NT 10-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 12b-25

 

 

SEC File Number: 001-08106

CUSIP Number: 576323109

NOTIFICATION OF LATE FILING

 

(Check One):      

¨  Form 10-K     ¨  Form 20-F     ¨  Form 11-K     x  Form 10-Q

¨  Form 10-D     ¨  Form N-SAR     ¨  Form N-CSR

  For Period Ended: March 31, 2015
  ¨  Transition Report on Form 10-K
  ¨  Transition Report on Form 20-F
  ¨  Transition Report on Form 11-K
  ¨  Transition Report on Form 10-Q
  ¨  Transition Report on Form N-SAR
  For the Transition Period Ended:     

 

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:

 

 

 

PART I — REGISTRANT INFORMATION

MasTec, Inc.

Full Name of Registrant

 

Former Name if Applicable

800 S. Douglas Road, 12th Floor

Address of Principal Executive Office (Street and Number)

Coral Gables, FL 33134

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.)

 

¨      (a)  

The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;

 

  (b)  

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, 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 subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

 

  (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

 

PART III — NARRATIVE

State below in reasonable detail why the Form 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR or the transition report portion thereof, could not be filed within the prescribed time period.

MasTec, Inc. (“MasTec”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Quarterly Report on Form 10-Q for the three months ended March 31, 2015 (the “Form 10-Q”).

As previously announced, the Audit Committee of MasTec’s Board of Directors, with the assistance of independent counsel, is diligently conducting an independent internal investigation regarding certain accounting matters (the “Investigation”). The Audit Committee has not reached any conclusions, and MasTec cannot predict the outcome of the Investigation, its ultimate scope or when it will be completed.

As a result, MasTec will not be able, without unreasonable effort or expense, to timely file the Form 10-Q by the deadline prescribed by Securities and Exchange Commission rules.

 

 

PART IV — OTHER INFORMATION

 

(1)  Name and telephone number of person to contact in regard to this notification

 

Alberto de Cardenas        305       599-1800
(Name)        (Area Code)       (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).    ¨  Yes    x  No

Annual Report on Form 10-K for

the year ended December 31, 2014

 

(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.

See Attachment A hereto which is incorporated herein by reference.

 

 

 

MasTec, Inc.

(Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date May 11, 2015     By  

/s/ Alberto de Cardenas

      Name: Alberto de Cardenas
      Title: Executive Vice President,
     

General Counsel and Secretary

 

 

 

 


Attachment A

In its press release issued on May 11, 2015, included as Exhibit 99.1 to MasTec’s Current Report on Form 8-K dated May 11, 2015 (the “Form 8-K”), MasTec reported preliminary unaudited results with respect to its fiscal quarter ended March 31, 2015. Condensed unaudited consolidated financial statements reflecting those preliminary results follow below. The preliminary information has been prepared by MasTec’s management and has not undergone the complete review by MasTec’s outside auditors that is customary for the release of interim results. The preliminary information represents MasTec’s good faith belief as to MasTec’s results for the periods presented, but it is pending any impact from the Investigation, and investors are cautioned that such information is neither final nor complete and should not be relied on as such. For additional information regarding these preliminary results, please refer to the Form 8-K.

Summary financial statements for the quarters are as follows:

Preliminary Condensed Unaudited Consolidated Statements of Operations

(In thousands, except per share amounts)

 

     For the Three Months Ended
March 31,
 
     2015     2014  

Revenue

   $ 1,002,421      $ 964,029   

Costs of revenue, excluding depreciation and amortization

     886,414        841,054   

Depreciation and amortization

     42,598        33,494   

General and administrative expenses

     74,030        53,327   

Interest expense, net

     10,973        12,003   

Other income, net

     (8     (1,955
  

 

 

   

 

 

 

(Loss) income from continuing operations before income taxes

$ (11,586 $ 26,106   

Benefit from (provision for) income taxes

  4,699      (9,916
  

 

 

   

 

 

 

Net (loss) income from continuing operations

$ (6,887 $ 16,190   

Discontinued operations:

Net loss from discontinued operations

$ —      $ (122
  

 

 

   

 

 

 

Net (loss) income

$ (6,887 $ 16,068   
  

 

 

   

 

 

 

Net (loss) income attributable to non-controlling interests

  (125   45   
  

 

 

   

 

 

 

Net (loss) income attributable to MasTec, Inc.

$ (6,762 )  $ 16,023   
  

 

 

   

 

 

 

Earnings per share:

Basic (loss) earnings per share:

Continuing operations

$ (0.08 $ 0.21   

Discontinued operations

  —        (0.00
  

 

 

   

 

 

 

Total basic (loss) earnings per share

$ (0.08 $ 0.21   
  

 

 

   

 

 

 

Basic weighted average common shares outstanding

  82,397      77,345   
  

 

 

   

 

 

 

Diluted (loss) earnings per share:

Continuing operations

$ (0.08 $ 0.19   

Discontinued operations

  —        (0.00
  

 

 

   

 

 

 

Total diluted (loss) earnings per share

$ (0.08 $ 0.19   
  

 

 

   

 

 

 

Diluted weighted average common shares outstanding

  82,397      86,622   
  

 

 

   

 

 

 


LOGO

Preliminary Condensed Unaudited Consolidated Balance Sheets

(In thousands)

 

     March 31,
2015
     December 31,
2014
 

Assets

     

Current assets

   $ 1,386,493       $ 1,551,901   

Property and equipment, net

     604,593         620,306   

Goodwill and other intangibles, net

     1,288,657         1,313,330   

Other long-term assets

     78,298         76,271   
  

 

 

    

 

 

 

Total assets

$ 3,358,041    $ 3,561,808   
  

 

 

    

 

 

 

Liabilities and Equity

Current liabilities, including discontinued operations

$ 883,446    $ 976,106   

Acquisition-related contingent consideration, net of current portion

  99,516      103,515   

Long-term debt

  1,078,019      1,061,159   

Long-term deferred tax liabilities, net

  192,755      204,816   

Other long-term liabilities

  71,595      68,407   

Equity

  1,032,710      1,147,805   
  

 

 

    

 

 

 

Total liabilities and equity

$ 3,358,041    $ 3,561,808   
  

 

 

    

 

 

 

Preliminary Condensed Unaudited Consolidated Statements of Cash Flows

(In thousands)

 

     For the Three Months Ended
March 31,
 
     2015     2014  

Net cash provided by (used in) operating activities

   $ 117,257      $ (20,394

Net cash used in investing activities

     (48,622     (57,110

Net cash (used in) provided by financing activities

     (62,830     64,314   

Net effect of currency translation on cash

     (1,173     (476
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

  4,632      (13,666
  

 

 

   

 

 

 

Cash and cash equivalents - beginning of period

  24,059      22,927   
  

 

 

   

 

 

 

Cash and cash equivalents - end of period

$ 28,691    $ 9,261