Xtend Posts Strong 1st Half Numbers

Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, delivered its year-to-date financial report to owners earlier this week. Through March 31st – the first half of its fiscal year – the CUSO reported that it was ahead of budget in nearly every key measurement and off to one of the fastest starts in in its eight years as a company.

In his quarterly report to stockholders, CUSO President Scott Collins noted that “the first half results show a continuation of the strong numbers from last quarter.” Collins added, “Overall sales grew 29.5% over the same period last year. Several business units achieved double-digit year-on-year growth, including Mortgage Servicing (44%), our Member Reach electronic member communication service (41%), our SRS Bookkeeping back-office solution (13%) and our Audit Link compliance monitoring offering (10%). Demand for our Xtension Call Center was not far behind (+8%) either. Expenses, which exceeded budget during the first half in order to support increased demand for our contractual and a la carte execution services, are being managed effectively.”

“While our industry and economy remain in a state of uneasiness, Xtend and our sister CUSOs in the cuasterisk.com network continue to aggressively invest our collective resources to positively impact the balance sheets of credit unions–a win/win/win for members, credit unions and our company,” continued Collins. “Year-to-date numbers validate that we are leveraging opportunities in every business unit. References abound in each of our branded services. And our professional team continues to exceed client expectations on a daily basis.”