Financial Highlights
1. CONSOLIDATED FINANCIAL RESULTS OF EPS GROUP FOR THE SECOND QUARTER
ENDED MARCH 31, 2014(2013.10.1-2014.3.31)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )19,852 (18,237 (8.9% )
5.2% )Net Income per Share
(yen)
25.27
18.78

Mar-14Mar-13

Ordinary Income

Operating Income

Net sales
Mar-14Mar-13

1,923 (10.5% )1,741 ( ᇞ 36.7% )Net Income

1,978 (20.7% )1,638 ( ᇞ 37.7% )896 (33.4% )671 ( ᇞ 43.2% )Net Income per Share,
diluted (yen)䋭䋭Note : 1 Comprehensive income
Mar-14
1,220 Million yen( ᇞ 19.0% )Mar-13
1,505 Million yen( ᇞ 10.8% )2 Percentages for net sales, operating income, ordinary income, net income and comprehensive income indicate
growth ratio to previous year.
3 As each share of common stock has been split into 100 shares as of 1st April 2014, above net income per share shows
the amount based on as if share split were considered to be effective on 1st October 2012 retroactively.

(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets

Notes :20,38920,060

33,70030,323Mar-14
Sep-13( UNIT:JPY MILLION )Shareholders'Equity ratio (%)
52.9%
57.7%

Net assets

Total shareholders' equity, valuation and translation adjustments as of :Mar-14
17,843 Million yen
Sep-13
17,485 Million yen(3) CONSOLIDATED SUBSIDIARIES
Consolidated subsidiaries :Affiliated companies by equity accounting method :35
3companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Interim Dividend
Sep-13(Result)

1,600.00

Sep-14(Result)(Projection)

800.00䋭Note :Cash Dividends per share
Year end Dividend
1,000.00

Annual䋭䋭10.00

㧙As each share of common stock has been split into 2 shares as of 1st April 2013, and 100 shares as of
1st April 2014, above year end dividend shows the amount after each split.
For reference purpose only, if such share splits become effective as at 1st October 2012 retroactively, dividend
distribution for each fiscal year may become as follows,
Sep-13 (Result)
Annual: 18.00 (Interim Dividend: 8.00, Year end Dividend: 10.00)
Sep-14 (Result)Interim:8.00
Sep-14 (Projection)
Year end: 10.00

3. INFORMATION OF CONSOLIDATED BUDGET 2014.09 (2013.10.1-2014.9.30)
Sep-14

Net sales
40,961 (9.0% )Budgeted net income per share :Ordinary Income
4,150 (17.2% )Operating Income
4,110 (17.5% )( UNIT:JPY MILLION )Net Income
2,006 (17.3% )56.09 yenSep-14

Notes :1 Above figures may differ from actual results as uncertain various factors may affect future earnings.
2 Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio
to previous year.
3 As each share of common stock has been split into 100 shares as of 1st April 2014, above budgeted net income pershare shows the amount based on as if share split were considered to be effective on 1st October 2013 retroactively.

4. OTHER INFORMATION(1) Total number of shares issued and outstanding as of :Mar-14

36,160,000

sharesSep-13 36,160,000

shares394,800

sharesMar-13 35,765,200

shares(2) Common stock for treasury as of :Mar-14730,200

sharesSep-13(3) Average number of shares outstanding during the period as of :Mar-1435,476,883

sharesNote䇭 :

As each share of common stock has been split into 100 shares as of 1st April 2014, above each number of sharesshows the amount based on as if share split were considered to be effective on 1st October 2012 retroactively.

