The audited financial reports that Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, delivered to its owners this week showed that the recently-completed 2011 campaign was a record performance for the company across the board. According to the report, sales for the fiscal year ended on September 30th totaled $1.52 million, eclipsing the previous high of $1.33 million in 2010.
In his quarterly report to stockholders, CUSO President Scott Collins noted that the “4th quarter results were consistent with the first three quarters of the year” and “reflected that investments made in key business units over the past several annuals have allowed us to respond effectively to increased demand for our services by our credit union partners. The final results represent and exclamation point on an exciting year for our CUSO.”
Collins added, “We were bullish about the opportunities for our cooperative. There were signs all around us that the credit unions in our market space would continue to seek creative, innovative, and most importantly, cost-effective solutions in their front and back offices. Whether it was due to increased regulatory activity, a struggling economy, competitive pressures or all of the above, we had to be ready to help the credit unions in our network respond to a very challenging marketplace. And I think our results in the past year indicate that our teams really stepped up for our partners and are setting a strong pace as we enter the International Year of Cooperatives.”
According to the report, overall sales grew 14.9% year-on-year, led by the CUSO’s Mortgage Servicing and Member Reach business units, which were up 44% and 34% respectively from 2010 figures.