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Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiary
 9 Months Ended
Feb. 28, 2013
Cost and Equity Method Investments Disclosure [Text Block]
16.
CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARY

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 subsidiary is wholly owned and the guarantee is made on a joint and several basis and is full and unconditional. Separate consolidated financial statements of the guarantor subsidiary 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:


IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS
February 28, 2013

(in thousands)

(Unaudited)

   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
ASSETS
                             
CURRENT ASSETS:
                             
Cash and cash equivalents
  $ 767     $ -     $ 18,935     $ (182 )   $ 19,520  
Accounts receivable, net
    31,248       876       33,266       -       65,390  
Intercompany receivable
    51,508       9       4,740       (56,257 )     -  
Inventories
    21,971       2,615       11,029       -       35,615  
Deferred income tax assets, current portion
    4,168       531       933       -       5,632  
Prepaid expenses and other current assets
    5,320       31,408       4,636       (30,612 )     10,752  
Total current assets
    114,982       35,439       73,539       (87,051 )     136,909  
                                         
PROPERTY AND EQUIPMENT, NET
    41,574       3,649       19,041       -       64,264  
INVESTMENT IN SUBSIDIARIES
    168,717       -       4       (168,721 )     -  
GOODWILL
    903,512       6,659       57,047       -       967,218  
INTANGIBLE ASSETS, NET
    646,745       10,276       42,016       -       699,037  
DEFERRED FINANCING COSTS, NET
    39,411       -       -       -       39,411  
OTHER ASSETS
    6,231       7,818       392       (7,710 )     6,731  
Total assets
  $ 1,921,172     $ 63,841     $ 192,039     $ (263,482 )   $ 1,913,570  
                                         
LIABILITIES AND SHAREHOLDERS' EQUITY
                                       
                                         
CURRENT LIABILITIES:
                                       
Accounts payable
  $ 8,894     $ 1,218     $ 2,857     $ -     $ 12,969  
    Intercompany payable
    1,015       49,047       6,195       (56,257 )     -  
Accrued expenses and other current liabilities
    11,284       1,381       7,942       (182 )     20,425  
Income taxes payable
    30,724       4       4,008       (30,612 )     4,124  
Deferred revenue, current portion
    1,223       10       1,156       -       2,389  
Current portion of long-term debt, net of debt discounts
    25,210       -       -       -       25,210  
Total current liabilities
    78,350       51,660       22,158       (87,051 )     65,117  
                                         
LONG-TERM DEBT, NET OF DEBT DISCOUNTS
    992,783       -       -       -       992,783  
DEFERRED REVENUE
    296       -       24       -       320  
DEFERRED INCOME TAX LIABILITIES
    222,637       -       12,107       (7,710 )     227,034  
OTHER LONG-TERM LIABILITIES
    11,341       -       1,210       -       12,551  
Total liabilities
    1,305,407       51,660       35,499       (94,761 )     1,297,805  
SHAREHOLDERS' EQUITY
                                       
Total shareholders' equity
    615,765       12,181       156,540       (168,721 )     615,765  
Total liabilities and shareholders' equity
  $ 1,921,172     $ 63,841     $ 192,039     $ (263,482 )   $ 1,913,570  

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
May 31, 2012

(in thousands)

(Unaudited)

   
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, Net
    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
CONSOLIDATING STATEMENTS OF OPERATIONS
Quarter Ended February 28, 2013

(in thousands)

(Unaudited)
 

   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
NET SALES
  $ 66,455     $ 1,450     $ 30,123     $ (11,836 )   $ 86,192  
COST OF SALES (exclusive of amortization shown separately below)
    21,797       1,046       18,990       (11,836 )     29,997  
GROSS MARGIN
    44,658       404       11,133       -       56,195  
                                         
OPERATING EXPENSES:
                                       
Research and development
    3,539       1,315       -       -       4,854  
Selling and marketing
    5,575       458       5,023       -       11,056  
Distribution
    2,843       57       1,688       -       4,588  
General and administrative
    7,583       444       2,419       -       10,446  
Amortization of intangibles
    11,770       54       583       -       12,407  
Total operating expenses
    31,310       2,328       9,713       -       43,351  
                                         
INCOME (LOSS) FROM OPERATIONS
    13,348       (1,924 )     1,420       -       12,844  
                                         
NON-OPERATING INCOME (EXPENSE):
                                 
Interest income
    -       -       35       (23 )     12  
Interest expense
    (21,970 )     -       (5 )     23       (21,952 )
Loss on extinguishment of debt
    (2,425 )     -       -       -       (2,425 )
Other, net
    (139 )     -       (4 )     -       (143 )
Total non-operating (expense) income
    (24,534 )     -       26       -       (24,508 )
                                         
