WASHINGTON (Reuters) -The U.S. Postal Service on Friday said it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly over the prior budget year.

New Postmaster General David Steiner said USPS must be more efficient and still has a "significant systemic annual revenue and cost imbalance.. To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model." USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms.