-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OiBMo2JB3IBky9QyQl5gbLsO3RoI2Zjcs+aEJvi6mLz32NInCPHzDwhOl29qoS+K 15Md+mvtWT2xUGJfxfe+XQ== 0000015615-95-000014.txt : 19951010 0000015615-95-000014.hdr.sgml : 19951010 ACCESSION NUMBER: 0000015615-95-000014 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19951006 SROS: NASD SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTEC INC CENTRAL INDEX KEY: 0000015615 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 591259279 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08106 FILM NUMBER: 95578982 BUSINESS ADDRESS: STREET 1: 8600 NW 36TH STREET 8TH FLOOR CITY: MIAMI STATE: FL ZIP: 33166 BUSINESS PHONE: 3055874512 MAIL ADDRESS: STREET 2: 8600 NW 36TH STREET 8TH FLOOR CITY: MIAMI STATE: FL ZIP: 33166 FORMER COMPANY: FORMER CONFORMED NAME: BURNUP & SIMS INC DATE OF NAME CHANGE: 19920703 11-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 -------------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT -------------------- x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 1994 ----------------- OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from ________________ to __________________ Commission file number 0-3797 A. Full title of the plan and the address of the Plan, if different from that ot the issuer named below: The MasTec, Inc. 401(k) Retirement Savings Plan B. Name of the issuer of the securities held pursuant to the Plan and address of its principal executive office: MasTec, Inc. 8600 N.W. 36th Street Miami, Florida 33166 Page 1 of 22 REQUIRED INFORMATION 4. Financial Statements The Plan hereby files its financial statements for the fiscal year ended December 31, 1994, prepared in accordance with the financial reporting requirement of the Employee Retirement Income Security Act of 1974. Page 2 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN REPORTS ON AUDITS OF FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES for the years ended December 31, 1994 and 1993 Page 3 of 22 Table of Contents Pages Report of Independent Accountants 5-6 Financial Statements: Statement of Net Assets Available for Benefits as of December 31, 1994 7 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1994 8 Statement of Net Assets Available for Benefits As of December 31, 1993 10 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1993 11 Notes to Financial Statements 12-17 Supplemental Schedules: Item 27a of Form 5500 - Schedule of Assets Held for Investment Purposes As of December 31, 1994 18 Item 27d of Form 5500 - Schedule of Reportable Transactions for the Year Ended December 31, 1994 19 Page 4 of 22 REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Trustees of the The MasTec, Inc. 401(k) Retirement Savings Plan: We have audited the accompanying statement of net assets available for benefits of the MasTec, Inc. 401(k) Retirement Savings Plan as of December 31, 1994 and the related statement of changes in net assets available for benefits for the year ended December 31, 1994. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1994, and the changes in net assets available for benefits for the year ended December 31, 1994, in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Assets Held for Investment Purposes of The MasTec, Inc. 401(k) Retirement Savings Plan as of December 31, 1994, and Reportable Transactions for the year then ended, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audit of the 1994 basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. Coopers & Lybrand LLP Miami, Florida July 18, 1995 Page 5 of 22 IDEPENDENT AUDITORS' REPORT To the Plan Administrative Committee of the MasTec, Inc. (Formerly Burnup & Sims Inc.) Variable Investment Plan We have audited the accompanying statement of net assets available for benefits of MasTec, Inc. Variable Investment Plan (the "Plan") as of December 31, 1993, and the related statement of changes in net assets available for benefits for the year ended December 31, 1993. The financial statements and supplemental schedules are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefit of MasTec, Inc. Variable Investment Plan as of December 31, 1993, and changes in its net assets available for benefits for the year then ended in conformity with generally accepted accounting principles. Our audit of the Plan's financial statements as of and for the year ended December 31, 1993, was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions as of and for the year ended December 31, 1993, are presented for the purposes