CORAL GABLES, Fla., Dec. 30 /PRNewswire-FirstCall/ -- MasTec, Inc. (NYSE: MTZ) today announced that net income for the third quarter of 2004 was up 83% to $4.2 million compared with net income of $2.3 million for the comparable quarter of 2003. Revenues for the third quarter of 2004 were up 5% to $250 million, compared with $237 million for the comparable quarter of 2003. Total net income per share for the third quarter of 2004 was $0.09 per share, compared with net income of $0.05 per share for the same quarter of 2003.

Additionally, the Company has executed an amendment and waiver with its bank group and is in compliance with all the financial covenants under its $125 million bank credit facility.

The Company has filed its 2004 third quarter Form 10-Q with the Securities and Exchange Commission.

Austin J. Shanfelter, MasTec's President and Chief Executive Officer, commented, "The changes that we have made internally are beginning to show through the financial performance in the third quarter and we expect continued performance enhancements in 2005."

Mr. Shanfelter also commented on the credit facility amendment, noting, "We are also pleased with the confidence shown by our banking group. They continue to be a strong and supportive financial partner for MasTec."

Management will hold a conference call to discuss results of operations for the nine-month period ended September 30, 2004 on Wednesday, January 5, 2005 at 10:00 a.m. Eastern time. The call-in number for the conference call is (719) 457-2693 and the replay number is (719) 457-0820, with a pass code of 354811. The replay will run for 30 days. Additionally, the call will be broadcast live over the Internet and can be accessed through the investor relations section of the Company's website at http://www.mastec.com .

    Summary financials for the quarters are as follows:


                      Condensed Statements of Operations
                   (In thousands, except per share amounts)
                                 (Unaudited)


                                                        For the Three Months
                                                         Ended September 30,
                                                           2004       2003
                                                                  As Restated

    Revenue                                           $249,930      $236,943
    Costs of revenue, excluding depreciation           219,517       208,141
    Depreciation                                         4,215         6,584
    Amortization                                            90           198
    General and administrative expenses                 17,532        14,173
    Interest expense, net                                4,710         4,687
    Other income, net                                     (781)       (1,944)
    Income from continuing operations before
     provision for income taxes and
     minority interest                                   4,647         5,104
    Provision for income taxes                              --        (2,139)
    Minority interest                                     (326)           --
    Income from continuing operations                   $4,321        $2,965
       Loss on discontinued operations, net of tax
        benefit                                            (98)         (656)
    Net income                                          $4,223        $2,309
    Basic weighted average common shares outstanding    48,395        48,102
    Basic net income per share:
       Continuing operations                             $0.09         $0.06
       Discontinued operations                            $ --        $(0.01)
    Basic net income per share                           $0.09         $0.05
    Diluted weighted average common shares
     outstanding                                        48,703        48,919
    Diluted net income per share:
       Continuing operations                             $0.09         $0.06
       Discontinued operations                            $ --        $(0.01)
    Diluted net income per share                         $0.09         $0.05

                           Condensed Balance Sheets
                                (In thousands)
                                 (Unaudited)

                                                   September 30,  December 31,
                                                        2004          2003

                       Assets
    Total current assets                              $309,206      $296,875
    Property and equipment, net                         74,051        85,832
    Goodwill                                           138,640       150,984
    Deferred taxes                                      57,178        55,083
    Other assets                                        28,772        35,151
            Total assets                              $607,847      $623,925

          Liabilities and Shareholders' Equity
    Current liabilities                               $173,708      $183,515
    Other liabilities                                   35,240        27,636
    Long-term debt                                     202,813       196,956
    Total shareholders' equity                         196,086       215,818
            Total liabilities and shareholders'
             equity                                   $607,847      $623,925


                      Condensed Statements of Cash Flows
                                (In thousands)
                                 (Unaudited)

                                                      For the Three Months
                                                       Ended September 30,
                                                      2004             2003
                                                                   As Restated
    Cash flows from operating activities:
    Net cash used in operating activities          $(17,427)         $(3,166)
    Net cash (used in) provided by investing
     activities                                      (2,186)          10,581
    Net cash provided by financing activities         4,268            1,501
    Net (decrease) increase in cash and cash
     equivalents                                    (15,345)           8,916
    Net effect of currency translation on cash          261           (2,117)
    Cash and cash equivalents - beginning of
     period                                          19,415            8,730
    Cash used in discontinued operations               (614)            (346)
    Cash and cash equivalents - end of period        $3,717          $15,183

MasTec (http://www.mastec.com ) is a leading communications, broadband, intelligent traffic and energy infrastructure service provider. The Company designs, builds, installs, maintains, upgrades and monitors internal and external networks for leading companies and government entities.

This press release and any accompanying documents contain forward-looking statements, such as statements regarding MasTec's future growth and profitability, growth strategy, and anticipated trends in the industries and economies in which MasTec operates. The words "anticipate," "estimate," "should," "expect," "believe," "intend," "target," "project" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on MasTec's current expectations and are subject to a number of risks, uncertainties, and assumptions, including that our revenue and profits may differ from that projected, that we may be further impacted by slowdowns in our clients' businesses or in the economy in general, that our reserves for receivables may be inadequate and that we may experience increased costs associated with realigning our business or may be unsuccessful in those efforts. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in any forward-looking statements made by MasTec in this press release. These and other risks are detailed in this press release and/or documents filed by MasTec with the Securities and Exchange Commission. MasTec does not undertake any obligation to revise these forward-looking statements to reflect future events or circumstances.

SOURCE  MasTec, Inc.
    -0-                             12/30/2004
    /CONTACT:  J. Marc Lewis, Vice President-Investor Relations, MasTec, Inc.,
+1-305-406-1815, or fax, +1-305-406-1886, or marc.lewis@mastec.com/
    /Web site:  http://www.mastec.com /
    /Audio:  http://www.mastec.com /
    (MTZ)

CO:  MasTec, Inc.
ST:  Florida
IN:  TLS CPR
SU:  ERN CCA MAV

DS-AC 
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9492 12/30/2004 16:54 EST http://www.prnewswire.com