Acquisitions drive Morningstar revenues

Morningstar Inc. a provider of independent investment research, today reported consolidated revenues of $95.4 million in the first quarter, a 36% increase from revenues of $70.1 million in the first quarter of 2006. Morningstar's first-quarter results included $12.2 million in revenues from acquisitions made during 2006 and 2007. Consolidated operating income was $24.0 million in the first quarter, an increase of 25% compared with $19.2 million in the first quarter of 2006, the Chicago-based firm said. Morningstar's net income was $15.8 million in the first quarter, or 33 cents per diluted share, compared with $13.4 million, or 29 cents per diluted share, in the first quarter of 2006. Morningstar acquired Standard & Poor's mutual fund data business on March 16, and made three key acquisitions in 2006. "Our acquisition of S&P's fund data business was the highlight of the quarter, and the integration is going very well, said Joe Mansueto, chairman and chief executive, in a statement.