Financial Highlights
1. CONSOLIDATED FINANCIAL RESULTS OF EPS GROUP FOR THE FIRST QUARTER
ENDED DECEMBER 31, 2010(2010.10.1-2010.12.31)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )Net sales

Operating Income

Dec-10
Dec-097,082 (
6,892 (2.8% )24.4% )

Dec-10
Dec-09Net Income per Share(yen)
1,210.18
7,434.45

Net Income

Ordinary Income

834 ( △ 29.8% )1,189 (26.8% )857 ( △ 28.4% )1,197 (23.6% )

216 ( △ 67.4% )664 (24.7% )Net Income per
Share,diluted (yen)1,205.93
7,429.58

Note : 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 had been split into 2 shares as of 1st April 2010, net income and diluted net
income per share as of Dec-2010 show the amount after split, in spite that Dec-2009 show before split.

(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets
Dec-10
Sep-10Shareholders'Equity ratio (%)
63.8%
60.7%

Net assets

19,49820,65014,282
14,347( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)69,580.18
70,149.39

Notes :1 Total shareholders' Equity, valuation and translation adjustments as of :Dec-1012,442 Million yen
Sep-1012,544 Million yen(3) CONSOLIDATED CASH FLOW INFORMATION( UNIT:JPY MILLION )Dec-10
Dec-09Net cash provided by(used in) operating
activities△ 1,336△ 255(4) CONSOLIDATED SUBSIDIARIESNet cash provided by(used in) investing
activities
△ 336
△ 623

Net cash provided by(used in) financing
activities
156
△ 237

Consolidated subsidiaries :Affiliated companies by equity accounting method :21
4Ending balance of cash
and cash equivalents
6,274
5,717

companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Interim Dividend
Sep-10(Result)

3,200.00

Sep-11(Projection)

1,600.00

Note :Cash Dividends per share
Year end Dividend
1,900.00

Annual5,100.00

1,900.00

3,500.00

As each share of common stock had been split into 2 shares as of 1st April 2010, interim dividend for 2010shows before split.

3. INFORMATION OF CONSOLIDATED BUDGET 2011.09 (2010.10.1-2011.9.30)
Mar-11
Sep-11

Net sales
15,534 (7.0% )32,919 (11.8% )Budgeted net income per share :Operating Income
1,617 ( △ 33.8% )4,633 (4.9% )Mar-11
Sep-11

Ordinary Income
1,622 ( △ 34.0% )4,650 (4.6% )( UNIT:JPY MILLION )Net Income
671 ( △ 48.1% )2,201 (0.5% )3,753.83 yen
12,308.68 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 :Dec-10180,800

sharesSep-10180,800

sharesSep-10

1,974

shares89,400shares(2) Common stock for treasury as of :Dec-10

1,974

shares(3) Average number of shares outstanding during the period as of :Dec-10Note :

178,826

sharesDec-09As each share of common stock had been split into 2 shares as of 1st April 2010, average number of shares as of
Dec-2010 shows after split, in spite that Dec-2009 shows before split.

CONSOLIDATED BALANCE SHEETS
December 31, 2010 and September 30, 2010
(UNAUDITED)(IN THOUSANDS,JPY)ASSETS
CURRENT ASSETS
Cash and time deposits
Notes and accounts receivable
Inventories and products
Works in progress
OthersAllowance for doubtful accounts
Total current assets

December 31.2010

September 30.2010

6,438,121
6,031,031
299,421493,669
1,169,531△ 5,515
14,426,260

7,956,839
5,954,040
317,270
337,675
1,495,954△ 6,459
16,055,320

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

1,022,243
960,033

714,020
840,439

658,923
1,203,644
1,227,782
3,090,350

585,816
1,179,445
1,275,596
3,040,858

Total fixed assets

5,072,627

4,595,318

19,498,887

20,650,639

262,760
680,000
7,140
80,128227,064
132,000
2,833,165
4,222,258

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

30,960374,559
256,552
264,23168,010994,314―364,582
279,874―
39,090683,547

5,216,573

6,303,376

1,875,251
1,826,300
9,153,751△ 317,258
12,538,045

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

36,519△ 946

FIXED ASSETSTOTAL 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 LIABILITIESLong-term debt
Provision for employees' retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
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△ 13△ 131,805△ 95,299―△ 115,922△ 116,869

Share option in consolidated subsidiary
Minority interests
TOTAL NET ASSETS

3,264
1,836,305
14,282,3146,528
1,796,201
14,347,262

TOTAL LIABILITIES AND NET ASSETS

19,498,887

20,650,639

CONSOLIDATED STATEMENTS OF INCOME
For the First quarter ended December 31 2010 and 2009
(UNAUDITED)(IN THOUSANDS,JPY)
First quarter ended
December 31.2010

First quarter ended
December 31.2009

NET SALESCOST OF SALES
Gross profit

7,082,368
4,917,767
2,164,601

6,892,701
4,549,903
2,342,797

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income

1,329,939
834,661

1,153,496
1,189,301

2,235△ 1,312△ 7,140
9,743
13,611△ 14,1947,339△ 3,147△ 14,455
4,983
25,320△ 3,435

20,252△ 102,205
732,455

26,12442,7291,232,031

56,363405,896462,259
270,196
53,785
216,41164,425
461,634
526,060
705,971
41,331
664,640

