Strong 3rd Quarter Numbers for Cooperative CUSO

Grand Rapids, Michigan – July 29th, 2011
Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, delivered its year-to-date financial report to owners earlier this week. Through June 30th – three quarters of its fiscal year – the CUSO reported that it was ahead of budget in nearly every key measurement, setting the stage for Xtend’s largest sales year ever.

In his quarterly report to stockholders, CUSO President Scott Collins noted that the “third quarter results represent a continuation of the momentum from the previous two quarters.” Collins added, “Our overall sales through three quarters grew 18.9% year-on-year. Each of our business units exceeded its 3Q 2010 revenue, several by double-digits. Our Mortgage Servicing practice (+46.9%), Member Reach electronic member communication service (+35.8%) and Xtension Call Center (+11.6%) led the way, and our SRS back office bookkeeping (+9.8%) and Audit Link compliance monitoring units (+7%) were not far behind. Expenses came in under budget as well, so I could not be more pleased with where we are year-to-date.”

“Our third quarter was exciting to say the least,” continued Collins. “It started with Xtend getting selected as the National Collaborative CUSO of the Year during the annual NACUSO meetings and finished up with our biggest stockholder meeting ever. While our industry and the economy remain in a state of uneasiness, we have continued to benefit from our investments in both expense-reducing services and income-generating solutions for our credit union and CUSO partners. Since each of four major brands added new clients during the quarter, I am bullish that we will be able to finish of the fiscal year ahead of plan. Needless to say, I am very proud of our team.”

The CUSO reported that sales for the first six months of its fiscal year totaled $1.12M.