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Xtend ahead of budget in 3rd Q
GRAND RAPIDS, Mich. (8/3/11)--Through three quarters of its fiscal year, Xtend Inc., a Grand Rapids, Mich.-based multi-owned cooperative credit union service organization (CUSO), reported that it was ahead of budget in nearly every key measurement. Overall sales through three quarters grew 18.9% year-over-year, Xtend President Scott Collins noted in his quarterly report to stock holders. “Each of our business units exceeded its third-quarter 2010 revenue, several by double digits,” Collins said. Among the business units experiencing revenue growth were mortgage services (46.9%), Member Reach electronic member-communication service (35.8%), Xtension Call Center (11.6%), back-office bookkeeping (9.8%) and Audit Link compliance monitoring (7%). The CUSO reported that sales for the first six months of its fiscal year totaled $1.12 million. Expenses also were under budget, Collins said. Also during the third quarter, Xtend was selected as the National Collaborative CUSO of the Year at the National Association of Credit Union Service Organization annual meeting.


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