(LOSS) INCOME BEFORE INCOME TAXES
    (11,186 )     (1,924 )     1,446       -       (11,664 )
(BENEFIT) PROVISION FOR INCOME TAXES
   
(5,570
)     (695 )     514       -       (5,751 )
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
    (5,616 )     (1,229 )     932       -       (5,913 )
NET LOSS OF CONSOLIDATED SUBSIDIARIES
    (297 )     -       -       297       -  
NET (LOSS) INCOME
  $ (5,913 )   $ (1,229 )   $ 932     $ 297     $ (5,913 )

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS
Quarter Ended February 29, 2012

(in thousands)

(Unaudited)

   
Successor
 
   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
NET SALES
  $ 58,374     $ 1,368     $ 29,954     $ (8,326 )   $ 81,370  
COST OF SALES (exclusive of amortization shown separately below)
    19,633       1,049       16,232       (8,326 )     28,588  
GROSS MARGIN
    38,741       319       13,722       -       52,782  
                                         
OPERATING EXPENSES:
                                       
Research and development
    2,285       1,466       24       -       3,775  
Selling and marketing
    5,146       431       4,031       -       9,608  
Distribution
    2,691       43       1,762       -       4,496  
General and administrative
    9,961       486       2,949       -       13,396  
Amortization of intangibles
    11,251       50       1,093       -       12,394  
Certain litigation expenses
    -       -       -       -       -  
Total operating expenses
    31,334       2,476       9,859       -       43,669  
                                         
INCOME (LOSS) FROM OPERATIONS
    7,407       (2,157 )     3,863       -       9,113  
                                         
NON-OPERATING INCOME (EXPENSE):
                                       
Interest income
    -       -       19       (19 )     -  
Interest expense
    (24,143 )     -       (19 )     19       (24,143 )
Other, net
    (94 )     -       34       -       (60 )
Total non-operating (expense) income
    (24,237 )     -       34       -       (24,203 )
                                         
(LOSS) INCOME BEFORE INCOME TAXES
    (16,830 )     (2,157 )     3,897       -       (15,090 )
(BENEFIT) PROVISION FOR INCOME TAXES
    (6,670 )     (921 )     1,632       -       (5,959 )
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
    (10,160 )     (1,236 )     2,265       -       (9,131 )
NET INCOME OF CONSOLIDATED SUBSIDIARIES
    1,029       -       -       (1,029 )     -  
NET (LOSS) INCOME
  $ (9,131 )   $ (1,236 )   $ 2,265     $ (1,029 )   $ (9,131 )

IMMUCOR, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF OPERATIONS
Nine Months Ended February 28, 2013

(in thousands)

(Unaudited)

   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
NET SALES
  $ 192,414     $ 4,353     $ 90,112     $ (33,477 )   $ 253,402  
COST OF SALES (exclusive of amortization shown separately below)
    61,860       2,997       52,884       (33,477 )     84,264  
GROSS MARGIN
    130,554       1,356       37,228       -       169,138  
                                         
OPERATING EXPENSES:
                                       
Research and development
    9,822       4,419       35       -       14,276  
Selling and marketing
    19,277       1,396       15,545       -       36,218  
Distribution
    8,653       144       5,020       -       13,817  
General and administrative
    23,213       1,319       6,843       -       31,375  
Amortization of intangibles
    35,312       163       1,717       -       37,192  
Loss on disposition of fixed assets
    1,175       -       -       -       1,175  
Total operating expenses
    97,452       7,441       29,160       -       134,053  
                                         
INCOME (LOSS) FROM OPERATIONS
    33,102       (6,085 )     8,068       -       35,085  
                                         
NON-OPERATING INCOME (EXPENSE):
                                       
Interest income
    -       -       74       (52 )     22  
Interest expense
    (68,726 )     -       (17 )     52       (68,691 )
Loss on extinguishment of debt
    (9,111 )     -       -       -       (9,111 )
Other, net
    (319 )     -       54       -       (265 )
Total non-operating (expense) income
    (78,156 )     -       111       -       (78,045 )
                                         
(LOSS) INCOME BEFORE INCOME TAXES
    (45,054 )     (6,085 )     8,179       -       (42,960 )
(BENEFIT) PROVISION FOR INCOME TAXES
    (16,549 )     (2,260 )     2,796       -       (16,013 )
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
    (28,505 )     (3,825 )     5,383       -       (26,947 )
NET INCOME OF CONSOLIDATED SUBSIDIARIES
    1,558       -       -       (1,558 )     -  
NET (LOSS) INCOME
  $ (26,947 )   $ (3,825 )   $ 5,383     $ (1,558 )   $ (26,947 )

