Financial Highlights
1. CONSOLIDATED FINANCIAL RESULTS OF EPS GROUP FOR THE THIRD QUARTER
ENDED JUNE 30, 2009(2008.10.1-2009.6.30)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )Net sales

Operating Income－ )21.3% )

Jun-09Jun-0817,142 (15,416 (Jun-09Jun-08Net Income per Share(yen)
11,613.55
14,201.74

2,741 (
2,478 (

Ordinary Income－ )26.2% )

2,768 (
2,532 (

－ )27.1% )Net Income
1,038 (
1,269 (

－ )39.0% )Net Income per
Share,diluted (yen)11,605.83
14,172.55

Note : 1 Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio
to previous year.
2 Percentage for current period is not prepared because quartly accounting standards, as defined and publishedby Accounting Standards Board of Japan, are applied for the first time from this year.

(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets

Net assets

15,103
16,181

11,395
10,949Jun-09Sep-08

Shareholders'Equity ratio (%)
67.8%
60.8%

( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)114,548.27
110,067.48(3) CONSOLIDATED CASH FLOW INFORMATION( UNIT:JPY MILLION )Net cash provided by(used in) operating
activities
1,035
977

Jun-09Jun-08Net cash provided by(used in) financing
activities
△ 689
△ 562

Net cash provided by(used in) investing
activities△ 133△ 1,038

Ending balance of cash
and cash equivalents
5,824
4,630

(4) CONSOLIDATED SUBSIDIARIES
Consolidated subsidiaries :Affiliated companies by equity accounting method :173companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Sep-08(Result)(Result)(Projection)

Sep-09Interim Dividend
2,400.00
2,800.00－

Cash Dividends per share
Year end Dividend
3,000.00－
3,200.00

Annual5,400.00
6,000.00

3. INFORMATION OF CONSOLIDATED BUDGET 2009.09 (2008.10.1-2009.9.30)( UNIT:JPY MILLION )Net sales
Sep-0925,013 (Ordinary Income

Operating Income
18.1% )

Budgeted net income per share :3,784 (
Sep-098.5% )

3,835 (

7.7% )Net Income
1,827 (

20,440.64 yen

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 number of shares issued and outstanding as of :Jun-0990,400sharesSep-0890,400sharesSep-08

1,000

shares(2) Common stock for treasury as of :Jun-091,000

shares(3) Average number of shares outstanding during the period as of :Jun-0989,400sharesJun-0889,398shares

7.0% )

Financial Highlights
CONSOLIDATED FINANCIAL RESULTS OF EPS GROUP FOR THE THIRD QUARTER
ENDED JUNE 30, 2009
1. Qualitative Information on Consolidated Operating Results
As the Japanese economy in the current third quarter period (from 1 October 2008
to 30 June 2009) was affected by the “once-in-100 years” global economic
downturn, the economy is deteriorating as characterized by employment insecurity
and other related factors against the backdrop of rapid decline of corporate sector’s performance. Even under such circumstances, the CRO (Contract Research
Organization) industry and the SMO (Site Management Organizations) industry, inwhich one of our consolidated subsidiaries EP-Mint Co., Ltd. , operates, arecontinuing to grow in the process of reorganization as the impact of economic
downturn has remained minimal. The pre-clinical study industry, in which our LSG.
Co., Ltd. Group operates, is also performing steadily. However, in the softwaredevelopment industry, in which our All Right Software Inc. Group operates, thesignificant impact of economic downturn has softened the demand.
The CRO business is operated mainly by the Company.
As regards the monitoring service of the Company, the Clinical Development Division
has been favorably performing clinical trials in both development andpost-marketing stages, centering on implementation of existing projects, acquisitionof new projects and testing for anti-cancer, diabetes, high blood pressure and CNS(Central Nerves System) drugs. The sales have steadily increased compared with thesame period in previous year.
As for the data management service, statistical analysis service andpharmacovigilance service, the Biometrics Division is vigorously pushing forwardwith both implementation of existing projects and acquisition of new projects. For
each service, the sales have increased compared with the same period in previous
year.
In registration and project management service, acquisition of new projects hasbeen vigorously pursued; however, sales have nearly become same compared withthe same period in previous year.
Also, the data center service that had been mainly working on post-marketingsurveillance and other contracts reviewed its structure in the first quarter, leading
to the flexible structure where contracted projects can be accepted according totheir size. The sales for this service have achieved a large increase compared withthe same period in previous year with the great contribution from the Special Drug
Use Survey contracted during the previous consolidated fiscal year.
The Clinical Coordination Center, which provides new business planning andassociated services, now incorporates medical device development service as aresult of the structural review and will continue to vigorously push forward with new
business acquisition.
On the non-consolidated basis, sales have steadily developed in almost all
departments and sales increase due to steady development of contracted projects,
costs saving efforts and other factors has led to a significant increase in income aswell as profit compared to the same period in previous year.
As regards our consolidated subsidiaries in Japan, E-trial Co., Ltd., which wasestablished for the purpose of acquiring clinical trial contracts using the EDC system,
is continuously striving to acquire new contract orders. Although sales haveincreased, costs of forward investment, such as labor costs have also increased.
EP-Mate Co., Ltd., engaged in the staff dispatching service (dispatched CRO
business) for pharmaceutical companies, extended its business growth and saw anincrease in income as well as profit compared with the same period in previous year.
Moreover, EP-Medical Co., Ltd., providing a MR(Medical Representatives) dispatching
service (CSO business), has been improving its performance through executing big
projects contracted during the previous consolidated fiscal year and also winning
new contracts which has led to successful performance.
On the other hand, as for our overseas CRO business, EPS International Co., Ltd.,
together with its group companies, is continuing to improve a structure to deal with
the increased demand for CRO services relating to clinical trials across borders

