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TRUCKING INDUSTRY NEWS * USA & CAN - USPS at High Risk Financially
GAO says big losses endanger ‘sustainable, affordable’ mail delivery
Washington,DC,USA -The Journal of Commerce -Jul 31, 2009: -- A government audit says the financial viability of the U.S. Postal Service is at high risk as the USPS struggles to keep up with declines in mail volume reaching billions of pieces a year... The Government Accountability Office raised its warning on the USPS’ financial condition to “high risk” this week, saying the drop in volume is unlikely to turn around after the recession because of changes in consumer mailing patterns... The decline of 9.5 billion pieces in the USPS’ last fiscal year and 28 billion pieces in the current 2009 fiscal year will leave the USPS with a net loss of $7 billion this year, the GAO said, pushing the Postal Service’s outstanding debt to $10 billion. The USPS faces a $1 billion shortfall in cash that likely will grow next year as it faces another net loss... The USPS has been trying to cut costs, but with hundreds of thousands of employees and enormous infrastructure — 38,000 facilities — supporting its universal mail delivery the Postal Service hasn’t been able to keep up with the growing move by consumers to electronic communications...* Canada - Mullen Group Profit Falls 10 Percent. Western Canada freight demand declines along with oilfield services
Okotoks,Alberta,CAN -The Journal of Commerce, by Thomas L. Gallagher -Jul 31, 2009: -- Canadian trucking and oilfield services company the Mullen Group earned a profit of $17.8 million on revenue of $202.7 million in the second quarter... Profit came in 10.6 percent lower than in the comparable quarter a year ago as business fell off in the oilfield services segment as well as the trucking and logistics segment... Revenue was down 18.6 percent from last year as a result of the continuing recession and its impact on demand for freight services especially in western Canada, as well as less fuel surcharge revenue being generated due to the reduction in the average cost of diesel fuel on a year over year basis, the company said... (Photo from millcreek - Mill Creek's truck, part of the Mullen Group)
Labels: trucking industry news USA
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