Postal Service Delivery Holds Steady at 2.5 Days

*Total net sales were $135.8 million, a decrease of $25.9 million or 16.0%, compared to $161.7 million last year. *Gross profit was $41.7 million, or 30.7% of net sales, compared to $51.7 million, or 32.0% of net sales last year. *Operating income was $7.7 million, or 5.7% of net sales, compared to operating income of $12.1 million, or 7.5% of net sales, last year. *Net income was $5.3 million, or $0.18 per diluted share, compared to $9.3 million, or $0.31 per diluted share, last year.

Savvas Learning Company is excited to introduce Savvas CTE, an offering of innovative career and technical education (CTE) courses, including many that prepare students for industry-recognized certification exams. With a wide array of all-digital courses ranging from drone piloting and cybersecurity to esports and aeronautics, Savvas CTE inspires students to explore career paths and develop skills needed for success in today’s high-interest, high-demand jobs. “Every student while still in high school, and even middle school, deserves the opportunity to explore career pathways that help them plan for their future, gain modern workplace skills, and increase their employability,” said Bethlam Forsa, CEO of Savvas Learning Company. “Savvas CTE helps them get there by providing interactive, real-world learning experiences that engage students every step of the way, ensuring they gain the skills they need to become career-ready and able to secure good jobs in today’s fast-growing fields.”

The U.S. Postal Service today announced its financial results for the second quarter of fiscal year 2024 (Jan. 1, 2024 - Mar. 31, 2024). The net loss for the quarter under generally accepted accounting principles (GAAP) totaled $1.5 billion, compared to a net loss of $2.5 billion for the same quarter last year. GAAP results for the quarter were negatively impacted by $1.4 billion of expenses attributed to the amortization of unfunded retiree pension liabilities, offset by a workers' compensation non-cash benefit of $224 million driven by actuarial revaluation and discount rate changes; these factors are not controllable by the Postal Service. Controllable loss, as defined below, for the quarter was $317 million, compared to a controllable loss of $498 million for the same quarter last year. These results were favorably impacted by increased revenue and lower transportation costs, partially offset by the continued effect of inflation on operating expenses. Total operating revenue was $19.7 billion for the quarter, an increase of $410 million, or 2.1 percent, compared to the same quarter last year.