Financial Highlights
1. INFORMATION OF EPS Co,Ltd & CONSOLIDATED SUBSIDIARIES 2012.09(2011.10.1-2012.9.30)(UNAUDITED)(1) CONSOLIDATED OPERATING RESULTS( UNIT:JPY MILLION )Net sales
Sep-12
Sep-11
Note :

35,202
32,040Operating Income((

9.9% )
8.8% )

Comprehensive income
Sep-12
2,601((

Million yen

Net Income per Share (yen)Sep-12
Sep-11

5,174
4,803

(

Ordinary Income

7.7% )
8.8% )

12.7%

5,091
4,790

)

Net Income per Share,
diluted (yen)Sep-11

6.3% )
7.8% )

2,309

Return on
Shareholders'equity(%)－
12,128.34

12,343.40
12,137.09((

Net Income

14.9
16.4

2,207
2,170

(
(

1.7% )△ 1.0% )Million yen

(

1.5%

Ordinary
income tototal
assets(%)
20.3
21.7

)

Operatingincome tonet sales(%)
14.7
15.0

Notes: 1 Percentages for net sales, operating income, ordinary income, net income and comprehensive income indicate growthratio to previous year.
2 Average number of shares issued and outstanding during the period :Sep-12
178,826 sharesSep-11
178,826 shares(2) CONSOLIDATED FINANCIAL INFORMATION
Total Assets

Net assets

26,64723,39918,436
16,424

Sep-12
Sep-11
Note :( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)87,280.51
78,072.16

Shareholders'Equity ratio (%)
58.6
59.7

Total shareholders' Equity and valuation and translaion adjustments as of :Sep-12
15,608 Million yen
Sep-11

13,961Million yen(3) CONSOLIDATED CASH FLOW INFORMATION( UNIT:JPY MILLION )Sep-12
Sep-11

Net cash provided by(used in) operating
activities
4,038
1,514

Net cash provided by(used in) investing activities

Net cash provided by(used in) financing activities△ 945△ 1,342(4) CONSOLIDATED SUBSIDIARIESEnding balance of cash andcash equivalents△ 1,101700

Consolidated subsidiaries :Associated companies by equity accounting method :23
4

10,663
8,627

companies
companies

2.OVERALL SITUATION OF DIVIDEND DISTRIBUTION( UNIT:JPY )Total
Dividend ratio
Dividend ratio
dividendtoto net income
amountshareholders'(%)(Million Yen)equity (%)

Cash Dividends per share

Sep-11
Sep-12
Sep-13(Result)(Result)(Projection)

Interim
Dividend

Year end
Dividend

Annual

1,600.00
1,600.00
1,600.00

1,900.00
1,900.00
2,000.00

3,500.00
3,500.00
3,600.00

625
625
－

28.8
28.4
22.5

4.7
4.2
－

3. INFORMATION OF CONSOLIDATED BUDGET 2013.09 (2012.10.1-2013.9.30)( UNIT:JPY MILLION )Net sales
Mar-13
Sep-1319,041
40,717((

Operating Income
9.8% )
15.7% )

Budgeted net income per share :

2,189
5,492
Mar-13
Sep-13((

Ordinary Income△ 20.4% )6.1% )

2,189
5,506

6,256.34
15,984.11

yen
yen

(
(

△ 16.8% )
8.2% )Net Income
1,118
2,858

(
(

△ 5.4% )29.5% )

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 shares issued and outstanding as of :Sep-12

180,800

sharesSep-11

180,800

sharesSep-11

1,974

shares

178,826

shares(2) Common stock for treasury as of :Sep-12

1,974

shares(3) Average number of shares outstanding during the period as of :Sep-12

178,826

sharesSep-11

5. INFORMATION OF NON-CONSOLIDATED 2012.09(1) OPERATING RESULTS( UNIT:JPY MILLION )Net sales
Sep-12
Sep-11

20,752
18,301((

Operating Income
13.4% )
2.0% )Net Income per Share (yen)Sep-12
Sep-11
Note :

12,553.71
10,842.17

3,660
3,672

△ 0.3% )△ 6.4% )((Ordinary Income
3,751
3,803

(
(

Net Income△ 1.4% )△ 6.5% )

2,244
1,938

(
(

15.8% )
△ 13.9% )Net Income per Share,
diluted (yen)－－Percentages for net sales, operating income, ordinary income, and net income indicate growth ratio to previous year.

