Crosswave 1st Quarter Results for the Period Ended June 30, 2000 -- CWCI on Track in Expanding its Customer Base.Business Editors TOKYO & NEW YORK--(BUSINESS WIRE)--Aug. 14, 2000 Crosswave Communication Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CWCI CWCI California Workers' Compensation Institute ) ("Crosswave"), a pioneer in broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. in Japan, today announced financial results for the first quarter ended June June: see month. 30, 2000. The financial results have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for interim financial information. All figures are unaudited. The 1999 figures reflect performance since the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of services in May 1999. ---------------------------------------------------------------------- 1Q00 Results Summary ---------------------------------------------------------------------- - Revenue for the quarter was JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 309 million (US$2.9 million), an increase of 3,402.0% from 1Q99 and 119.3% from 4Q99, boosted by the full launch of services and the completion of nationwide network coverage. - Net loss for the quarter was JPY2,568 million (US$24.2 million), compared with that of JPY1,404 million in 1Q99, and with that of JPY2,392 million in 4Q99. - EBITDA for the quarter was JPY(-)1,989 million (US$(-)18.7 million), compared with EBITDA of JPY(-)1,301 million in 1Q99, and with that of JPY(-)1,956 million in 4Q99. - Along with the completion of its first phase for the 14,795-fiber-mile nationwide network construction with more than 80 access points, Crosswave has expanded its customer base nationwide by more than doubling its number of contracts from 4Q99 and by increasing its number of customers to 38 from 28 in 4Q99. ---------------------------------------------------------------------- ---------------------------------------------------------------------- Overview and 1Q00 Operating Highlights ---------------------------------------------------------------------- Early Stage Development on Track In response to growing demand for data communications in Japan, Crosswave will continue to expand its broadband network optimized for data communications and data center facilities throughout Japan and will continue to develop innovative data communications services for various broadband applications. First quarter results reflect Crosswave's early stage of development. As it implements its buildout The construction and implementation of a system. For example, "network buildout" implies constructing the network and going online. plans for nationwide backbone network A backbone network provides a path for the exchange of information between different LANs or subnetworks.[1] A backbone can tie together diverse networks in the same building, in different buildings in a campus environment, or over wide areas. infrastructure, metropolitan network infrastructure, local access infrastructure and data centers, the Company does expect to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. further losses. "This quarters results are in line with our business plan," said Akio Onishi, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Crosswave. "As the premier broadband data communications carrier in Japan, we believe that we will deliver positive returns for our shareholders by capturing and capitalizing on growing demand for data communications." Expansion of Customer Base Crosswave has expanded its customer base by increasing number of customers to 38 from 28 in 4Q99 and by more than doubling its number of contracts from 4Q99. Strong growth in the number of contracts reflects that Crosswave's existing customers enhancing service contracts by upgrading contracted bandwidth bandwidth Measurement of the capacity of a communications signal. For digital signals, the bandwidth is the data speed or rate, measured in bits per second (bps). For analog signals, it is the difference between the highest and lowest frequency components, measured in hertz and the number of contracted ports. Customer portfolio is consisted of 26 corporations and 12 large network operators such as Type 1 carriers, ISPs and CATV (Community Antenna TV) The original name for cable TV. It used a single antenna at the highest location in the community in order to deliver a quality signal to homes in areas with hilly terrain or other interference. companies. Also, 70% of the floor space at its first Tokyo data center has already being filled with orders in 3 months since its inception of services. "We are pleased with the achievement in customer-base expansion", said Akio Onishi. "Not only have we successfully captured the strong demand for our broadband network services by premier customers, but we also expect such strong demand for our data center services to continue." Network and Data Center Buildout on Schedule Following the its first phase completion of the 14,795-fiber-mile nationwide network system, Crosswave has begun construction of its phase-two nationwide optical fiber network, which is expected to establish approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 794,250 fiber miles by