CONSOLIDATED BALANCE SHEETSMarch 31, 2014 and September 30, 2013
(UNAUDITED)(IN THOUSANDS,JPY)ASSETS
CURRENT ASSETS
Cash and time deposits
Notes and accounts receivable
Investment securities
Inventories
Works in progress
OthersAllowance for doubtful accounts
Total current assets

March 31.2014

September 30.2013

11,270,926
7,952,962
504,006
884,836609,304
2,292,688
ᇞ 25,196
23,489,529

10,474,905
7,516,328
171,766
643,114488,9972,594,884
ᇞ 22,771
21,867,224

FIXED ASSETS
Tangible䇭Assets
Intangible䇭Assets
Investments and other assets ;Investment securities
Deposits
OthersTotal investments and other assets

2,685,770
2,144,999

2,590,022
1,410,862

1,848,997
1,706,592
1,824,752
5,380,342

1,067,676
1,624,702
1,763,247
4,455,626

Total fixed assets

10,211,112

8,456,510

33,700,642

30,323,735

LIABILITIESCURRENT LIABILITIESAccounts payable
Short-term debt
Current portion of long-term debt
Income䇭taxes䇭payable
Provision for bonuses
Provision for loss on order received
OthersTotal current liabilities

1,060,818
1,515,000
444,000
1,061,353
1,132,453
52,0003,536,973
8,802,598

709,487
170,000
444,000
815,640
1,032,416
20,0002,917,392
6,108,935

LONG-TERM LIABILITIESLong-term debt
Provision for employees' retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
OthersTotal long-term liabilities

3,006,074
710,705
223,474
342,891
225,635
4,508,780

2,856,000
657,361
249,452
327,474
63,547
4,153,835

13,311,378

10,262,770

1,875,251
1,826,300
14,024,629
ᇞ 686,869
17,039,312

1,875,251
1,826,300
13,485,740
ᇞ 317,258
16,870,034

ᇞ 185,496

ᇞ 108,881

989,292

724,710803,795

615,828

Minority interests
TOTAL NET ASSETS

2,546,155
20,389,263

2,575,101
20,060,964

TOTAL LIABILITIES AND NET ASSETS

30,700,642

30,323,735

TOTAL ASSETSTOTAL LIABILITIESNET ASSETS
Shareholders' equity
Common stock
Additional paid-in capital
Retained earnings
Common stock for treasury
Total shareholders' equity
Accumulated other comprehensive income (or 䂦loss)
Unrealized gain (or 䂦loss) on
available-for-sale securities
Foreign currency translation adjustments
Total accumulated other comprehensiveincome (or 䂦loss)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the Second quarter ended March 31 2014 and 2013
(UNAUDITED)(IN THOUSANDS,JPY)
Second quarter ended
March 31.2014

Second quarter ended
March 31.2013

NET SALESCOST OF SALES
Gross profit

19,852,159
14,170,864
5,681,295

18,237,294
13,116,979
5,120,314

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income

3,757,506
1,923,789

3,378,925
1,741,389

OTHER INCOME (䂦EXPENSES)Interest income
Interest expenses
Foreign exchange gain or loss (䂦loss)
Gain on cancellation of life insurance
Gain or loss of equity in associated companies (䂦 loss)
Gain on change in subsidiaries' equity
Others- net
Other income (䂦expenses)-net
Income before income taxes and minority interests

24,278ᇞ 16,917
ᇞ 11,979
22,763
ᇞ 9,800
16,191
46,33870,875
1,994,664

11,521
ᇞ 11,415
ᇞ 140,025
19,192
ᇞ 26,260
䋭ᇞ 140,833
ᇞ 287,820
1,453,568

INCOME TAXES
Current
Deferred
Total
Income before minority interests
MINORITY INTERESTSNET INCOME

987,919
ᇞ 9,621
978,298
1,016,365
119,825
896,540

615,035
192,791
807,827
645,741
ᇞ 26,086
671,828

Income before minority interests

1,016,365645,741

ᇞ 76,615
300,419

60,584
787,737

ᇞ 19,822

11,737

203,981
1,220,347

860,059
1,505,801

1,084,507
135,839

1,447,166
58,634OTHER COMPREHENSIVE INCOME
Unrealized gain (or 䂦loss) on available-for-sale securities
Foreign currency translation adjustments
Share of other comprehensive income of associates inequity method
Total
COMPREHENSIVE INCOME
Comprehensive income attributable to :Parent shareholders
Minority interests

