November 13, 2008

Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009
SRA Holdings, Inc.

Company name:(URL: http://www.sra-hd.co.jp/)
Tokyo Stock Exchange

Stock listing:Code number:President:
For inquiries, please contact:
Tel:

3817

Toru Kashima
Tomotaka Yanase, General Manager, Finance Department, Administrative Headquarters(03)-5979-2666
Scheduled date of submission of quarterly securities report:

November 14, 2008

1. Consolidated results for the second quarter of the fiscal year ending March 2009 (from April 1, 2008 to September
30, 2008)(1) Consolidated Operating Results (cumulative total)
Net Sales

Ordinary Profit

Operating Income

Millions of yen

Second quarter of fiscal
2009
Second quarter of fiscal
2008(All amounts rounded down, % change YoY)%

Millions of yen%

Millions of yen

Net Income%

Millions of yen%

19,430

―

1,440

―

1,455

―

711

―

19,786

18.7

1,702

56.0

1,731

52.3

918

(24.1)Net Income

Net Income

per Shareper Share after Dilution

Yen

Second quarter of fiscal
2009
Second quarter of fiscal
2008

Yen

51.41

51.36

66.38

66.21

(2) Consolidated Financial Position

Second quarter of fiscal
2009
Fiscal 2008

Shareholders’ Equity Ratio

Shareholders’ Equity per ShareTotal Assets

Net Assets

Millions of yen

Millions of yen%

Yen

26,16913,22450.1

948.2527,967

13,22447.0

950.22

Reference: Shareholders’ equity
Second quarter of fiscal 2009: ¥13,123 million
Fiscal 2008: ¥13,150 million

2. Dividends
Dividend per Share

Fiscal 2008
Fiscal 2009
Fiscal 2009 (forecast)End of First QuarterEnd of Second QuarterEnd of Third Quarter

Year-end

Yen

Yen

Yen

Yen

Yen

―
―
―

―
―
―

―
―
―

40.00
―
40.00

40.00
―
40.00

Note: Revision of dividend forecast in this quarter:No

For the Year

3. Consolidated Earnings Forecast for Fiscal 2009 (from April 1, 2008 to March 31, 2009)（% change YoY is for the fiscal year or for interim period）
Net Income
Net Sales

Operating Income

Ordinary Profit

Net Income
per Share

Full Year

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

41,500

(7.9)

3,500

(14.7)

3,500(16.3)

1,850(16.8)

133.68

Note: Revision of consolidated results forecast in this quarter:No

4. Others(1) Changes to significant subsidiaries during the term (changes in specified subsidiaries due to change in scope of
consolidation):No― (Company names)
Newly consolidated
Removed from consolidation― (Company names)(2) Simplified accounting procedures and accounting procedures specific to the preparation of quarterly consolidated
financial statements:
No(3) Changes in accounting principles, methods or reporting procedures
1. Changes due to change in accounting standards:
Yes
2. Changes other than 1. above:
Yes
Note: See “Qualitative Information and Financial Statements, 4. Others” on page 3 for more information.
(4) Number of outstanding shares (common shares)
1. Shares issued at the end of term (including own shares)
Second quarter of fiscal 2009:15,240,000 sharesFiscal 2008:
15,240,000 shares
2. Own shares at end of term
Second quarter of fiscal 2009:
1,400,198 sharesFiscal 2008:
1,400,198 shares
3. Average number of shares during the period (For the entire consolidated quarter)
Second quarter of fiscal 2009:
13,839,802 shares
Second quarter of fiscal 2008:
13,839,802 shares* Note:・ Forecast performance is predicted by the Company based on information currently available at the time of theforecast. Actual financial results may differ due to a number of factors.
・ Effective from the current consolidated fiscal year, the Group has adopted “Accounting Standard for Quarterly
Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on AccountingStandard for Quarterly Financial Reporting” (ASBJ Guidance No. 14). In addition, the quarterly consolidated
financial statements have been prepared in accordance with the “Regulations for Quarterly Financial Reporting.”

