U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
0-3797
COMMISSION FILE NUMBER
576323-10-9
CUSIP NUMBER
NOTIFICATION OF LATE FILING
(CHECK ONE):
[X] Form 10-K and Form 10-KSB
[ ] Form 20-F
[ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB
[ ] Form N-SAR
For Period Ended: December 31, 1998
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-F
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: N/A
Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates : N/A
<PAGE>
PART I--REGISTRANT INFORMATION
MASTEC, INC.
Full Name of Registrant (Former Name If Applicable)
3155 N.W. 77TH AVENUE
Address of Principal Executive Office (Street and Number)
MIAMI, FLORIDA 33122-1205
City, State and Zip Code
PART II--RULES 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion thereof will be
filed on or before the fifteenth calendar day following the prescribed due
date; or the subject quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day following
the prescribed due date; and
[X] (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III--NARRATIVE
As of December 31, 1998, MasTec sold 87% of its Spanish subsidiary,
Sistemas e Instalaciones de Telecomunicacion, S.A. ("Sintel"). Prior to the
sale, Sintel's financial results were consolidated in MasTec's consolidated
financial statements. The Company's independent auditors,
PricewaterhouseCoopers, LLP ("PWC"), have informed the Company that their report
on the Company's consolidated financial statements for the year ended December
31, 1998 (insofar as those statements relate to amounts to be included therein
with respect to Sintel) will be based solely on the report of Arthur Andersen
("AA"), Sintel's independent auditors. AA has informed PWC that the report of AA
on the financial statements of Sintel for the year ended December 31, 1998 has
not been signed pending the approval of the Sintel financial statements by the
board of directors of Sintel. AA has informed PWC, however, that the audit of
the results of operations of Sintel to be included in MasTec's Annual Report on
Form 10-K has been completed. PWC has informed the Company that PWC will be
unable to issue its report on the Company's consolidated financial statements
for the year ended December 31, 1998 until such time as AA has formally issued
its report with respect to the financial statements of Sintel. The Company will
file its Annual Report on Form 10-K for the year ended December 31, 1998 upon
receipt of the opinion of PWC with respect to its consolidated financial
statements for the year ended December 31, 1998.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Carmen M. Sabater (305) 599-1800
(Name) (Area Code and Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is
no, identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
MasTec, Inc. has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: March 31, 1999 By: /S/ CARMEN M. SABATER
--------------------------------
Carmen M. Sabater
Senior Vice President - Finance
<PAGE>
EXHIBIT 1
Ms. Carmen M. Sabater
Senior Vice President - Director of Finance
MasTec, Inc.
3155 N.W. 77th Avenue
Miami, Florida 33122
March 30, 1999
Dear Ms. Sabater:
We are the principal auditors of MasTec, Inc. (the Company) engaged to audit the
consolidated financial statements for the year ended December 31, 1998. The
financial statements of Sintel S.A. (a significant subsidiary until December 31,
1998) are being audited by Arthur Andersen and our report, insofar as it relates
to the amounts to be included for Sintel S.A. ("Sintel") in the Company's
consolidated financial statements, will be based solely on the report of Arthur
Andersen. We have been informed by Arthur Andersen that, due to the fact that
the local board of directors of Sintel has not formally met to approve the local
statutory financial statements of Sintel, Arthur Andersen will not be able to
issue their report at this time. As a result, the ultimate issuance of our
report on the consolidated financial statements of the Company is dependent on
the issuance by Arthur Andersen of their report in connection with Sintel.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
