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financial highlights
| Year Ended September 30, | Percentage Change From Preceding Year |
|||||
|---|---|---|---|---|---|---|
| (Dollars in millions) | 2004 | 2003 | 2002 | 2004 | 2003 | 2002 |
| Operating revenue | $68,996 | $68,529 | $66,463 | 0.7% | 3.1% | 1.0% |
| Operating expenses | $65,851 | $63,902 | $65,234 | 3.0% | (2.0%) | (0.6%) |
| Income from operations | $3,145 | $4,627 | $1,229 | |||
| Operating margin | 4.6% | 6.8% | 1.8% | |||
| Net income (loss) | $3,065 | $3,868 | $(676) | |||
| Cash outlays for purchase of capital property and equipment | $1,685 | $1,314 | $1,705 | 28.2% | (22.9%) | (42.4%) |
| Total Debt | $1,800 | $7,273 | $11,115 | (75.3%) | (34.6%) | (1.8%) |
| Interest expense*** | $10 | $334 | $340 | (97.0%) | (1.8%) | 11.1% |
| Capital contributions of U.S. government | $3,034 | $3,034 | $3,034 | |||
| Retained earnings (deficit) since reorganization | $897 | $(2,168) | $(6,036) | |||
| Total net capital (deficiency) | $3,931 | $866 | $(3,002) | |||
| Number of career employees** | 707,485 | 729,035 | 752,949 | (3.0%) | (3.2%) | (3.0%) |
| Mail volume (millions of pieces) | 206,106 | 202,185 | 202,822 | 1.9% | (0.3%) | (2.2%) |
| New delivery points served* | 1,782,900 | 1,908,797 | 1,770,172 | |||
* See page 29 in our Management's Discussion and Analysis for a description of a change we made in 2004 in how we count delivery points.
** As of the end of September for 2004 and 2003 and early September 2002
*** Excluding interest expense on deferred retirement obligations.