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Financial highlights

(Dollars in millions) Year Ended September 30, Percentage Change From Preceding Year
2005 2004 2003 2005 2004 2003
Operating revenue $ 69,907 $ 68,996 $ 68,529 1.3% 0.7% 3.1%
Operating expenses $ 68,283 $ 65,851 $ 63,902 3.7% 3.0% (2.0%)
Income from operations $   1,624 $   3,145 $   4,627 blank blank blank
Operating margin 2.3% 4.6% 6.8% blank blank blank
Net income (loss) $  1,445 $   3,065 $   3,868 blank blank blank
Cash outlays for purchase of capital property
and equipment
$  2,317 $   1,685 $   1,314 37.5% 28.2% (22.9%)
Total debt - $   1,800 $   7,273 (100.0%) (75.3%) (34.6%)
Interest expense* $         2 $         10 $      334 (80.0%) (97.0%) (1.8%)
Capital contributions of U.S. government $ 3,034 $   3,034 $   3,034 blank blank blank
Retained earnings (deficit) since reorganization $ 2,342 $      897 $(2,168) blank blank blank
Total net capital $ 5,376 $   3,931 $866 blank blank blank


Number of career employees
704,716 707,485 729,035 (0.4%) (3.0%) (3.2%)
Mail volume (Pieces in millions) 211,743 206,106 202,185 2.7% 1.9% (0.3%)
New delivery points served** 2,006,577 1,782,900 1,908,797 blank blank blank

* Excluding interest expense on retirement obligations.

** See page 35 in our Management’s Discussion and Analysis for a description of a change we made in 2004 in how we count delivery points.