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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT
____________
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the fiscal year ended December 31, 1993
_________________
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the transition period from ________________ to ___________________
Commission file number 0-3797
A. 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
Savings Plan
B. Name of the issuer of the securities held pursuant to the Plan
and the address of its principal executive office: MasTec, Inc., 8600 N.W.
36th Street, Miami, Florida 33166.
Page 1 of 16
REQUIRED INFORMATION
4. Financial Statements
The Plan hereby files its financial statements for the fiscal year
ended December 31, 1993, prepared in accordance with the financial
reporting requirements of the Employee Retirement Income Security Act of
1974.
Page 2 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
Financial Statements
and
Supplementary Information
Year Ended December 31, 1993
Page 3 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
TABLE OF CONTENTS
_________________
Page
____
Independent Auditor's Report 5
Financial Statements:
Statement of Net Assets Available for Plan
Benefits 7
Statement of Changes in Net Assets Available
for Plan Benefits 8
Notes to Financial Statements 9
Supplementary Information:
Schedule I - Schedule of Assets Held for Investment 13
Schedule II - Schedule of Reportable Transactions 13
All other schedules have been omitted due to the absence
of conditions which require their inclusion.
Page 4 of 16
INDEPENDENT AUDITOR'S REPORT
____________________________
To the Plan Administrative Committee of the
MasTec, Inc. (Formerly Burnup & Sims Inc.)
Variable Investment Plan
We have audited the accompanying statement of net assets
available for benefits of Mastec, Inc. Variable Investment Plan
(the "Plan") as of December 31, 1993, and the related statement
of changes in net assets available for benefits for the year
ended December 31, 1993. The financial statements and
supplemental schedules are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. 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 examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit 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 benefit of MasTec, Inc. Variable Investment Plan as
of December 31, 1993, and changes in its net assets available for
benefits for the year then ended in conformity with generally
accepted accounting principles.
Our audit of the Plan's financial statements as of and for the
year ended December 31, 1993, was conducted for the purpose of
forming an opinion on the financial statements taken as a whole.
The supple-mental schedules of assets held for investment
purposes and reportable transactions as of and for the year ended
December 31, 1993, are presented for the purpose of additional
Page 5 of 16
To the Plan Administrative Committee of the
MasTec, Inc. (Formerly Burnup & Sims Inc.)
Variable Investment Plan
Page 2
analysis and are not a required part of the basic financial
statements, but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audit of the basic financial
statements for the year ended December 31, 1993, and, in our opinion,
are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
MERCURIO & ASSOCIATES, P.A.
July 19, 1994
(August 1, 1994, as to Note 5)
Page 6 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1993
GUARANTEED DIVERSIFIED LIFE
INCOME EQUITY INSURANCE
FUND FUND FUND TOTAL
---------- ----------- --------- -----
ASSETS:
Investments at fair value $4,562,724 $1,254,631 $ - $5,817,355
Employee contributions
receivalbe 43,055 12,604 1,428 57,087
Interest receivable 1,426 59 - 1,485
Loans to employees 162,888 - 162,888
Cash surrender value of life
insurance - - 98,434 98,434
----------- ----------- ---------- ----------
Total Assets 4,770,093 1,267,294 99,862 6,137,249
LIABILITIES:
Distributions payable 164,622 - - 164,622
Insurance premiums payable - - 1,428 1,428
---------- ---------- ---------- ----------
Total Liabilities 164,622 - 1,428 166,050
---------- ---------- --------- ---------
NET ASSETS AVAILABLE
FOR BENEFITS $ 4,605,471 $ 1,267,294 $ 98,434 $ 5,971,199
=========== =========== ========== ===========
See accompanying notes.
