SOURCE: Mitchell International

March 07, 2005 12:01 ET

Mitchell International Announces Industry-Leading Growth in 2004

SAN DIEGO, CA -- (MARKET WIRE) -- March 7, 2005 -- Mitchell International, Inc. today announced the achievement of record revenue and significant growth in 2004. Throughout the past year -- ending December 31st -- Mitchell realized enormous success in both its auto physical damage and medical bill review business lines, with total revenue growth reaching 9% over 2003 levels. During that same period, the company's operating income increased by 27%. This record profitability was realized over-and-above Mitchell's regular and ongoing investment in product innovation and development, and customer support.

"We finished 2004 on a very positive note; we couldn't be more pleased with our overall performance," remarked Jim Lindner (Chairman and Chief Executive Officer).

On the medical side, several significant new accounts were signed, including two of the top 15 domestic carriers. "2004 was a great year for Mitchell Medical," said Kevin Gitre (Sr. VP-Insurance Sales). "The marketplace has awarded our DecisionPoint™ solution a significant portion of the auto medical bill review space, and we have continued to invest in our information and technology to ensure our solutions continue to delight our customers."

Mitchell expanded its product footprint in a number of top tier carriers in 2004 by bundling end-to-end solutions for estimating, workflow, CSI, and business analytics. "Insurance carriers are interested in the most complete and accurate information in order to quickly and fairly settle auto physical damage claims, and then tools to mange and track customer satisfaction with the repair process. Our expanded portfolio of products offers all of that and more," commented Gitre.

"The company continues to experience balanced growth across all of its lines of business," said Alex Sun (Chief Financial Officer). "Our medical, estimatics, workflow, and CSI product groups were key contributors to our strong performance, and are where the company continues to distinguish itself. The unique breadth and depth of Mitchell's product and service offerings continue to set it apart from its competitors."

Mitchell credits some of its success this past year to the rollout of its core collision-appraisal and workflow solution, UltraMate Premier Suite™, which has proven extremely popular, helping to achieve a year-over-year revenue growth of 12% in the Collision Repair Market Segment. On the success of the Premier Suite portfolio, Marc Brungger (VP-Collision Sales) had this to say:

"Mitchell has always been a leader in delivering the tools that collision repair shops need to do their job efficiently and effectively. From a complete line of estimating tools, business management solutions, collision repair reference information, to CSI, Mitchell has provided more shops and insurers over the years with the tools they need to run their businesses. Now with the latest technology and design, we are able to integrate those solutions into a single and powerful application, UltraMate Premier Suite!"

Mitchell is extremely gratified by its strong 2004 performance, and is dedicated to continuing in its tradition of providing world-class solutions and unsurpassed customer support to its valued business partners. We are looking forward to reporting an even more successful 2005!

About Mitchell International

Mitchell International is a leading provider of information and workflow 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 processes. Mitchell facilitates millions of electronic transactions between more than 16,000 business partners each month to enhance their productivity, profitability, and customer satisfaction levels. For more information on Mitchell International, visit our website at www.mitchell.com.

About Hellman & Friedman, LLC

Hellman & Friedman, LLC is a private equity firm with offices in San Francisco, New York and London that was founded in 1984. Over its 18 year history, Hellman & Friedman has raised and managed approximately $8 billion of committed capital that has been invested in approximately 50 companies. Hellman & Friedman acquired Mitchell from The Thomson Corporation in the Spring of 2000. For more information, visit www.hf.com.

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