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.