CUSO Off to Fast Start

Xtend, Inc. a multi-owned cooperative CUSO based in Grand Rapids, Michigan, is off to a fast start to its fiscal year and reports demand for all of its major branded services has exceeded expectation during the first quarter.  The strong quarter follows a records performance in 2010.

According to CUSO President Scott Collins, “Our sales through the first quarter saw growth of 30% over the same period last year, which was a strong quarter in its own right.  The quick pace is being set by double-digit year-on-year growth in our member communication, mortgage servicing, back-office and compliance monitoring offerings.  Higher than anticipated demand for our Xtension call center services has also propelled that business unit to one of its largest quarters ever.”  Collins continues, “On the other side of the ledger, our expenses remain in check as we continue to manage by the numbers based on a mix of both contractual and ala carte opportunities.”

Overall sales for the first quarter topped $406K, with the top revenue contributors being SRS Bookkeeping (back office support), Xtension (inbound and outbound member communication services), CU*OverDrive (marketing) and Audit Link (compliance monitoring) respectively.  Collins concludes, “If the fast start to the year is any indication, it should be another exciting year for our CUSO, our owners and their members.”