OTHER INCOME (EXPENSES)Interest income
Interest expenses
Foreign exchange gain or loss (△loss)
Gain or loss of equity in associated companies (△ loss)
Refund of insurance surrender
Loss on sales and disposal of property and equipment
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Others- net
Other income (expenses)-net
Income before income taxes and minority interests
INCOME TAXES
Current
DeferredTotal
Income before minority interests
MINORITY INTERESTSNET INCOME△ 125,400―

CONSOLIDATED STATEMENTS OF CASH FLOWSFor the First quarter ended December 31 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
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
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
Decrease (△Increase) in inventories and products
Increase (△Decrease) in accounts payable -trade
Increase (△Decrease) in other current liabilities
Others , Net
SubtotalInterest and dividends receivedInterest paid
Income taxes paid
Net cash provided by (used in) operating activities
INVESTING ACTIVITIES:Payments for time deposits
Disbursements for purchase of tangible fixed assets
Disbursements for purchase of intangible fixed assets
Payment for deposit for rent office and others
Purchase of investments in subsidiaries resulting in change in scope ofconsolidation
Payment for acquisition of business
Others , Net
Net cash provided by (used in) investing activities
FINANCING ACTIVITIES:
Proceeds from borrowing of short-term debt
Disbursements for repayment of short-term debt
Disbursements for repayment of long-term debt
Proceeds from stock issuance to minority shareholders
Dividends paid
Dividends paid for minority shareholders
Others , Net
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE DIFFERENCE ON CASH & CASH EQUIVALENTS
NET INCREASE 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 EQUIVALENTSFirst quarter ended
December 31.2010

First quarter endedDecember 31.2009

732,455

1,232,031

96,502△ 1,218,800
9,977△ 23,321△ 3,585
1,312－
14,194

95,018△ 936,446
10,373△ 19,202△ 8,689
3,147
41,973
3,435△ 40,068△ 137,748
2,952
475,086
46,885△ 44,155
4,918△ 1,302△ 1,296,176△ 1,336,715

20,255△ 202,110
13,578458,309△ 86,593
625,081
11,053△ 3,139△ 888,863△ 255,868△ 12,393△ 160,954△ 535△ 39,719－△ 52,408△ 84,348△ 27,116△ 126,817△ 402,041

500,000△ 5,000－
1,000△ 311,814△ 24,104△ 3,555
156,525△ 14,411△ 1,531,081
7,805,981－
6,274,899

120,000△ 12,000△ 50,000－△ 271,202△ 18,078△ 6,157△ 237,437
21,559△ 1,095,476
6,607,331
205,600
5,717,455－
3,939△ 336,480△ 71,000
13,184△ 623,730

STATEMENT OF ORDER ENTRY AND SALES BY ITEMSFor the First quarter ended December 31 2010
(UNAUDITED)(1) RESULT OF ORDER ENTRY
2010.12<2010.10.1-2010.12.31>

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

ORDER BACKLOG(IN THOUSANDS, JPY )8,963,276
14,144,054
647,525
23,754,855
4,979,591
4,418,512
1,033,244
34,186,203

1,181,653
1,714,040
491,313
3,387,007
1,373,632
1,976,862
885,957
7,623,458

CRO others

TOTAL OF CRO
SMO
CSO
ITTOTAL* These figures are expressed by sales price.
* These above figures do not include the consumption tax.

(2) RESULT OF SALES
2010.12<2010.10.1-2010.12.31>

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

2,238,673
1,759,260
500,455
4,498,389
1,188,559
1,108,222
287,197
7,082,368

CRO others

TOTAL OF CRO
SMO
CSO
IT
TOTAL
* These above figures do not include the consumption tax.

INDUSTRY SEGMENT INFORMATION
For the First quarter ended December 31 2010 and 2009
(UNAUDITED)FY 2011 (2010.10.1-2010.12.31)

SALES
Sales to customers
Intersegment sales
Total
Operating income(IN THOUSANDS, JPY)

CRO

SMO

CSO

IT

Total

4,498,389
9,544
4,507,934
617,905

1,188,559
360
1,188,919
299,137

1,108,222
290
1,108,512(44,362)

287,197
59,242
346,439(48,092)

7,082,368
69,437
7,151,805
824,588

Eliminations/
CorporateConsolidation－(69,437)(69,437)
10,072

7,082,368－
7,082,368
834,661* From FY 2011, segment definition has been changed to "management approach method" due to adopting new Accounting
standards in Japan, which our segments become 4 categories of "CRO", "SMO", "CSO" and "IT" accordingly.
FY 2010 (2009.10.1-2009.12.31)

SALES
Sales to customers
Intersegment sales
Total
Operating income(IN THOUSANDS, JPY)CROSMO

5,387,907
5,574
5,393,482
1,113,618

993,920－993,920
170,171

Preclinical
Service
186,552
1,035
187,587(9,798)SystemDevelopment
324,320
20,838345,159(87,683)

Total
6,892,701
27,4486,920,149
1,186,306

Eliminations/
Corporate

Consolidation－(27,448)(27,448)
2,994

6,892,701－
6,892,701
1,189,301