MasTec, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) |
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For the fiscal year ended December 31, 2006 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) |
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Commission File Number 0-3797 |
A. |
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Full title of the plan and the address of the plan, if different from that of the
issuer named below |
The MasTec, Inc. 401(k) Retirement Plan
B. |
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Name of issuer of the securities held pursuant to the plan and the address of its principal executive office |
MasTec, Inc.
800 S. Douglas Road, Suite 1200
Coral Gables, FL 33134
TABLE OF CONTENTS
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Page |
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3 |
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Financial Statements |
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4 |
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5 |
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6 |
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Supplemental Schedules |
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12 |
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13 |
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14 |
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Exhibit Index: |
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Ex-23.1 Consent of Independent Registered Public Accounting Firm BDO Seidman, LLP |
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15 |
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2
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
The Trustees
The MasTec, Inc. 401(k) Retirement Plan
Coral Gables, FL
We have audited the accompanying statements of net assets available for benefits of The MasTec,
Inc. 401(k) Retirement Plan (the Plan) as of December 31, 2006 and December 31, 2005, and the
related statement of changes in net assets available for benefits for the year ended December 31,
2006. These financial statements are the responsibility of the Plans management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for purposes of expressing an
opinion on the effectiveness of the Plans internal controls over financial reporting. Accordingly,
we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31, 2006 and 2005, and
the changes in net assets available for benefits for the year ended December 31, 2006, in
conformity with accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements
taken as a whole. The supplemental schedules of delinquent deposits of participant contributions
and of assets (held at end of year) as of December 31, 2006 is presented for purposes of additional
analysis and is not a required part of the basic financial statements, but are supplementary
information required by the Department of Labors Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules
are the responsibility of the Plans management. The supplemental schedules have been subjected to
the auditing procedures applied in the audit of the basic financial statements and, in our opinion,
are fairly stated in all material respects in relation to the basic financial statements taken as a
whole.
/s/ BDO Seidman, LLP
June 27, 2007
Miami, FL
3
The MasTec, Inc. 401(k)
Retirement Plan
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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December 31, |
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2006 |
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2005 |
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Assets |
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Investments, at fair value |
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$ |
29,251,295 |
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$ |
27,511,887 |
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Receivables: |
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Contributions from employer |
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112,229 |
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Contributions from plan participants |
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208,143 |
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240,364 |
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Total net assets available for benefits |
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$ |
29,571,667 |
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$ |
27,752,251 |
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See accompanying notes to the financial statements.
4
The MasTec, Inc. 401(k)
Retirement Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended December 31, 2006
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Additions to net assets attributed to: |
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Investment income: |
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Dividend and interest income |
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$ |
208,486 |
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Net appreciation in fair value of investments |
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2,446,719 |
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2,655,205 |
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Contributions: |
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Employer |
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441,608 |
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Participants |
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2,465,305 |
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Rollover and other |
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200,932 |
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3,107,845 |
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Total additions |
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5,763,050 |
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Deductions to net assets attributed to: |
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Benefit payments |
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(3,858,854 |
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Administrative expenses |
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(84,780 |
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Total deductions |
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(3,943,634 |
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Net increase in net assets available for benefits |
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1,819,416 |
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Net assets available for benefits at beginning of year |
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27,752,251 |
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Net assets available for benefits at end of year |
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$ |
29,571,667 |
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See accompanying notes to the financial statements.
5
The MasTec, Inc. 401(k)
Retirement Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 2006 and 2005
NOTE A DESCRIPTION OF PLAN
Description of the Plan
The following description of The MasTec, Inc. 401(k) Retirement Savings Plan (the Plan),
as amended, provides only general information. Participants should refer to the Summary Plan
Description for a more complete description of the Plans provisions.
General
The Plan is a defined contribution plan covering all eligible employees of MasTec, Inc. (the
Company) who have completed at least six months of service. Employees enter the Plan on
the first day of the month coinciding with or the next month following the date on which
they meet the eligibility requirements. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Plan Amendment
Effective August 1, 2003, the Plan was amended and restated and a new custodian of the Plan
was appointed. Plan assets transferred to the new custodian were transferred into funds
comparable to those offered by the previous custodian. The conversion initiated a Black
Out period. During this period, there were no exchanges among employee-directed accounts
until the custodian had time to accurately complete the conversion. At the end of the Black
Out period, these funds were transferred to the new custodian and invested in the new funds.
