##### 



Exhibit 14.1

Selected unaudited financial statement data
as of and for the year ended March 31, 2003
of Crosswave Communications, Inc.

The following financial statement data as of and for the year ended March 31,
2003 of Crosswave Communications, Inc. has been reproduced from the financial
statement data as of and for such fiscal year submitted by Crosswave to the
Securities and Exchange Commission under cover of Form 6-K dated May 20, 2003.

We have not prepared or independently verified any of the following financial
statement data, which represents a reproduction of publicly-available
information. We believe that the following financial statement data of
Crosswave was prepared on the basis that Crosswave was a going concern as of
the date of its preparation, and has not been adjusted to reflect the
adjustments that would be necessary if prepared other than on a going concern
basis. In particular, this financial statement data was prepared and submitted
to the SEC prior to the commencement of Crosswaves corporate reorganization
proceedings in August 2003 and should be read in that light.





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##### 



CROSSWAVE COMMUNICATIONS INC.CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)For the Year Ended March 31, 2003
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD) Except for Per Share and ADS Data)(1)

|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |            |       |   
|----------------------------------------------- | ---------------------------------------- | --------------------------------- | --- | -------------- | -------- | --- | ---------- | ----------- | ----------- | - | --- | ---------- | ----- | --
|                                                |                                          |                                   |     | March 31, 2003
|                                                |                                          |                                   |     |               
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     | % of Total
|                                                |                                          |                                   |     | USD (1)        |          | JPY |            | Revenues   
|                                                |                                          |                                   |     |                |          |     |            |            
|Revenues:                                       |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                | Data communication services              |                                   | $   | 156,262        |          |     |            | ¥18,449,852 |             |   |     | 100.0      | %    
|Cost and expenses:                              |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                | Cost of data communication services      |                                   |     | 186,765        |          |     |            | 22,051,301  |             |   |     | 119.5      |      
|                                                | Depreciation and amortization            |                                   |     | 53,121         |          |     |            | 6,272,019   |             |   |     | 34.0       |      
|                                                | Sales and marketing                      |                                   |     | 12,745         |          |     |            | 1,504,804   |             |   |     | 8.2        |      
|                                                | General and administrative               |                                   |     | 10,632         |          |     |            | 1,255,378   |             |   |     | 6.8        |      
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                |                                          | Total cost and expenses           |     |                | 263,263  |     |            |             | 31,083,502  |   |     |            | 168.5 |   
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                |                                          | Operating gain (loss)             |     |                | (107,001 | )   |            |             | (12,633,650 | ) |     |            | (68.5 | ) 
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|Other income (expenses):                        |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                | Gain (loss) on foreign currency exchange |                                   |     | (1,343         | )        |     |            | (158,563    | )           |   |     | (0.9       | )    
|                                                | Other                                    |                                   |     | (15,858        | )        |     |            | (1,872,329  | )           |   |     | (10.1      | )    
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                |                                          | Income (loss) before income taxes |     |                | (124,202 | )   |            |             | (14,664,542 | ) |     |            | (79.5 | ) 
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|Minority interests in consolidated subsidiaries |                                          |                                   | 116 |                |          |     | 13,666     |             |             |   | 0.1 |           
|Income taxes                                    |                                          |                                   |    |                |          |     |           |             |             |   |     |           
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|                                                |                                          | Net income (loss)                 |     |                | (124,086 | )   |            |             | (14,650,876 | ) |     |            | (79.4 | %)
|                                                |                                          |                                   |     |                |          |     |            |             |             |   |     |           
|Basic Net Loss Per Share                        |                                          |                                   |     |                |          |     | (29,187    | )           |             |   |     |           
|Basic
Net Loss Per ADS Equivalent(2)            |                                          |                                   |     |                |          |     | (1,459.37  | )           |             |   |     |           
|Weighted Average Number of Shares               |                                          |                                   |     |                |          |     | 501,960    |             |             |   |     |           
|Weighted average number of ads equivalents(2)   |                                          |                                   |     |                |          |     | 10,039,200 |             |             |   |     |           

---

|Note (1): |  | The translations of Japanese yen amounts into US dollar amounts with
respect to the year ended March 31, 2003 are included solely for the
convenience of readers outside Japan and have been made at the rate of
JPY118.07=$1, the approximate rate of exchange on March 31, 2003.
|--------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         
|Note (2): |  | Each ADS is equal to 1/20th of a share of common stock. The ADR
ratio was changed to 1/20th on February 18, 2003.                                                                                                                                                                 