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

Qualitative Information and Financial Statements

1. Qualitative Information Concerning Consolidated Business Results

During the second quarter of the fiscal year (April 1, 2008 to September 30, 2008), the Japanese economy wasaffected by the appreciation of the yen and high crude oil prices triggered by the subprime loan problem in the UnitedStates in addition to a global decline in stock prices accompanying the U.S. financial crisis, which led to a sharp
slowdown of the economy in the latter part of the quarter.
Owing to these economic developments, the business environment surrounding the SRA Holdings Group rapidly
worsened during the latter part of the first half of the fiscal year, as IT investments by customers were successively
postponed, scaled down, or frozen.
Under these conditions, the SRA Group marked the first fiscal year of its medium-term management plan, underwhich the Group is working in unison to promote structural reforms that will pave the way for future growth andstrengthen our business foundation. At the same time, we worked to secure orders and sales and raise profits as we
strive to attain our fiscal year performance targets. Specifically, Software Research Associates (SRA), Inc., the corecompany of SRA Holdings, strengthened its sales activities by collaborating with various departments in financial
fields. Concurrently, we gradually dissolved the Industrial Sales Division set up to increase orders in non-financial
industrial fields, and with an eye toward the second half of the fiscal year we combined four industrial-related
business departments and newly created the Industrial Sales Promotion Division to strengthen marketing and sales.
Additionally, we launched sales of new products in the first quarter of the fiscal year as part of efforts to strengthen
initiatives in our products businesses.
Despite these efforts, consolidated business results for the second quarter declined from the same period in theprevious fiscal year as indicated below.
SRA Holdings posted consolidated net sales of ¥19,430 million, a slight decline of 1.8% from the same quarter ofthe previous year. In its mainstay Systems Development business, SRA was able to minimize the impact of the harshbusiness environment thanks to activities to obtain orders in financial-related sectors from the last half of the previous
fiscal year; however, the company faced harsh operating conditions in industrial sectors and other non-financial fields.
These factors, coupled with a lackluster performance in its Product Sales business, resulted in lower net sales.
On the other hand, overall sales of Group companies, excluding SRA, surpassed the level recorded in the same
period of the previous fiscal year, as Advanced Integration Technology (AIT), Inc., which engages mainly in the salesof devices, attained its business targets along with U.S. subsidiaries also recording favorable results. Nonetheless,these solid results were unable to compensate for a decline in sales by SRA.
At the profit level, SRA Holdings posted lower profits, with operating income declining 15.4% from the same
period of the previous fiscal year to ¥1,440 million and ordinary profit decreasing 15.9% to ¥1,455 million. These
declines were due mainly to a decrease in SRA’s gross profit margin owing to low-profit projects in theindustrial-related Systems Development business in addition to a decrease in gross profit accompanying lower net
sales as well as to low-margin projects undertaken by Software Science, Inc. Net income for the second quarter
declined 22.5% to ¥711 million due to the write-down of memberships.

A summary of business results for the second quarter by business segment is shown below.

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

1. Systems Development
The Systems Development business recorded an increase in orders from financial institutions and manufacturingindustries (embedded systems), although sales to the distribution and services industries declined. As a result, net
sales for the second quarter amounted to ¥10,679 million, a decrease of 1.1% from the same period in the previous
fiscal year.

2. System Operations and Infrastructure Development
The System Operations and Infrastructure Development business recorded robust results in school-related businessand posted an increase in systems operation sales to financial institutions. Therefore, net sales amounted to ¥2,471
million, an increase of 9.9% from the same period of the previous fiscal year.

3. Product Sales
SRA’s Product Sales business was sluggish. As a result, net sales declined 6.9% from the same period of the previous
fiscal year to ¥6,279 million.

Business results by geographic segment are as follows.
Sales recorded outside Japan accounted for more than 10% of total consolidated sales recorded in all segments andthus geographic segment information is included from the current fiscal year.

