The Postal Service's top financial official painted a grim picture of his agency's financial state Friday, as USPS announced that it had lost $5 billion over the last year.
"We are sitting here at a very precarious situation, our liabilities exceed our assets by $40 billion," said Chief Financial Officer and Executive Vice President Joseph Corbett, during a press briefing. "Liabilities of $60 billion exceed the assets of roughly $20 billion. ... We have a $5 billion loss and a $1 billion operating loss."
The agency's seventh straight annual loss came despite its first growth in revenue since 2008. Operating revenue rose 1.2 percent to $66 billion, thanks to growth in the post office's package delivery business and higher volume in standard mail.
But that was not enough to offset long-term losses in first class mail — the post office's most profitable service — where revenues declined by 2.4 percent.