Iasis hikes cap ex budget for '13
Iasis Healthcare executives say they have pegged their 2013 capital spending budget at between $140 million and $150 million. (Search here for "140.") If the company does end up spending that much in the coming year — plans can change, you know — it will be an increase of about 30 percent from the $112 million it devoted to cap ex in the fiscal year that ended Sept. 30. The anticipated jump is due almost entirely to greater investments in replacement or maintenance projects. In the two fiscal years before the most recent one, Franklin-based Iasis spent $81 million and $98 million, respectively, on plant and equipment.
Clarcor adding on to Dallas plant
Franklin-based Clarcor said late Monday it plans to spend an unspecified amount to increase the size of its Dallas air filter plant by more than half. The construction, which is supposed to wrap up by the end of this year, will add about 45,000 square feet of manufacturing and distribution capacity to the 22-year-old plant. The company (Ticker: CLC) also plans to hire more workers.
Noranda expanding Missouri plant
Noranda Aluminum Holding is moving ahead with plans to expand its massive New Madrid, Mo., smelter. One phase will cost $38 million and replace rectifiers and expand production by 35 million pounds per year. Work on that phase is expected to yield additional capacity beginning in 2013. Separately, the Franklin-based company (Ticker: NOR) said it also has started engineering work for a planned rod mill that still needs final board approval. That project would be worth $40M in all.
SEE ALSO: S&P's thoughts on the company's planned refinancing and special dividend
Analyst: Vanguard cap ex cut will hurt margin growth
Clarcor to ramp up cap ex
Fresh from reporting record numbers for fiscal 2011 and forecasting even better performance this year, executives at Clarcor say they plan to spend at least $45 million on plant expansions in the coming 12 months — a number that would double their investments of the past few years.
In their annual report filed last week, officials said "plant asset additions in fiscal year are estimated to be between $45 and $55 million." That number includes land, buildings, furniture and production equipment as well as computers and communications tools. Clarcor spent about $24 million in each of the past two fiscal years and almost $22 million in 2009 on property, plant and equipment. (Search here for "24,171".)
Clarcor execs also say they are looking to rework their $250 million revolving credit facility, which will expire at the end of the year. As of Dec. 31, the company had only $16 million of the line accounted for.
Vanguard cap ex to double last year's
In its recently filed 10-Q, Vanguard Health Systems says it still expects to spend between $400 million and $450 million on capital projects in its fiscal 2012 — more than double the $207 million it spent its last fiscal year. That number includes $63 million spent in its first fiscal quarter and $80 million it will spend before the end of the year on agreed-to projects at the Detroit Medical Center complex. One wrinkle to these plans: The ongoing "economic weakness" — a phrase found eight times in the 10-Q — that could make it hard for these big projects to deliver a payoff on schedule.
Delek's reimaging payoff
In the latest version of its investor presentation, the top execs at Delek US Holdings remind us why they're pumping millions into a multi-year gas station renovation campaign. People really do prefer to spend their money at sharp-looking places, especially when it comes to food.

Let the spending begin
Days after Vanguard Health Systems closed on its purchase of Detroit Medical Center, the Michigan health system announced it is kicking off a $300 million in capital projects with the awarding of the first $60 million in building and renovation project contracts. Get the details from DMC at this link. Vanguard has committed to $850 million in capital expenditures for the eight-hospital system.Browsing Iasis Healthcare's annual report
Iasis Healthcare yesterday filed its annual report, providing a little more detail and context around its operations in 2010 and some insight into 2011. Of note is a jump in IT maintenance costs — from $1 million to $9 million between fiscal '09 and '10. The company said it expects the trend of increased maintenance costs in this area to continue. Plus, Iasis has spent $16.6 million toward meeting electronic health record "meaningful use" requirements that could help the company qualify for federal reimbursement dollars. Iasis also plans to ramp up its capital expenditures in '11 — spending between $120 million and $130 million. Here's how it breaks down:
• $50-$55M for growth and new business projects
• $40-$45M in replacement or maintenance related projects
• $12M related to Iasis' newly acquired facilities
• $18M in IT costs, including "meaningful use" initiatives
Of course, it's worth noting that Iasis anticipated $125 million to $135 million in capital expenditures in 2010, but spent only $81.3 million.
Yeah, about that infrastructure spending push...
Mike Mandel has unearthed some interesting Bureau of Economic Analysis numbers that show our capital stock is the oldest it's been in decades, despite the technology and housing investment booms we've experienced in the past couple of decades. Even more surprising: The information sector is aging fastest.