The amended and restated Plan document incorporated the new requirements of the Uruguay
Round Agreements Act, Uniformed Services Employment and Reemployment Rights Act of 1994,
Small Business Job Protection Act of 1996, Taxpayer Relief Act of 1997, and the Internal
Revenue Service Restructuring and Reform Act of 1998. In late 2003, the Plan was again
amended to take into account provisions of the Economic Growth and Tax Relief Reconciliation
Act of 2001 (EGTRRA).
Effective March 28, 2005, the Plan adopted the automatic rollover rules, as specified by the
EGTRRA, which mandate that a terminated participant with a vested balance of more than
$1,000, but equal or less than $5,000 will have their vested account balance rolled over to
an Individual Retirement Account (IRA) if the terminated participants fail to make a
distribution election.
Contributions
Each year, participants may elect to defer from 1% to 75% of pretax annual compensation
received during the year, subject to certain limitations as defined by the Plan.
Participants may contribute amounts representing distributions from other qualified defined
contribution or defined benefit plans at the discretion of the Plan administrator. The
Company, at its option, may make discretionary matching contributions for participants.
Beginning with the first quarter of 2006, the Company re-instated its employer match
program. The match is the lesser of 1% of the employees salary or 100% of the employees
contribution to the Plan. The match is credited on a quarterly basis with the Companys
common stock.
Contributions from participants are recorded when payroll deductions are made. The Plan is
required to return contributions received during the Plan year in excess of the Internal
Revenue Service (IRS) limits.
6
Upon enrollment, a participant may direct employee contributions in 1% increments to any of
the Plans fund options. Participants may change their investment options daily.
The discretionary Company contributions accrue to the Plan when declared and are remitted
prior to the date the Company files its federal income tax return for the corresponding
fiscal year of the Company. The Company matching contribution is in the form of Company
common stock and is not subject to participant direction. During the year ended December 31,
2006, there were no discretionary contributions made to the Plan.
Participants Accounts
Each participants account is credited with the participants contributions and allocations
of the Companys contribution and Plan investment results. The benefit to which a
participant is entitled is the benefit that can be provided from the participants vested
account. Upon distribution of the account to a participant who separates from service before
vesting, the portion of the account attributable to Company contributions is forfeited.
Forfeited balances of participants nonvested accounts are used to reduce future Company
contributions or pay administrative expenses of the Plan.
Vesting
Participants are immediately vested in their voluntary contributions plus actual earnings
thereon. A Plan year during which an employee works at least 1,000 hours is counted as
one year of vesting service. A participant becomes 100% vested in the remainder of his or
her account upon the occurrence of any of the following events:
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The participant dies while in service as an employee; |
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(b) |
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The participant becomes totally and permanently disabled while still in
service as an employee; or |
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(c) |
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The Plan is terminated by the Company. |
Vesting in the Company contribution portion of their account plus actual earnings thereon is
based on the years of vesting service. This is based upon the following gradual vesting
scale:
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Years
of Service |
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Percentage |
1
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33 |
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2
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66 |
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3 or more
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100 |
% |
Forfeitures
Forfeitures of nonvested participant account balances are allocated to the general funds of
the Plan and are applied first to pay administrative expenses of the Plan paid for by the
Company and then to reduce contributions otherwise required of the employer. At December 31,
2006 and 2005, unallocated forfeited accounts totaled $222,902 and $226,825, respectively.
Participant Loans
A participant is only entitled to make a withdrawal from his or her account prior to
separation from service if the participant qualifies for a hardship withdrawal or a
participant loan. The Plans loan feature allows participants and beneficiaries to borrow up
to a maximum equal to the lesser of $50,000 or 50% of their accrued vested benefit. The
loans bear interest at the published prime rate in the Wall Street Journal plus 1%, at the
date of the loan. Loan terms range from 1 to 5 years or may exceed 5 years for the purchase
of a primary residence. Loans provide level amortization for repayments to be made not less
frequently than on a quarterly basis. Repayment generally is made by payroll deduction.
Participants pay certain
administrative expenses associated with the loan, including document preparation and filing
fees. During 2007, the Plan was amended to only allow one loan per participant to be
outstanding at any given time.
7
Payments of Benefits
Upon termination of service due to death, disability, or retirement, a participant is
entitled to receive payment of the vested accrued benefit in a single lump sum or the
payment can be deferred until a later retirement age upon election by the participant. For
termination of service due to other reasons, a participant is entitled to receive only the
vested percentage of his account balance.
NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The financial statements of the Plan are prepared in conformity with accounting principles
generally accepted in the United States of America.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates that affect the amounts
reported in the financial statements and accompanying notes. Actual results could differ
from those estimates.
Risks and Uncertainties
The Plan provides for various investment options for participants to choose in combinations
of Company stock fund, pooled separate accounts and other investment securities. Investment
securities are exposed to various risks, such as interest rate, market and credit. Due to
the level of risk associated with certain investment securities and the level of uncertainty
related to changes in the value of investment securities, it is at least reasonably possible
that changes in risks in the near term would materially affect participants account
balances and the amounts reported in the statement of net assets available for benefits.
Investment Valuation and Income Recognition
Plan investments are stated at estimated fair values, except for the Massachusetts Mutual
Life Insurance Company (Mass Mutual) Guaranteed Interest Account and participant loans.
The Mass Mutual Guaranteed Interest Account is comprised of investment contracts valued at
contract value as estimated by the trustee. Participant loans are stated at cost plus
accrued interest, which approximates their fair value. The MasTec, Inc. Stock Fund is valued
at its quoted price on the last business day of the Plan year. Estimated fair values of the
pooled separate accounts and the fixed income fund have been determined based on the unit
values of the funds. Unit values at December 31, 2006 and 2005 are determined by Mass Mutual
by dividing the fund net assets at fair value by its units of participation outstanding. At
December 31, 2006 and 2005, respectively, Mass Mutual is the custodian of the Plan. As
described in Financial Accounting Standards Board Staff Position AAG INV-1 and Statement of
Position (SOP) 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by
Certain Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the FSP), investment contracts
held by a defined contribution plan are required to be reported at fair value. The Plan
adopted FSP AAG INV-1 in 2006. The adoption did not have a material effect on the Plans
financial statements. Contract value, which represents net contributions plus interest at
the contract rate, approximates fair value. The contracts are fully
benefit-responsive, as defined in FSP AAG INV-1 and SOP 94-4-1.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
8
Administrative Expenses
All administrative expenses of the Plan are chargeable to the Plan. The Company may, at its
sole discretion, pay any such expenses, in whole or in part.
Benefit Payments
Benefits are recorded when paid.
NOTE C INVESTMENTS
The estimated fair values of individual investments that represent 5% or more of the Plans
net assets at December 31, 2006 and 2005 are as follows:
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December 31, |
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2006 |
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Investment Contract #SF51706 with Mass Mutual: |
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SF Guaranteed |
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$ |
4,203,593 |
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MM Growth Equity |
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3,031,720 |
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Moderate Journey |
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2,848,099 |
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Aggressive Journey |
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2,795,599 |
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MM Indexed Equity |
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1,849,116 |
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Ultra Aggressive Journey |
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2,147,703 |
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MM Fundamental Value (Wellington) |
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2,187,424 |
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MM Select Overseas (MFS / Harris) |
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1,715,252 |
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MasTec, Inc. Stock Fund (a) |
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$ |
4,601,899 |
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(a) |
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Includes nonparticipant-directed amounts |
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December 31, |
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2005 |
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Investment Contract #SF51706 with Mass Mutual: |
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SF Guaranteed |
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$ |
3,670,729 |
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MM Growth Equity |
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3,280,856 |
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Aggressive Journey |
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2,776,302 |
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Moderate Journey |
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2,593,985 |
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Ultra Aggressive Journey |
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2,055,063 |
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MM Indexed Equity |
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1,882,428 |
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MM Fundamental Value (Wellington) |
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1,738,910 |
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MasTec, Inc. Stock Fund (a) |
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$ |
4,661,065 |
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(a) |
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Includes nonparticipant-directed amounts |
The Plans investments (including investments bought, sold and held during the year) appreciated
(depreciated) in fair value for the year ended December 31, 2006 as follows:
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Pooled Separate Accounts |
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$ |
1,950,931 |
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MasTec, Inc. Stock Fund (a) |
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495,788 |
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$ |
2,446,719 |
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(a) |
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Includes nonparticipant-directed amounts |
9
NOTE D INVESTMENT CONTRACT WITH INSURANCE COMPANY
The Plan maintains a fully benefit-responsive investment contract with Mass Mutual. The
account is credited with earnings on the underlying investments and charged for participant
withdrawals and administrative expenses charged by Mass Mutual. As described in Note B,
because the investment is fully benefit-responsive, contract value is the relevant
measurement attribute for that portion of the net assets available for benefits attributable
to the investment contract. Contract value, as reported by Mass Mutual, represents
contributions made under the contract plus earnings, less participant withdrawals and
administrative expenses. Participants may ordinarily direct the withdrawal or transfer of
all or a portion of their investment at contract value; however, the investment contract is
subject to certain restrictions which may impact the Plans ability to fully realize the
investment contracts value under certain conditions. The average yield and crediting
interest rates on the contract was 3% for 2006. Certain events limit the ability of the
investment contract to transact at contract value with the issuer of its investment
contracts. Specifically, any event outside the normal operation of the investment contract
which causes a withdrawal from an investment may result in a negative market value
adjustment with respect to such withdrawals. Such events include, but are not limited to,
the following: (1) partial or complete legal termination of the investment contract, (2) tax
disqualification of the investment contract or participant, or (3) certain investment
contract amendments if issuers consent is not obtained. As of December 31, 2006, the
occurrence of an event outside the normal operation of the investment contract which would
cause a withdrawal from an investment contract is not considered to be probable.
