Citing the strength of subscriptions by financial advisers to its Morningstar Advisor Workstation and sales of its stock research to investment banks, Morningstar has reported fourth-quarter profits of $10.1 million, compared with a loss of $1.1 million in the fourth quarter of 2004. Morningstar's investment consulting services for funds-of-funds also contributed to this growth.

For the year ended Dec. 31, Morningstar earned $31.1 million, nearly four times what it earned in 2004.

"Each of our three business segments achieved strong revenue growth during the fourth quarter and the year," said Morningstar Chairman Joe Mansueto. "We've also continued to make progress with our growth strategies, including building a leadership position in each of our market segments, expanding the range of products and services we offer to investors, and expanding internationally."

Highlights of the year included going public in May and acquiring Ibbotson Associates, which is expected to close in March, Mansueto added.

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