March 31, 2005. Crosswave is also developing its local access infrastructure in Tokyo, Osaka Osaka (ō`säkä), city (1990 pop. 2,623,801), capital of Osaka prefecture, S Honshu, Japan, on Osaka Bay, at the mouth of the Yodo River. and Nagoya Nagoya (nä'gō`yä), city (1990 pop. 2,154,793), capital of Aichi prefecture, central Honshu, Japan, on Ise Bay. A major port, transportation hub, and industrial center, it has iron- and steelworks, textile mills, aircraft factories, in order to provide direct access to its customer buildings through its own fiber lines. Rights of way in the Tokyo area have already been secured for the extent of necessity to complete the metropolitan buildout plan for this fiscal year, part of which was constructed and activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. . Crosswave opened a second data center in Osaka in May 2000, following the opening of the first data center in Tokyo in March 2000. Crosswave plans to establish four more data centers in major cities of Japan A city (市 shi) during this calendar year and to connect these centers with its broadband network. As for its international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , Crosswave is set for transpacific trans·pa·cif·ic adj. 1. Situated on or coming from the other side of the Pacific Ocean. 2. Spanning or crossing the Pacific Ocean. telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. services as well as extending its data center operation to Asia by tie-ups with local players, such as Samsung Corporation in Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. and the Ayala Ayala may refer to the following: Places
officially Republic of the Philippines Island country, western Pacific Ocean, on an archipelago off the southeast coast of Asia. Area: 122,121 sq mi (316,294 sq km). Population (2005 est.): 84,191,000. . Service and Operation Developments Crosswave expanded its service lineup A criminal investigation technique in which the police arrange a number of individuals in a row before a witness to a crime and ask the witness to identify which, if any, of the individuals committed the crime. of Wide-area Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer Platform Services by adding access speeds of 3Mbps, 6Mbps, 12Mbps, 25Mbps and 45Mbps in May. The Company continues in its effort to increase a variety of services with computer-derived interfaces such as 100 Base T or 1G Base T on top of current 10 Base T. Service formation is also being strengthened for rapid business expansion. Number of employees increased to 81 from 58 in 4Q99 to reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. its overall operation. Funding for the Buildout Investment For its overall infrastructure buildout plan, Crosswave estimates that the plan through March 31, 2004 will require approximately JPY122 billion, which will include approximately JPY21 billion for this fiscal year and JPY35 billion for fiscal year 2001. Crosswave believes that its US$ 81.1 million cash and cash equivalent as of June 30, 2000 and US$285.5 million in proceeds through both its August 4th IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. on the NASDAQ and the private placement to IIJ IIJ Internet Initiative Japan IIJ Internet Initiative Japan Inc. (Internet Service Provider) IIJ Indo-Iranian Journal IIJ Is It Jazz (Boston band) on August 10th, will satisfy the cash requirements of infrastructure deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. for approximately the next 15-18 months. ---------------------------------------------------------------------- 1Q00 Financial Results ---------------------------------------------------------------------- Revenue: Revenue totaled JPY309 million, an increase of 3,402.0% from 1Q99 and 119.3% from 4Q99, which was boosted by a full launch of services and to the completion of nationwide network coverage. Of the JPY309 million, approximately 90.0% was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from Network Services and approximately 10.0% from Data Center Services as follows:
----------------------------------------------------------------------
1Q00 4Q99 1Q99
----------------------------------------------------------------------
Network Services 278 million 131 million 9 million
----------------------------------------------------------------------
Data Center Services 31 million 10 million -
----------------------------------------------------------------------
Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Total costs of data communication services increased to JPY2,017 million, up 95.0% from 1Q99 and up 12.7% from 4Q99. The year-over-year increase was mainly a result of leasing and maintenance fees of dark fibers related to its first phase nationwide network. Depreciation and amortization expenses increased to JPY468 million, up 354.0% from 1Q99 and up 32.9% from 4Q99, due to substantial investment in network expansion and in assets such as DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing and SONET equipment. Sales and marketing expenses declined 57.9% to JPY95 million from JPY226 million in 1Q99 and increased 1.1% from JPY94 million in 4Q99. The year-over-year decrease was the result of particularly high advertisement ADVERTISEMENT. A 'notice' published either in handbills or in a newspaper. 2. The law in many instances requires parties to advertise in order to give notice of acts which are to be done; in these cases, the advertisement is in general equivalent to notice. expenses in 1Q99 incurred by TV commercial conducted for the purpose of wider public recognition of its operation launch. General and administrative expenses increased 271.9% to JPY186 million from JPY50 million in 1Q99 and decreased 13.1% from JPY214 million in 4Q99. The year-over-year increase was due to increases in personnel expenses and professional fees. Net Loss: Net Loss increased to JPY2,568 million, up 82.9% from 1Q99 and up 7.4% from 4Q99. Basic net loss per ADS equivalent has turned out to be JPY32.10 for 1Q00 from JPY54.84 in 1Q99 and from JPY47.39 in 4Q99. ---------------------------------------------------------------------- Company Information ---------------------------------------------------------------------- Crosswave offers broadband data communication services through Japan's first nationwide fiber-optic See fiber optics. network specifically designed for the high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. transmission of data traffic. The Company was established in October October: see month. 1998 by Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Initiative Japan Inc., Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) Corporation and Toyota Toyota (toi-ō`tə, Jap. tōyō`tä), city (1990 pop. 332,336), Aichi prefecture, central Honshu, Japan. It is a major industrial center dominated by the Toyota Motor Company, which produces passenger vehicles and auto parts there. Motor Corporation with the goal of providing advanced, end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. data communications services to customers in Japan and to take advantage of demand for broadband data communications networks. Crosswave's executive offices are located at Crest Yasuda Yasuda (安田) was formed by Yasuda Zenjiro. Yasuda founded the third national bank of Japan in 1876. It is currently operating as Fuji Bank Ltd. It is Japan's sixth largest bank. Bldg., 3-21, Kanda Kanda can mean:-
Statements made in this press release that state Crosswave's intentions, beliefs, expectations, or predictions for the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and are subject to risks and uncertainties. The company's actual results could differ materially from those projected in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's filings with the U.S. Securities and Exchange Commission (SEC). Copies of these filings may be obtained by from Goldman Gold·man , Emma 1869-1940. Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. , Sachs Sachs , Hans 1494-1576. German writer and Meistersinger noted for his many dramas, poems, and songs. His life inspired Wagner's opera Die Meistersinger von Nürnberg (1868). & Co., Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. Department, 85 Broad Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10004 (tel. 212-902-1000) or the SEC. These risk factors include without limitation that: we will not attract a high volume of data traffic; we have a limited operating history and may not be able to implement our business plan and; we may not be able to compete effective, especially against competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. which have greater financial marketing and other resources.
CROSSWAVE COMMUNICATIONS INC. Appendix 1
-----------------------------
STATEMENTS OF OPERATIONS (UNAUDITED)
------------------------------------
For the Three Months Ended Jun 30, 2000, Jun 30, 1999 and Mar 31, 2000
(Expressed in Thousands of Japanese Yen (JPY) and
U.S. Dollars (USD) Except for Per Share and ADS Data) (1)
Year-over-year Comparison
-----------------------------------
Jun 30, 2000
-----------------------------------
% of
Total
USD (1) JPY Revenues
--------- --------- ---------
Revenues:
Data communication services 2,910 308,877 100.0%
Cost and expenses:
Cost of data communication services 19,004 2,017,063 653.0
Depreciation and amortization 4,405 467,561 151.4
Sales and marketing 895 94,992 30.7
General and administrative 1,751 185,870 60.2
--------- --------- ---------
Total cost and expenses 26,055 2,765,486 895.3
--------- --------- ---------
Operating loss (23,145) (2,456,609) (795.3)
--------- --------- ---------
Other income (expenses) (1,046) (111,042) (36.0)
--------- --------- ---------
Income (loss) before income taxes (24,191) (2,567,651) (831.3)
--------- --------- ---------
Income taxes - - 0.0
--------- --------- ---------
Net loss (24,191) (2,567,651) (831.3%)
========= ========= =========
Basic Net Loss Per Share (6,419)
Basic Net Loss Per ADS Equivalent (2) (32.10)
Weighted Average Number of Shares 400,000
Weighted Average Number
of ADS Equivalents (2 and 3) 80,000,000
Note (1):The translations of Japanese yen amounts into US dollar
amounts with respect to the three months ended Jun 30,2000 are
included solely for the convenience of readers outside Japan and have
been made at the rate of JPY 106.14 =$1, the approximate rate of
exchange on Jun 30,2000.