NOTE E NONPARTICIPANT-DIRECTED INVESTMENTS
Information about the net assets and significant components of changes in net assets related
to the investment that includes non-participant-directed amounts is as follows:
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December 31, |
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2006 |
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2005 |
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MasTec, Inc. Stock Fund |
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$ |
3,042,723 |
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$ |
2,881,393 |
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Year Ended |
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December 31, |
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Changes
in Net Assets |
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2006 |
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Contributions |
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$ |
329,380 |
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Net appreciation in fair value of investments |
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307,279 |
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Dividend and interest income |
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327 |
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Benefit payments |
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(408,577 |
) |
Administrative expenses |
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(19,830 |
) |
Other |
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(47,249 |
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$ |
161,330 |
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NOTE F INCOME TAX STATUS
On August 1, 2003, the Company adopted the Massachusetts Mutual Life Insurance Company
FlexInvest Non-Standardized 401(k) Profit Sharing Plan. This non-standardized prototype plan
received a favorable opinion letter from the IRS on April 23, 2002 stating that the form of
the plan is acceptable under Section 401(a) of the Internal Revenue Code (the Code).
Before restatement of the Plan in August 2003, the MasTec, Inc. 401(k) Retirement Plan was
an individually designed Plan for which the IRS issued a favorable determination as to its
tax-qualified status by letter dated September 5, 2002.
Once qualified, the Plan is required to operate in conformity with the Code to maintain its
qualification.
10
NOTE G PARTY-IN-INTEREST TRANSACTIONS
Certain Plan investments include units of pooled separate accounts and a fixed income fund,
managed by Mass Mutual. Mass Mutual is the custodian, as defined by the Plan, and therefore,
such transactions are considered party-in-interest transactions. The Plan held investments
in the Company common stock fund with a fair value of approximately $4,601,899 and
$4,661,065 as of December 31, 2006 and 2005, respectively. The Company is a related party
and these transactions qualify as party-in-interest. In addition, there are $1,196,215 and
$1,224,721 in outstanding participant loans as of December 31, 2006 and 2005, respectively.
NOTE H PROHIBITED TRANSACTIONS
During 2006, the Company failed to remit to the Plans trustee certain employee
contributions totaling $208,143 within the period prescribed by the Department of Labor
Regulations. Delays in remitting contributions to the Trustee were due to administrative
error during the period. All late remittances were eventually contributed into the Plan
within a period not exceeding 45 days after the employee withholding. The Company will make
contributions to participants for any lost earnings and interest. Such interest is not
considered material to the Plan as a whole.
NOTE I PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination, participants become 100% vested in
their employer Contributions.
NOTE J SUBSEQUENT EVENT
On
February 14, 2007, the Company sold substantially all of its state Department of Transportation related
projects and underlying net assets to a third party. As a result of the sale, all employees
were transferred to the new Company. Due to the sale of the state Department of
Transportation, the plan assets could be significantly reduced in 2007 if such employees
elected to transfer plan assets to a new plan or withdraw their assets from the plan. The
amount of the expected transfers or withdrawals cannot be quantified at the current time
because of changes in value of participants accounts and the fact that these employees have
not taken action as yet.
