MasTec Announces Record First Quarter Results
April 26, 2000
North American Net Income Was $12.1 Million Or $.40 Per Share A 175% Increase From The Same Quarter Last Year First Quarter Highlights * Internal revenue growth rate approached 36% * Operating margins improved 49% to 9.5% * Received new contracts in excess of $450 million * Successfully completed offering of 2.5 million shares raising $126 million net * Promoted Austin Shanfelter to Chief Operating Officer * Continued adding strategic partners
MIAMI, April 26 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) announced today North American net income of $12.1 million or $.40 per share on revenue of $262.4 million in the first quarter of 2000, compared to net income of $4.4 million or $0.16 per share on revenue of $188.2 for the same period in 1999, an increase of 175% and 39% in net income and revenue, respectively.
For the first quarter of 2000, Brazil generated a net loss of $622 thousand or $0.02 per share on revenue of $10.3 million, compared to a net loss of $89 thousand or breakeven on a per share basis on revenue of $18.6 million for the same period in 1999.
On a consolidated basis, the Company reported first quarter net income of $11.5 million or $0.38 per share on revenue of $272.7 million compared to net income of $4.4 million or $0.16 per share on revenue of $206.8 million for the same period in 1999.
Members of the executive team will hold a conference call at 11 a.m. (EST) on Thursday, April 27, to discuss the Company's performance. The conference call number is 719-457-2617. Please dial in to the conference 10-15 minutes in advance. A conference call replay will be available from April 27 through May 11 by dialing 719-457-0820, confirmation code 526657.
Please visit MasTec's Investor Relations Web page at www.mastec.com/english/financial.htm for financial sections of the press release. These sections may be downloaded into Excel for your convenience in analyzing Company data. Faxed copies of the financial sections are available by calling toll free 1-877-MASTEC1.
MasTec is the largest end-to-end bandwidth infrastructure service provider in North America. MasTec <www.mastec.com> designs, builds, installs and maintains internal and external networks supporting the Internet, Internet-related applications, e-commerce and other communications and energy facilities for leading telecommunications, cable television, energy and Fortune 500 companies.
This press release and any accompanying documents contain or may contain
forward-looking statements, such as statements regarding the Company's future
growth and profitability, growth strategy, and anticipated trends in the
industries and economies in which the Company operates. These forward-looking
statements are based on the Company's current expectations and are subject to
a number of risks, uncertainties, and assumptions. 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 the Company in
this press release. These and other risks are detailed in this press release
or documents filed by the Company with the Securities and Exchange Commission.
The Company does not undertake any obligation to revise these forward-looking
statements to reflect future events or circumstances.
SOURCE MasTec, Inc.
Web site: http: //www.mastec.com
CONTACT: Carmen M. Sabater, Senior Vice President & CFO, MasTec, Inc., 305-406-1866, or e-mail, firstname.lastname@example.org