Press Release
August 2, 2010

To whom it may concern:
5-2-1 Daizawa, Seta ga ya Ward, TokyoTOHO HOLDINGS CO., LTD.
(Tokyo Stock Exchange Securities Code: 8129)
Norio Hamada, President and CEO
Contact: Katsuya Kato, Corporate Officer,
General Manager of the Corporate Communications Office(Tel: 03-5259-9520)

Results of Operations during the First Quarter of Fiscal 2011
During the first quarter of the fiscal year ending March 2011, the market for prescription pharmaceuticals advanced
steadily, posting a 4.5% increase from the same period of the previous year (estimates by Crecon Research &Consulting Inc.). Meanwhile, the Group’s net sales for the first quarter grew much faster than the market to 258,786
million yen (a year-on-year increase of 11.1%). The strong sales are largely attributed to OMWELL Inc. (currently,SAYWELL Co., Ltd.) and ASUCOME CO., LTD., both of which have been consolidated during the previous fiscalyear, having made a significant contribution to consolidated earnings from the beginning of the current fiscal year.
In addition, gross income increased by 4,568 million yen from the same period of the preceding year, bolstered by
the consolidation of the two companies mentioned above and solid expansion of the dispensing pharmacy business,with the gross income/sales ratio improving by 1.0 percentage point from the same period of last year to 8.7%.
Although SG&A expenses rose by 3,093 million yen from the same period of the previous year due to an increasing
number of consolidated companies, the SG&A expenses/sales ratio stood at 7.6%, 0.1 percentage point lower thanthe management target. Consequently, operating income surged by 1,474 million yen from the same period of theprevious year to 2,773 million yen (a year-on-year increase of 113.5%), with the operating income/sales ratio
improving by 0.5 percentage points from the same period of the preceding year to 1.1%. Ordinary income jumped
by 1,821 million yen year on year to 3,946 million yen, (a year-on-year increase of 85.7%) with the ordinary
income/sales ratio improving by 0.6 percentage points from the same period of the preceding year to 1.5%.
Furthermore, net income for the first quarter under review increased by 940 million yen year on year to 1,969million yen (a year-on-year increase of 91.4%), despite the booking as extraordinary losses of 334 million yen in
asset retirement obligations as the Accounting Standards for Asset Retirement Obligations have been applied fromthe current fiscal year, as well as 86 million yen in loss on revaluation of investments in securities.
1. Results in the first quarter of fiscal 2011 (Consolidated)(1) Comparison with the same period in the previous fiscal year

Consolidated
First Quarter, Fiscal 2011
First Quarter, Fiscal 2010
YoY Change
YoY Change Ratio (%)

Net Sales258,786
232,903
25,883
111.1

Operating
Income
2,773
1,298
1,474
213.5

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
3,946
1,969
2,125
1,028
1,821
940
185.7
191.4

(2) Comparison with the cumulative forecast for the first half of fiscal 2011
Consolidated
First Quarter, Fiscal 2011
Cumulative forecast for the firsthalf of fiscal 2011
Progress (%)

258,786
522,000

Operating
Income
2,773
5,600

49.6

49.5

Net Sales

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
3,946
1,969
7,200
3,600
54.8

54.7

2. Forecast for fiscal 2011 (Full-year)
There has been no change in our forecast for fiscal 2011 performance, both in the first half and the full-year
period, from the figures announced on May 12, 2010.