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A. Financial Summary
The Postal Service has sought to avoid redundancy in our 2001 Annual Report and this 2001 Comprehensive Statement. In this chapter, we present Financial Highlights in a condensed format. We focus discussion and analysis on: Postal Service financial results for 2001; aspects of our financial management on which Congress has requested that we report; business programs on which we are required to report, such as the Breast Cancer Research Semipostal program; and topics of particular interest to Congress, such as Appropriations. We provide more detailed analysis of the financial results of our operations for 2001 in the 2001 Annual Report of the United States Postal Service.
1. Revenue
Operating revenue in 2001 grew 2.0 percent, or $1.3 billion, to $65.8 billion. This is a decline in the rate of revenue growth compared to the previous two years and evidences a 0.2 percent decline in mail volume compared to 2000. Although mail volume growth rates had been declining in recent years, no other year-to-year decrease in mail volume had occurred since the recession of 1991. Operating revenue in 2000 grew 2.9 percent, but was nearly $800 million below what had been forecast as First-Class Mail grew less than expected; mailers shifted their choices of mail classes to reap the price benefits of the automated mail classes; and, as diversion of messaging from hard copy mail to electronic media continued. These trends strengthened in 2001 and were compounded by the effects of the softening economy and economic dislocations related to the terrorist attacks of September 11th. Together, they depressed mail volumes. Revenue grew nevertheless due to a rate increase in January and a rate modification in July. Tables 3.1 and 3.2, show revenue and volume by class of mail.
|
TABLE 3.1 REVENUE |
|
|
(in millions) |
|
|
|
|
|
|
|
2001 |
2000 |
Change |
%Change |
|
|
|
|
|
|
|
|
|
First-Class Mail |
$35,876 |
$35,516 |
$360 |
1.0% |
|
|
Standard Mail |
15,705 |
15,193 |
512 |
3.4% |
|
|
Priority Mail |
4,916 |
4,837 |
79 |
1.6% |
|
|
Special Services |
2,341 |
2,191 |
150 |
6.9% |
|
|
Peroidicals |
2,205 |
2,171 |
34 |
1.6% |
|
|
Package Services |
1,994 |
1,912 |
82 |
4.3% |
|
|
international |
1,732 |
1,657 |
75 |
4.5% |
|
|
Express Mail |
996 |
996 |
0 |
0.0% |
|
|
Other |
2 |
3 |
-1 |
-- |
|
|
|
|
|
|
|
|
|
|
$65,767 |
$64,476 |
$1,291 |
2.0% |
|
|
|
|
|
|
|
|
|
TABLE 3.2 VOLUME BY CLASS OF MAIL |
|
|
(in millions) |
|
|
|
|
|
|
|
2001 |
2000 |
Change |
%Change |
|
|
|
|
|
|
|
|
|
First-Class Mail |
103,656 |
103,526 |
130 |
0.1% |
|
|
Standard Mail |
89,938 |
90,057 |
(119) |
-0.1% |
|
|
Periodicals |
10,077 |
100635 |
(119) |
-2.8% |
|
|
Priority Mail |
1,118 |
1,128 |
(105) |
-8.6% |
|
|
Package Services |
1,093 |
1,099 |
35 |
-3.1% |
|
|
International |
1,083 |
103,526 |
130 |
0.1% |
|
|
Other |
498 |
484 |
14 |
-1.5% |
|
|
|
|
|
|
|
|
|
|
207,463 |
207,882 |
(419) |
-0.2% |
|
|
|
|
|
|
|
|
|
|
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