Note 20 - Condensed Consolidating Financial Information Of Guarantor Subsidiaries

12 Months Ended

May 31, 2012

Cost and Equity Method Investments Disclosure [Text Block]

20.   CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES

The Company has outstanding certain indebtedness that is guaranteed by its U.S. subsidiary. However, the indebtedness is not guaranteed by the Company’s foreign subsidiaries. The guarantor subsidiaries are all wholly owned and the guarantees are made on a joint and several basis and are full and unconditional. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information is presented. The condensed consolidating financial information of the Company is as follows:

Balance Sheets

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2012

(in thousands)

	Successor
	Immucor, Inc.		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	8,093	$	-	$	10,629	$	(144	)	$	18,578
Accounts receivable, net		27,542		489		38,361		-			66,392
Intercompany receivable		46,856		23		7,610		(54,489	)		-
Inventories		21,697		1,438		10,235					33,370
Deferred income tax assets, current portion		4,168		531		790		-			5,489
Prepaid expenses and other current assets		6,336		31,227		4,784		(30,609	)		11,738
Total current assets		114,692		33,708		72,409		(85,242	)		135,567
PROPERTY AND EQUIPMENT, Net		44,103		1,407		19,152		-			64,662
INVESTMENT IN SUBSIDIARIES		162,895		-		4		(162,899	)		-
GOODWILL		903,512		6,659		56,167		-			966,338
INTANGIBLE ASSETS, Net		682,187		10,438		42,897		-			735,522
DEFERRED FINANCING COSTS		38,769		-		-		-			38,769
OTHER ASSETS		7,817		5,558		370		(5,450	)		8,295
Total assets	$	1,953,975	$	57,770	$	190,999	$	(253,591	)	$	1,949,153
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,816	$	1,145	$	1,773	$	-		$	12,734
Intercompany payable		190		39,177		15,122		(54,489	)		-
Accrued expenses and other current liabilities		31,250		1,421		8,829		(144	)		41,356
Income taxes payable		30,719		-		3,544		(30,609	)		3,654
Deferred revenue, current portion		1,270		20		1,316		-			2,606
Current portion of long term debt, net of debt discounts		3,922		-		-		-			3,922
Total current liabilities		77,167		41,763		30,584		(85,242	)		64,272
LONG TERM DEBT, NET OF DEBT DISCOUNTS		986,361		-		-		-			986,361
DEFERRED REVENUE		391		-		40		-			431
DEFERRED INCOME TAX LIABILITIES		238,582		-		12,364		(5,450	)		245,496
OTHER LONG-TERM LIABILITIES		14,096		-		1,119		-			15,215
Total liabilities		1,316,597		41,763		44,107		(90,692	)		1,311,775
SHAREHOLDERS' EQUITY:
Total shareholders' equity		637,378		16,007		146,892		(162,899	)		637,378
Total liabilities and shareholders' equity	$	1,953,975	$	57,770	$	190,999	$	(253,591	)	$	1,949,153

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2011

(in thousands)

	Predecessor
	Immucor, Inc.		Guarantor		Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	250,386	$	-	$	52,297	$	(80	)	$	302,603
Accounts receivable, net		25,914		377		37,033		-			63,324
Intercompany receivable		310		-		5,925		(6,235	)		-
Inventories		20,756		1,253		10,905		-			32,914
Deferred income tax assets, current portion		11,118		4,466		300		-			15,884
Prepaid expenses and other current assets		8,723		24,895		2,100		(24,554	)		11,164
Total current assets		317,207		30,991		108,560		(30,869	)		425,889
PROPERTY AND EQUIPMENT, Net		39,101		856		18,259		-			58,216
INVESTMENT IN SUBSIDIARIES		247,571		-		5		(247,576	)		-
GOODWILL		17,803		53,143		22,821		-			93,767
INTANGIBLE ASSETS, Net		1,050		45,695		7,388		-			54,133
OTHER ASSETS		1,691		99		825		(1,493	)		1,122
Total assets	$	624,423	$	130,784	$	157,858	$	(279,938	)	$	633,127
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	6,324	$	1,463	$	3,083	$	(80	)	$	10,790
Intercompany payable		630		25,227		11,829		(37,686	)		-
Accrued expenses and other current liabilities		9,824		1,568		8,939		-			20,331
Income taxes payable		29,035		-		3,813		(24,554	)		8,294
Deferred revenue, current portion		4,778		31		2,686		-			7,495
Total current liabilities		50,591		28,289		30,350		(62,320	)		46,910
DEFERRED REVENUE		4,183		22		1,875		-			6,080
DEFERRED INCOME TAX LIABILITIES		-		9,973		784		(1,493	)		9,264
OTHER LONG-TERM LIABILITIES		777		-		1,224		-			2,001
Total liabilities		55,551		38,284		34,233		(63,813	)		64,255
SHAREHOLDERS' EQUITY:
Total shareholders' equity		568,872		92,500		123,625		(216,125	)		568,872
Total liabilities and shareholders' equity	$	624,423	$	130,784	$	157,858	$	(279,938	)	$	633,127

