Postal service posts $3.3b loss
Strong holiday shipping was not enough to offset a continued decline in first-class mail and soaring pension and health care costs, leading to a $3.3 billion quarterly loss for the U.S. Postal Service, compared with a loss of $290 million a year earlier.
The Postal Service’s shipping business, which accounted for 17 percent of revenue, was up 7 percent in its fiscal first quarter. First-class mail revenue fell 4.1 percent.
ObjectVideo, Sony reach patent deal
Reston’s ObjectVideo Inc., a video analysis software-maker, said Sony Corp. has signed an agreement to license its patented technology, and it has withdrawn its patent infringement complaint at the U.S. International Trade Commission.
ObjectVideo said the two companies have settled all outstanding claims. No financial details were disclosed.
COPT loses $87m in quarter
Corporate Office Properties Trust lost $87 million in the fourth quarter, capping a tough year for the Columbia real estate investment trust.
COPT, which is heavily dependent on its government-related tenants, continues to face the prospect of federal budget cuts.
The company posted a loss of $87.2 million, or $1.21 per share, in the fourth quarter, compared with a profit of $16.7 million, or 18 cents per share, a year ago.
Mortgage rates hold steady
Long-term mortgages rates held steady near all-time lows.
The average rate on a 30-year fixed-rate mortgage was 3.87 in the week ending Feb. 9, unchanged from last week and the lowest average rate on a 30-year fixed in the four decades that McLean mortgage buyer Freddie Mac has been keeping track.