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##### 



CROSSWAVE COMMUNICATIONS INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2003
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD))(1)

|                                                             |                            |       |          |                |         |     |             |            |            |  |       |      |       |  
|------------------------------------------------------------ | -------------------------- | ----- | -------- | -------------- | ------- | --- | ----------- | ---------- | ---------- |  | ----- | ---- | ----- | -
|                                                             |                            |       |          | March 31, 2003
|                                                             |                            |       |          |               
|                                                             |                            |       |          | USD(1)         |         | JPY |             | %         
|                                                             |                            |       |          |                |         |     |             |           
|ASSETS                                                       |                            |       |          |                |         |     |             |            |            |  |       |     
|Current assets:                                              |                            |       |          |                |         |     |             |            |            |  |       |     
|Cash and cash equivalents                                    |                            |       | 8,275    |                |         |     | 977,083     |            |            |  | 1.3   | %   
|Accounts
receivablenet                                      |                            |       | 23,136   |                |         |     | 2,731,691   |            |            |  | 3.8   |     
|Receivable of proceeds from sale
and lease back transactions |                            |       | 1,599    |                |         |     | 188,769     |            |            |  | 0.3   |     
|Other current assets                                         |                            |       | 13,771   |                |         |     | 1,625,856   |            |            |  | 2.2   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             | Total current assets       |       |          | 46,781         |         |     |             | 5,523,399  |            |  |       | 7.6  |      
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|Property and equipmentnet                                   |                            |       | 542,985  |                |         |     | 64,110,221  |            |            |  | 88.7  |     
|Deposits and other assets                                    |                            |       | 22,490   |                |         |     | 2,655,398   |            |            |  | 3.7   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             |                            | Total |          |                | 612,256 |     |             |            | 72,289,018 |  |       |      | 100.0 | %
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|LIABILITIES AND SHAREHOLDERS EQUITY                         |                            |       |          |                |         |     |             |            |            |  |       |     
|Current liabilities:                                         |                            |       |          |                |         |     |             |            |            |  |       |     
|Short-term borrowings                                        |                            |       |         |                |         |     |            |            |            |  |      |     
|Capital lease obligationscurrent
portion                    |                            |       | 49,481   |                |         |     | 5,842,215   |            |            |  | 8.1   |     
|Long-term debtcurrent portion                               |                            |       | 23,091   |                |         |     | 2,726,359   |            |            |  | 3.8   |     
|Accounts payable                                             |                            |       | 44,123   |                |         |     | 5,209,635   |            |            |  | 7.2   |     
|Accrued expenses                                             |                            |       | 67,730   |                |         |     | 7,996,852   |            |            |  | 11.1  |     
|Other current liabilities                                    |                            |       | 5,694    |                |         |     | 672,288     |            |            |  | 0.9   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             | Total current liabilities  |       |          | 190,119        |         |     |             | 22,447,349 |            |  |       | 31.1 |      
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|Capital lease obligationsnoncurrent                         |                            |       | 180,395  |                |         |     | 21,299,266  |            |            |  | 29.4  |     
|Long-term debtnoncurrent                                    |                            |       | 221,566  |                |         |     | 26,160,284  |            |            |  | 36.2  |     
|Other noncurrent liabilities                                 |                            |       | 850      |                |         |     | 100,334     |            |            |  | 0.1   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             | Total liabilities          |       |          | 592,930        |         |     |             | 70,007,233 |            |  |       | 96.8 |      
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|Minority interest                                            |                            |       | 561      |                |         |     | 66,251      |            |            |  | 0.1   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|Shareholders equity:                                        |                            |       |          |                |         |     |             |            |            |  |       |     
|Common stock                                                 |                            |       | 258,275  |                |         |     | 30,494,526  |            |            |  | 42.2  |     
|Additional paid-in capital                                   |                            |       | 157,049  |                |         |     | 18,542,796  |            |            |  | 25.7  |     
|Accumulated deficit                                          |                            |       | (396,602 | )              |         |     | (46,826,873 | )          |            |  | (64.8 | )   
|Accumulated other comprehensive
income                       |                            |       | 43       |                |         |     | 5,085       |            |            |  | 0.0   |     
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             | Total shareholders equity |       |          | 18,765         |         |     |             | 2,215,534  |            |  |       | 3.1  |      
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     
|                                                             |                            | Total |          |                | 612,256 |     |             |            | 72,289,018 |  |       |      | 100.0 | %
|                                                             |                            |       |          |                |         |     |             |            |            |  |       |     

---

|Note (1): |  | The translations of Japanese yen amounts into US dollar amounts with
respect to March 31, 2003 are included solely for the convenience of
readers outside Japan and have been made at the rate of JPY118.07=$1, the
approximate rate of exchange on March 31, 2003.
|--------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



