GRAND RAPIDS, Mich. (12/27/12)--Xtend Inc., a credit union service organization (CUSO) in Michigan, says it had the largest sales year in its 10-year history, with revenue for the fiscal year ending Sept. 30 totaling $1.68 million.
The Grand Rapids, Mich.-based CUSO said the figure eclipses its previous high of $1.52 million after its 2011 campaign.
Xtend President Scott Collins noted the milestone, which is a 10.2% year-on-year revenue growth. "We experienced a sales increase in every one of our business units during the year, with most reaching double-digit growth numbers," Collins said. That and managing its expenses allowed the company to "finish the year right on budget from a net-income standpoint."
Because of the successful 2012 fiscal campaign, Xtend's Board of Directors has declared a 4% stock dividend to its owners. Collins said the dividend is the CUSO's third consecutive dividend and its largest.
Xtend, which is 100% owned by 69 credit unions, serves more than 150 credit unions. It provides managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes.