Following the approval of their interim financials by the Board of Directors, Xtend, Inc., the Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced its 2016 fiscal year results to stockholders and clients. The results for the fiscal year, which ended on September 30th, reflected strong growth over its record 2015 performance despite a period of internal consolidation and business simplification.

In his quarterly newsletter, Xtend President Scott Collins wrote: “When I look back on our 2016 campaign, I can honestly say it was unlike any of our preceding years. Not only did we overcome a significant budget deficit during the first third of our year, we successfully navigated a period of consolidation in several areas of our business. I am proud of the team for never losing focus on their #1 task – serving our credit unions and their members effectively – which allowed us to have a huge 2nd half of the year and come in ahead of target.”

Collins continued, “Based on our pre-audit tabulations, we had a record sales year, with revenues exceeding our 2015 numbers by 10.5%. When you consider that we de-commissioned a business unit that brought in more than $440K in 2015, it makes our results even more special. It not only validated that we had made effective decisions after moving forward with a ‘shrink-to-grow’ plan mid-year, but also that our investments in people made during the first half of the year were really earning out for us during the last two quarters of the year. Once the CPAs are through doing their thing, I look forward to reporting to owners that their CUSO did indeed have an outstanding 2016, and that our team had already shifted focus to coming out of the gate strong this fall.”