GRAND RAPIDS, Mich.–Xtend, Inc., a multi-owned cooperative CUSO, recently announced the results of its second fiscal quarter to stockholders and clients.
The results for the fiscal period, which ended on March 31, reflected growth in each of its major business units.
In his quarterly newsletter to stockholders, Xtend President Scott Collins wrote, “Overall, I am pleased with our mid-year position considering we were significantly behind our budget targets as late as the end of January. Total sales were 26% ahead of the same period last year and our cash position remains strong, as we continue to keep our eye on the landscape for potential investment opportunities. All teams are hitting it hard every day, so we should have some pretty exciting stories to share with our owners at the 2016 stockholder meeting.”
According to Collins, the CUSO experienced year-on-year growth in its Member Reach e-Communication brand (+46%), its compliance log management practice (+23%), its Xtension Call Center (+36%) and its loan servicing unit (+13%).
“I was looking forward to the second quarter numbers because of the course corrections we made during the past several months,” said Collins. “We continue to serve an industry that is in consolidation mode, especially from a merger standpoint, but as the numbers bear out, the demand for our products and services continues to be high. I am especially pleased with the strong performance in services that drive credit union income for our customer-owners.”
Meanwhile, Xtend welcomed more than 100 credit union professionals to its 14th Annual Stockholder Meeting. The meeting, which was open to not only customer-owners, but also clients and visitors, was the largest event that the CUSO had ever hosted. This year’s event was held at the JW Marriott Hotel and Conference Center in Grand Rapids for the fourth consecutive year.
The event began with an informational session co-hosted by President Scott Collins, and Liz Winninger, Xtend’s manager of business development, sales and marketing. The session, called “No Lead Left Behind,” was designed to inspire the credit union audience to increase their lead generation activities, engage those leads in a timely manner and track them more effectively.
“It has always been a privilege for our CUSO to kick off this two-week celebration of our owners and the credit unions we serve alongside our peers in the cuasterisk.com network,” said Collins. “This year’s event was our biggest ever, and the feedback we are hearing is telling us it was also our best. It not only gives us a great opportunity to brainstorm with a focus group of our customer-owners, it also allows us to plant seeds in ways they can increase their lead generation and fulfillment efforts. And Liz Winninger did an excellent job positioning ways to leverage our CUSO resources in those efforts.”