Statements of Operations for the Year to Date

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

August 20, 2011 through May 31, 2012

(in thousands)

	Successor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	195,377		$	4,087		$	97,528		$	(35,178	)	$	261,814
COST OF SALES (exclusive of amortization shown separately below)		73,109			3,844			63,923			(35,178	)		105,698
GROSS MARGIN		122,268			243			33,605			-			156,116
OPERATING EXPENSES:
Research and development		7,724			6,113			92			-			13,929
Selling and marketing		17,868			1,654			13,391			-			32,913
Distribution		8,697			137			5,499			-			14,333
General and administrative		26,850			1,682			9,784			-			38,316
Amortization of intangibles		37,173			161			1,890			-			39,224
Certain litigation expenses		22,000			-			-			-			22,000
Total operating expenses		120,312			9,747			30,656			-			160,715
(LOSS) INCOME FROM OPERATIONS		1,956			(9,504	)		2,949			-			(4,599	)
NON-OPERATING INCOME (EXPENSE):
Interest income		-			-			89			(82	)		7
Interest expense		(77,066	)		-			(64	)		82			(77,048	)
Other, net		406			-			41						447
Total non-operating income (expense)		(76,660	)		-			66			-			(76,594	)
(LOSS) INCOME BEFORE INCOME TAXES		(74,704	)		(9,504	)		3,015			-			(81,193	)
(BENEFIT) PROVISION FOR INCOME TAXES		(29,426	)		(3,275	)		1,155			-			(31,546	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(45,278	)		(6,229	)		1,860			-			(49,647	)
Net (Loss) Income of consolidated subsidiaries		(4,369	)		-			-			4,369			-
NET (LOSS) INCOME	$	(49,647	)	$	(6,229	)	$	1,860		$	4,369		$	(49,647	)

 IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

June 1, 2011 through August 19, 2011

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	55,063		$	980		$	26,648		$	(7,781	)	$	74,910
COST OF SALES (exclusive of amortization shown separately below)		17,070			722			12,944			(7,781	)		22,955
GROSS MARGIN		37,993			258			13,704			-			51,955
OPERATING EXPENSES:
Research and development		2,390			2,471			34			-			4,895
Selling and marketing		5,321			568			4,621			-			10,510
Distribution		2,331			34			1,587			-			3,952
General and administrative		33,903			657			3,615			-			38,175
Amortization of intangibles		117			757			57			-			931
Total operating expenses		44,062			4,487			9,914			-			58,463
(LOSS) INCOME FROM OPERATIONS		(6,069	)		(4,229	)		3,790			-			(6,508	)
NON-OPERATING INCOME (EXPENSE):
Interest income		46			-			117			(21	)		142
Interest expense		-			-			(21	)		21			-
Other, net		(246	)		14			2,905			-			2,673
Total non-operating income (expense)		(200	)		14			3,001			-			2,815
(LOSS) INCOME BEFORE INCOME TAXES		(6,269	)		(4,215	)		6,791			-			(3,693	)
(BENEFIT) PROVISION FOR INCOME TAXES		1,497			(1,598	)		2,782			-			2,681
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(7,766	)		(2,617	)		4,009			-			(6,374	)
Net (Loss) Income of consolidated subsidiaries		1,392			-			-			(1,392	)		-
NET (LOSS) INCOME	$	(6,374	)	$	(2,617	)	$	4,009		$	(1,392	)	$	(6,374	)

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2011

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	244,339		$	4,577		$	116,748		$	(32,573	)	$	333,091
COST OF SALES (exclusive of amortization shown separately below)		67,726			3,549			57,473			(32,573	)		96,175
GROSS MARGIN		176,613			1,028			59,275			-			236,916
OPERATING EXPENSES:
Research and development		6,815			8,925			160			-			15,900
Selling and marketing		17,265			1,919			17,247			-			36,431
Distribution		9,932			130			6,446			-			16,508
General and administrative		24,899			2,892			9,956			-			37,747
Amortization of intangibles		539			3,544			250			-			4,333
Total operating expenses		59,450			17,410			34,059			-			110,919
INCOME (LOSS) FROM OPERATIONS		117,163			(16,382	)		25,216			-			125,997
NON-OPERATING INCOME (EXPENSE):
Interest income		279			-			527			(100	)		706
Interest expense		(56	)		-			(114	)		100			(70	)
Other, net		(103	)		4,168			(68	)		-			3,997
Total non-operating income		120			4,168			345			-			4,633
INCOME (LOSS) BEFORE INCOME TAXES		117,283			(12,214	)		25,561			-			130,630
PROVISION (BENEFIT) FOR INCOME TAXES		42,051			(8,721	)		7,973			-			41,303
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		75,232			(3,493	)		17,588			-			89,327
Net Income (Loss) of consolidated subsidiaries		14,095			-			-			(14,095	)		-
NET INCOME (LOSS)	$	89,327		$	(3,493	)	$	17,588		$	(14,095	)	$	89,327

