Grand Rapids, Michigan – December 15th, 2012 - Xtend, Inc., a Grand Rapids, Michigan-based multi-owned cooperative CUSO, announced that its final results for fiscal 2012 represented the largest sales year in the ten-year history of the company. Revenue for the fiscal year ending on September 30th was $1.68 million, eclipsing the previous high of $1.52 million following the CUSO’s 2011 campaign.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “Following the completion of work by our CPA firm, it was confirmed that your CUSO has put an exclamation point on another solid year. The 2012 fiscal campaign had many memorable milestones for our company, and it goes without saying that a 10.2% year-on-year revenue growth ranks high on the list. We experienced a sales increase in every one of our business units during the year, with most reaching double-digit growth numbers. At the same time we were able to manage our expenses effectively which allowed us to finish the year right on budget from a net income standpoint.”
Collins continued, “We have worked very hard to develop a la carte offerings within our major business units, services that credit unions can plug in quickly when they have short-term challenges or to help them get enter new markets. I believe that our results in 2012 have not only validated those investments, but also helped put us in a position to invest over the next several years in products and services that directly support the business plans of our customer-owners.”
Collins confirmed that Xtend services are utilized by nearly 150 credit unions nationally.
About Xtend (www.xtendcu.com):
Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more cost-effectively. Their strategic offerings include bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, compliance monitoring, and insurance services. Xtend provides services for over 150 credit unions and is currently owned by 69 credit union partners.