Note (2):Each ADS is equal to 1/200th of a share of common stock
Note (3):Crosswave issued additional 17,392,000 ADS or ADS equivalents
through Initial Public Offering in August 2000. The ADSs were priced
at US$14.00 per ADS. Concurrently with this offering, 15,000 new
shares of common stock, equivalent to 3,000,000 ADSs, were purchased
by Internet Initiative Japan Inc. in a private placement in Japan at
US$14.00 per ADS.
Year-over-year Comparison
-----------------------------------
Jun 30, 1999
-----------------------------------
% of
Total YOY
JPY Revenues Chg %
--------- --------- ---------
Revenues:
Data communication services 8,820 100.0% 3,402.0%
Cost and expenses:
Cost of data communication
services 1,034,554 11,729.7 95.0
Depreciation and amortization 102,984 1,167.6 354.0
Sales and marketing 225,654 2,558.4 (57.9)
General and administrative 49,977 566.6 271.9
--------- --------- ---------
Total cost and expenses 1,413,169 16,022.3 95.7
--------- --------- ---------
Operating loss (1,404,349) (15,922.3) 74.9
--------- --------- ---------
Other income (expenses) 345 3.9 (32,086.1)
--------- --------- ---------
Income (loss) before
income taxes (1,404,004) (15,918.4) 82.9
--------- --------- ---------
Income taxes - 0.0 0.0
--------- --------- ---------
Net loss (1,404,004) (15,918.4%) 82.9%
========= ========= =========
Basic Net Loss Per Share (10,969)
Basic Net Loss Per ADS Equivalent(2) (54.84)
Weighted Average Number of Shares 128,000
Weighted Average Number
of ADS Equivalents (2 and 3) 25,600,000
Note (1):The translations of Japanese yen amounts into US dollar
amounts with respect to the three months ended Jun 30,2000 are
included solely for the convenience of readers outside Japan and have
been made at the rate of JPY 106.14 =$1, the approximate rate of
exchange on Jun 30,2000.
Note (2):Each ADS is equal to 1/200th of a share of common stock
Note (3):Crosswave issued additional 17,392,000 ADS or ADS equivalents
through Initial Public Offering in August 2000. The ADSs were priced
at US$14.00 per ADS. Concurrently with this offering, 15,000 new
shares of common stock, equivalent to 3,000,000 ADSs, were purchased
by Internet Initiative Japan Inc. in a private placement in Japan at
US$14.00 per ADS.
Sequential Comparison
-----------------------------------
Mar 31, 2000
-----------------------------------
% of
Total QOQ
JPY Revenues Chg %
--------- --------- ---------
Revenues:
Data communication services 140,874 100.0% 119.3%
Cost and expenses:
Cost of data communication
services 1,789,469 1,270.2 12.7
Depreciation and amortization 351,738 249.7 32.9
Sales and marketing 93,981 66.7 1.1
General and administrative 213,820 151.8 (13.1)
--------- --------- ---------
Total cost and expenses 2,449,008 1,738.4 12.9
--------- --------- ---------
Operating loss (2,308,134) (1,638.4) 6.4
--------- --------- ---------
Other income (expenses) (83,462) (59.3) 33.0
--------- --------- ---------
Income (loss) before
income taxes (2,391,596) (1,697.7) 7.4
--------- --------- ---------
Income taxes - 0.0 0.0
--------- --------- ---------
Net loss (2,391,596) (1,697.7%) 7.4%
========= ========= =========
Basic Net Loss Per Share (9,479)
Basic Net Loss Per ADS Equivalent(2) (47.39)
Weighted Average Number of Shares 252,308
Weighted Average Number
of ADS Equivalents (2 and 3) 50,461,538
Note (1):The translations of Japanese yen amounts into US dollar
amounts with respect to the three months ended Jun 30,2000 are
included solely for the convenience of readers outside Japan and have
been made at the rate of JPY 106.14 =$1, the approximate rate of
exchange on Jun 30,2000.
