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MasTec Reports Record Revenue, EBITDA, Net Income and Cash Flow for 2010 and for the Fourth Quarter

CORAL GABLES, Fla. Feb. 23, 2011

December 31, 2010 $731 million $496 million $88 million $50 million $38.4 million $18.2 million $0.44 $0.22 $117 million $39 million

December 31, 2010 $2.3 billion $1.6 billion $241 million $153 million $90.4 million $70.7 million $1.05 $0.90 $218 million $124 million

$685 million

$0.52

EBITDA margin, an important profitability metric, was 10.4% for the 2010 full year compared to 9.4% for 2009.  

December 31, 2010 $284 million $160 million $178 million $89 million

Jose R. Mas

Bob Campbell

$2.65 billion $2.3 billion $275 to $280 million $241 million $1.20 to $1.23 $1.05

$575 million $450 million $55 million $34 million $0.23 $0.10

December 31, 2010

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

Year Ended December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Revenue

$2,308,031

$1,623,502

$730,740

$496,281

Costs of revenue

1,938,882

1,376,125

604,107

421,911

Depreciation and amortization

57,966

49,539

14,783

17,392

General and administrative expenses

126,658

96,932

37,156

25,313

Interest expense, net

29,105

24,690

7,206

7,379

Other expense (income), net

1,420

(2,917)

1,357

(1,281)

  Income from continuing operations before provision for 

    income taxes and non-controlling interests

154,000

79,133

66,131

25,567

Provision for income taxes

(63,613)

(8,385)

(27,701)

(7,384)

  Net Income

90,387

70,748

38,430

18,183

Net loss attributable to non-controlling interests

(141)

(81)

  Net income attributable to MasTec

90,528

70,748

38,511

18,183

Basic net income per share attributable to MasTec

$1.19

$0.93

$0.50

$0.24

Basic weighted average common shares outstanding

76,132

75,701

76,292

75,869

Diluted net income per share attributable to MasTec

$1.05

$0.90

$0.44

$0.22

  Diluted weighted average common shares outstanding

90,913

81,762

91,259

87,712

Condensed Consolidated Balance Sheets

(In thousands)

December 31

2010

2009

Assets

Current assets

$721,674

$530,157

Property and equipment, net

180,786

198,812

Goodwill and other intangibles, net

691,559

595,417

Securities available for sale

18,997

24,511

Other assets

42,812

33,291

       Total assets

$1,655,828

$1,382,188

Liabilities and Shareholders’ Equity

Current liabilities

$486,544

$327,635

Deferred tax liabilities, net

62,487

49,275

Long-term debt

394,151

409,923

Other liabilities

59,484

67,193

Shareholders’ equity

653,162

528,162

       Total liabilities and shareholders’ equity

$1,655,828

$1,382,188

Condensed Consolidated Statements of Cash Flows

(In thousands)

Years Ended December 31,

2010

2009

Net cash provided by operating activities

$218,029

$124,139

Net cash used in investing activities

(104,280)

(176,024)

Net cash (used in) provided by financing activities

(24,741)

93,277

     Net increase in cash and cash equivalents

89,008

41,392

Net effect of translation on cash

75

(134)

Cash and cash equivalents-beginning of period

88,521

47,263

     Cash and cash equivalents-end of period

$177,604

$88,521

Reconciliation of Non-GAAP Disclosures-Unaudited

(In thousands, except for percentages)

Three Months Ended

December 31, 2010

Three Months Ended

December 31, 2009

EBITDA Reconciliation

Total

Percent of

Revenue

Total

Percent of

Revenue

GAAP Net income

$38,430

5.3%

$18,183

3.7%

Interest expense, net

7,206

1.0%

7,379

1.5%

Provision for income taxes

27,701

3.8%

7,384

1.5%

Depreciation and amortization

14,783

2.0%

17,392

3.5%

Earnings before interest, taxes, depreciation

  and amortization (EBITDA)

$88,120

12.1%

$50,338

10.1%

Year Ended

December 31, 2010

Year Ended

December 31, 2009

EBITDA Reconciliation

Total

Percent of

Revenue

Total

Percent of

Revenue

GAAP Net income

$90,387

3.9%

$70,748

4.4%

Interest expense, net

29,105

1.3%

24,690

1.5%

Provision for income taxes

63,613

2.8%

8,385

0.5%

Depreciation and  amortization

57,966

2.5%

49,539

3.0%

Earnings before interest, taxes, depreciation

  and amortization (EBITDA)

$241,071

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