(2) FINANCIAL INFORMATION
Total Assets

Net assets

19,474
17,19014,061
12,437

Sep-12
Sep-11
Note :

Total shareholders' Equity as of :Sep-12
14,061 Million yen( UNIT:JPY MILLION )Shareholders' Equity
per share (yen)78,633.48
69,552.90

Shareholders'Equity ratio (%)
72.2
72.4

Sep-11

12,437

Million yen

6. INFORMATION OF NON-CONSOLIDATED BUDGET 2013.09 (2012.10.1-2013.9.30)( UNIT:JPY MILLION )Net sales
Mar-13
Sep-13

11,08523,170((Ordinary Income
10.0% )
11.7% )

Budgeted net income per share :

1,707
3,931
Mar-13
Sep-13((Net Income△ 16.3% )4.8% )

1,067
2,431

5,971.78
13,594.60

yen
yen

(
(

△ 11.8% )
8.3% )

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.

(IN THOUSANDS,JPY)CONSOLIDATED BALANCE SHEETSSEPTEMBER 30, 2012 AND 2011
(UNAUDITED)2012

ASSETS
CURRENT ASSETS
Cash and time deposits
Notes and accounts receivable
Inventories and products
Works in progress
Deferred tax assets
OthersAllowance for doubtful accounts
Total current assets

2011

10,576,625
7,320,867
415,319506,388761,027
967,161△ 4,050
20,543,338

8,639,979
6,968,466
379,976
467,760
729,031
696,263△ 3,998
17,877,479

2,053,367△ 485,428
630,907△ 430,758
282,141△ 168,827
1,881,401

883,572△ 464,040
553,020△ 355,687
958,601△ 142,935
1,432,529

479,484
334,763814,248

553,851
307,174
861,025

587,383
1,287,155

459,200
1,266,543

500,000

500,000

340,055
693,829
3,408,423

344,210
658,525
3,228,479

6,104,074

5,522,035

26,647,412

23,399,514

FIXED ASSETS

Tangible Assets ;Building and leasehold improvements
Accumulated depreciation
Furniture and fixtures
Accumulated depreciation
Other tangible assets
Accumulated depreciation
Total property and equipment

Intangible Assets ;Goodwill
OthersTotal intangible assets
Investments and other assets ;Investment securities
Deposits
Time deposits and banking arrangements
other than cash equivalents
Deferred tax assets
OthersTotal investments and other assets
Total fixed assets
TOTAL ASSETS

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

252,027
15,000100,000
1,455,156
1,094,398
108,000
3,292,666
6,317,248

286,066
15,000100,000
1,331,746
965,596
112,700
2,247,035
5,058,144

LONG-TERM LIABILITIESLong-term debt
Provision for employee's retirement benefits
Provision for director's retirement benefits
Asset retirement obligations
OthersTotal long-term liabilities

800,000
515,997
241,664
274,805
61,355
1,893,822

900,000
418,490
267,753245,232
85,553
1,917,030

8,211,071

6,975,174

1,875,251
1,826,300
12,401,651△ 317,258
15,785,945

1,875,251
1,826,300
10,820,222△ 317,258
14,204,516△ 57,555△ 62,593

TOTAL LIABILITIESNET ASSETS
Shareholders' equity
Common stock
Additional paid-in capital
Retained earnings
Common stock for treasury
Total shareholders' equity
Accumulated other comprehensive income (or △loss)
Unrealized gain (or △loss) on
available-for-sale securities
Foreign currency translation adjustments
Total accumulated other comprehensive
income (or △loss)
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS△ 120,366△ 180,589

2,828,317
18,436,341

2,463,006
16,424,339

26,647,412

23,399,514△ 177,921△ 243,183

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011
(UNAUDITED)
2012

2011

NET SALES

35,202,880

32,040,340

COST OF SALES

23,551,266

21,742,576

11,651,613

10,297,763

6,476,958

5,493,802

5,174,654

4,803,961

Interest income

12,163

7,041

Interest expenses△ 23,758△ 13,099

24,636

16,868(IN THOUSANDS,JPY)

Gross profit
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Operating income
OTHER INCOME (EXPENSES)

Foreign exchange gain or loss (△ loss)
Gain on cancellation of life insurance△ 105,558△ 40,089

Service fee income

7,726

6,925

Gain on sale of investment securities

10,9803,560△ 17,224△ 25,979

7,693

7,693

△ 61,413－

Gain or loss of equity in associated companies (△ loss)
Subsidy in consolidated subsidiaries
Dividends income
Loss on abandonment of system development
Impairment Loss on investment securities
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Loss on change in subisidiaries' equity
Others- net

