Xtend Reports Strong Third Quarter Performance

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 and fast approaching the $1M revenue mark for the first time in its history.

In his quarterly reports to stockholders, CUSO President Scott Collins noted that the “revenue through the 3rd quarter of our fiscal year had already eclipsed our full-year performance for 2009, making it our biggest sales year ever, and we still have three months to go.”  Collins continues, “All of our business units are experiencing increases in demand, led by Xtension (call center) and our back-office services (Audit Link and SRS Bookkeeping brands).  We currently track seven distinct branded services revenue buckets and all are ahead of budget through June 30th.  Our call center sales continue to lead the way, exceeding our budget projections to-date by more than 33%.  And judging from owner feedback during our largest-attended annual meeting ever several weeks ago, we are providing services that are critical to the survival and success of those credit unions we serve.”

Collins also noted that total expenses were under budget for the same period by nearly 1%.  “We are very much a manage-by-the-numbers business, and our third quarter expense numbers indicate that we are responding effectively to the ebbs and flows of product and project demand,” said Collins.  “All these factors make us bullish about a strong finish to our 2010 campaign.”

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