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USPS Reports Further Losses in Q3 2016

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first_imgAnother quarter, another grim earnings statement from the Postal Service. As of now, savings afforded to publishers by the removal of the exigency surcharge have not translated to an increase in shipping. While overall volume remained stable, the periodicals class dipped 3.8 percent decline in the number of pieces shipped, to 1.43 billion, mirroring recent quarterly declines. Despite “encouraging numbers,” postmaster general Megan J. Brennan cautioned that the agency’s fiscal situation remains bleak. Regardless, renewed calls for a financial life preserver, perhaps in the form of a new surcharge or rate hike, will surely draw the attention of the publishing industry. The USPS argues that it needs around $12 billion in relief in order to return to solvency. Given the scope of the agency’s losses — $5.1 billion last year, and $5.5 billion the year before — those figures are difficult to dispute. Operating revenue saw another slight increase, to $16.64 billion (up 0.7 percent over last year), but the bump wasn’t nearly enough to offset a 12.4 percent increase in operating expenses and the termination of the exigency surcharge — a 4.3 percent premium which had applied to all classes of mail before expiring in April. The loss of the surcharge is expected to hurt USPS revenues by nearly $2 billion each year, according to the agency. “Net losses continue to mount,” Brennan said in a prepared statement. “Our results in the quarter further underscore the need for legislative reform that provides the organization with greater financial stability.” It’s the 41st consecutive quarter in which less periodicals were shipped than in the corresponding period the year before, and overall volume in the periodicals class has fallen 37.8 percent from a quarterly high of 2.3 billion in the third quarter of 2006. USPS chief finanical officer Joseph Corbett blamed lackluster revenue growth in the face of mounting losses on the termination of the exigency surcharge, which he termed a “mandated price reduction” in a statement. The Postal Service itself estimates that it lost $450 million during the quarter as a result of the surcharge’s expiration, still not nearly enough to approach profitability. “They have to understand that it’s a different age,” Cregan told Folio: in April, at the time the exigency surcharge was rolled back. “They’re not the only game in town anymore, and they have to improve their customer relations and understand that we — that is, the MPA — are their customers.” The agency posted a net loss of $1.57 billion for the third quarter of its fiscal year (April 1 to June 30), more than double the $586 million loss recorded over the same period in 2015. But representatives for the publishing industry, like the MPA’s EVP of government affairs, James Cregan, argue that the Postal Service needs to retain its clients more than it needs legislative assistance.last_img read more

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Summerfest 2019 Lizzo Brandi Carlile Rodrigo Y Gabriela More

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first_imgLast week, the fest announced that Lil Wayne, Snoop Dogg and Schoolboy Q will headline the last day of performances at the American Family Insurance Amphitheater, which will host a series of performances with tickets that can be purchased separately from the Summerfest general admission ticket (but also include G.A. access). A weekday admission ticket can also be purchased. More info on the variety of tickets can be found here.  Summerfest features 12 stages and over 800 acts in 11 days, according to the fest. For more information on ticket sales, visit the Summerfest website. Beyonce To Drop ‘Homecoming’ Documentary On April 17 https://twitter.com/Summerfest/status/1115570099811909632 Twitter Facebook News Summerfest 2019: Lizzo, Brandi Carlile & More summerfest-2019-lizzo-brandi-carlile-rodrigo-y-gabriela-more Summerfest 2019: Lizzo, Brandi Carlile, Rodrigo Y Gabriela & More The massive festival will take place June 26–30 and July 2–7 in downtown Milawaukee and will also feature Billie Eilish, The Roots, The Lonely Island and AtmosphereJennifer VelezGRAMMYs Apr 10, 2019 – 4:48 pm Brandi Carlile, Jimmy Eat World, Lizzo and Rodrigo y Gabriela are among the over 100 headlining musical artists that have been announced for Summerfest, the 11-day music festival in Milwaukee, this year.The massive festival will take place June 26–30 and July 2–7 in downtown Milawaukee and will also feature Billie Eilish, The Roots, The Lonely Island and Atmosphere. The full lineup can be seen at the Summerfest website.  Email last_img read more

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