Morningstar reported first quarter net income of $25 million, a 8.2% increase from $23.1 million in the first quarter of 2008. However, excluding acquisitions and the impact of foreign currency conversions, revenue declined 7.1%.

“This was a challenging quarter,” commented Morningstar Chairman and CEO Joe Mansueto. “Still, we believe we responded effectively to the overall market conditions and global economic weakness [with] several cost-savings measures, including a reduction in bonus expense,” along with reductions in advertising and marketing.

“On the not-so-bright side, the Global Analyst Research Settlement is expiring in July, and we expect our post-settlement equity research revenue to be significantly lower beginning in the second half of the year,” Mansueto said.

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