Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that sales through the 2nd fiscal quarter that ended March 31st were more than 5% ahead of budget. Moreover, total sales reflected an 11% growth over strong second quarter numbers a year ago.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “Thankfully, the business climate has been just as predictable as the Michigan weather (I hope you can detect a bit of sarcasm in my tone). We certainly count our blessings that our 2nd fiscal quarter finds us on the positive side of an unpredictable marketplace. In fact, the results highlighted throughout this report not only put an exclamation point on our first half of the year, they also represent a solid foundation for the balance of 2012.”
The CUSO reported that year-on-year sales growth was led by its SRS Bookkeeping (+19%), Xtension Call Center (+12.6%), Member Reach (+12%), Audit Link (+10.8%) and Mortgage Servicing (+1.8%) brands.
Collins continued, “As can be expected, we finished the first half over budget on the expense side of the ledger based on the investments we made to support the increase in demand across the board. But when all was said and done, our net income was ahead of plan by nearly 84%. That puts us in a great position for additional investment during the balance of the year.”