of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended December 31, 1993, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. As discussed in Note 2 to the financial statements, the plan changed it's method of accounting for withdrawls to participants in 1993. MERCURIO & ASSOCIATES, P.A. July 19, 1994 (August 1, 1994, as to Note 5) Page 6 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1994 Guaranteed Income & Growth Mastec Life Diversified Interest Growth Opport Common Ins Equity Fund Fund Fund Stock Fund Fund Fund Total Assets Investments at fair value (Note 2) $ 0 $304,809 $928,837 $19,526 $88,029 $ 0 $1,341,201 Participant notes receivable 140,442 0 0 0 0 0 140,442 Cash and cash equivalents 30,880 138 3,601 0 0 5,818 40,437 171,322 304,947 932,438 19,526 88,029 5,818 1,522,080 Investment, at contract value (Note 2): ITT Hartford Life Insurance Company Group Annuity Contract #GA-3565 3,384,009 0 0 0 0 0 3,384,009 Total investments 3,555,331 304,947 932,438 19,526 88,029 5,818 4,906,089 Receivables: Participants' contributions 91,822 28,182 36,636 14,171 1,872 0 172,683 Interest receivable 745 386 395 108 0 0 1,634 Total receivables 92,567 28,568 37,031 14,279 1,872 0 174,317 Due from (to) other funds 26,722 0 (36,396) 9,674 0 0 0 Total assets $3,674,620 $333,515 $933,073 $43,479 $89,901 $5,818 $5,080,406 Net assets available for benefits $3,674,620 $333,515 $933,073 $43,479 $89,901 $5,818 $5,080,406
The accompanying notes are an integral part of these financial statements. Page 7 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS year ended December 31, 1994 Guaranteed Income & Growth Mastec Life Diversified Interest Growth Oppor Common Ins Equity Fund Fund Portfolio Stock Fund Fund Fund Total Assets Additions to net assets attributed to: Investment income Net appreciation/ (depreciation) in fair value of investments $ 0 $ (9,300) $(65,305) $ 2,383 $ 0 $ (2,396) $ (74,618) Interest and dividends 278,743 3,302 54,802 108 1,144 3,768 341,867 278,743 (5,998) (10,503) 2,491 1,144 1,372 267,249 Contributions: Participants' 540,915 79,250 78,106 31,314 15,717 85,905 831,207 Total additions 819,658 73,252 67,603 33,805 16,861 85,277 1,098,456 Deductions from net assets attributed to: Participants withdrawals 1,588,931 35,612 42,286 0 25,394 461,648 2,153,871 Total deductions 1,588,931 35,612 42,286 0 25,394 461,648 2,153,871 Net increase (decrease) prior to transfers (769,273) 37,640 25,317 33,805 (8,533) (374,371) (1,055,415) Transfers (326,200) 295,875 907,756 9,674 0 (887,105) 0 Net increase (decrease) (1,095,473) 333,515 933,073 43,479 (8,533) (1,261,476) (1,055,415) Net assets available for benefits: Beginning of year 4,770,093 0 0 0 98,434 1,267,294 6,135,821 End of year $3,674,620 $333,515 $933,073 $43,479 $89,901 $ 5,818 $5,080,406
The accompanying notes are an integral part of these financial statements. Page 8 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1993 Guaranteed Life Diversified Interest Insurance Equity Fund Fund Fund Total ASSETS Investments at fair value (Note 2) $ 0 $ 98,434 $1,254,631 $1,353,065 Participants notes receivable 162,888 0 0 162,888 162,888 98,434 1,254,631 1,515,953 Investments at contract value (Note 2): Hartford Life Insurance Company group annuity contract #GA-3565, matures 12/31/93 4,562,724 0 0 4,562,724 Total investments 4,725,612 98,434 1,254,631 6,078,677 Receivables: Participants' contributions 43,055 1,428 12,604 57,087 Interest receivable 1,426 0 59 1,485 Total receivables 44,481 1,428 12,663 58,572 Total assets 4,770,093 99,862 1,267,294 6,137,249 LIABILITIES Insurance premiums payable 0 1,428 0 1,428 Net assets available for benefits $4,770,093 $ 98,434 $1,267,294 $6,135,821 The accompanying notes are an integral part of these financial statements. Page 9 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS year ended December 31, 1993 Guaranteed Life Diversified Interest Insurance Equity Fund Fund Fund Total ASSETS Additions to net assets attributed to: Investments income Net depreciation in fair value of investments $ 0 $ 0 $ (94,433) $ (94,433) Interest and dividends 345,032 0 139,463 484,495 345,032 0 45,030 390,062 Contributions: Participants' 530,242 20,577 162,102 712,921 Total additions 875,274 20,577 207,132 1,102,983 DEDUCTIONS Deductions from net assets attributed to: Participants withdrawals 653,172 0 85,644 738,816 Insurance premiums 0 20,577 0 20,577 Decrease in cash surrender value of life insurance 0 1,029 0 1,029 Total deductions 653,172 21,606 85,644 760,422 Net increase (decrease) prior to transfers 222,102 (1,029) 121,488 342,561 Transfers (49,357) 1 49,356 0 Net increase (decrease) 172,745 (1,028) 170,844 342,561 Net assets available for benefits: Beginning of year, as previously reported 4,534,827 99,462 1,080,535 5,714,824 Cumulative effect of accounting change (Note 2) 62,521 0 15,915 78,436 End of year $4,770,093 $98,434 $1,267,294 $6,135,821 The accompanying notes are an integral part of these financial statements. Page 10 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. Description of Plan: The following description of the MasTec, Inc. (the "Company") 401(K) Retirement Savings Plan (the "Plan") provides only general information. The Plan agreement contains a more complete description of the Plan's provisions. General The Plan is a defined contribution plan covering all employees of the Company who are age twenty-one or older and are scheduled to work 1,000 or more hours. Eligible participants may enter the Plan on January 1 or July 1. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA") and is exempt from federal and state income taxes. The Plan is administered by the Employee Benefits Committee (Plan Administrators). The Board of Directors has appointed First Union as Trustee of the Plan for all funds except for the MasTec Common Stock Fund. Plan assets are held by four custodians (First Fidelity - New England Securities, ITT Hartford Insurance, First Colony Life Insurance Company and First Union). The Barclay Group (Plan's Recordkeeper) performs certain administrative services including maintenance of participant records, for which fees were paid in 1994 and 1993 by the Company. Contributions Participants may contribute from 1% to 15% of their pre-tax annual compensation subject to certain dollar amount limits, as defined in the plan agreement. The maximum contribution allowed during 1994 was $9,240. Participant Accounts Each participant's account is credited with the participant's contribution, the Company's discretionary contribution, if any, any rollovers into the Plan (permitted at the discretion of the plan administrator) and an allocation of the Plan's earnings. Each participant's account is reduced by any withdrawals or distributions and an allocation of (a) his share of investment losses and depreciation in value of investments and (b) administrative fees paid by the Plan if not paid by the Company. The benefit to which a participant is entitled is the participant's vested account balance. Page 11 of 22 1. Description of the Plan, Continued: Investment Options Upon enrollment in the Plan, a participant may direct contributions to any of four investment options. Participants may elect to invest contributions in a single fund in 5% increments, among any of the following four investment options: Hartford Guaranteed Interest Fund - Funds are invested in contracts with the Hartford Life Insurance Company which provides for repayment of principal and annual interest at guaranteed rates for a fixed period. During 1994 and 1993, the minimum guaranteed rate was 6.90% and 7.50%, respectively. The guaranteed interest rate is announced before the start of each year by Hartford Life. Fidelity Adviser Income and Growth Fund - Funds are invested in U.S. Treasury issues, corporate bonds, foreign investments, convertible securities and stocks. Fidelity Advisor Growth Opportunities Fund - Funds are invested in traditional growth stocks and debt securities. MasTec Common Stock Fund - Funds are invested solely in shares of the common stock, par value $0.10 per share of MasTec, Inc. The fund will invest up to 500,000 shares, as determined under the rules of ERISA and the Internal Revenue Code (IRC). A participant may not invest more than 50% of his aggregate account balance in the MasTec, Inc. common stock fund. Life Insurance Fund - The fund was not offered as an investment option to participants after July 1, 1994. Diversified Equity Fund - The fund was not offered as an investment option to participants after July 1, 1994. Transfers and Rollovers Participants may rollover balances held in other qualified retirement plans at the discretion of the Plan Administrators. Withdrawals Certain withdrawals from participant accounts are only allowed for financial hardship (in accordance with IRS regulations). 