(especially those in Asia).
Individually, EPS International Co., Ltd., is progressing in execution of contracted
projects which has led to successful performance compared with the same period in
previous year and established EPS Hong Kong (Hong Kong, China), a 100%
subsidiary in May 2009 in order to facilitate winning even more new contracts in
multinational clinical trials. EPS International (China) Co., Ltd., (Shanghai China) ismaking efforts to acquire new orders while conducting operations in the finishingstage of a big project carried on since the previous consolidated fiscal year, however,is also facing difficulties and as a result, sales and profit have decreased comparedwith the same period in previous year. EPS Singapore has been smoothly performing
contracts acquired in the previous consolidated fiscal year while promoting newcustomer acquisition activities on its own and achieved a large increase in sales andprofit. ADM Korea Inc., (Seoul Korea) providing a clinical trials contract service in
Korea, is improving a structure for joint contracts in Korea and is seeing an
increases in sales compared with the same period in previous year. However, profit
has decreased despite the increase in sales due to rise in costs of forward
investment including facility costs and labor costs.
Furthermore, the Taiwan Branch of EPS International Co., Ltd. has started executing
contracts and its performance is improving.
Additionally, the Company established EPS China Co., Ltd. in December 2008, awholly- owned subsidiary of the Company in Suzhou, Jiangsu Province of China withthe purpose of supervising various businesses of Group companies in China as well
as expanding the CRO, IT and Drug development.
Consequently, our consolidated net sales for the CRO business amounted to ¥12,601
million, up 16.1 % compared with the same period in previous year, and consolidated
operating income was ¥2,445 million, up 34.3% on the same basis.
The SMO business is operated by EP-Mint Co., Ltd.
EP-Mint Co., Ltd. has been continuously working towards enhancing thebranch-based management system, centering on the site-supporting business by theclinical administration in cooperation with local trial sites, in addition to its CRC
service, however, there has been some delay in the progress of contracted projects.