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS
August 20, 2011 through February 29, 2012

(in thousands)
(Unaudited)

   
Successor
 
   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
NET SALES
  $ 125,296     $ 2,868     $ 64,808     $ (17,177 )   $ 175,795  
COST OF SALES (exclusive of amortization shown separately below)
    52,294       2,644       40,409       (17,177 )     78,170  
GROSS MARGIN
    73,002       224       24,399       -       97,625  
                                         
OPERATING EXPENSES:
                                       
Research and development
    4,671       4,810       63       -       9,544  
Selling and marketing
    10,702       1,040       8,911       -       20,653  
Distribution
    5,847       84       3,790       -       9,721  
General and administrative
    18,263       1,138       5,954       -       25,355  
Amortization of intangibles
    23,982       106       2,416       -       26,504  
Certain litigation expenses
    22,000       -       -       -       22,000  
Total operating expenses
    85,465       7,178       21,134       -       113,777  
                                         
(LOSS) INCOME FROM OPERATIONS
    (12,463 )     (6,954 )     3,265       -       (16,152 )
                                         
NON-OPERATING INCOME (EXPENSE):
                                 
Interest income
    -       -       73       (67 )     6  
Interest expense
    (52,406 )     -       (47 )     67       (52,386 )
Other, net
    513       -       87       -       600  
Total non-operating (expense) income
    (51,893 )     -       113       -       (51,780 )
                                         
(LOSS) INCOME BEFORE INCOME TAXES
    (64,356 )     (6,954 )     3,378       -       (67,932 )
(BENEFIT) PROVISION FOR INCOME TAXES
    (24,831 )     (2,653 )     1,304       -       (26,180 )
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
    (39,525 )     (4,301 )     2,074       -       (41,752 )
NET LOSS OF CONSOLIDATED SUBSIDIARIES
    (2,227 )     -       -       2,227       -  
NET (LOSS) INCOME
  $ (41,752 )   $ (4,301 )   $ 2,074     $ 2,227     $ (41,752 )

IMMUCOR, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF OPERATIONS
June 1, 2011 through August 19, 2011

(in thousands)

(Unaudited)

   
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 (expense) income
    (200 )     14       3,001       -       2,815  
                                         
(LOSS) INCOME BEFORE INCOME TAXES
    (6,269 )     (4,215 )     6,791       -       (3,693 )
PROVISION (BENEFIT) 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 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

CONSOLIDATING CASH FLOW INFORMATION
Nine Months Ended February 28, 2013

(in thousands)

(Unaudited)

   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
Net cash (used in) provided by operating activities
  $ (16,071 )   $ 2,464     $ 8,691     $ 88     $ (4,828 )
Net cash used in operating activities
    (3,798 )     (2,502 )     (615 )     -       (6,915 )
Net cash provided by financing activities
    12,543       -       -       -       12,543  
Effect of exchange rate changes on cash and cash equivalents
    -       -       231       (88 )     142  
(Decrease) increase in cash and cash equivalents
    (7,326 )     (38 )     8,306       -       942  
Cash and cash equivalents at beginning of period
    8,093       (144 )     10,629       -       18,578  
Cash and cash equivalents at end of period
  $ 767     $ (182 )   $ 18,935       -     $ 19,520  

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING CASH FLOW INFORMATION
August 20, 2011 through February 29, 2012

(in thousands)

(Unaudited)

   
Successor
 
   
Immucor, Inc.
   
Guarantor
   
Non-Guarantors
   
Eliminations
   
Total
 
                               
Net cash (used in) provided by operating activities
  $ (11,674 )   $ 310     $ 16,680     $ (9,978 )   $ (4,662 )
Net cash used in investing activities
    (1,941,668 )     (365 )     (640 )     -       (1,942,673 )
Net cash provided by (used in) financing activities
    1,653,628       -       (10,753 )     10,752       1,653,627  
Effect of exchange rate changes on cash and cash equivalents
    -       -       (476 )     (774 )     (1,250 )
(Decrease) increase in cash and cash equivalents
    (299,714 )     (55 )     4,811       -       (294,958 )
Cash and cash equivalents at beginning of period
    314,304       (89 )     8,748       -       322,963  
Cash and cash equivalents at end of period
  $ 14,590     $ (144 )   $ 13,559     $ -     $ 28,005  

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING CASH FLOW INFORMATION
June 1, 2011 through August 19, 2011

(in thousands)

(Unaudited)

   
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