Note (2):Each ADS is equal to 1/200th of a share of common stock
Note (3):Crosswave issued additional 17,392,000 ADS or ADS equivalents
through Initial Public Offering in August 2000. The ADSs were priced
at US$14.00 per ADS. Concurrently with this offering, 15,000 new
shares of common stock, equivalent to 3,000,000 ADSs, were purchased
by Internet Initiative Japan Inc. in a private placement in Japan at
US$14.00 per ADS.
CROSSWAVE COMMUNICATIONS INC. Appendix 2
-----------------------------
BALANCE SHEETS (UNAUDITED)
--------------------------
As of Jun 30, 2000, Jun 30, 1999 and Mar 31, 2000
(Expressed in Thousands of Japanese Yen (JPY)
and U.S. Dollars (USD)) (1)
Jun 30, 2000
------------------------------------
USD (1) JPY %
---------- ---------- ---------
ASSETS
------
Current Assets:
Cash and cash equivalents 81,148 8,612,988 33.0%
Accounts receivable-net 1,512 160,522 0.6
Other current assets 4,611 489,430 1.9
---------- ---------- ---------
Total current assets 87,271 9,262,940 35.5
Property and Equipment-net 153,130 16,253,225 62.3
Deposits and Other Assets 5,515 585,385 2.2
---------- ---------- ---------
Total 245,916 26,101,550 100.0%
========== ========== =========
LIABILITIES AND
SHAREHOLDERS' EQUITY
---------------------
Current Liabilities:
Capital lease obligations
-current portion 31,937 3,389,745 13.0
Accounts payable 16,744 1,777,162 6.8
Accrued expenses 33,378 3,542,742 13.6
Other current liabilities 64 6,844 0.0
---------- ---------- ---------
Total current liabilities 82,123 8,716,493 33.4
Capital Lease Obligations
-Noncurrent 75,660 8,030,542 30.8
---------- ---------- ---------
Total liabilities 157,783 16,747,035 64.2
---------- ---------- ---------
Shareholders' Equity:
Common stock 187,062 19,854,796 76.0
Accumulated deficit (98,929) (10,500,281) (40.2)
---------- ---------- ---------
Total shareholders' equity 88,133 9,354,515 35.8
---------- ---------- ---------
Total 245,916 26,101,550 100.0%
========== ========== =========
Note (1): The translations of Japanese yen amounts into US dollar
amounts with respect to Jun 30, 2000 are included solely for the
convenience of readers outside Japan and have been made at the rate of
JPY106.14 =$1, the approximate rate of exchange on Jun 30, 2000.
