Financial Highlights
1. INFORMATION OF EPS Co,Ltd & CONSOLIDATED SUBSIDIARIES 2010.09(2009.10.1-2010.9.30)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )Operating Income

Net sales
Sep-10
Sep-0929,451
23,568((25.0% )
11.3% )Net Income per Share (yen)Sep-10
Sep-09

4,415
4,008

(
(

10.2% )
14.9% )Net Income per Share,
diluted (yen)12,255.44
19,162.75

Ordinary Income
4,443
4,050

(
(

9.7% )
13.7% )

Ordinary
income tototal
assets(%)
23.4
24.2

Return on
Shareholders'equity(%)

12,241.68
19,149.73

Net Income

18.7
16.5

2,191
1,713

(
(

27.9% )
0.3% )

Operatingincome tonet sales(%)
15.0
17.0

Notes: 1 Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio to previous year.
2 Average number of shares issued and outstanding during the period :Sep-10178,811 shares
Sep-0989,400 shares
3 As each share of common stock has been split into 2 shares as of 1st April 2010, above net income and diluted net
income per share as of September 2010 show the amount based on as If share split were considered to be effective
on 1st October 2009 retroactively, in spite that September 2009 show before split.

(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets

Net assets

20,65017,306

14,347
12,107

Sep-10
Sep-09( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)70,149.39
122,278.26

Shareholders'Equity ratio (%)
60.7
63.2

Notes: 1 Total shareholders' Equity and valuation and translaion adjustments as of :Sep-1012,544 Million yen
Sep-0910,931 Million yen
2 As each share of common stock has been split into 2 shares as of 1st April 2010, above shareholders' equity pershare as of September 2010 shows after split, in spite that September 2009 shows before split.

(3) CONSOLIDATED CASH FLOW INFORMATION( UNIT:JPY MILLION )Sep-10
Sep-09Net cash provided by(used in) operating
activities
3,003
2,062

Net cash provided by(used in) investing activities

Net cash provided by(used in) financing activities△ 1,175△ 277(4) CONSOLIDATED SUBSIDIARIESEnding balance of cash andcash equivalents

△ 806
△ 750

Consolidated subsidiaries :Associated companies by equity accounting method :

18
3

7,805
6,607

companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Dividend ratio
Total
Dividend ratio
dividendtoto net income
amountshareholders'(%)(Million Yen)equity (%)

Cash Dividends per share

Sep-09Sep-10
Sep-11
Note :(Result)(Result)(Projection)

Interim
Dividend

Year end
Dividend

Annual2,800.00
3,200.00
1,600.00

3,200.00
1,900.00
1,900.00

6,000.00
5,100.00
3,500.00

536
625
－

31.3
28.6
28.4

5.2
5.3
－

As each share of common stock has been split into 2 shares as of 1st April 2010, above year end dividend as of
September 2010 and projected dividend in 2011 show the amount after this split. Dividend ratio to net income andDividend ratio to shareholders' equity for September 2010 show the figures based on as If share split were considered
to be effective on 1st October 2009 retroactively.

3. INFORMATION OF CONSOLIDATED BUDGET 2011.09 (2010.10.1-2011.9.30)( UNIT:JPY MILLION )Net sales
Mar-11
Sep-11

15,53432,919((Operating Income
7.0% )
11.8% )

Budgeted net income per share :

1,617
4,633
Mar-11
Sep-11((

Ordinary Income△ 33.8% )
4.9% )

1,622
4,650

3,753.83
12,308.68

yen
yen

(
(

△ 34.0% )4.6% )Net Income
671
2,201

(
(

△ 48.1% )0.5% )

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.

4. OTHER INFORMATION(1) Total shares issued and outstanding as of :Sep-10180,800

sharesSep-0990,400sharesSep-091,000

shares(2) Common stock for treasury as of :Sep-10

1,974

shares

5. INFORMATION OF NON-CONSOLIDATED 2010.09(1) OPERATING RESULTS( UNIT:JPY MILLION )Net sales
Sep-10
Sep-0917,94815,403((Operating Income
16.5% )
17.5% )Net Income per Share (yen)12,596.13
17,715.12

Sep-10
Sep-09

3,922
3,347

(
(

17.2% )
37.1% )

Ordinary Income
4,066
3,507

(
(

15.9% )
34.3% )Net Income
2,252
1,583

(
(

42.2% )
16.4% )Net Income per Share,
diluted (yen)12,591.06－

Notes: 1 Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio to previous year.
2 As each share of common stock has been split into 2 shares as of 1st April 2010, above net income and diluted net
income per share as of September 2010 show the amount based on as If share split were considered to be effective
on 1st October 2009 retroactively, in spite that September 2009 show before split.