CROSSWAVE COMMUNICATIONS INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Year ended March 31, 2003
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD)) (1)

|                                                     |                                                                       |  |                |          |     |  |            |             |  
|---------------------------------------------------- | --------------------------------------------------------------------- |  | -------------- | -------- | --- |  | ---------- | ----------- | -
|                                                     |                                                                       |  | March 31, 2003
|                                                     |                                                                       |  |               
|                                                     |                                                                       |  | USD(1)         |          | JPY
|                                                     |                                                                       |  |                |          |    
|Operating Activities:                                |                                                                       |  |                |          |     |  |            |            
|                                                     | Net income (loss)                                                     |  |                | (124,086 | )   |  |            | (14,650,876 | )
|                                                     | Depreciation and amortization                                         |  |                | 53,121   |     |  |            | 6,272,019   |  
|                                                     | Unrealized foreign currency exchange (gain) loss                      |  |                | 1,274    |     |  |            | 150,419     |  
|                                                     | Minority interest in net income (loss) of
consolidated subsidiaries   |  |                | (116     | )   |  |            | (13,666     | )
|                                                     | Decrease (increase) in accounts receivable                            |  |                | (4,096   | )   |  |            | (483,632    | )
|                                                     | Decrease (increase) in other current assets                           |  |                | (4,549   | )   |  |            | (537,099    | )
|                                                     | Decrease (increase) in other assets                                   |  |                | (4,156   | )   |  |            | (490,624    | )
|                                                     | Increase (decrease) in accounts payable                               |  |                | (5,243   | )   |  |            | (618,979    | )
|                                                     | Increase (decrease) in accrued expenses and other
current liabilities |  |                | 9,875    |     |  |            | 1,165,914   |  
|                                                     | Increase (decrease) in other noncurrent liabilities                   |  |                | 421      |     |  |            | 49,677      |  
|                                                     |                                                                       |  |                |          |     |  |            |            
|                                                     | Net cash provided by (used in) operating activities                   |  |                | (77,555  | )   |  |            | (9,156,847  | )
|Investing Activities:                                |                                                                       |  |                |          |     |  |            |            
|                                                     | Purchase of property and equipment                                    |  |                | (154,772 | )   |  |            | (18,273,958 | )
|                                                     | Decrease (increase) in other assets, net                              |  |                | (1,781   | )   |  |            | (210,287    | )
|                                                     | Proceeds from sale and lease/installment back                         |  |                | 152,239  |     |  |            | 17,974,875  |  
|                                                     |                                                                       |  |                |          |     |  |            |            
|                                                     | Net cash provided by (used in) investing activities                   |  |                | (4,314   | )   |  |            | (509,370    | )
|                                                     |                                                                       |  |                |          |     |  |            |            
|Financing Activities:                                |                                                                       |  |                |          |     |  |            |            
|                                                     | Proceeds from issuance of stock acquisition right                     |  |                | 1,905    |     |  |            | 225,000     |  
|                                                     | Proceeds from long-term borrowings                                    |  |                | 84,696   |     |  |            | 10,000,000  |  
|                                                     | Principal payments under capital leases                               |  |                | (41,279  | )   |  |            | (4,873,823  | )
|                                                     | Principal payments under installment loans                            |  |                | (27,380  | )   |  |            | (3,232,760  | )
|                                                     |                                                                       |  |                |          |     |  |            |            
|                                                     | Net cash provided by (used in) financing activities                   |  |                | 17,942   |     |  |            | 2,118,417   |  
|                                                     |                                                                       |  |                |          |     |  |            |            
|Effect of Exchange Rate Changes on Cash              |                                                                       |  | (1,276         | )        |     |  | (150,660   | )          
|                                                     |                                                                       |  |                |          |     |  |            |            
|Net Increase (Decrease) in Cash and Cash equivalents |                                                                       |  | (65,203        | )        |     |  | (7,698,460 | )          
|                                                     |                                                                       |  |                |          |     |  |            |            
|Cash and Cash equivalents at Beginning of Period     |                                                                       |  | 73,478         |          |     |  | 8,675,543  |            
|                                                     |                                                                       |  |                |          |     |  |            |            
|Cash and Cash equivalents at End of Period           |                                                                       |  | 8,275          |          |     |  | 977,083    |            
|                                                     |                                                                       |  |                |          |     |  |            |            



---

|Note (1): |  | The translations of Japanese yen amounts into US dollar
amounts with respect to the year ended March 31, 2003 are included
solely for the conveniences of readers outside Japan and have been
made at the rate of JPY118.07=$1, the approximate rate of exchange
on March 31, 2003.
|--------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------