Jun 30, 1999 Mar 31, 2000
------------------- -------------------
JPY % JPY %
---------- ------- ---------- -------
ASSETS
------
Current Assets:
Cash and cash equivalents 1,079,614 18.6% 12,239,362 43.6%
Accounts receivable-net 4,000 0.1 60,895 0.2
Other current assets 206,483 3.5 346,747 1.2
---------- ------- ---------- -------
Total current assets 1,290,097 22.2 12,647,004 45.0
Property and Equipment-net 4,475,860 77.0 15,005,373 53.4
Deposits and Other Assets 44,789 0.8 439,104 1.6
---------- ------- ---------- -------
Total 5,810,746 100.0% 28,091,481 100.0%
========== ======= ========== =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
---------------------
Current Liabilities:
Capital lease obligations
-current portion 4,449 0.1 3,324,883 11.8
Accounts payable 416,051 7.1 1,905,927 6.8
Accrued expenses 504,202 8.7 2,803,665 10.0
Other current liabilities 5,444 0.1 5,223 0.0
---------- ------- ---------- -------
Total current liabilities 930,146 16.0 8,039,698 28.6
Capital Lease Obligations
-Noncurrent 14,006 0.2 8,129,617 29.0
---------- ------- ---------- -------
Total liabilities 944,152 16.2 16,169,315 57.6
---------- ------- ---------- -------
Shareholders' Equity:
Common stock 6,353,934 109.4 19,854,796 70.7
Accumulated deficit (1,487,340) (25.6) (7,932,630) (28.3)
---------- ------- ---------- -------
Total shareholders'
equity 4,866,594 83.8 11,922,166 42.4
---------- ------- ---------- -------
Total 5,810,746 100.0% 28,091,481 100.0%
========== ======= ========== =======
Note (1): The translations of Japanese yen amounts into US dollar
amounts with respect to Jun 30, 2000 are included solely for the
convenience of readers outside Japan and have been made at the rate of
JPY106.14 =$1, the approximate rate of exchange on Jun 30, 2000.
CROSSWAVE COMMUNICATIONS INC. Appendix 3
-----------------------------
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
----------------------------------------------
For the Three Months Ended Jun 30, 2000, Jun 30, 1999 and Mar 31, 2000
(Expressed in Thousands of Japanese Yen (JPY)
and U.S. Dollars (USD)) (1)
Jun 30, Mar 31,
Jun 30, 2000 1999 2000
---------------------- ---------- ----------
USD (1) JPY JPY JPY
---------- ---------- ---------- ----------
Operating Activities:
Net loss (24,191) (2,567,651) (1,404,004) (2,391,596)
Depreciation &
amortization 4,405 467,561 102,984 351,738
Unrealized foreign
currency exchange
(gain) loss (118) (12,499) - (10,016)
Decrease (increase)
in accounts receivable (939) (99,627) (4,000) (39,385)
Decrease (increase)
in other current assets (381) (40,414) (133,823) (118,366)
Increase (decrease)
in accounts payable (1,098) (116,578) 2,159 695,071
Increase (decrease)
in other current
liabilities 6,979 740,699 485,089 775,482
---------- ---------- ---------- ----------
Net cash provided by
(used in) operating
activities (15,343) (1,628,509) (951,595) (737,072)
---------- ---------- ---------- ----------
Investing Activities:
Purchase of property
and equipment (13,195) (1,400,511) (3,036,040) (739,506)
Payment of deposits (2,171) (230,444) (1,562) (81,332)
Decrease (increase)
in other assets, net (162) (17,176) (2,090) (73,716)
---------- ---------- ---------- ----------
Net cash provided by
(used in) investing
activities (15,528) (1,648,131) (3,039,692) (894,554)
---------- ---------- ---------- ----------
Cash Flows from
Financing Activities:
Principal payments
under capital leases (3,295) (349,734) (838) (292,284)
Proceeds from issuance
of common stock - - - 11,912,588
---------- ---------- ---------- ----------
Net cash provided by
(used in) financing
activities (3,295) (349,734) (838) 11,620,304
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net Increase (Decrease)
in Cash and Cash
equivalents (34,166) (3,626,374) (3,992,125) 9,988,678
---------- ---------- ---------- ----------
Cash and Cash equivalents
at Beginning of Period 115,314 12,239,362 5,071,739 2,250,684
---------- ---------- ---------- ----------
Cash and Cash equivalents
at End of Period 81,148 8,612,988 1,079,614 12,239,362
========== ========== ========== ==========
Note (1): The translations of Japanese yen amounts into US dollar
amounts with respect to the three months ended Jun 30,2000 are
included solely for the convenience of readers outside Japan and have
been made at the rate of JPY106.14 =$1, the approximate rate of
exchange on Jun 30,2000.
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