Page 7 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993
GUARANTEED DIVERSIFIED LIFE
INCOME EQUITY INSURANCE
FUND FUND FUND TOTAL
---------- ----------- --------- -----
ADDITIONS TO NET ASSETS:
Investments income
Interest and dividends $ 345,032 $ 139,463 $ - $ 484,495
Net depreciation in fair
Value of investments - ( 94,433) - ( 94,433)
---------- ---------- -------- ----------
Total Investment Income 345,032 45,030 - 390,062
Employee contributions 530,242 162,102 20,577 712,921
Decrease in cash surrender
value of life insurance - - ( 1,029) ( 1,029)
---------- --------- --------- ----------
Total Additions 875,274 207,132 19,548 1,101,954
DEDUCTIONS FROM NET ASSETS:
Benefit payments to
participants 755,273 69,729 - 825,002
Insurance premiums - - 20,577 20,577
---------- --------- -------- ---------
Total Deductions 755,273 69,729 20,577 845,579
----------- --------- -------- ---------
TRANSFERS BETWEEN FUNDS ( 49,357) 49,356 1 -
----------- --------- -------- ---------
NET CHANGE IN NET ASSETS 70,644 186,759 ( 1,028) 256,375
NET ASSETS AVAILABLE FOR
PLAN BENEFITS
- BEGINNIG OF YEAR 4,534,827 1,080,535 99,462 5,714,824
------------ --------- -------- ---------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS
- END OF YEAR $ 4,605,471 $ 1,267,294 $ 98,434 $ 5,971,199
=========== =========== ======== ===========
See accompanying notes.
Page 8 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF THE PLAN
The following description of the MasTec, Inc. (the "Company") Variable
Investment Plan (the "Plan") provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
General
_______
The Plan is a defined contribution plan covering all employees of the
Company who are regularly scheduled to perform twenty (20) or more hours
of work per week, who are age twenty-one (21) or older and who have
completed a one-year service period. It is a qualified cash or deferred
profit-sharing plan within the meaning of Sections 401(a)and 401(k) of
the Internal Revenue Code and is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA). The Plan is
administered by the Plan Administrative Committee.
Contributions
_____________
Participants may contribute from one percent (1%) up to ten percent
(10%) of their pretax compensation (as defined in the Plan) into any
combination of three (3) funds. The Company does not make any
contributions to the Plan.
Participants' Accounts
______________________
Each participant's account is credited with the participant's
contribution and an allocation of the Plan's earnings. Allocations are
based on participant contributions, earnings and account balances, as
defined by the Plan Administrative Committee. Since all contributions
to this Plan and all interest earned are allocated to individual
participant account, the Plan is not subject to the insurance program
administered by the Pension Benefit Guaranty Corporation.
Vesting
-------
Participants are immediately vested in their voluntary contributions and
earnings thereon.
Page 9 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - DESCRIPTION OF THE PLAN (continued)
Loans
_____
Each participant is eligible to obtain a loan after one year of credited
experience in the Plan. Interest on the loans accrues at a rate selected
by the Plan Administrative Committee which is commensurate with the
interest rates being charged by financial institutions. Participants may
borrow up to 50% of their account balance. Loans are secured by the
participant account balance.
Payment of Benefits
___________________
On termination of service, a participant will receive payment of the vested
accrued benefit in a single lump sum or the payment can be deferred to
normal retirement age.
Income Taxes
____________
The Internal Revenue Service has determined that the Plan is exempt from
Federal income tax under Section 401(a) and 501(a) of the Internal Revenue
Code ("Code") as an organization described in Section 501(c)(9) of the
Code; accordingly, no provision for income taxes is required.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
Basis of Accounting
___________________
The financial statements of the Plan are prepared on the accrual basis
of accounting. Investment income is recognized when earned. Contributions
by participants are accrued on the basis of amounts withheld through
payroll deductions. The investments are stated at fair value on December
31, 1993.
Investments
___________
The Plan assets are invested in three separate funds: Guaranteed Income
Fund, Diversified Equity Fund, and Life Insurance Fund. The Guaranteed
Income Fund guarantees a fixed rate of return on amounts deposited with
it by the Trustee (7.5% at December 31, 1993). The Diversified Equity
Fund invests in shares of common stock of companies. The Life Insurance
Fund purchases whole life insurance for the participants on a pre-tax
basis.