Consequently, in our SMO business, consolidated net sales amounted to ¥2,410
million, down 8.7% compared with the same period in previous year and theconsolidated operating income of ¥308 million, down 41% on the same basis.
The pre-clinical study business is operated by LSG Corporation Group.
Within the LSG Group, Simian Conservation Breeding & Research Center, Inc., asubsidiary, is engaged in sales of laboratory animals to new customers and thewhole Group is making cost saving efforts.
Consequently, our pre-clinical study businesses posted the consolidated net sales of¥783 million, down 11.5% compared with the same period in previous year andconsolidated operating income of ¥31 million, up 274.9% on the same basis.
The software development business is operated by All Right Software Inc Group.
All Right Software Inc. acquired through business transfer from Digital Technology
Co., Ltd. on October 2008, the software development business and visualcommunication business mainly merchandising TV conference system. Although
the company is vigorously pushing forward with winning new contracts while
streamlining the company structure after acquisition and pursuing synergy effectwith existing businesses, it is facing difficulties with impact of economic downturn,together with All Right Software Beijing Co., Ltd. and Qingdao Tidever Software Co.,
Ltd., a consolidated subsidiary of which 43.4 % of the shares were acquired in May
2009 through ownership transfer.
Consequently, in our software development business, the consolidated net sales
amounted to ¥1,416 million ,up 25.7% compared with the same period in previous
year and the consolidated operating loss was ¥53 million (consolidated operating
income of the same period in previous year was ¥118 million).
After deducting inter-segmental transactions from the segmental figures shown
above, the consolidated net sales amounted to ¥17,142 million, up 11.2% comparedwith the same period in previous year, the consolidated operating income was\2,741 million, up 10.6% on the same basis and the consolidated ordinary income
was ¥2,768 million, up 9.3% on the same basis, showing an increase in sales andprofit. When posting the reversal of deferred tax assets to deferred income tax, in
addition to posting the impairment loss on goodwill and devaluation loss oninvestment securities to the extraordinary loss by the Company, the quarterly net
income has reached ¥1,038 million, down 18.2% on the same basis.
The percentage changes compared with the same period in previous year are statedfor reference only, as quarterly accounting standards are defined and published by
Accounting Standards Boards of Japan are applied for the first time from this fiscal
year.
2. Qualitative Information on the Consolidated Financial Status
Total assets at the end of the current quarter amount to ¥15,103 million, down by¥1,077 million from the end of the previous consolidated fiscal year.
Current assets total ¥11,461 million, a decrease by ¥846 million, due to mainly tradenotes and accounts receivable decreased by 510 million, investment securities
decreased by ¥400 million due to redemption. Fixed assets total ¥3,641 million, adecrease by ¥231 million. While deposits increased by ¥111 million, investment
securities decreased by ¥107 million due to sales and posting of devaluation loss
and other assets also decreased by ¥255 million.
In liabilities, total liabilities at the end of current quarter amounted to ¥3,708 million,a decrease by ¥1,524 million mainly due to decrease in income taxes payable andprovision for bonuses by ¥971 million and ¥666 million respectively.
Net assets at the end of current quarter totaled ¥11,395 million, an increase by¥446 million. While retained earnings increased by ¥519 million, unrealized gain on
available-for-sale securities decreased by ¥63 million.
As regards the status of cash flow, the cash flow in operating activities, inflow
amounted to ¥1,035 million with the net income before income taxes at \2,559
million. While gains consisted of ¥328 million by adjustments of mainly
depreciation expenses, amortization and impairment loss, \506 million by decreaseof trade account receivables and \209 million by increase of other current liabilities,
the outflow consisted of decrease of provision for bonuses by \663 million andpayment of ¥1,890 million for income taxes.

As regards the cash flow in investing activities, the outflow of ¥133 million wasrecorded. While inflow of ¥460 million was received due to sales and redemption of
investment securities, disbursements were made in acquisition of tangible andintangible assets, purchase of investment securities, payment for deposits andacquisition of business in amounts of ¥170 million, ¥113 million, ¥115 million and¥213 million respectively.
As regards the cash flow in financial activities, the outflow was made for ¥689
million consisting mainly of disbursement of ¥155 million for repayment of long-term
debts and ¥542 million for payment of dividends to shareholders as well as minority
shareholders.
As a result of the above status, after adding the decrease of ¥26 million for effectof exchange difference on cash and cash equivalents, the cash and cash equivalents
at the end of current quarter increased by ¥185 million to ¥5,824 million.
3. Qualitative Information on outlook of Consolidated Performance in current fiscal
year
The Japanese economy is expected to experience continuing uncertain situations due
to global recessions stemming from sub-prime loan crisis in the United States,
fluctuation in currency exchange rates and other factors.
Our CRO business is mainly composed of the Clinical Development Division
responsible for monitoring and Biometrics Division responsible for services such asdata management, Data center for post-marketing surveillance , statistical analysis,
registration & project management, off-shore businesses, medical writing,pharmacovigilance, supplemented by the Clinical Coordination Center, in charge of
new business planning and associated services as well as clinical development in thearea of medical devices and the Business Development Division, which engages in
information collection and order receiving activities.
In addition to acquisition of new contracts, we will further focus on monitoring, data
management services and Data center to achieve our full-year profit plan by further
enhancing the operating rate, reducing expenses and collaborating with subsidiaries
in China through our newly set-up off-shore data management office.

