Xtend Continues Growth Trend

Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, recently notified stockholders that its first half of the 2010 fiscal year finished as the most successful six month period in the CUSO’s seven-year history.  Total sales for the period of October 1, 2009 through March 31, 2010 were more than 39% higher than the same period a year ago and surpassed the highest six-month period (2nd half of fiscal 2009) by more than 23%.

In his report to CUSO stockholders, Xtend President Scott Collins noted that “our revenue performance in nearly every business unit in the company has been stellar.”  Collins continues, “As we entered the 2010 campaign, we were uncertain what effect corporate stabilization and an increased level of regulatory activity for our credit union partners would have on demand for our shared resources business units.  Through the first half of the year, the answer to that question is that we have experienced a net gain across the board.  Our bookkeeping services grew 30% during this period and our electronic communication business grew 14%.  The Xtension Call Center continued to gain market share and our new solutions like Audit Link (compliance) and CU*OverDrive (marketing) have been solid producers as well.  While I remain bullish that demand will continue to be strong for the balance of the year, we will continue to prudently manage by the numbers from a resource investment standpoint.”

Collins closed by reporting that the CUSO was on track to meet or exceed its overall profitability objective for the 2010 fiscal based on the fast start to the year.

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