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Second quarter ended March 31 2014 and 2013
(UNAUDITED)(IN THOUSANDS,JPY)
Second quarter ended
March 31.2014
OPERATING ACTIVITIES:
Income before income taxes and minority interests
Adjustments to reconcile income before income taxes and minority
interests to net cash provided by operating activities:
Depreciation and amortization
Increase (䂦Decrease) in provision for bonuses
Increase (䂦Decrease) in allowance for retirement benefits for employees
Increase (䂦Decrease) in allowance for retirement benefits for directors
Interest and dividends income
Interest expense
Gain on change in subsidiaries' equity
Changes in operating assets and liabilities:
Decrease (䂦Increase) in accounts receivable-trade
Decrease (䂦Increase) in inventories
Increase (䂦Decrease) in accounts payable -trade
Increase (䂦Decrease) in other current liabilities
Others , Net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

Second quarter ended
March 31.2013

1,994,664

1,453,568

344,029
29,07653,341
ᇞ 25,977
ᇞ 28,628
16,917
ᇞ 16,191

277,775
ᇞ 205,836
67,184
19,305
ᇞ 12,742
11,415䋭ᇞ 50,463
ᇞ 265,219
308,415
498,529
391,4313,249,924
28,628
ᇞ 17,319
ᇞ 752,181
2,509,052

578,970
ᇞ 295,104
63,770ᇞ 343,152
147,055
1,762,211
12,536
ᇞ 11,433
ᇞ 1,405,171
358,143

INVESTING ACTIVITIES:Payments for time deposits
Proceeds from maturity of time deposits
Payments for purchases of tangible fixed assets
Payments for purchases of intangible fixed assets
Payments for purchases of investments securities
Payments for deposit for rent office and others
Payments for purchases of investments in subsidiaries
Payments for purchases of investments in capital of subsidiaries
Payments for acquisition of consolidated subsidiaries
Others , Net
Net cash provided by (used in) investing activitiesᇞ 51,734
18,059
ᇞ 236,991
ᇞ 262,797
ᇞ 860,829
ᇞ 138,625
ᇞ 145,500
ᇞ 33,320
ᇞ 798,391
242,795
ᇞ 2,267,335

ᇞ 14,869
14,627
ᇞ 282,757
ᇞ 123,282
ᇞ 911,956
ᇞ 91,209
ᇞ 602,000
䋭䋭ᇞ 514,117
ᇞ 2,525,565

FINANCING ACTIVITIES:
Proceeds from borrowing of short-term debt
Disbursements for repayment of short-term debt
Proceeds from borrowing of long-term debt
Disbursements for repayment of long-term debt
Payments for acquistion of common stock for treasury
Proceeds from sale of common stock for treasury
Dividends paid
Dividends paid for minority shareholders
Others , Net
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE DIFFERENCE ON CASH & CASH EQUIVALENTS
NET INCREASE IN CASH AND CASH EQUIVALENTS
BEGINNING OF BALANCE,CASH AND CASH EQUIVALENTS
ENDING OF BALANCE,CASH AND CASH EQUIVALENTS

2,000,000
ᇞ 655,000
400,000
ᇞ 249,925
ᇞ 399,745
30,084
ᇞ 357,235
ᇞ 48,888
ᇞ 3,240
716,048
136,018
1,093,784
10,629,445
11,723,229

2,780,000
ᇞ 1,865,000
䋭ᇞ 50,000
ᇞ 302
䋭ᇞ 339,794
ᇞ 56,929
ᇞ 10,649
457,323
356,399
ᇞ 1,353,699
10,663,816
9,310,117

STATEMENT OF ORDER ENTRY AND SALES BY ITEMSFor the Second quarter ended March 31 2014
(UNAUDITED)(1) RESULT OF ORDER ENTRY
2014.03<2013.10.1-2014.3.31>
DIVISIONAMOUNT OF ORDER ENTRY(IN THOUSANDS, JPY )Domestic CRO
Monitoring
Data Management
CRO others
TOTAL OF CRO
Domestic SMO
Domestic CSO
Global Research Operation
EKISHIN Operation
Others
TOTAL

year-to-yearcomparison(%)