62,997△ 31,054－△ 57,447
11,251－△ 6,665△ 125,400△ 51,098△ 51,874△ 159,007△ 272,117

Current

2,332,291

1,899,729

Deferred

154,195

202,875

2,486,486

2,102,604

2,529,161

2,429,238

321,840

258,812NET INCOME

2,207,320

2,170,426

Income before minority interests

2,529,161

2,429,238

Unrealized gain (or △loss) on available-for-sale securities

5,038

Foreign currency translation adjustments
Share of other comprehensive income of associates inequity method
Total

66,234△ 61,646

Other income (expenses)-net
Income before income taxes and minority interests

5,015,647

4,531,843

INCOME TAXES

Total

Income before minority interests
MINORITY INTERESTSOTHER COMPREHENSIVE INCOME

COMPREHENSIVE INCOME

1,523
72,7962,601,957△ 57,928△ 392△ 119,968
2,309,270

Comprehensive income attributable to parent shareholders

2,272,582

2,042,778

Comprehensive income attributable to minority interests

329,375

266,492

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETSFOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011

(UNAUDITED)(IN THOUSANDS,JPY)

2012

2011

1,875,251

1,875,251－
1,875,251－
1,875,251

1,826,300

1,826,300－
1,826,300－
1,826,300

10,820,222

9,277,109△ 625,891
2,207,320－－
1,581,429
12,401,651△ 625,891
2,170,426
4,376△ 5,799
1,543,112
10,820,222△ 317,258－△ 317,258△ 317,258

14,204,516

12,661,403△ 625,891
2,207,320－－
1,581,429
15,785,945△ 625,891
2,170,426
4,376△ 5,799
1,543,112
14,204,516△ 62,593△ 946

Shareholders' equity
Common stock
Balance at beginning of the year
Changes during the period
Net changes during the period
Balance at ending of the year
Additional paid-in capital
Balance at beginning of the year
Changes during the period
Net changes during the period
Balance at ending of the year
Retained earnings
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Change of scope of consolidation
Change of scope of equity method
Net changes during the period
Balance at ending of the year
Common stock for treasury
Balance at beginning of the year
Changes during the period
Net changes during the period
Balance at ending of the year

Total of shareholders' equity
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Change of scope of consolidation
Change of scope of equity method
Net changes during the period
Balance at ending of the year－
△ 317,258

Accumulated other comprehensive income (or △loss)
Unrealized gain (or △loss) on available-for-sale securities
Balance at beginning of the year
Changes during the period
Net increase（△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year
Foreign currency translation adjustments
Balance at beginning of the year
Changes during the period
Net increase (△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

5,038

5,038
△ 57,555△ 61,646△ 61,646△ 62,593△ 180,589△ 115,922

60,222△ 120,366△ 64,667△ 180,589

60,222△ 64,667

Total accumulated other comprehensive income (or △loss)
Balance at beginning of the year
Changes during the period
Net increase (△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

Share option in consolidated subsidiary
Balance at beginning of the year
Changes during the period
Net increase (△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

△ 243,183△ 116,869

65,261△ 177,921△ 126,313△ 243,183

65,261△ 126,313

－

6,528

－

△ 6,528－－△ 6,528－

Minority interests
Balance at beginning of the year
Changes during the period
Net increase (△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

2,463,006

1,796,201

365,311

666,805

365,3112,828,317

666,805
2,463,006

16,424,339

14,347,262△ 625,891
2,207,320－－
430,572△ 625,891
2,170,426
4,376△ 5,799

2,012,002
18,436,341

2,077,076
16,424,339

TOTAL NET ASSETS
Balance at beginning of the year
Changes during the period
Cash dividends
Net income
Change of scope of consolidation
Change of scope of equity method
Net increase (△decrease) during the period
other than shareholders' equity
Net changes during the period
Balance at ending of the year

533,963

CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011

(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
Gain (or loss) on sale of investments in securities (-net)
Loss on devaluation of investments 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 received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
INVESTING ACTIVITIES:Payments for time deposits
Proceeds from maturity of time deposits
Disbursements for purchase of tangible fixed assets
Disbursements for purchase of intangible fixed assets
Purchase of investments in subsidiaries
Payment for deposit for rent office and others
Payment for insurance reserve fund
Purchase of investments in subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of investments in subsidiaries resulting
in change in scope of consolidation
Payments for sales of investments in subsidiaries resulting
in change in scope of consolidation
Others , Net
Net cash provided by (used in) investing activities
FINANCING ACTIVITIES:
Proceeds from borrowing short-term debt
Disbursements for repayment of short-term debt
Proceeds from borrowing long-term debt
Disbursements for repayment of long-term debt
Proceeds from capital increase by minority stockholders
Dividends paid
Dividends paid to minority stockholders
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