However, in the second quarter of the previous fiscal year, net sales in Japan exceeded 90% of the total from all
segments and thus geographic segment information is omitted and no comparisons are made with the same period of
the previous fiscal year.

1) JapanNet sales amounted to ¥17,408 million.

2) Other Regions
We carried out business utilizing the SRA Group’s strengths, beginning with the open system software (OSS)
business, targeting world markets, while undertaking the systems development, creation, and operation businesses
with an emphasis on the local overseas operations of Japanese companies. As a result, net sales in Other Regions
amounted to ¥2,021 million.

* From the current fiscal year, SRA Holdings is applying “Accounting Standard for Quarterly Financial Reporting”(ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on Accounting Standard for Quarterly
Financial Reporting” (ASBJ Guidance No. 14). Accordingly, different standards were used in preparing theConsolidated Statements of Income for the second quarter of the current fiscal year and the Consolidated Statementsof Income for the same quarter of the previous fiscal year. Therefore, data showing comparisons with the same periodof the previous fiscal year are included merely for reference purposes.

2. Qualitative Information Concerning Consolidated Financial Condition
Regarding financial condition for the second quarter, current assets declined ¥1,748 million from the end of theSRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009previous fiscal year to ¥21,395 million. Although there was a ¥955 million increase in work in progress from the endof the previous fiscal period, current assets decreased due to a ¥1,558 million decline in notes and accounts receivableowing to the collection of sales receivables and a ¥501 million decrease in marketable securities. Fixed assets
declined ¥49 million to ¥4,774 million due to such factors as mark-to-market valuation of investment securities. As aresult, total assets declined ¥1,798 million to ¥26,169 million.
On the liabilities side, total liabilities declined ¥1,798 million to ¥12,945 million due to a ¥929 million decrease inincome taxes payable accompanying the payment of income taxes as well as a ¥505 million decrease in accounts
payable. Despite an increase in earned surplus derived from net income, net assets declined (because this decline wasless than ¥1 million, the expression of this amount has been omitted) to ¥13,224 million due to the payment ofdividends and a decline in net unrealized holding gains on other securities.

Analysis of Consolidated Cash Flows
Cash and cash equivalents on a consolidated basis at the end of the second quarter decreased ¥969 million to ¥10,296
million from the end of the previous fiscal year.
The status of cash flows and factors underlying changes in cash flows for the second quarter are shown below.

Cash Flows from Operating Activities
Net cash used in operating activities amounted to ¥405 million. This consisted mainly of such cash inflows as adecrease in accounts and notes receivable—trade of ¥1,552 million and income before income taxes and minority
interests amounting to ¥1,420 million. Cash-reducing factors included an increase in inventories of ¥756 million, adecrease in accounts and notes payable—trade of ¥492 million and income taxes paid and refunded totaling ¥1,715
million.

Cash Flows from Investing Activities
Net cash used in investing activities amounted to ¥200 million. This was due mainly to the outflows of ¥90 million
for purchases of fixed assets and ¥65 million for purchases of investment securities.

Cash Flows from Financing Activities
Net cash used in financing activities amounted to ¥341 million. This was due chiefly to such cash outflows as ¥553
million in cash dividends paid and ¥14 million in repayments of long-term debt, which exceeded such inflows as anincrease in short-term loans of ¥227 million.

3. Qualitative Information Concerning Consolidated Results Forecast
No revision has been made to the consolidated results forecast announced on November 6, 2008.

4. Others(1) Significant changes involving subsidiaries during the period (changes involving specific subsidiaries
accompanying changes in the scope of consolidation): None

(2) Application of simplified accounting methods and accounting methods specific to the preparation of the quarterly
consolidated financial statements: No

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

(3) Changes of accounting principles, procedures and presentation methods related to the preparation of the quarterly
consolidated financial statements.