As regards our consolidated subsidiaries, E-Trial Co., Ltd. will continuously strive toacquire new orders centering on EDC based contracts from pharmaceuticalcompanies and medical research facilities.
EP-Mate Co., Ltd., a dispatched CRO service provider, will continue to expand its
business with focus on the Company and pharmaceutical companies. EP-Medical Co.,
Ltd., providing CSO services including MR dispatching, will aim to improve
performance by executing projects contracted during the previous consolidated
fiscal year and continuously pursuing to acquire new projects.
As for our overseas businesses, EPS International Co., Ltd., will play the main role incontinuing the development of the structure for acquiring contracts of multinational
clinical trials, and together with its group companies, EPS International (China) Co.,
Ltd., EPS Singapore and ADM Korea Inc., as well as EPS International Taiwan Branch,will pursue the synergy effect of its collaboration , proceed with starting up theoperation of EPS Hong Kong, aim to enhance overseas clinical trial services,
endeavor to execute contracted projects and acquire new contracts mainly in Asia.
EP-Mint Co, Ltd., which engages in SMO business, will continue to work on
maintaining its high operating rate and acquiring new orders by strengthening its
structure to acquire contracts and enhancing branch-based management system.
LSG Co., Ltd., engaged in pre-clinical studies, intends to expand its operation bycontinuing to increase its agency revenue through greater number of contracts with
the new partners, overseas pre-clinical trial institutions and adding a new growing
field, such as laboratory animal supply and special feed.
All Right Software Inc., a software developer, will continue to proceed withstreamlining the company structure, integrate existing and newly acquired
businesses and pursue the synergy effect of software development business andvisual communication business while making use of Chinese IT engineers. Together
with the group companies, All Right Software (Beijing) Co, Ltd. and Qingdao Tidever
Software Co., Ltd., it will promote SE service contracts and off-shore softwaredevelopment in communication-, finance-, and network-related fields, as well as
vigorously push forward with winning new contracts for TV conference system.

Accordingly, the Company does not revise its full consolidated forecast for the fiscal
year ending September 2009 announced on November 7, 2008.

CONSOLIDATED BALANCE SHEETS
June 30 2009 and September 30, 2008
(UNAUDITED)(IN THOUSANDS,JPY)ASSETS
CURRENT ASSETS
Cash and cash equivalents
Notes and accounts receivable
Investment securities
Inventories and products
Work in progress
OthersAllowance for doubtful accounts
Total current assets

June 30.2009

September 30.2008

5,824,575
4,091,231
100,099
268,301
388,712
791,059△ 2,312
11,461,668

5,638,984
4,601,623
500,492
234,108
327,948
1,008,032△ 3,288
12,307,901

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

462,208358,300

419,193
381,451

725,421942,363
1,153,389
2,821,175

832,702
831,360
1,408,628
3,072,691

Total fixed assets

3,641,683

3,873,335

TOTAL ASSETS

15,103,351

16,181,236

LIABILITIESCURRENT 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

201,892
150,000
200,000
99,503422,11380,6001,963,865
3,117,975

233,212150,000
205,700
1,070,965
1,088,414
57,0001,722,684
4,527,976

50,000294,730
230,00915,335590,075

200,000
282,215
209,060
12,840704,115TOTAL LIABILITIES

3,708,050

5,232,092

Common stock
Additional paid-in capital
Retained earnings
Common stock for treasury
Unrealized gain (or △loss) on
available-for-sale securities
Deferred gain (or △loss) on hedges
Foreign currency translation adjustments
TOTAL SHAREHOLDERS' EQUITYMinority interests
TOTAL NET ASSETS

1,875,251
1,825,431
6,982,964△ 321,437

1,875,251
1,825,431
6,463,232△ 321,437△ 99,936△ 36,111

116△ 21,775
10,240,615
1,154,686
11,395,301

3
33,6619,840,032
1,109,111
10,949,144

TOTAL LIABILITIES AND NET ASSETS

15,103,351

16,181,236

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

NET ASSETSCONSOLIDATED STATEMENTS OF INCOME
For the Third quarter ended June 30 2009 and 2008
(UNAUDITED)(IN THOUSANDS,JPY)
NET SALESCOST OF SALES
Gross profit
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income
OTHER INCOME (EXPENSES)Interest income
Interest expenses
Foreign exchange gain (or △loss)
Gain on sale of investments in securities
Loss on sales and disposal of property and equipment
Loss on devaluation of investment in securities
Impairment loss on goodwill
Others- net
Other income (△expenses)-net
Income before income taxes and minority interests
INCOME TAXES
Current
Deferred
Total
MINORITY INTERESTSNET INCOME

Third quarter ended
June 30.2009

Third quarter ended
June 30.2008

17,142,641
11,792,320
5,350,321
2,608,900
2,741,420

15,416,477
10,468,561
4,947,915
2,469,153
2,478,761

20,729△ 7,466△ 7,026
52,842△ 18,166△ 108,513△ 125,666
11,079△ 182,188
2,559,232

28,000△ 8,463638
26,500△ 24,787△ 174,497－
62,484△ 90,124
2,388,637

836,208
628,301
1,464,509
56,4701,038,251

928,193
63,289991,483
127,547
1,269,607

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Third quarter ended June 30 2009 and 2008
(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 in allowance for retirement benefits for employees
Increase in allowance for retirement benefits for directors
Interest and dividends income
Interest expense
Gain on sale of investments in securities
Loss on devaluation of investment 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
Increase in inventories
Increase (△Decrease) in accounts payable -trade
Increase (△Decrease) in other current liabilities
Others , Net
SubtotalInterest and dividends received
Interest paid
Compensation for office removal
Income taxes paid
Net cash provided by (△used in) operating activities

