August 11, 2009
(Translated from the Japanese original)
Company Name:
URL:
Representative:
Stock Listing:Stock Code:Contact:
Phone:

IT Holdings Corporation
http://www.itholdings.co.jp/e/Susumu Okamoto, President
First Section of the Tokyo Stock Exchange
3626
Iwao Sakuma, General Manager,
Group Public Relations Department+81-3-6738-7557 (in Japan, 03-6738-7557)

IT Holdings Revises Consolidated Earnings Forecast

In view of recent operating performance, IT Holdings Corporation (TSE: 3626) has
revised its consolidated earnings forecast for the fiscal year ending March 31, 2010,
which was previously announced on May 12, 2009. Details of the revision follow.
1. Revision of consolidated earnings forecast for the first half of the fiscal year
ending March 31, 2010 (April 1 – September 30, 2009)(millions of yen, expect percentages and net income per share)Previous forecast (A)Revised forecast (B)Change (B – A)
Percent change (%)
Reference:
April 1 –September 30, 2008

Net sales
155,000
149,000(6,000)(3.9)%

Operatingincome
9,500
5,000(4,500)(47.4)%

Recurringprofit9,300
4,800(4,500)(48.4)%Net income
4,500
2,500(2,000)(44.4)%

163,426

9,400

9,479

4,491

Net income pershare (yen)52.92
29.38——52.97

2. Revision of consolidated earnings forecast for the fiscal year ending March 31,
2010 (April 1, 2009 – March 31, 2010)(millions of yen, expect percentages and net income per share)Previous forecast (A)Revised forecast (B)Change (B – A)
Percent change (%)
Reference:
April 1 –September 30, 2008

Net sales
328,000
322,000(6,000)(1.8)%

Operatingincome24,50020,000(4,500)(18.4)%

Recurringprofit24,00019,500(4,500)(18.8)%Net income
11,0009,000(2,000)(18.2)%

338,30223,787

23,604

9,406

Net income pershare (yen)129.36105.71——110.741

3. Reason for revision
IT investment in the fiscal first half (six months ending September 30, 2009) remains
somewhat sluggish as unexpectedly strong concerns over the economic outlook areapparently delaying a recovery in corporate earnings and capital expenditures.
IT Holdings therefore expects to see its consolidated first-half earnings come insomewhat below its original forecasts as it battles through a number of headwinds
including: (1) scaling-down of some projects and delays to others to an extent that far
exceed initial expectations; (2) caution among clients with respect to IT investment,
resulting in longer development lead times and thus causing revenues to lag behindpersonnel expenses and other upfront costs incurred in anticipation of going into fulldevelopment; (3) growing demands to cut prices in relation to software development,
although demand for IT operations, maintenance, and other ongoing services remains
strong; and (4) additional outlays required to bolster core operations and develop new
businesses with a view to driving medium- to long-term growth.
Forecasts for the fiscal second half remain unchanged, however. The group remains
strong on the order front. IT Holdings has numerous orders currently in the pipeline alongwith a number of projects set to move out of the initial development stage. It also expects
to see concrete results from group-wide efforts to secure new orders and decisively
reduce costs.
Note that IT Holdings’ non-consolidated earnings forecast and dividend forecast remainunchanged.
*Earnings forecasts and other forward-looking statements contained in this document are
based on information available to IT Holdings at the time of preparation and certain
assumptions that it believes to be reasonable. Actual results may differ materially fromthose expressed or implied by forward-looking statements due to various factors.

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