MasTec Reports Record Revenue and Net Income and Reaffirms Guidance for 2009
- Fourth Quarter Revenue Increased 51%
- Fourth Quarter Diluted EPS Increased 136%
- Record Annual Revenue and Net Income
CORAL GABLES, fla.,
Revenue for the quarter ended
Revenue for the year ended
Income from continuing operations for 2008 was
Mr. Mas continued, "In addition to achieving strong financial results, in
2008 we repositioned
The Company is reaffirming its earlier guidance and expects 2009 revenue
of
Revenue for the first quarter of 2009 is expected to be between
The Company's guidance does not include the impact of legacy litigation, or any mark-to-market valuation adjustments on auction rate securities, either positive or negative.
The following tables set forth the financial results for the periods ended
Condensed Consolidated Statements of Operations
(In thousands except per share amounts)
Year Ended Three Months Ended
December 31, December 31,
2008 2007 2008 2007
Revenue $1,378,663 $1,037,779 $413,883 $273,635
Costs of revenue 1,180,310 891,606 358,337 236,391
Depreciation and amortization 28,465 18,088 9,020 5,375
General and administrative
expenses 88,585 113,623 22,998 18,845
Interest expense, net of
interest income 14,758 9,236 4,644 2,100
Other (income) expense, net (927) (3,516) 7 768
Income from continuing
operations before income
taxes and minority interest 67,472 8,742 18,877 10,156
Provision for Income taxes (870) - (328) -
Minority interest - (2,459) - (210)
Income from continuing
operations 66,602 6,283 18,549 9,946
Loss from discontinued
operations, net (814) (13,611) (392) (2,689)
Net Income (Loss) $65,788 $(7,328) $18,157 $7,257
Basic net (loss) income per
share:
Continuing operations $0.98 $0.10 $0.27 $0.15
Discontinued operations (0.01) (0.21) (0.01) (0.04)
Total basic net income
(loss) per share $0.97 $(0.11) $0.26 $0.11
Basic weighted average common
shares outstanding 67,983 66,147 69,154 66,912
Diluted net income (loss)
per share:
Continuing operations $0.97 $0.09 $0.27 $0.15
Discontinued operations (0.01) (0.20) (0.01) (0.04)
Total diluted net income
(loss) per share $0.96 $(0.11) $0.26 $0.11
Diluted weighted average
common shares outstanding 68,916 67,626 70,517 68,122
Condensed Consolidated Balance Sheets
(In thousands)
December 31
2008 2007
Assets
Current assets $439,365 $367,407
Property and equipment, net 158,013 81,939
Goodwill and other intangibles, net 420,604 202,829
Deferred taxes, net 25,165 30,386
Securities available for sale 20,580 -
Other assets 27,170 28,188
Total assets $1,090,897 $710,749
Liabilities and Shareholders' Equity
Current liabilities $334,048 $203,595
Other liabilities 26,305 32,310
Long-term debt 287,454 160,279
Shareholders' equity 443,090 314,565
Total liabilities and shareholders' equity $1,090,897 $710,749
Condensed Consolidated Statements of Cash Flows
(In thousands)
Years Ended December 31,
2008 2007
Net cash provided by operating activities $58,182 $68,698
Net cash used in investing activities (141,987) (62,457)
Net cash provided by financing activities 56,988 32,756
Net increase in cash and cash equivalents (26,817) 38,997
Net effect of translation on cash (208) 9
Cash and cash equivalents--beginning of period 74,288 35,282
Cash and cash equivalents--end of period $47,263 $74,288
Reconciliation of Non-GAAP Disclosures-Unaudited
(In millions, except for percentages and per share data)
For the Year Ended December 31, 2007
Earnings
Income from Continuing Operations Pre-tax per
Reconciliation Total Operating EBITDA Diluted
(in millions) Margin Margin Share
GAAP Income from continuing
operations $6.3 0.6% 3.2% $0.09
Charges for settlement of
litigation, claims and other
disputes 39.3 3.8% 3.8% 0.58
Income from continuing
operations excluding charges
for settlement of litigation,
claims and other disputes $45.6 4.4% 7.0% $0.67
For the Year Ended December 31, 2008
Earnings
Income from Continuing Operations Pre-tax per
Reconciliation Total Operating EBITDA Diluted
(in millions) Margin Margin Share
GAAP Income from continuing
operations $66.6 4.9% 8.0% $0.97
Charge resulting from the final
deferred compensation payment
to prior CEO 2.5 0.2% 0.2% 0.04
Income from continuing operations
excluding the final deferred
compensation payment to prior CEO $69.1 5.1% 8.2% $1.00
Diluted Net Income Per Share Reconciliation Three Months Ended
December 31, 2008
Diluted net income per share $0.26
Charge resulting from the final deferred
compensation payment to prior CEO 0.04
Pro forma diluted net income per share $0.29
Tables may contain differences due to rounding.
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 further economic downturns, reduced
capital expenditures, reduced financing availability, customer consolidation
and technological and regulatory changes in the industries we serve; market
conditions, technical and regulatory changes that affect us or our customers'
industries; our ability to retain qualified personnel and key management from
acquired businesses and integrate acquisitions with
SOURCEMasTec, Inc. -0-03/02/2009 /CONTACT:J. Marc Lewis , Vice President-Investor Relations, +1-305-406-1815, +1-305-406-1886 fax, marc.lewis@mastec.com/ /Web Site: http://www.mastec.com / (MTZ) CO:MasTec, Inc. ST:Florida IN: CST STW CPR NET HRD SU: ERN CCA ERP PR -- FL77532 -- 543203/02/2009 16:52 EST http://www.prnewswire.com