1. Description of the Plan, Continued: Participant Notes Receivable Participants may borrow a maximum of the lesser of (1) $50,000 or (2) fifty percent (50%) of their individual vested account balance. Loan terms range from 1-5 years or up to 10 years for the purchase of a primary residence. The loans bear interest at rates determined by the Plan Administrators. Page 12 of 22 Payment of Benefits On termination of service, due to death, disability, or retirement, a participant receives payment of the vested accrued benefit in a single lump sum or the payment can be deferred under certain circumstances to normal retirement age. For termination of service due to other reasons, a participant is entitled to receive only the vested percentage of his account balance. Vesting Participants are immediately vested in their contributions and rollovers and the earnings thereon. Participants are vested in Company contributions, if any, to the extent reflected below: Years of Service Percentage Less than 3 30% 3 33% 4 67% 5 or more 100% Participants forfeit the portion of their account balance to the extent not vested. There were no amounts forfeited as of December 31, 1994 and 1993. 2. Summary of Significant Accounting Policies: The significant accounting policies followed by the Plan are as follows: Basis of Accounting The financial statements of the Plan are prepared in conformity with generally accepted accounting principles. Valuation of Investments and Income Recognition The Plan's investments are valued by the custodians (Note 1) and are stated at fair value. Purchase and sales transactions are recorded on a trade date basis. Any gain or loss resulting from the sale of fund units is determined as the difference between the sales proceeds and the average cost of the units sold. Investment income is recorded on the accrual basis. Page 13 of 22 Investment Income Net appreciation/depreciation in the fair value of investments consists of the realized gains or losses and the unrealized appreciation (depreciation) on investments. Participant Withdrawals Withdrawals made by participants are recorded when paid. Administrative Costs All administrative expenses of the Plan, including, without limitation, the allocable portion of compensation of plan administrative staff and fees of employee benefits consultants, legal counsel, and auditors' fees are chargeable to the Plan. The Company may, at its sole discretion, pay any such expenses, in whole or in part. The Company assumed responsibility for administrative expenses for the year ended December 31, 1994 and 1993. Benefit Claims Payable In 1993, the Plan adopted the provisions of the AICPA Audit and Accounting Guide, "Audits of Employee Benefit Plans", with conforming changes as of May 1, 1994, requiring that amounts allocated to withdrawing participants not be reported as a liability on the statement of net assets available for benefits. As a result, the Plan recorded a cumulative effect adjustment at the beginning of 1993 of $78,436. This represents the amounts allocated to withdrawing participants but not yet paid at December 31, 1992. 3. Investment Contract With Insurance Company: The Plan entered into a Group Annuity Contract with the Hartford Life Insurance Company ("ITT Hartford"). ITT Hartford maintains the contributions in an Immediate Participation Fund. The fund is credited with earnings (i.e., interest on each minimum monthly balance in the Fund during the contract year) and charged for Plan withdrawals and administrative expenses incurred by ITT Hartford. The contract is included in the financial statements at contract value, as reported to the Plan by ITT Hartford. Contract value represents contributions made under the contract, plus earnings, less plan withdrawals, and administrative expenses. 4. Plan Termination: Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts. Page 14 of 22 5. Reconciliation of Financial Statements to Form 5500: The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500: 1994 1993 Net assets available for benefits per the financial statements $5,080,406 $6,135,821 Amounts allocated to withdrawing participants (566,612) (164,622) Net assets available for Plan benefits per the Form 5500 $ 4,513,794 $5,971,199 The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500. Year ended December 31, 1994 Withdrawals paid to participants per the financial statements $2,153,871 Add: Amounts allocated to withdrawing participants at December 31, 1994 566,612 Less: Amounts allocated to withdrawing participants at December 31, 1993 (164,622) Withdrawals paid to participants per the Form 5500 $2,555,861 5. Reconciliation of Financial Statements to Form 5500, Continued: Amounts allocated to withdrawing participants are recorded on Form 5500 for claims that have been processed and approved for payment prior to December 31, but not yet paid as of that date. 6. Tax Status: The Internal Revenue Service has determined and informed the Company by a letter dated August 13, 1992, that the Plan is designed in accordance with applicable sections of the IRC. The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plan's legal counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. 