1) Effective from the current consolidated fiscal year, the Company has adopted “Accounting Standard for Quarterly
Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on Accounting Standard
for Quarterly Financial Reporting” (ASBJ Guidance No. 14). In addition, the quarterly consolidated financial
statements have been prepared in accordance with the “Regulations for Quarterly Financial Reporting.”

2) Application of “Accounting Standard for Measurement of Inventories”
Effective from the first quarter of the current consolidated fiscal year, the Company has adopted “AccountingStandard for Measurement of Inventories” (ASBJ Statement No. 9, July 5, 2006) and has changed its measurement of
inventories from the cost method to a method for writing down the book value of inventories based on decreased
profitability.
This change had no impact on second-quarter consolidated operating income, ordinary profit, and income before
income taxes and minority interests.

3) Application of “Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for
Consolidated Financial Statements”
Effective from the first quarter of the current consolidated fiscal year, the Company has adopted “Practical Solution
on Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements” (ASBJ
Practical Issues Task Force No. 18, May 17, 2006) and is making the necessary adjustments to the consolidated
financial statements.
The application of this accounting treatment had no impact on second-quarter consolidated operating income,ordinary profit, and income before income taxes and minority interests.

4) Application of “Accounting Standard for Lease Transactions”
Previously, the Group used lease transaction methods to account for transactions for finance leases not involving thetransfer of ownership. However, the application of “Accounting Standard for Lease Transactions” (ASBJ Statement
No.13 (issued by the First Subcommittee of the Business Accounting Council on June 17, 1993, revised on
September 30, 2007)) and “Guidance on Accounting Standards for Lease Transactions” (ASBJ Guidance No. 16(issued on January 18, 1994 by the Accounting Standards Committee of the Japanese Institute of Certified Public
Accountants, revised on March 30, 2007)) was permitted for quarterly financial statements from the consolidated
fiscal year beginning April 1, 2008. Accordingly, the Company adopted these accounting procedures from the firstquarter of the current consolidated fiscal year and accounts for finance leases not involving the transfer of ownershipusing accounting procedures for normal sales transactions.
Finance lease assets not involving the transfer of ownership are depreciated to the residual value of zero by thestraight-line method using the lease term as the useful life.
The application of this accounting procedure had no impact on cumulative second-quarter consolidated operating
income, ordinary profit, and income before income taxes and minority interests.
The same accounting procedure previously used for regular lease transactions will still be used for transactions for

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

finance leases not involving the transfer of ownership that commenced prior to the fiscal year in which the new
accounting procedure is applied.

5. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of Yen)
End of the second quarter ofConsolidated balance sheets at

fiscal 2009

the end of fiscal 2008 (summary)(as of September 30, 2008)(as of March 31, 2008)ASSETS
Current assets:
Cash and bank deposits

8,880

9,351

Notes and accounts receivable

7,382

8,940

Marketable securities

1,501

2,003

947

1,145

1,549

594

Deferred income taxes

502

471

Other current assets

664

657

Allowance for doubtful accounts

(34)

(22)

21,39523,143

Buildings

252

240

Accumulated depreciation

(146)

(136)

Buildings (net)

106

103

Machinery and equipment

742

736

Accumulated depreciation

(651)

(645)

Machinery and equipment (net)

90

91

Land

0

0

Other tangible assets

102

97

Accumulated depreciation

(67)

(64)

Other tangible assets (net)35

32

Total tangible assets

232

228

Other intangible assets

411

440

Total intangible assets

411

440

Investment securities

1,349

1,510

Deferred income taxes

1,449

1,318

Other assets

1,449

1,443

Products
Work in progress

Total current assets
Fixed assets:
Tangible assets

Intangible assets

Investments and other assets

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

Allowance for doubtful accounts

(10)

(10)

Allowance for loss on investments

(107)

(107)

