr. Strasser projected that the second quarter will be similar to the first, with revenue and volume lagging behind projections as a result of slow economic conditions.

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