9,841,297
3,739,070
1,385,147
14,965,515
3,221,406
2,743,500
1,070,994
1,769,938
647,826
24,419,181

141.9%
93.7%
84.3%
119.1%
165.0%
91.4%
94.0%
240.7%
96.5%
121.7%ORDER BACKLOG(IN THOUSANDS, JPY )year-to-yearcomparison(%)

20,815,951
12,790,069
2,440,335
36,046,356
7,707,385
4,033,584
3,121,680
288,991
157,361
51,355,361

126.8%
100.3%
124.0%
115.8%
113.8%
99.7%
112.3%
253.9%
107.5%
114.1%* These figures are expressed by sales price.
* These above figures do not include the consumption tax.

(2) RESULT OF SALES
2014.03<2013.10.1-2014.3.31>

DIVISIONAMOUNT OF SALES(IN THOUSANDS, JPY )Domestic CRO
Monitoring
Data ManagementCRO others
TOTAL OF CRO
Domestic SMO
Domestic CSO
Global Research Operation
EKISHIN Operation
Others
TOTAL

year-to-year comparison (%)

6,398,366
3,747,181
1,056,263
11,201,812
2,734,151
2,810,723
947,005
1,541,608
616,859
19,852,159

116.5%
88.2%
155.3%
107.5%
97.6%
102.0%
125.4%
196.0%
86.1%
108.9%* These above figures do not include the consumption tax.

INDUSTRY SEGMENT INFORMATION
For the Second quarter ended March 31 2014 and 2013(UNAUDITED)FY 2014 (2013.10.1-2014.3.31)

SALES
Sales to customers
Intersegment sales
Total
Operating income(IN THOUSANDS, JPY)

DomesticCRO

Domestic
SMO

Domestic
CSO

GlobalResearch
Operation

11,201,812
438,533
11,640,346
1,681,546

2,734,151
432,629
3,166,780
475,600

2,810,723
48,8332,859,556
120,209947,005
123,043
1,070,048(158,415)

EKISHIN
Operation

Others1,541,608
36,355
1,577,963(172,524)

616,859 19,852,159
408,574
1,487,969
1,025,434 21,340,129(35,200) 1,911,214

Total

Eliminations/
Corporate

Consolidation

䋭 19,852,159(1,487,969)
䋭(1,487,969) 19,852,159
12,574
1,923,789* Operating income of 12,574 thousand yen under "Eliminations/ Corporate" consists of elimination of inter-segment and other transactions.
* These above figures under "Others" consist of the figures of "BPO" and "Other business".
* From FY2014, segment definition has been changed to 7 categories of "Domestic CRO", "Domestic SMO", "Domestic CSO", "Global Research Operation","EKISHIN Operation", "BPO" and "Other business", as newly setting up "BPO" and "Other business" segments which belonged to "CRO(Domestic)"and "China business" in previous year. In addition, "China business" has changed its segment name to "EKISHIN Operation".
Reclassified segment information of the same period in previous year is as follows:

FY 2013 (2012.10.1-2013.3.31)

SALES
Sales to customers
Intersegment sales
Total
Operating income(IN THOUSANDS, JPY)

DomesticCRO

Domestic
SMO

Domestic
CSO

GlobalResearch
Operation

10,423,437
174,573
10,598,011
1,871,665

2,800,579
2,230
2,802,809
56,7032,754,845
32,0402,786,885
32,375755,170
56,124
811,294(1,611)EKISHIN
Operation

786,651
44,839831,490(217,168)

OthersTotal716,609 18,237,294
217,475
527,282
934,084 18,764,577(7,114) 1,734,849* Operating income of 6,539 thousand yen under "Eliminations/ Corporate" consists of elimination of inter-segment and other transactions.
* These above figures under "Others" consist of the figures of "BPO" and "Other business".

Eliminations/Corporate

Consolidation

䋭 18,237,294(527,282)
䋭(527,282) 18,237,294
6,539
1,741,389