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2010

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	249,162		$	4,385		$	107,605		$	(32,079	)	$	329,073
COST OF SALES (exclusive of amortization shown separately below)		70,433			4,115			52,880			(32,079	)		95,349
GROSS MARGIN		178,729			270			54,725			-			233,724
OPERATING EXPENSES:
Research and development		6,160			9,114			163			-			15,437
Selling and marketing		17,716			1,674			17,605			-			36,995
Distribution		8,839			91			5,901			-			14,831
General and administrative		21,643			3,866			11,332			-			36,841
Amortization of intangibles		539			3,495			244			-			4,278
Total operating expenses		54,897			18,240			35,245			-			108,382
INCOME (LOSS) FROM OPERATIONS		123,832			(17,970	)		19,480			-			125,342
NON-OPERATING INCOME (EXPENSE):
Interest income		220			-			422			(188	)		454
Interest expense		(15	)		(3	)		(203	)		188			(33	)
Other, net		(469	)		-			(82	)		-			(551	)
Total non-operating income		(264	)		(3	)		137			-			(130	)
INCOME (LOSS) BEFORE INCOME TAXES		123,568			(17,973	)		19,617			-			125,212
PROVISION (BENEFIT) FOR INCOME TAXES		42,969			(6,434	)		6,094			-			42,629
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		80,599			(11,539	)		13,523			-			82,583
Net Income (Loss) of consolidated subsidiaries		1,984			-			-			(1,984	)		-
NET INCOME (LOSS)	$	82,583		$	(11,539	)	$	13,523		$	(1,984	)	$	82,583

Statements of Cash Flows

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

August 20, 2011 through May 31, 2012

(in thousands)

	Successor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	(15,073	)	$	903		$	18,080		$	(13,503	)	$	(9,593	)
Net cash used in investing activities		(1,943,229	)		(814	)		(1,407	)	$	-			(1,945,450	)
Net cash provided by ( used in) financing activities		1,652,091			-			(14,003	)	$	14,002			1,652,090
Effect of exchange rate changes on cash and cash equivalents		-			-			(789	)	$	(643	)		(1,432	)
Increase (decrease) in cash and cash equivalents		(306,211	)		89			1,881			(144	)		(304,385	)
Cash and cash equivalents at beginning of period		314,304			(89	)		8,748			-			322,963
Cash and cash equivalents at end of period	$	8,093		$	-		$	10,629			(144	)	$	18,578

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

June 1, 2011 through August 19, 2011

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	64,243		$	144		$	(13,821	)	$	(24,978	)	$	25,588
Net cash used in investing activities		(393	)		(153	)		(1,719	)		-			(2,265	)
Net cash provided by (used in) financing activities		68			-			(25,085	)		25,083			66
Effect of exchange rate changes on cash and cash equivalents		-			-			(2,924	)		(105	)		(3,029	)
Increase (decrease) in cash and cash equivalents		63,918			(9	)		(43,549	)		-			20,360
Cash and cash equivalents at beginning of period		250,386			(80	)		52,297			-			302,603
Cash and cash equivalents at end of period	$	314,304		$	(89	)	$	8,748		$	-		$	322,963

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the year ended May 31, 2011

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Net cash provided by operating activities	$	82,767		$	803		$	17,731		$	810		$	102,111
Net cash used in investing activities		(6,112	)		(605	)		(2,344	)		-			(9,061	)
Net cash provided by financing activities		2,578			-			-			-			2,578
Effect of exchange rate changes on cash and cash equivalents		9			-			5,127			(810	)		4,326
Increase in cash and cash equivalents		79,242			198			20,514			-			99,954
Cash and cash equivalents at beginning of period		171,144			(278	)		31,783			-			202,649
Cash and cash equivalents at end of period	$	250,386		$	(80	)	$	52,297		$	-		$	302,603

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the year ended May 31, 2010

(in thousands)

	Predecessor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Net cash provided by operating activities	$	78,454		$	87		$	6,006		$	204		$	84,751
Net cash used in investing activities		(8,250	)		(227	)		2,173			-			(6,304	)
Net cash provided by financing activities		(11,757	)		-			-			-			(11,757	)
Effect of exchange rate changes on cash and cash equivalents		-			-			(298	)		(204	)		(502	)
Increase in cash and cash equivalents		58,447			(140	)		7,881			-			66,188
Cash and cash equivalents at beginning of period		112,697			(138	)		23,902			-			136,461
Cash and cash equivalents at end of period	$	171,144		$	(278	)	$	31,783		$	-		$	202,649