Earnings from Continuing Operations of $0.06 Per Share on 13% Rise in Revenue

CORAL GABLES, Fla., May 8 /PRNewswire-FirstCall/ -- MasTec, Inc. (NYSE: MTZ) today announced that for the quarter ended March 31, 2006, income from continuing operations was $3.6 million, or $0.06 diluted earnings per share, on revenue of $218.8 million. This compares with a loss from continuing operations of $5.4 million, or $0.11 diluted loss per share, on revenue of $194.0 million in the prior year quarter.

Austin J. Shanfelter, MasTec's President and Chief Executive Officer, commented, "We see strong demand for MasTec branded services across all of our markets. In fact, we have the best demand environment that we have seen since 2000. There are multiple leading indicators on future increased spending for most of our customer base."

The Company currently has gross liquidity, defined as bank cash plus credit line availability, of approximately $105 million, compared with $10 million a year ago. MasTec currently has no cash draws on its $150 million bank credit facility, which was recently amended to provide for better terms and pricing based on the Company's improved financial position.

Mr. Shanfelter continued, "MasTec continues to make substantial operational progress in a number of areas. Revenue is up, liquidity and cash are both up, general and administrative expense trends are positive, receivables collections are up sharply and our overall performance is improving quarter by quarter. We expect that 2006 will be a good year for MasTec and its investors."

For 2006, MasTec's guidance forecast remains unchanged. The Company expects revenue to be in the range of $950 to $975 million, a double-digit growth rate. Earnings per share from continuing operations for 2006 are expected to be between $0.70 and $0.80 per share.

Management will hold a conference call to discuss results of operations for the quarter ended March 31, 2006 on Tuesday, May 9, 2006 at 9:30 a.m. Eastern time. The call-in number for the conference call is (913) 981-4913 and the replay number is (719) 457-0820, with a pass code of 2504746. The replay will run for 30 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 .

    Summary financials for the quarters are as follows:

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


                                                       For the Three Months
                                                          Ended  March 31,
                                                         2006         2005

    Revenue                                            $218,752     $193,976
    Costs of revenue, excluding depreciation            191,957      177,077
    Depreciation                                          3,562        4,474
    General and administrative expenses, including
     non-cash stock compensation expense of $1,181
     in 2006 and $24 in 2005                             16,594       14,844
    Interest expense, net of interest income              3,485        4,832
    Other income, net                                       322        1,874
        Income (loss) from continuing operations
         before minority interest                         3,476       (5,377)
        Minority interest                                   129          (66)
    Income (loss) from continuing operations              3,605       (5,443)

    Loss from discontinued operations, net of tax
     benefit                                             (7,829)      (6,571)

        Net loss                                        $(4,224)    $(12,014)
    Basic net income (loss) per share:
      Continuing operations                                $.06        $(.11)
      Discontinued operations                              (.13)        (.14)
      Total basic net income (loss) per share             $(.07)       $(.25)

    Basic weighted average common shares outstanding     59,291       48,696

    Diluted net income (loss) per share:
      Continuing operations                                $.06        $(.11)
      Discontinued operations                              (.13)        (.14)
      Total diluted net income (loss) per share           $(.07)       $(.25)

    Diluted weighted average common shares
     outstanding                                         61,028       48,696



                      Condensed Unaudited Balance Sheets
                                (In thousands)



                                                      March 31,   December 31,
                                                         2006         2005

                        Assets
    Total current assets                               $350,469     $305,307
    Property and equipment, net                          46,173       48,027
    Goodwill                                            150,630      127,143
    Deferred taxes, net                                  54,478       51,468
    Other assets                                         47,480       46,070
    Long-term assets held for sale                        5,793        6,149
            Total assets                               $655,023     $584,164

         Liabilities and Shareholders' Equity
    Current liabilities                                $154,791     $170,238
    Other liabilities                                    36,515       37,359
    Long-term debt                                      121,082      196,104
    Long-term liabilities related to assets held
     for sale                                               790          860
    Total shareholders' equity                          341,845      179,603
            Total liabilities and shareholders'
             equity                                    $655,023     $584,164



                 Condensed Unaudited Statements of Cash Flows
                                (In thousands)


                                                       For the Three Months
                                                          Ended March 31,
                                                       2006             2005
    Cash flows from operating activities:
      Net cash provided by operating activities     $13,992           $2,562
      Net cash (used in) provided by investing
       activities                                   (22,853)           1,033
      Net cash provided by financing activities      78,864              500
      Net increase in cash and cash equivalents      70,003            4,095
      Net effect of currency translation on cash         (2)               5
      Cash and cash equivalents - beginning of
       period                                         2,024           19,548
    Cash and cash equivalents - end of period       $72,025          $23,648

MasTec http://www.mastec.com is a leading specialty contractor operating throughout the United States and in Canada across a range of industries. The Company's core activities are the building, installation, maintenance and upgrade of communication, utility infrastructure and transportation systems.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including that our revenue and earnings per share may differ from that projected, that we may be impacted by business and economic conditions affecting our customers, the highly competitive nature of our industry, dependence on a limited number of customers, the adequacy of our insurance and other reserves and allowances for doubtful accounts, restrictions imposed by our credit facility and senior notes, as well as other risks detailed in our filings with the Securities and Exchange Commission. Actual results may differ significantly from results expressed or implied in these statements. We do not undertake any obligation to update forward- looking statements.

SOURCE MasTec, Inc.

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