Total investments and other assets

4,130

4,155

4,774

4,824

26,16927,967

Total fixed assets
Total assets

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

(Millions of Yen)
End of the second quarter ofConsolidated balance sheets at

fiscal 2009

the end of fiscal 2008 (summary)(as of September 30, 2008)(as of March 31, 2008)

LIABILITIESCurrent liabilities:
Accounts payable

2,996

3,502

Short-term loans

2,799

2,576

Debentures due for redemption within one year－

300

Income taxes payable

711

1,640

Accrued consumption tax

218

392

Accrued expenses

608

963

Allowance for bonuses payable

658

653

Allowance for directors’ bonuses payable

40

74

Other

678

798

8,712

10,901

Debentures

300－

Long-term debt

－

10

3,509

3,412

Directors’ retirement benefits

406

400

Negative goodwill

16

19

4,232

3,842

12,945

14,743

Common stock

1,000

1,000

Capital surplus

4,483

4,519

Earned surplus

8,187

8,029

Treasury stock, at cost

(894)

(894)

Total shareholders’ equity

12,777

12,654

Net unrealized holding gains on other securities

351

480

Translation adjustments

(5)

15

Total valuation and translation adjustments

346

495

Stock options

70

52

Minority interests

29

21

Total net assets

13,224

13,224

Total liabilities and net assets

26,16927,967

Total current liabilities
Long-term liabilities:

Accrued employees’ retirement benefits

Total long-term liabilities
Total liabilities
NET ASSETS
Shareholders’ equity

Valuation and translation adjustments

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009(2) Quarterly Consolidated Statements of Income(Consolidated cumulative total for second quarter)(Millions of Yen)
Consolidated cumulative total forsecond quarter of fiscal 2009
(April 1, 2008-September 30, 2008)
Net sales

19,430

Cost of sales

15,585Gross profit

3,844

Selling, general and administrative expenses

2,404

Operating income

1,440

Non-operating income
Interest received

20

Dividends received

8

Gain on sale of marketable securities

5

Other

29

Total non-operating income

63

Non-operating expenses
Interest paid

27

Other

20

Total non-operating expenses

48

Ordinary profit

1,455

Extraordinary loss
Write-down of shares of affiliated company

10

Write-down of memberships

22

Other

1

Total extraordinary loss

34

Income before income taxes and minority interests

1,420

Current income taxes

775

Deferred income taxes(75)

Total income taxes

700

Minority interests

8

Net income

711

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

(Second quarter accounting period)(Millions of Yen)
Second quarter accounting period of
fiscal 2009
(July 1, 2008-September 30, 2008)
Net sales

10,713

Cost of sales

8,609

Gross profit

2,103

Selling, general and administrative expenses

1,146

Operating income

956

Non-operating income
Interest received

14

Dividends received

0Gain on sale of marketable securities

5

Other

14

Total non-operating income

34

Non-operating expenses
Interest paid

14

Other

11

Total non-operating expenses

25

Ordinary profit

965

Extraordinary loss
Write-down of shares of affiliated company

10

Write-down of memberships

22

Other

0

Total extraordinary loss

33

Income before income taxes and minority interests

931

Current income taxes

327

Deferred income taxes

79

Total income taxes

407

Minority interests2

Net income

522

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009(3) Quarterly Consolidated Statements of Cash Flows(Millions of Yen)
Consolidated cumulative total forsecond quarter of fiscal 2009
(April 1, 2008-September 30, 2008)
Cash flows from operating activities:
Income before income taxes and minority interests

1,420

Depreciation and amortization

121

Write-down of memberships

22

Increase in employees’ retirement benefits, net of payments

83

Increase in directors’ retirement benefits

6

Increase in allowance for bonuses payable

5

Increase (decrease) in allowance for directors’ bonuses payable
Increase in allowance for doubtful accounts

(33)
11

Interest and dividend income(28)Interest paid

27

Loss on disposal of fixed assets

1

Write-down of shares of affiliated company

10(Increase) decrease in accounts and notes receivable－trade

1,552(Increase) decrease in inventories(756)