7. Plan Amendments: In 1994, the Plan was amended as follows: The name of the Plan was changed from MasTec Inc. Variable Investment Plan (formerly Burnup & Sims Inc.) to "The MasTec, Inc. 401(k) Retirement Savings Plan. The Plan's definition of the term "Company" previously Burnup & Sims, Inc. was changed to MasTec, Inc. Page 15 of 22 The Company stock fund was offered as an investment option. The Plan applied the Omnibus Budget Reconciliation Act ("OBRA") highly annual compensation limit. The OBRA annual compensation limit is $150,000 as adjusted by the commissioner for increases in the cost of living in accordance with the IRC. In addition, the Plan applied revenue procedures which allows participants receiving distributions from safe-harbored profit-sharing plans to waive the 30-day period required under the Unemployment Compensation Act of 1992. Page 16 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN ITEM 27a OF FORM 5500 - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES as of December 31, 1994 (a) Participating Units or Par Value (b) Identity of Party (c) Description of Investment (d) Cost (e) Fair Value 38,067 First Fidelity New England Securities Growth Opportunity Fund $ 990,813 $ 928,837 21,226 First Fidelity New England Securities Income & Growth Fund 313,025 304,809 N/A ITT Hartford Guaranteed Interest Contract 3,384,009 3,384,009 N/A First Colony Life Insurance Company Life Insurance Fund 150,362 88,029 3,405 Mastec Common Stock Fund 17,145 19,526 N/A Participant loans Loans to participants 8.00% - 11.00% 0 140,442
$4,855,354 $4,865,652 Page 17 of 22 THE MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN ITEM 27d OF FORM 5500 - SCHEDULE OF REPORTABLE TRANSACTIONS* for the year ended December 31, 1994 (f) Value of Assets on (c) Purchase (d) Selling (e) Cost of Transaction (g) Net Gain (a) Identity of Party Involved (b) Description of Assets Price Price Asset Date or (Loss) ITT Hartford Guaranteed Interest Contract Purchases $ 882,572 $ 0 $ 0 $ 882,572 $ 0 Sales 0 2,061,287 2,061,287 0 0 20th Century Investments Diversified Equity Fund 0 1,339,913 1,117,538 0 222,375 First Union National Bank Fidelity Institutional Cash Domestic Portfolio #690 Purchases 3,150,203 0 0 3,150,203 0 Sales 0 1,980,926 1,980,926 0 0 New England Securities Growth Opportunity Fund Purchases 1,041,578 0 0 1,041,578 0 Sales 0 1,036,928 1,040,258 0 3,330 New England Securities Income and Growth Fund 356,618 0 0 356,618 0 * Under ERISA, a reportable transaction is defined as a transaction or series of transactions during the plan year that involves more than 5% of the fair value of the plan assets at the beginning of the plan year.
Page 18 of 22 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the administrator of the Plan has duly caused this annual report to be signed on its behalf by the underigned hereunto duly authorized. MASTEC, INC. 401(K) RETIREMENT SAVINGS PLAN DATE: October 5, 1995 /s/ Carmen Sabater -------------------------- Carmen Sabater Comptroller Page 19 of 22 EXHIBIT INDEX Exhibit No. Page No. 23 Consent of Independent Accountants 22 Page 20 of 22 CONSENT OF INDEPENDENT ACCOUNTANTS As independent accountants, we hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of MasTec, Inc. relating to The MasTec, Inc. 401(k) Retirement Savings Plan (the "Plan") of our report dated July 17, 1994 relating to the financial statements of the Plan included in this annual report on Form 11-K of the Plan for the year ended December 31, 1993. MERCURIO & ASSOCIATES, P.A. West Palm Beach, FL October 2, 1995 Page 21 of 22 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the registration statement of MasTec, Inc. on Form S-8 of our report dated July 18, 1995, on our audit of the financial statements and supplemental schedules of The MasTec, Inc. 401(k) Retirement Savings Plan as of December 31, 1994, and for the year ended December 31, 1994, which report is included in this Annual Report on Form 11-K. COOPERS & LYBRAND, LLP Miami, FL October 3, 1995 Page 22 of 22 -----END PRIVACY-ENHANCED MESSAGE-----