Man, but FactSetResearch (NYSE:FDS) is boring. And from a guy like me, who generally considers himself the "curmudgeonly value" type, that's about the highest compliment I can pay. After all, this growing provider of financial information simply continues to execute and deliver the goods. No CEO rantings, no scandals, no excuses -- none of that junk.

So here we have another ho-hum excellent quarter. Revenue was up better than 24%, with reported operating income up 13% and net income up about 7%. Turning to numbers not following generally accepted accounting principles, though, operating income growth jumps to nearly 24% and net income growth exceeds 26%.

Now here's where the "FactSet is boring" theme becomes more of a problem -- my editors wouldn't be too thrilled if I just signed off on FactSet after a two-paragraph discussion.

Let's talk a bit, then, about what the future might hold for FactSet. Regular folks might not really appreciate the investment information empire that Bloomberg has built for itself, but those terminals (or data feeds offered through regular computers) are seemingly everywhere on Wall Street. Given that those feeds aren't cheap, that's a lot of potential revenue every quarter.

And though I haven't been on a trading floor in a little while, FactSet has been doing a good job of increasing its own penetration as well. Not only does it continue to add subscribers and users, but the company continues to expand its offerings -- and if you can get a subscriber to add another service, that's very profitable revenue. It also doesn't hurt that FactSet's data and customer service are as good as the company itself.

Though I'm not really worried about competition from Bloomberg, Reuters (NASDAQ:RTRSY), or Thomson (NYSE:TOC), there is risk here from the general state of the market. Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C) aren't going anywhere, but a lengthy period of stinky markets could hurt the hedge fund industry and force some of FactSet's customers out of business. Do I think it's likely? No. Do I think it's possible? Yeah, I suppose so.

In the meantime, though, I'm planning on continuing to watch this story develop. It's always fun to see a well-run company with good products succeed and grow its business.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).