SAN DIEGO — Year-to-date total revenue figures are slightly above those of the first six months of 2006 for CUSO Financial Services, LP, a broker dealer and registered investment adviser to credit unions.
The company reported on Aug. 20 that its annual revenue has increased from $47 million in 2003 to $79 million in 2006 while net profits jumped from $1.7 million in 2003 to $6 million in 2006, according to the CUSO. Partnership distributions have risen from a $750,000 share of 2003 profits to a $4 million allocation of 2006 net income. This increase in distributions represents a 52% annual growth rate, the company said
The company credits increased efficiencies of its technology platforms, customer service and accounting processes for its latest figures. CFS said it added nearly 20 new programs in 2007 and currently serves more than 100 credit unions.
"Our CFO, Loraine Wiser, has implemented a more detailed and defined budget process through which senior managers are held accountable for cost controls. Her budget controls have had a direct effect on the increase in overall profitability and expansion of profit margins at CFS," said Valorie Seyfert, CFS president/CEO.
Seyfert said CFS has also "streamlined the commission accounting and payment process through the application of state-of-the-art technology and systems, and this has been beneficial for our business and that of our partners."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.