Press Release
July 28, 2009
To whom it may concern:

5-2-1 Daizawa, Setagaya Ward, TokyoTOHO HOLDINGS CO., LTD.
(Tokyo Stock Exchange Securities Code: 8129)
Norio Hamada, President and CEO
Contact: Katsuya Kato, Corporate Officer,
General Manager of Corporate
Communications Office(Tel: 03-5259-9500)

Results of Operations during the First Quarter of Fiscal 2010
TOHO HOLDINGS CO., LTD. (the Company) hereby announces that the consolidated net sales forthe first quarter of the fiscal year ending March 2010 increased 13.5% compared with the same
period of the preceding year, due mainly to the startup in April of joint purchasing (provision ofgoods via Toho Pharmaceutical) with Omwell Inc., which is scheduled to become a consolidated
subsidiary of the Company on October 1, 2009, and Asucome Co., Ltd., which is now in negotiations
towards becoming a consolidated subsidiary of the Company. With respect to profits for the firstquarter, the gross profit rate improved to 7.7%, exceeding the gross profit rate for the full year infiscal 2009 by 0.3%, despite falling below the gross profit rate for the same period of the previousyear, thanks primarily to a slowing down of the sharp decline in selling prices that started from theend of the last year and the increased number of newly consolidated subsidiaries having a higher
gross profit rate in the dispensing pharmacy business. The SGA expenses rate (ratio of selling,general and administrative expenses to net sales) stayed at 7.1%, nearly the same level as a year
ago. As a result, the consolidated operating income for the first quarter of fiscal 2010 decreased
44.1% from the same period last year, while the operating income ratio was 0.6%, an increase of
0.2% compared with the full-term of fiscal 2009. The consolidated ordinary income fell by 34.6%
against that for the same period a year earlier, but the ordinary income ratio increased to 0.9%, anincrease of 0.1% compared with the full-term of fiscal 2009. The consolidated net income for the firstquarter of fiscal 2010 decreased 49.9% on a year-on-year basis. Although the actual performance forthe first quarter decreased on a year-on-year basis, except for net sales and the gross profit, profit
ratios against net sales exceeded those for the full-term of fiscal 2009. The Company is confident
that it has been able to take the first steady steps towards achieving the management goals forfiscal 2010. In addition, net income for the first quarter made progress of 60.5% towards thetargeted consolidated net income for the second quarter of fiscal 2010.
1. Results in the first quarter of fiscal 2010 (Consolidated)(1) Comparison with the same period in the previous fiscal year
Consolidated
First Quarter, Fiscal 2010
First Quarter, Fiscal 2009
YoY Change (million yen)
YoY Change Ratio (%)

Net Sales
232,903205,163
27,74013.5OperatingIncome
1,298
2,322
-1,024-44.1

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome
2,125
1,028
3,248
2,053-1,123-1,025-34.6-49.9(2) Comparison with the cumulative forecast for the first half of fiscal 2010
(through the second quarter)
Consolidated
First Quarter, Fiscal 2010
Cumulative forecast for thefirst half of fiscal 2010
Progress (%)

Unit: million yen, %Ordinary
Quarterly net
IncomeIncome2,125
1,028

232,903

Operating
Income1,298

463,000

1,800

3,300

1,700

50.3

72.1

64.4

60.5

Net Sales

Press Release(3) Gross profit rates, SGA expenses rate, Operating income ratio and Ordinary income ratio(Year-on-year change)

Consolidated
First Quarter, Fiscal 2010
First Quarter, Fiscal 2009
YoY Change Ratio (%)
Fiscal 2009
Change from Fiscal 2009 (%)

Gross profit tonet sales
7.7
8.2
-0.5
7.4
0.3

SG&Aexpenses tonet sales
7.1
7.1
0.0
7.1
0.0

Operatingincome to netsales
0.6
1.1
-0.5
0.4
0.2

Unit: ％
Ordinary
income to net
Sales
0.9
1.6
-0.7
0.8
0.1

2. Forecast for fiscal 2010 (Full-year)
There has been no change in our forecast for fiscal 2010 performance, both in the first half andthe full-year period, from the figures announced on May 8, 2009.