CORAL GABLES, Fla., August 1 /PRNewswire-FirstCall/ -- MasTec, Inc. (NYSE: MTZ) today announced that for the quarter ended June 30, 2007, income from continuing operations was $16 million, or $0.24 earnings per diluted share, on revenue of $256 million. This compares with income from continuing operations of $12 million, or $0.19 per diluted share, on revenue of $231 million in the prior year quarter.

A number of other financial measures have also improved this quarter. The most significant was income from continuing operations increasing to 6.3% of revenue for the quarter, an improvement over 5.3% in the same quarter last year. Cash and liquidity both improved, with quarter-end balances of $119 and $139 million, respectively. We define liquidity as availability under our credit facility plus unrestricted bank cash. Cash collections, as measured by accounts receivable days sales outstanding, or DSOs, improved again this quarter, down to 59 days, the best in the Company's recent history.

Jose R. Mas, MasTec's President and Chief Executive Officer, commented, "We are pleased with our progress in 2007. While our operating margins are at their highest level in years, we are far from satisfied. We will continue focusing on margin improvement and growth as we position the Company to take advantage of the opportunities in the markets we serve."

In addition, MasTec narrowed the range for its full year 2007 guidance. The Company still expects revenue to be in the range of $1.04 to $1.06 billion, but has now announced that it expects earnings per share from continuing operations to be between $0.84 and $0.90 per share.

Management will hold a conference call to discuss results of operations for the quarter ended June 30, 2007 on Thursday, August 2, 2007 at 10:00 a.m. Eastern time. The call-in number for the conference call is (913) 312-1301 and the replay number is (719) 457-0820, with a pass code of 7818149. 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 www.mastec.com.

    Summary financials are as follows:


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

                                                   For the Three Months Ended
                                                               June 30,
                                                         2007           2006
    Revenue                                           $256,284       $230,516
    Costs of revenue, excluding depreciation           213,327        196,718
    Depreciation                                         4,082          3,456
    General and administrative expenses,
      including non-cash stock compensation
      expense of $1,500 in 2007 and $2,043 in 2006      20,234         16,994
    Interest expense, net of interest income             2,120          2,362
    Other income, net                                      573          1,634
    Income from continuing operations before
      minority interest                                 17,094         12,620
    Minority interest                                   (1,035)          (323)
    Income from continuing operations                   16,059         12,297

    Loss from discontinued operations                     (158)       (35,954)
      Net income (loss)                                $15,901       $(23,657)

    Basic net income (loss) per share:
      Continuing operations                              $0.24          $0.19
      Discontinued operations                            (0.00)         (0.56)
      Total basic net income (loss) per share            $0.24         $(0.37)
      Basic weighted average common shares
        outstanding                                     65,854         64,752

    Diluted net income (loss) per share:
      Continuing operations                              $0.24          $0.19
      Discontinued operations                            (0.00)         (0.54)
      Total diluted net income (loss) per share          $0.24         $(0.36)

    Diluted weighted average common shares
      outstanding                                       67,431         66,463



                    Condensed Consolidated Balance Sheets
                                (In thousands)

                                                     June 30,     December 31,
                                                       2007          2006
                                                   (Unaudited)
                           Assets

    Total current assets                            $342,464       $339,920
    Property and equipment, net                       71,749         61,212
    Goodwill                                         181,013        151,600
    Deferred taxes, net                               52,652         49,317
    Other assets                                      27,448         43,405
    Long-term assets held for sale                         -            659
        Total assets                                $675,326       $646,113

            Liabilities and Shareholders' Equity

    Current liabilities                             $148,162       $175,878
    Other liabilities                                 34,364         36,521
    Long-term debt                                   160,780        128,407
    Long-term liabilities related to assets
      held for sale                                        -            596
    Total shareholders' equity                       332,020        304,711
        Total liabilities and shareholders'
            equity                                  $675,326       $646,113



          Condensed Unaudited Consolidated Statements of Cash Flows
                                (In thousands)

                                                         For the Six Months
                                                           Ended June 30,
                                                        2007           2006
    Net cash provided by operating activities          $27,255       $10,392
    Net cash used in investing activities              (24,046)      (30,771)
    Net cash provided by financing activities           27,199        80,858
    Net increase in cash and cash equivalents           30,408        60,479
    Net effect of currency translation on cash               9            52
    Cash and cash equivalents - beginning of period     89,046         2,024
    Cash and cash equivalents - end of period         $119,463       $62,555

MasTec is a leading specialty contractor operating mainly throughout the United States across a range of industries. The Company's core activities are the building, installation, maintenance and upgrade of communication and utility infrastructure systems. The Company's corporate website is located at www.mastec.com.

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, material changes in estimates for legal costs or case settlements, the highly competitive nature of our industry, dependence on a limited number of customers, the ability of our customers to terminate or reduce the amount of work, or in some cases prices paid for services under many of our contracts, the adequacy of our insurance and other reserves and allowances for doubtful accounts, restrictions imposed by our credit facility and senior notes, the outcome of our plans for future operations, growth, and services, including backlog and acquisitions , 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.
    -0-                             08/01/2007
    /CONTACT:  J. Marc Lewis, Vice President-Investor Relations of MasTec,
Inc., +1-305-406-1815, fax: +1-305-406-1886, marc.lewis@mastec.com/
    /Web site:  http://www.mastec.com /
    (MTZ)

CO:  MasTec, Inc.
ST:  Florida
IN:  TLS CPR
SU:  ERN CCA

RP-DL
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5164 08/01/2007 16:40 EDT http://www.prnewswire.com