11
The MasTec, Inc.
401(k) Retirement Plan
Employer Identification Number 65-0829355
Plan # 002
SCHEDULE H, LINE 4a
DELINQUENT DEPOSITS OF PARTICIPANT CONTRIBUTIONS
December 31, 2006
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Participant Contributions of the Current Plan Year Not Deposited Into the Plan
Within the Time Period Described in 29CFR 2510.3-102 |
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$ |
208,143 |
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Amount fully corrected under the DOLs Voluntary Fiduciary Correction Program
(VFC Program) and PTE 2002-51 (a) |
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Delinquent Deposits of Current Plan Year Participant Contributions
Constituting Prohibited Transactions |
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208,143 |
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Delinquent Deposits of Prior Year Participant Contributions Not Fully Corrected |
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Total Delinquent Deposits of participant Contributions Constituting
Prohibited Transactions |
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$ |
208,143 |
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|
(a) |
|
At December 31, 2006, $208,143 of participant contributions and $1,366 of interest
remained outstanding. |
12
The MasTec, Inc.
401(k) Retirement Plan
Employer Identification Number 65-0829355
Plan # 002
SCHEDULE H, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2006
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(a) |
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(b) |
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(c) |
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(d) |
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(e) |
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Identity of Issuer |
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Description of Investment |
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Cost |
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Current Value |
*
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Investment Contract #SF51706 with
Mass Mutual: |
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SF Guaranteed
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Fixed Income Fund
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|
** |
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$ |
4,203,593 |
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Holding Account
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Holding
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2 |
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MM Total Return Bond (PIMCO)
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Pooled Separate Account
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** |
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|
278,639 |
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Conservative Journey
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
629,304 |
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Moderate Journey
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
2,848,099 |
|
|
|
Aggressive Journey
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
2,795,599 |
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|
Ultra Aggressive Journey
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
2,147,703 |
|
|
|
MM Fundamental Value (Wellington)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
2,187,424 |
|
|
|
MM Indexed Equity
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
1,849,116 |
|
|
|
MM Growth Equity
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
3,031,720 |
|
|
|
MM Focused Value (Harris)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
271,238 |
|
|
|
DLB Sm Co Opportunities (Babson)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
524,943 |
|
|
|
MM MidCap Growth II (T. Rowe Price)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
436,119 |
|
|
|
MM Sm Co Growth (Mazama)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
503,716 |
|
|
|
MM Select Overseas (MFS / Harris)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
1,715,252 |
|
|
|
Levd Co. Stock (Fidelity)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
691 |
|
|
|
Premier Focused International (Baring)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
20,215 |
|
|
|
Set Blue Chip Growth (T. Rowe Price)
|
|
Pooled Separate Account
|
|
|
** |
|
|
|
9,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,453,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Mass Mutual MasTec, Inc. Stock
Fund
|
|
Separate Account
|
|
$ |
3,141,326 |
|
|
|
4,601,899 |
|
*
|
|
Participants Loans
|
|
Loans (interest rates range from
5.25% to 10.00%)
|
|
|
|
|
|
|
1,196,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
29,251,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Represents a party-in-interest |
|
** |
|
Not applicable as the investment is participant-directed |
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustee (or other persons
who administer the employee benefit plan) has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
|
The MasTec, Inc. 401(k) Retirement Plan
|
|
|
/s/ Jose R. Mas
|
|
|
Jose R. Mas |
|
|
Chairman, Benefits Committee of MasTec, Inc. |
|
|
|
|
|
|
|
|
|
|
Date: June 27, 2007 |
/s/ C. Robert Campbell
|
|
|
C. Robert Campbell |
|
|
Chief Financial Officer of MasTec, Inc. |
|
|
14
Ex-23.1 Consent of BDO Seidman, LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Trustees
The MasTec, Inc. 401(k) Retirement Plan
Coral Gables, FL
We hereby consent to the incorporation by reference in the Registration Statement on Form S-8
(Registration Statement Number 033-55327) of our report dated June 27, 2007, relating to the
financial statements and supplemental schedules of MasTec, Inc. 401 (k) Retirement Plan appearing
in the Plans Annual Report on Form 11-K for the year ended December 31, 2006.
/s/ BDO Seidman, LLP
Miami, FL
June 27, 2007
15