(2) FINANCIAL INFORMATION
Total Assets

Net assets

15,383
13,035

11,186
9,462

Sep-10
Sep-09

Shareholders'Equity ratio (%)
72.7
72.6

( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)62,554.15
105,841.81

Notes: 1 Total shareholders' Equity as of :Sep-1011,186 Million yen
Sep-09
9,462
Million yen
2 As each share of common stock has been split into 2 shares as of 1st April 2010, above shareholders' equity pershare as of September 2010 shows after split, in spite that 2009 shows before split.

6. INFORMATION OF NON-CONSOLIDATED BUDGET 2011.09 (2010.10.1-2011.9.30)( UNIT:JPY MILLION )Net sales
Mar-11
Sep-11

9,083
19,210((Operating Income
3.5% )
7.0% )

Budgeted net income per share :

1,519
3,860
Mar-11
Sep-11((△ 27.6% )△ 1.6% )4,603.38
12,435.71

Ordinary Income
1,619
4,002
yen
yen

(
(

△ 26.2% )△ 1.6% )Net Income
823
2,223

(
(

△ 34.6% )△ 1.3% )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.

(IN THOUSANDS,JPY)CONSOLIDATED BALANCE SHEETSSEPTEMBER 30, 2010 AND 2009
(UNAUDITED)2010

ASSETS
CURRENT ASSETS
Cash and cash equivalents
Notes and accounts receivable
Inventories and products
Works in progress
Deferred tax assets
OthersAllowance for doubtful accounts
Total current assets

2009

7,956,839
5,954,040
317,270
337,675
934,367
561,586△ 6,459
16,055,320

6,607,331
5,211,905
231,824
253,598
645,892494,226△ 2,108
13,442,670

521,652△ 265,275
513,181△ 325,510
391,680△ 121,707
714,020444,596△ 224,094
385,317△ 252,448
167,856△ 76,061
445,165

597,949
242,490
840,439

159,358
204,830
364,189585,816
1,179,445

881,700
1,012,144

500,000

500,000

304,854
470,7423,040,858

314,360
346,6293,054,836

4,595,318

3,864,190

20,650,639

17,306,861

238,683
185,000
1,353,483
1,443,761
145,000
2,253,900
5,619,828

204,226
150,000
200,000
944,772
1,145,169
75,6501,899,275
4,619,093

364,582
279,874
39,090683,547

307,137
247,397
25,378579,9126,303,376

5,199,006

1,875,251
1,826,300
9,277,109△ 317,258
12,661,403

1,875,251
1,825,431
7,657,862△ 321,437
11,037,108△ 946△ 39,782

FIXED ASSETS

Tangible Assets ;Leasehold improvements
Accumulated depreciation
Furniture and fixtures
Accumulated depreciation
Others
Accumulated depreciation
Total property and equipment

Intangible Assets ;Goodwill
OthersTotal intangible assets
Investments and other assets ;Investment securities
Deposits
Time deposits and banking arrangements
other than cash equivalents
Deferred tax assets
OthersTotal investments and other assets
Total fixed assets
TOTAL ASSETSLIABILITIESCURRENT LIABILITIES
Accounts payable
Short-term debt
Current portion of long-term debt
Income taxes payable
Provision for bonuses
Provision for loss on order received
OthersTotal current liabilities
LONG-TERM LIABILITIESProvision for employee's retirement benefits
Provision for director's retirement benefits
OthersTotal long-term liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders' equity
Common stock
Additional paid-in capital
Retained earnings
Common stock for treasury
Total shareholders' equity
Valuation and translation adjustments
Unrealized gain (or △loss) on
available-for-sale securities
Deferred gain (or △loss) on hedges
Foreign currency translation adjustments
Total valuation and translation adjustments－－△ 115,922△ 116,869△2△ 65,647△ 105,431

Share option in consolidated subsidiary
Minority interests
TOTAL NET ASSETS

6,528
1,796,201
14,347,262―
1,176,178
12,107,854

TOTAL LIABILITIES AND NET ASSETS

20,650,639

17,306,861

CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009
(UNAUDITED)
2010

2009

NET SALES

29,451,046

23,568,503

COST OF SALES

19,970,311

16,031,681

9,480,734

7,536,821

5,065,531

3,528,477

4,415,203

4,008,344

Interest income

17,89025,570Interest expenses△ 8,782△ 9,720

Service fee income

6,108

5,829

Gain or loss of equity in associated companies (△ loss)

9,999

5,107

Gain on sales of property and equipment－

697

Foreign exchange gain or loss (△ loss)△ 40,008△ 7,446288

53,695Gain on change in equity by merger of consolidated subsidiary

34,961－

Refund of insurance surrender

25,320－Subsidy in consolidated subsidiaries

23,660－△ 17,382△ 28,583(IN THOUSANDS,JPY)

Gross profit

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income
OTHER INCOME (EXPENSES)