Page 10 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (continued)
Although participants may designate the beneficiaries under the policies,
the Plan is the owner of such policies. The participants may elect to
designate their contribution to one or any combination of funds. In
addition, see Note 6 regarding other investment options added subsequent to
year end.
On January 1 or July 1 of each year, a participant may change the
election made in a previous period. The Plan recognizes unrealized
appreciation and depreciation in the fair value of its investments based
on quarterly quoted market prices. Purchases and sales of investments
are recorded as of the trade date.
NOTE 3 - FUNDING POLICY
The Company pays the entire costs of operating and managing the Plan.
While it has not expressed any intention to do so, the Company reserves
the right to discontinue funding such costs and terminate the Plan
subject to the provisions set forth in the Plan and ERISA.
NOTE 4 - DIFFERENCES BETWEEN AUDITED FINANCIAL STATEMENT AND FORM 5500
The financial statement realized gain is computed using historical cost.
For the year ended December 31, 1993, a gain of $20,451 is included in
the supplemental schedule of reportable transaction. As current value
reporting is required for the Annual Return Report of Employee Benefit
Plans (Form 5500), assets are revalued at the end of each plan year and
such revalued cost is the basis for determining the gain or loss. Form
5500 for the year ending December 31, 1993, includes realized gain of
$2,019, which was computed using the revalued cost basis.
NOTE 5 - SUBSEQUENT EVENTS
On March 11, 1994, Burnup & Sims Inc. changed its name to MasTec, Inc.
and the name of the Plan to Mastec Variable Investment Plan. On August
1, 1994, the Plan's name was further amended (effective June 17, 1994)
to Mastec, Inc. 401(K) Retirement Savings Plan.
Page 11 of 16
MASTEC, INC.
(Formerly Burnup & Sims Inc.)
VARIABLE INVESTMENT PLAN
________________________
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SUBSEQUENT EVENTS (continued)
In addition, the Plan Administrative Committee has added the following
additional investment options: 1) Fidelity Advisor Income and Growth
Fund, 2) Fidelity Advisor Growth Opportunity Fund, and 3) the MasTec,
Inc. Commission Stock Fund, and discontinued the Diversity Equity Fund
and the Life Insurance Fund.
Page 12 of 16
SUPPLEMENTARY INFORMATION
Part I Schedule of Assets Held for Investment Purposes
Identity of Description of Cost Current
Issue, lessor, investment including Value
or similar maturity date, rate of
party interest, collateral,
par or maturity value
Hartford Life Guaranteed Investment
Insurance Co. Contract; 12/31/93; 4,562,724 4,562,724
7.5%
Twentieth Growth Investors Fund 1,032,668 1,254,631
Century
Investors
First Colony Life Insurance 169,743 98,433
Contracts
Participant 8.5% - 11% 0 162,888
Loans
Part V Schedule of Reportable Transactions
Identity Description Purchase Selling Expense Cost Current Net
of party of asset price price incurred of value of gain or
involved (include with asset asset on (loss)
interest trans- transaction
maturity in action date
case of a
loan)
Hartford
Life Contributions 530,242 530,242 530,242
Ins.
Company Distributions 755,273 755,273
Twentieth Common
Century Stock 162,102 162,102 162,102
Investor Purchased
Stock Sales
to Fund
Distributions 69,831 10 49,380 69,831 20,451
Page 13 of 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the administrator of the 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 SAVINGS PLAN
Date: August 30, 1994 By: /s/ Jose Rodriguez
---------------------------- -------------------------
Jose Rodriguez
Page 14 of 16
EXHIBIT INDEX
Exhibit No. Page No.
23 Consent of Independent Accountants 16
Page 15 of 16
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
As independent accountants, we hereby consent to the
incorporation by reference in the Registration Statement on Form S-8 of
MasTec, Inc. relating to The MasTec, Inc. 401(k) Retirement Savings Plan
(the "Plan") of our report dated July 17, 1994 relating to the financial
statements of the Plan included in this annual report on Form 11-K of the
Plan for the year ended December 31, 1993.
MERCURIO & ASSOCIATES, P.A.
West Palm Beach, FL
August 30, 1994
Page 16 of 16