Last $66.53 USD
Change Today +0.04 / 0.06%
Volume 64.4K
MORN On Other Exchanges
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As of 8:10 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).

morningstar inc (MORN) Key Developments

Morningstar Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Morningstar Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $189,385,000 compared with $175,428,000 for the same period last year. Operating loss was $24,780,000 compared with operating income of $43,584,000 for the same period last year. Loss before income taxes and equity in net income of unconsolidated entities was income before income taxes and equity in net income of unconsolidated entities $18,882,000 compared with $46,695,000 for the same period last year. Net loss attributable to Morningstar Inc. was $9,769,000 or $0.22 diluted per share compared with net income attributable to Morningstar Inc. $31,121,000 or $0.66 diluted per share for the same period last year. Cash provided by operating activities was $54,804,000 compared with $58,462,000 for the same period last year. Capital expenditures was $10,006,000 compared with $9,763,000 for the same period last year. For the six months, the company reported revenue of $370,550,000 compared with $344,284,000 for the same period last year. Operating income was $13,752,000 compared with $84,144,000 for the same period last year. Income before income taxes and equity in net income of unconsolidated entities was $20,515,000 compared with $88,200,000 for the same period last year. Net income attributable to Morningstar Inc. was $16,607,000 or $0.37 diluted per share compared with $60,739,000 or $1.30 diluted per share for the same period last year. Cash provided by operating activities was $66,688,000 compared with $85,135,000 for the same period last year. Capital expenditures was $30,799,000 compared with $18,881,000 for the same period last year.

Morningstar Agrees to Settle Intellectual Property Litigation with Business Logic Holding

Morningstar will pay Business Logic Holding an amount of $61.0 million after the companies reached an agreement to settle litigation related to certain intellectual property. Under terms of the agreement, Morningstar has secured a license to the intellectual property at the heart of the dispute. Morningstar will pay the settlement amount, which is approximately $38.2 million after taxes, or 85 cents per share. The company will record the expense in the second quarter of 2014. The lawsuit stems from a 2003 contract between Business Logic and Ibbotson Associates Inc., which Morningstar acquired in 2006. Business Logic gave Ibbotson the right to embed and combine its software with Ibbotson's software to develop Advice by Ibbotson, the company's advice and managed account platform for retirement plan participants. When the contract between Ibbotson and Business Logic ended in 2009, Ibbotson replaced the Business Logic software with its own. Business Logic claimed that Morningstar and Ibbotson breached the contract and used Business Logic trade secrets to develop the new software. Business Logic filed suit against Morningstar and Ibbotson in 2009, and Morningstar and Ibbotson contested the claims.

Morningstar Inc. and Ibbotson Associates Inc. Settle Software Piracy Lawsuit Filed by Business Logic Corp

Morningstar Inc. has settled a software piracy lawsuit filed against it by Business Logic Corp. The trial, which was scheduled to start on July 7, 2014 in Chicago, has been canceled. The lawsuit filed by Business Logic in 2009 alleged that Morningstar and unit Ibbotson Associates Inc. misappropriated Business Logic's trade secrets. Business Logic sought in $64.3 million compensatory damages.

Intercontinental Exchange Selects Morningstar to Provide Financial Data for the Redesigned NYSE.com

Intercontinental Exchange has selected Morningstar Inc. to provide comprehensive financial data and web solutions for the New York Stock Exchange's redesigned website, www.nyse.com. Morningstar is providing NYSE.com with a broad range of custom and ready-to-integrate online components such as comprehensive market and fundamental data, including intraday pricing, detailed corporate actions, interactive charting, and breaking news for equities, closed-end funds, exchange-traded funds, and futures.

Morningstar, Inc. Launches Manager Research Services for Institutional Investors

Morningstar Inc. introduced a new service to help institutional investors evaluate funds, investment strategies, and asset management firms. Morningstar Manager Research Services combines the firm's fund research reports, ratings, software, tools, and proprietary data with access to company's manager research analysts. It complements internal due diligence functions for institutions such as banks, wealth managers, insurers, sovereign wealth funds, pensions, endowments, and foundations. Morningstar Manager Research Services includes: Comprehensive insights from manager research analysts, with access by phone, email, or in person; Research reports for up to 4,000 funds globally, including active, passive, multi-asset, exchange-traded fund, and closed-end fund strategies, produced by more than 110 manager research analysts globally; Morningstar Analyst Rating(TM) for funds, which represents the Morningstar analysts conviction in the fund's ability to outperform on a risk-adjusted basis over the long term and is expressed as Gold, Silver, Bronze, Neutral, or Negative. Analysts arrive at a rating through an evaluation of five key pillars--People, Process, Parent, Performance, and Price--each of which are rated as Positive, Neutral, or Negative and then combined for the overall Morningstar Analyst Rating. The ratings are available for approximately 3,500 funds globally; Morningstar(R) Stewardship GradeSM for approximately 35 fund firms in the United States and Canada. Firms receive a grade from A to F to help investors identify companies that do a good or poor job of aligning interests with their fund shareholders. The grade evaluates corporate culture, manager incentives, fees, and regulatory history, along with board quality for U.S. firms; Morningstar Rating(TM) for more than 35,000 funds globally, which is a quantitative, risk-adjusted measure of a fund's past performance and expressed as 1 to 5 stars; Research studies, white papers, and perspective about relevant issues, investment themes, asset class trends, and industry events; Screening, monitoring, and portfolio attribution tools; and a expansive data universe that encompasses approximately 160,200 open-end mutual funds, 10,700 exchange-traded funds, 7,400 closed-end funds, and 10,700 separate accounts and collective investment trusts.

 

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Valuation MORN Industry Range
Price/Earnings 38.2x
Price/Sales 4.1x
Price/Book 4.5x
Price/Cash Flow 23.2x
TEV/Sales 3.8x
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