Increase (decrease) in accounts and notes payable－trade(492)

Increase (decrease) in other operating liabilities(494)

Increase (decrease) in accrued consumption taxes payable(173)

Other, net

26

Subtotal

1,309Interest and dividends receivable

28

Interest paid

(28)

Income taxes paid and refunded
Net cash used in operating activities(1,715)(405)

Cash flows from investing activities:
Purchases of tangible fixed assets(37)

Purchases of intangible fixed assets(53)

Purchases of investment securities(65)

Payments for loans receivable(21)

Collection of loans receivable

7

Other, net(30)

Net cash used in investing activities(200)

Cash flows from financing activities:
Increase in short-term loans

227

Repayments of long-term debt

(14)

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

Proceeds from the issue of corporate bonds

300

Disbursements for the redemption of corporate bonds(300)

Cash dividends paid

(553)

Net cash used in financing activities(341)

Effect of exchange rate changes on cash and cash equivalents(22)

Net increase (decrease) in cash and cash equivalents(969)

Cash and cash equivalents at beginning of period

11,265

Cash and cash equivalents at the end of period

10,296

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

Effective from the current consolidated fiscal year, the Group has adopted “Accounting Standard for Quarterly
Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on Accounting Standard for
Quarterly Financial Reporting” (ASBJ Guidance No. 14). In addition, the quarterly consolidated financial statements havebeen prepared in accordance with the “Regulations for Quarterly Financial Reporting.”(4) Notes Concerning Premise of Going Concern
None(5) Segment Informationa. Segment Information by Type of Business
Consolidated cumulative total for second quarter (from April 1, 2008 to September 30, 2008)(Millions of yen)
Systems

SystemProduct

Development

Operations

Sales

Total

Eliminations/

Consolidated

Corporate

andInfrastructure
Development
Net Sales
10,679

2,471

6,279

19,430－19,430

14

125

262

402

(402)

－

Total sales

10,693

2,596

6,542

19,832(402)

19,430Operating income

1,634

557

543

2,736

(1,295)

1,440

(1)

Sales tocustomers(2)

Intersegment
sales ortransfers

Note:
Change in the Names of Business Segments
Previously, the Company expressed its business segments as “System Development,” “Network & Systems Services,” and“Consulting & Other Services.” From the first quarter of the current consolidated fiscal year, the Company changed thenames of these business segments to the “Systems Development,” “System Operations and Infrastructure Development,”
and “Product Sales” segments, respectively. This change had no impact on business segment information.

b. Geographical Segments
Consolidated cumulative total for second quarter (from April 1, 2008 to September 30, 2008)(Millions of yen)
Japan

Other
Regions

Total

Eliminations/
Corporate

Consolidated

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

Net Sales
17,4082,021

19,430－19,430

13

18

31

(31)

－

Total sales

17,421

2,039

19,461(31)

19,430Operating income

1,564

167

1,732

(291)

1,440

(3)

Sales tocustomers(4)

Intersegment
sales ortransfers

Note:
1. Countries and regions are categorized based on geographic proximity.
2. Because only small amounts of net sales were recorded in each country and region outside Japan, these countries andregions are aggregated under Other Regions.
Principal countries included in Other Regions are the United States and the Netherlands.
3. Overseas sales accounted for more than 10% of total consolidated sales during the first quarter and thus geographic
segment information has been included from the first quarter of the current fiscal year.

c. Overseas Sales
Consolidated cumulative total for second quarter (from April 1, 2008 to September 30, 2008)(Millions of yen)
Other Regions

Total

Overseas Sales

2,024

2,024

Consolidated net－

19,430

10.4

10.4

sales
Overseas sales asa percentage ofconsolidated net
sales (%)
Note:
1. Countries and regions are categorized based on geographic proximity.
2. Because only small amounts of net sales were recorded in each country and region outside Japan, these countries andregions are aggregated under Other Regions.
3. Overseas sales are those recorded by the Company and its consolidated subsidiaries in countries and regions outside
Japan.
4. Overseas sales accounted for more than 10% of total consolidated sales in the first quarter of the current fiscal year andthus overseas sales are included in segment information from first quarter of the current fiscal year.