Gain on cancellation of life insurance

Dividends income
Gain on sale of investment securities

Loss on sales and disposal of property and equipment
Loss on devaluation of investment securities
Impairment loss on goodwill
Others- net
Other income (expenses)-net
Income before income taxes and minority interests

22,1975,187△ 284,141△ 10,000
5,195△ 209,505
4,205,698

6,132

7,675

△ 173,746△ 125,666△ 14,843△ 255,298
3,753,045

INCOME TAXES
Current

2,156,891

1,729,771

Deferred△ 249,539

219,840

Total
MINORITY INTERESTSNET INCOME

1,907,352

1,949,611

106,939

90,283

2,191,407

1,713,150

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSFOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009

(UNAUDITED)(IN THOUSANDS,JPY)

2010

2009

1,875,251

1,875,251－
1,875,251－
1,875,251

1,825,431

1,825,431

868
868
1,826,300－－
1,825,431

7,657,862

6,463,232△ 572,160
2,191,407
1,619,247
9,277,109△ 518,520
1,713,150
1,194,630
7,657,862△ 321,437△ 321,437

11,037,108－－△ 321,437
9,842,478△ 572,160
2,191,407
5,047
1,624,294
12,661,403△ 518,520
1,713,150－
1,194,630
11,037,108△ 39,782△ 36,111

Shareholders' equity
Common stock
Balance at beginning of the year
Changes during the period
Net changes during the period
Balance at ending of the year
Additional paid-in capital
Balance at beginning of the year
Changes during the period
Sale of common stock for treasury
Net changes during the period
Balance at ending of the year
Retained earnings
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Net changes during the period
Balance at ending of the year
Common stock for treasury
Balance at beginning of the year
Changes during the period
Sale of common stock for treasury
Net changes during the period
Balance at ending of the year

Total of shareholders' equity
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Sale of common stock for treasury
Net changes during the period
Balance at ending of the year

4,178
4,178
△ 317,258

Valuation and translation adjustments
Unrealized gain (or △loss) on available-for-sale securities
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year
Deferred gain (or △loss) on hedges
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year
Foreign currency translation adjustments
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

38,836△ 3,671

38,836△ 946△ 3,671△ 39,782

2

△5

△2
2
－

△ 65,647△ 50,275△ 50,275△ 115,922

3

△5
△2

33,661△ 99,308△ 99,308△ 65,647

Total of valuation and translation adjustments
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period otherthan shareholders' equity
Net changes during the period
Balance at ending of the year

Share option in consolidated subsidiary
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period otherthan shareholders' equity
Net changes during the period
Balance at ending of the year

△ 105,431△ 2,445△ 11,437△ 102,986

－

－

6,528

－

6,528
6,528

－
－

1,176,178

1,109,111

620,02267,066620,022
1,796,201

67,066
1,176,178

12,107,854

10,949,144△ 572,160
2,191,407
5,047△ 518,520
1,713,150－

615,113△ 35,919△ 11,437△ 116,869△ 102,986△ 105,431

Minority interests
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period otherthan shareholders' equity
Net changes during the period
Balance at ending of the year

TOTAL NET ASSETS
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Sale of common stock for treasury
Net increase（△decrease) during the period otherthan shareholders' equity
Net changes during the period
Balance at ending of the year

2,239,408
14,347,262

1,158,710
12,107,854

CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009

(UNAUDITED)(IN THOUSANDS,JPY)

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
Impairment loss on goodwill
Increase(△Decrease) in provision for bonuses
Increase(△Decrease) in allowance for retirement benefits for employees
Increase(△Decrease) in allowance for retirement benefits for directors
Interest and dividends income
Interest expense
Gain (or loss) on sale of investments in securities (-net)
Loss on devaluation of investments in securities
Gain (or loss) on sales and disposal of property and equipment (-net)
Changes in operating assets and liabilities:
Decrease (△ increase) in accounts receivable-trade
Decrease (△ increase) in inventories and products
Increase （△decrease) in accounts payable -trade
Increase （△decrease) in other current liabilities
Others , Net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
INVESTING ACTIVITIES:Payments for time deposits
Proceeds from maturity of time deposits
Disbursements for purchase of tangible fixed assets
Disbursements for purchase of intangible fixed assets
Payment for purchase of investments securities
Proceeds from sales and maturity of investment securities
Payment for deposit for rent office and others
Payment for insurance reserve fund
Payments for acquisition of business
Purchase of investments in subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of investments in capital of subsidiaries
resulting in change in scope of consolidation
Others , Net
Net cash provided by (used in) investing activities
FINANCING ACTIVITIES:
Proceeds from borrowing short-term debt
Disbursements for repayment of short-term debt
Disbursements for repayment of long-term debt
Proceeds from capital increase by minority stockholders
Dividends paid
Dividends paid to minority stockholders
Others , Net
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE DIFFERENCE ON CASH & CASH EQUIVALENTS
NET INCREASE （△DECREASE) IN CASH AND CASH EQUIVALENTS

