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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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Wilmington Art Centers 39th Annual Art Exhibit Set For May 31June 1

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first_imgWILMINGTON, MA — Artists from Wilmington and surrounding towns will compete once again for ribbons, as well as cash prizes, in the 39th Annual Art Exhibition.  The event takes place at the Wilmington Arts Center (219 Middlesex Avenue, Wilmington).The reception and exhibit are open to the public, and free of charge.Come, and meet your local artists!Exhibit Hours:Friday, May 31, 6:30pm-8:30pm: Reception with refreshments and live musicSaturday, June 1, 1pm-4pm: Artists can be seen working on their paintingsThere is still time to enter!  Submit your application before May 23rd to the Wilmington Arts Council, c/o Town Hall in Wilmington. Entry forms can be downloaded HERE or picked up at the Wilmington Memorial Library or the Wilmington Town Hall.For additional information, please call Jean Chang at (978) 886-9224, or email jeanachang@comcast.net(NOTE: The above is a press release submitted by the Wilmington Arts Council.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedWilmington Art Center’s 35th Annual Art Exhibit Set For June 5-7, Still Time To Enter!In “Community”Wilmington Arts Council Looking For Entrants For Spring Art ShowIn “Community”5 Things To Do In Wilmington On Saturday, June 1, 2019In “5 Things To Do Today”last_img read more

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