CORAL GABLES, Fla., Feb. 27 /PRNewswire-FirstCall/ -- MasTec, Inc. (NYSE: MTZ) today announced results for the quarter and year ended December 31, 2007.

For the quarter ended December 31, 2007, income from continuing operations was $9.9 million, or $0.15 diluted earnings per share, on revenue of $273.6 million. This compares with income from continuing operations of $9.3 million, or $0.14 per diluted share, on revenue of $240.1 million in the prior year quarter.

For the year ended December 31, 2007, income from continuing operations was $6.3 million, or $0.09 diluted earnings per share, on revenue of $1.04 billion. This compares with income from continuing operations of $40.0 million, or $0.62 per diluted share, on revenue of $940.4 million for the prior year. Excluding the previously disclosed $39.3 million charge for the acceleration of the settlement of legacy litigation, claims and other disputes, non-GAAP income from continuing operations was $45.5 million, or $0.67 per diluted share.

The Company is optimistic regarding its outlook for 2008.

The Company expects 2008 revenue of $1.125 billion to $1.160 billion, an 8% to 12% increase over 2007. Earnings per diluted share from continuing operations in 2008 is expected to be between $0.85 and $0.90. This represents a 27% to 34% increase over 2007 non-GAAP income from continuing operations of $0.67 per diluted share.

The first quarter has historically been the Company's softest quarter due to the slow beginning of our customers' annual budget processes and general winter weather conditions, which prevent many activities and also reduce overall efficiency and productivity. Although the Company does not normally give quarterly guidance, revenue for the first quarter of 2008 is expected to be between $250 million and $260 million, with diluted earnings per share from continuing operations of $0.11 to $0.12.

The annual and quarterly guidance does not include any of the impact of our previously disclosed legacy litigation, either positive or negative.

Jose Mas, MasTec's President and Chief Executive Officer, commented, "We spent a lot of time and effort getting legacy issues behind us in 2007. We also worked hard in improving our operations, growing our business and positioning the Company to take advantage of the opportunities before us. We are off to a good start in 2008 and are encouraged by the activity in our markets despite the overall economic conditions."

The following tables set forth the financial results for the periods ended December 31, 2007 and 2006:

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

                          Year Ended December 31,    Three Months Ended
                                                        December 31,
                            2007          2006        2007         2006
    Revenue             $1,037,779     $940,421     $273,635     $240,060
    Costs of revenue       891,606      808,142      236,391      207,394
    Depreciation            16,988       14,490        4,843        3,852
    General and
     administrative
     expenses              114,723       73,353       19,377       19,336
    Interest expense, net
     of interest income      9,236       10,083        2,100        2,045
    Other income
     (expense), net          3,516        7,991         (768)       3,000
      Income from continuing
       operations before
       benefit for income
       taxes and minority
       interest              8,742       42,344       10,156       10,433
    Minority interest       (2,459)      (2,294)        (210)      (1,114)
      Income from continuing
       operations            6,283       40,050        9,946        9,319
    Discontinued operations:
    Loss from discontinued
     operations, net       (13,611)     (90,398)      (2,689)     (24,164)
      Net Income (Loss)    $(7,328)    $(50,348)      $7,257     $(14,845)
    Basic net (loss)
     income per share:
      Continuing operations  $0.10        $0.63        $0.15        $0.14
      Discontinued
       operations            (0.21)       (1.42)       (0.04)       (0.37)
        Total basic net
         income (loss) per
         share              $(0.11)      $(0.79)       $0.11       $(0.23)
    Basic weighted average
     common shares
     outstanding            66,147       63,574       66,912       65,128
    Diluted net
     income (loss) per share:
      Continuing operations  $0.09        $0.62        $0.15        $0.14
      Discontinued
       operations            (0.20)       (1.39)       (0.04)       (0.36)
        Total diluted net
         income (loss) per
         share              $(0.11)      $(0.77)       $0.11       $(0.22)
      Diluted weighted
       average common
       shares outstanding   67,626       65,119       68,122       66,317



                    Condensed Consolidated Balance Sheets
                                (In thousands)

                                                          December 31
                                                       2007          2006
               Assets
    Current assets                                  $367,407       $339,920
    Property and equipment, net                       81,939         61,212
    Goodwill                                         202,829        151,600
    Deferred taxes, net                               30,386         49,317
    Other assets                                      28,188         43,405
    Long-term assets held for sale                         -            659
      Total assets                                  $710,749       $646,113

            Liabilities and Shareholders' Equity
    Current liabilities                             $207,945       $175,878
    Other liabilities                                 27,960         36,521
    Long-term debt                                   160,279        128,407
    Long-term liabilities related to assets held
     for sale                                              -            596
    Shareholders' equity                             314,565        304,711
      Total liabilities and shareholders' equity    $710,749       $646,113



               Condensed Consolidated Statements of Cash Flows
                                (In thousands)

                                                    Years Ended December 31,

                                                       2007          2006

    Net cash provided by operating activities        $68,698        $46,394

    Net cash used in investing activities            (62,457)       (94,732)

    Net cash provided by financing activities         32,756         81,783

      Net increase in cash and cash equivalents       38,997         33,445

    Net effect of translation on cash                      9           (187)

    Cash and cash equivalents--beginning of period    35,282          2,024

      Cash and cash equivalents--end of period       $74,288        $35,282

MasTec will hold a conference call to discuss these results on February 28, 2008 at 10:30 a.m. Eastern time. The call-in number for the conference call is (913) 312-0981 and the replay number is (719) 457-0820, with a pass code of 1076450. 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 our website at www.mastec.com. MasTec has filed its Form 10-K annual report with the Securities and Exchange Commission, which is available, free of charge, through the investor relations page of the Company's website, or by request through MasTec's investor relations department.

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.

                                 MasTec, Inc.
              Reconciliation of Non-GAAP Disclosures- Unaudited

                                                  For the Year Ended
                                                  December 31, 2007
    Reconciliation of Earnings per Share,
     excluding charges for legacy litigation,
     claims and other disputes:                      Per Share    Total (000s)
    Income from continuing operations per
     common share, in accordance with GAAP
     - diluted                                         $ 0.09        $ 6,283
    Charge for settlement of litigation,
     claims and other disputes                           0.58         39,260
    Income from continuing operations per
     common share, excluding charge for
     settlement of litigation, claims and
      other disputes- diluted                          $ 0.67       $ 45,543

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 revenues, margins and earnings per share may differ from that projected; that we may be impacted by business and economic conditions affecting us or our customers, including economic downturns, reduced capital expenditures, consolidation and technological and regulatory changes in the industries we serve and any liquidity issues related to our securities held for sale; material changes in estimates for legal costs or case settlements; adverse determinations on any claim, lawsuit or proceeding; the highly competitive nature of our industry; our 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, legal and other reserves and allowances for doubtful accounts; any exposure related to our recently sold DOT projects and assets; 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-                             02/27/2008
    /CONTACT:  J. Marc Lewis, Vice President-Investor Relations of MasTec,
Inc., +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:  TLS CPR
SU:  ERN ERP CCA

JT-CB
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2735 02/27/2008 18:15 EST http://www.prnewswire.com