BEGINNING OF BALANCE, CASH AND CASH EQUIVALENTS
INCREASE IN CASH AND CASH EQUIVALENTS BY MERGER OF CONSOLIDATED SUBSIDIARYENDING OF BALANCE, CASH AND CASH EQUIVALENTS

2010

2009

4,205,698

3,753,045

429,650
10,000299,521
17,334
13,371△ 23,078
8,782
△ 288
284,141
17,382272,090
125,666
60,92424,92238,336△ 33,246
9,720△ 51,960
173,746
27,886△ 492,149△ 183,056△ 325
175,321△ 29,867
4,732,440
25,919△ 8,782△ 1,745,892
3,003,684△ 621,311
55,143△ 15,320
119,948△ 8,251
3,931,339
36,683△ 9,720△ 1,895,528
2,062,773△ 203,298
202,937△ 360,948△ 112,729－－△ 169,577△ 86,008△ 71,000－－△ 162,555△ 42,697△ 239,339
560,892△ 187,968△ 75,400△ 213,753－

72,97527,051△ 1,175,614

10,253△ 277,594

220,000△ 215,000△ 200,000－△ 572,084△ 18,078△ 21,642△ 806,805△ 28,215
993,049
6,607,331
205,600
7,805,981－－△ 205,700
9,942△ 519,428△ 31,661△ 3,923△ 750,770△ 66,062
968,346
5,638,984－
6,607,331△ 402,041－

STATEMENT OF ORDER ENTRY AND SALES BY ITEMSFOR THE YEAR ENDED SEPTEMBER 30, 2010

(UNAUDITED)(1) RESULT OF ORDER ENTRY
2010.09<2009.10.1-2010.9.30>

DIVISIONAMOUNT OF ORDER ENTRY(IN THOUSANDS, JPY )CRO
Monitoring
Data Management

year-to-yearcomparison (%)

8,087,117
8,271,075
6,165,069
22,523,262
4,747,944
861,642
1,486,259
29,619,108

CRO others

TOTAL OF CRO
SMO
Preclinical Service
System Development
TOTAL

ORDER BACKLOG(IN THOUSANDS, JPY )year-to-yearcomparison (%)

10,020,295
14,189,274
3,999,248
28,208,819
4,794,518
93,314
325,294
33,421,946

127.3
87.3
280.1
124.9
118.9
84.2
95.0
120.4

91.7
96.4
582.8
107.1
116.9
106.4
125.4
108.6

* These figures are expressed by sales price.
* These above figures do not include consumption tax.

(2) RESULT OF SALES
2010.09<2009.10.1-2010.9.30>

DIVISIONAMOUNT OF SALES(IN THOUSANDS, JPY )CRO
Monitoring
Data Management

year-to-year comparison (%)

8,992,443
8,802,611
5,323,037
23,118,092
4,056,466
856,054
1,420,433
29,451,046

CRO others

TOTAL OF CRO
SMO
Preclinical Service
System Development
TOTAL

113.8
118.9
242.2
132.1
121.2
81.5
85.2
125.0

* These above figures do not include the consumption tax.

INDUSTRY SEGMENT
FOR THE YEARS ENDED SEPTEMBER 30, 2010 AND 2009

(UNAUDITED)2010 (2009.10.1-2010.9.30)(In Thousands,JPY)
CRO

SALES
Sales to customers
Intersegment sales

Sales total
Operating expenses
Operating income

23,118,092
25,627
23,143,719
19,184,884
3,958,835

SMO
4,056,466
2,265
4,058,731
3,452,266
606,465

Preclinical
Service
856,0544,140
860,194
853,460
6,733

SystemDevelopment
1,420,433
129,465
1,549,899
1,713,029(163,130)

Total
29,451,046
161,498
29,612,544
25,203,640
4,408,904

2009 (2008.10.1-2009.9.30)

Intersegment sales

Sales total
Operating expenses
Operating income－(161,498)(161,498)(167,797)
6,298

Consolidation

29,451,046－
29,451,046
25,035,842
4,415,203(In Thousands,JPY)
CRO

SALES
Sales to customers

Eliminations/
Corporate

17,503,999
21,13017,525,130
13,977,526
3,547,603

SMO
3,347,671－
3,347,671
2,846,638
501,032

Preclinical
Service
1,050,321
4,140
1,054,461
999,899
54,562

SystemDevelopment
1,666,510
86,941
1,753,451
1,854,288(100,836)

Total
23,568,503
112,21123,680,715
19,678,353
4,002,362

Eliminations/
Corporate－(112,211)(112,211)(118,194)
5,982

Consolidation

23,568,503－
23,568,503
19,560,159
4,008,344