CORAL GABLES, Fla., March 31 /PRNewswire-FirstCall/ -- MasTec, Inc. (NYSE: MTZ) today announced results for the quarter and year ended December 31, 2004.

For the year ended December 31, 2004, the net loss from continuing operations was $26.2 million ($0.54 per share) on revenue of $913.8 million, compared with a net loss from continuing operations of $24.4 million ($0.51 per share) on revenue of $827.5 million for the prior year. Including the losses from discontinued operations of $4.1 million and $27.9 million in 2004 and 2003, respectively, and a loss on the write-off of assets of discontinued operations of $19.2 million in 2004, the total net loss for 2004 was $49.4 million compared with $52.3 million in the prior year.

For the quarter ended December 31, 2004, the net loss from continuing operations was $5.8 million ($0.12 per share) on revenue of $246.7 million, compared with a net loss from continuing operations of $30.6 million ($0.64 per share) on revenue of $234.3 million for the prior year. Including the losses from discontinued operations of $1.1 million and $24.3 million in the three months ended December 31, 2004 and 2003, respectively, the total net loss in the quarter ended December 31, 2004 was $6.9 million compared with a $54.9 million loss in the prior year.

At March 29, 2005, the Company had gross liquidity of approximately $32.9 million. MasTec currently has no draws on its $125 million bank credit facility. The Company recently amended the loan agreement for this credit facility, resulting in increased covenant flexibility.

Austin J. Shanfelter, MasTec's President and Chief Executive Officer, commented, "Our management team will now be focused on continued, strong financial reporting and delivering improved financial results to our investors. We expect revenue growth and profitability for the year ahead."

The following tables set forth the financial results for the periods ended December 31, 2004:

Management will hold a conference call to discuss results of operations for the year and quarter ended December 31, 2004 on Friday, April 1, 2005 at 10:00 a.m. Eastern time. The call in number for the conference call is (913) 981-4901 and the replay number is (719) 457-0820, with a pass code of 4416676. The replay will run for 15 days. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at http://www.mastec.com .

MasTec < http://www.mastec.com > is a leading communications, video, data, traffic and public utility 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.

                    Consolidated Statements of Operations
                   (In thousands except per share amounts)

                                          Year Ended      Three Months Ended
                                          December 31,        December 31,
                                        2003       2004      2003      2004
    Revenue                          $827,480   $913,795  $234,284  $246,724
    Costs of revenue                  744,587    828,743   239,258   221,623
    Depreciation                       27,586     17,099     6,085     3,839
    General and administrative
     expenses                          70,112     74,550    26,670    21,055
    Interest expense, net of
     interest income                   19,180     19,478     4,851     5,201
    Other income (expense), net         1,242        191      (972)     (801)
    Loss from continuing operations
     before benefit for income
     taxes and minority interest      (32,743)   (25,884)  (43,552)   (5,795)
    Benefit for income taxes            8,303         --    12,967        --
    Minority interest                      --       (333)        7        28
    Net loss from continuing
     operations                       (24,440)   (26,217)  (30,578)   (5,767)
    Discontinued operations:
    Loss on write-off of assets of
     discontinued operations               --    (19,165)       --        --
    Loss from discontinued
     operations, net                  (27,859)    (4,055)  (24,299)   (1,088)
    Net Loss                         $(52,299)  $(49,437) $(54,877)  $(6,855)

    Basic weighted average common
     shares outstanding                48,084     48,382    48,171    48,423

    Basic and diluted net loss per
     share:
      Continuing operations            $(0.51)    $(0.54)   $(0.64)   $(0.12)
      Discontinued operations           (0.58)     (0.48)    (0.50)    (0.02)
    Total basic and diluted net
     loss per share                    $(1.09)    $(1.02)   $(1.14)   $(0.14)


                         Consolidated Balance Sheets
                                (In thousands)

                                                             December 31
                                                          2003          2004
                       Assets
    Current assets                                    $296,875      $312,258
    Property and equipment, net                         85,832        69,303
    Goodwill                                           150,984       138,640
    Deferred taxes, net                                 55,083        50,732
    Other assets                                        39,489        33,085
            Total assets                              $628,263      $604,018

        Liabilities and Shareholders' Equity
    Current liabilities                               $183,515      $178,128
    Other liabilities                                   31,974        38,678
    Long-term debt                                     196,956       196,059
    Shareholders' equity                               215,818       191,153
            Total liabilities and
             shareholders' equity                     $628,263      $604,018


                    Consolidated Statements of Cash Flows
                                (In thousands)

                                                    Years Ended December 31,
                                                       2003          2004
    Net cash provided by operating
     activities of continuing operations              $6,994        $5,406
    Net cash provided by (used in)
     investing activities of continuing
     operations                                        7,353        (4,122)
    Net cash used in financing activities
     of continuing operations                         (1,187)       (1,003)
    Net increase in cash and cash                     13,160           281
     equivalents
    Net effect of translation on cash                 (1,922)          432
    Cash and cash equivalents -- beginning of          8,730        19,415
     period
    Cash used in discontinued operations                (553)         (580)
    Cash and cash equivalents -- end of
     period                                          $19,415       $19,548

SOURCE  MasTec, Inc.
    -0-                             03/31/2005
    /CONTACT:  J. Marc Lewis, Vice President-Investor Relations,
+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

SP-DS
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0187 03/31/2005 17:08 EST http://www.prnewswire.com