Third quarter ended
June 30.2009

Third quarter ended
June 30.2008

2,559,232

2,388,637

203,305
125,666△ 663,460
12,51520,948△ 23,429
7,466△ 52,842
108,513
17,462160,806－△ 207,580
16,86846,409△ 31,030
8,463△ 26,500
174,497
23,145506,272△ 107,891△ 18,760
209,935△ 171
2,904,761
28,631△ 7,466－△ 1,890,809
1,035,117

431,601△ 253,849
32,970△ 111,269△ 66,760
2,586,409
36,566△ 8,527
93,650△ 1,730,419
977,679△ 142,694△ 28,058△ 113,519
460,892△ 115,672△ 213,753△ 159,464△ 76,597△ 300,614
148,000△ 116,619－

INVESTING ACTIVITIES:
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 investments securities
Payment for deposit for rent office and others
Payments for acquisition of business
Proceeds from purchase of investments in capital of subsidiaries resulting inchange in scope of consolidation
Others , Net
Net cash provided by (△used in) investing activities

72,975－△ 53,587△ 133,418△ 533,120△ 1,038,416

FINANCING ACTIVITIES:
Disbursements for repayment of long-term debt
Proceeds from capital increase by minority shareholders
Dividends paid
Dividends paid to minority shareholders
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
ENDING OF BALANCE,CASH AND CASH EQUIVALENTS△ 155,700
9,942△ 510,659△ 31,661△ 1,165△ 689,244△ 26,864
185,591
5,638,984
5,824,575△ 161,000－△ 439,770△ 30,508
68,834△ 562,444△ 5,951△ 629,132
5,260,080
4,630,947

STATEMENT OF ORDER ENTRY AND SALES BY ITEMS(UNAUDITED)(1) RESULT OF ORDER ENTRY

DIVISION

2009.6<2008.10.1-2009.6.30>(IN THOUSANDS, JPY )AMOUNT OF
ORDER ENTRY

ORDER
BACKLOG

CRO
Monitoring
Data Management

4,064,045 10,786,423
6,443,114 13,920,822
CRO others
1,763,192
785,698
TOTAL OF CRO
12,270,352 25,492,944
SMO
3,099,639
4,145,628
Preclinical Service
697,578
32,380
System Development
1,315,137
309,777
TOTAL
17,382,707 29,980,729* These figures are expressed by sales price.
* These above figures do not include the consumption tax.
(2) RESULT OF SALESDIVISION

2009.6<2008.10.1-2009.6.30>(IN THOUSANDS, JPY )CRO
Monitoring
Data Management

5,750,672
5,174,691
CRO others
1,660,236
TOTAL OF CRO
12,585,600
2,410,734
SMO
780,199
Preclinical Service
System Development
1,366,107
TOTAL
17,142,641* These above figures do not include the consumption tax.

INDUSTRY SEGMENT(UNAUDITED)2009 (2008.10.1-2009.6.30)

SALES
Sales to customers
Intersegment sales
Total
Operating income

CRO

SMO

12,585,600
16,23912,601,839
2,445,541

2,410,734－
2,410,734
308,945

Preclinical
Service

SystemDevelopment

Total

780,199
3,105
783,304
31,636

1,366,107
50,207
1,416,314(53,429)

17,142,641
69,552
17,212,194
2,732,693

Preclinical
Service

SystemDevelopment

Total

881,649
3,105
884,7548,439

1,064,425
62,076
1,126,501
118,194

15,416,477
88,117
15,504,595
2,471,433

2008 (2007.10.1-2008.6.30)

SALES
Sales to customers
Intersegment sales
Total
Operating income

CRO

SMO

10,837,088
14,53910,851,628
1,821,082

2,633,313
8,397
2,641,710
523,718(IN THOUSANDS, JPY)
Eliminations/
Consolidation
Corporate－(69,552)(69,552)
8,726

17,142,641－
17,142,641
2,741,420(IN THOUSANDS, JPY)
Eliminations/
Consolidation
Corporate－(88,117)(88,117)
7,328

15,416,477－
15,416,477
2,478,761