2012

2011

5,015,647

4,531,843

495,882
125,189
97,506△ 26,088△ 19,857
23,758△ 10,980
31,054－

472,604△ 464,814
54,102
2,069△ 14,735
13,0993,984
6,665
39,154△ 279,673△ 87,266△ 33,739
932,461△ 4,610
6,259,284
17,828△ 18,573△ 2,220,329
4,038,209△ 1,148,782△ 231,550
54,113△ 34,202
146,8093,430,362
16,060△ 5,536△ 1,926,386
1,514,500△ 525,879
485,154△ 556,793△ 135,519△ 2,985△ 111,975△ 110,823△ 24,942
163,261△ 794,330△ 85,440△ 182,459△ 142,308△ 99,109

29,309－△ 52,945－△ 126,817△ 105,883

36,578△ 945,878

55,932△ 1,342,097

1,378,000△ 1,713,221－△ 100,000
26,900△ 625,144△ 48,123△ 20,062△ 1,101,650
45,392
2,036,072
8,627,744
10,663,816

2,105,000△ 2,275,000
1,060,000△ 39,600
552,810△ 626,006△ 24,104△ 53,045
700,054△ 50,694
821,763
7,805,981
8,627,744

STATEMENT OF ORDER ENTRY AND SALES BY ITEMSFOR THE YEAR ENDED SEPTEMBER 30, 2012

(UNAUDITED)(1) RESULT OF ORDER ENTRY
2012.09<2011.10.1-2012.9.30>

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

year-to-yearcomparison (%)

11,272,999
8,213,898
3,042,069
22,528,967
7,116,339
5,412,106455,896
35,513,308

CRO others

TOTAL OF CRO
SMO
CSO
IT
TOTAL

ORDER BACKLOG(IN THOUSANDS, JPY )year-to-yearcomparison (%)

17,079,321
13,136,800
1,069,817
31,285,938
7,741,189
3,799,430
278,397
43,104,956

65.9
109.4
90.2
80.5
116.1
88.7
52.3
86.4

99.8
96.4
99.3
98.3
122.9
89.8
178.6
101.4

* These figures are expressed by sales price.
* These above figures do not include consumption tax.
* Year to year comparison for IT division decreased substantially, as last fiscal year included order entry of subsidiaries, which were excluded
from our consolidation.

(2) RESULT OF SALES
2012.09<2011.10.1-2012.9.30>

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

year-to-year comparison (%)

11,312,716
8,700,029
3,049,535
23,062,281
5,962,855
5,844,340
333,40235,202,880

CRO others

TOTAL OF CRO
SMO
CSO
IT
TOTAL

113.2
107.8
103.2
109.7
128.8
107.8
34.5
109.9

* These above figures do not include the consumption tax.
* Year to year comparison for IT division decreased substantially, as last fiscal year included sales of subsidiaries, which were excluded
from our consolidation.

INDUSTRY SEGMENT
FOR THE YEARS ENDED SEPTEMBER 30, 2012 AND 2011

(UNAUDITED)2012 (2011.10.1-2012.9.30)

SALES
Sales to customers
Intersegment sales

Sales total
Operating income
Total Assets(In Thousands,JPY)
CRO

SMO

CSO

IT

23,062,281
246,792
23,309,074
3,765,197
18,855,922

5,962,855
2,645
5,965,500
785,350
4,926,930

5,844,340
48,601
5,892,942
599,7212,647,509

333,402346,842680,2443,366
370,220

Total
35,202,880
644,880
35,847,761
5,153,635
26,800,582

2011 (2010.10.1-2011.9.30)

SALES
Sales to customers
Intersegment sales

Sales total
Operating income
Total Assets

Eliminations/
Corporate－(644,880)(644,880)
21,018(153,169)

Consolidation

35,202,880－
35,202,880
5,174,654
26,647,412(In Thousands,JPY)
CRO

SMO

CSO

IT

Total

21,022,690
130,723
21,153,413
3,735,236
16,720,353

4,627,026
2,433
4,629,459
639,683
4,183,334

5,423,134
14,351
5,437,486
404,172
2,325,976

967,489
326,714
1,294,203
17,668346,076

32,040,340
474,222
32,514,563
4,796,761
23,575,741

Eliminations/
Corporate－(474,222)(474,222)
7,199(176,226)

Consolidation

32,040,340－
32,040,340
4,803,961
23,399,514