(6) Notes on Significant Fluctuations in Shareholder’s Equity
None

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

6. Other Information[Reference]
Consolidated Financial Statements of the Second Quarter of Fiscal 2008
(1) Consolidated Interim Statements of Income(Millions of yen)
Fiscal 2008 interim period(April 1, 2007-September 30, 2007)
Amount%Net sales

19,786

100.0

Cost of sales

15,751

79.6

Gross profit

4,034

20.4

Selling, general and administrative expenses

2,332

11.8

Operating income

1,702

8.6

72

0.3

43

0.2

1,731

8.7

Extraordinary income

15

0.1

Extraordinary loss

0

0.0

1,745

8.8

Current income taxes

921

4.7

Deferred income taxes

(97)

(0.5)

Minority interests

2

(0.0)

Interim net income

918

4.6

Non-operating income
Interest received

15

Dividends received

9

Other

47

Non-operating expenses
Interest paid

24

Other

19

Ordinary profit

Interim income before income taxes and minority
interests

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009

(2) Consolidated Statements of Cash Flows(Millions of yen)
Fiscal 2008 interim period(April 1, 2007-September 30, 2007)
AmountI. Cash flows from operating activities:
Interim income before income taxes and minority interests

1,745

Depreciation and amortization

138

Increase in employees’ retirement benefits, net of payments

121

Increase in directors’ retirement benefits

10

Increase in accounts and notes receivable－trade620

Increase (decrease) in inventories(1,831)

Increase in accounts and notes payable－trade796

Increase (decrease) in accrued consumption taxes payable(154)

Other, net(438)

Subtotal

1,009Interest and dividends receivable

25

Interest paid

(23)

Income taxes paid and refunded(664)

Net cash provided by operating activities

346

II. Cash flows from investing activities:
Disbursements for investments in term deposits(100)

Purchases of fixed assets(136)

Purchases of investment securities(70)

Disbursements for deposits(3)

Collection of deposits

6

Other, net(26)

Net cash used in investing activities(329)

III. Cash flows from financing activities:
Increase (decrease) in short-term loans(30)

Repayments of long-term debt

(19)

Other, net(345)

Net cash used in financing activities(395)

IV. Effect of exchange rate changes on cash and cash equivalents

4

V. Net increase (decrease) in cash and cash equivalents(374)

VI. Cash and cash equivalents at beginning of period

9,919

VII. Cash and cash equivalents at end of period

9,545

SRA Holdings, Inc. (3817) Summary of Consolidated Financial Results for the Second Quarter of the Year Ending March 31, 2009(3) Segment Information[Segment Information by Type of Business]
Fiscal 2008 interim period (from April 1, 2007 to September 30, 2007)(Millions of yen)
SystemNetwork &Consulting

Development

Systems& Other

Services

Services

Total

Eliminations/

Consolidated

Corporate

Net Sales(1) Sales to

10,797

2,247

6,741

19,786－

19,786

28

157

450

636

(636)

－

10,825

2,404

7,192

20,422(636)

19,786

9,045

1,866

6,383

17,296787

18,083

1,779

538

808

3,126

(1,423)

1,702

customers(2) Intersegment
sales ortransfers
Total sales
Operatingexpenses
Operating income[Geographical Segments]
Fiscal 2008 interim period (from April 1, 2007 to September 30, 2007)
The amounts of net sales and assets in Japan exceed 90% of total sales and total assets for all segments and thus
geographical segment information is omitted.

[Overseas Sales]
Fiscal 2008 interim period (from April 1, 2007 to September 30, 2007)
Overseas net sales account for less than 10% of total consolidated net sales and are thus omitted.