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Mitchell International Achieves Record Revenues in 2008
Company's Strong Performance Achieves Record Revenues and Customer Wins and Sets New Performance Benchmarks
| Source: Mitchell International
SAN DIEGO, CA--(Marketwire - February 25, 2009) - Mitchell International Inc., a leading
provider of information, workflow and performance management solutions to
the property and casualty claims and collision repair industries, today
announced record business performance results for 2008. Mitchell grew
revenue by over 15% on a year-over-year basis and is on pace to achieve
similar growth in 2009 -- with sales expected to exceed a quarter of a
billion dollars ($250 million). Moreover, Mitchell made substantial gains
in new customer additions who chose Mitchell's industry-leading solutions
to boost operational efficiency, enhance customer service, and improve
productivity. As an example, in 2008 alone Mitchell added over 2,500 new
collision repair shops to its network.
"We are proud of our strong performance in 2008 -- especially given the
challenges presented by the economy," said Alex Sun, President and CEO,
Mitchell International. "The fact that Mitchell achieved balanced growth
across its key business lines was especially encouraging." Mitchell's
physical damage business benefitted from a number of product lines --
WorkCenter™ Total Loss, WorkCenter Dispatch and ABS™ Enterprise each
more than doubled revenue year over year, and AutocheX grew by 20%. On the
Casualty side, Mitchell continued its history of success of high
double-digit growth with adoption of its 3rd party (ClaimIQ™) and
payment solutions. Sun added, "As our business results demonstrate,
Mitchell was, and is, firing on all cylinders -- with even more powerful
momentum and results expected in 2009."
In 2008 Mitchell also maintained an ambitious pace of investment in product
development to fulfill its vision of elevating the level of collaboration
between insurance carriers and collision repairers and introducing
innovations for claims automation and performance. "Thanks to the tireless
efforts of our over 1,300 dedicated colleagues and the continued support of
our customer base, Mitchell is stronger than it has ever been," said Sun.
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of
information, workflow, workers' compensation, medical bill review, and
performance management solutions to the automotive insurance claims
industry, serving carriers, collision repair facilities, and other
commercial participants in the physical damage and auto-related medical
claims markets. Mitchell facilitates millions of electronic transactions
between more than 25,000 business partners each month to enhance their
productivity, profitability, and customer satisfaction levels.