Note 21 - Condensed Consolidating Financial Information Of Guarantor Subsidiaries

12 Months Ended

May 31, 2013

Disclosure Text Block Supplement [Abstract]

Cost and Equity Method Investments Disclosure [Text Block]

21.  CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES

The Company has certain outstanding indebtedness that is guaranteed by its U.S. subsidiaries. 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, 2013

(in thousands)

	Successor
	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,971		4,107			18,310		-			29,388
Accounts receivable, net		26,517		5,552			36,017		-			68,086
Intercompany receivable		54,443		7,961			4,313		(66,717	)		-
Inventories		18,551		15,897			12,978		(1,485	)		45,941
Deferred income tax assets, current portion		3,098		1,097			533		562			5,290
Prepaid expenses and other current assets		6,360		483			4,734		-			11,577
Total current assets		115,940		35,097			76,885		(67,640	)		160,282
PROPERTY AND EQUIPMENT, net		40,124		17,060			19,197		-			76,381
INVESTMENT IN SUBSIDIARIES		248,150		5,743			4		(253,897	)		-
GOODWILL		903,802		41,763			57,898		-			1,003,463
INTANGIBLE ASSETS, net		634,194		39,523			40,886					714,603
DEFERRED FINANCING COSTS		39,449		-			-		-			39,449
OTHER ASSETS		6,203		184			405		-			6,792
Total assets	$	1,987,862		139,370			195,275		(321,537	)		2,000,970
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	7,587		3,315			2,736		-			13,638
Intercompany payable		424		59,347			7,440		(67,211	)		-
Accrued expenses and other current liabilities		31,737		5,290			9,711		-			46,738
Income taxes payable		30,879		(30,457	)		3,451					3,873
Deferred revenue, current portion		1,086		6			1,160		-			2,252
Current portion of long-term debt, net of debt discounts		6,673		39			-		-			6,712
Total current liabilities		78,386		37,540			24,498		(67,211	)		73,213
LONG-TERM DEBT, net of debt discounts		1,039,250		28			-		-			1,039,278
DEFERRED REVENUE		62		-			99		-			161
DEFERRED INCOME TAX LIABILITIES		214,222		4,861			11,957					231,040
OTHER LONG-TERM LIABILITIES		11,236		114			1,222		-			12,572
Total liabilities		1,343,156		42,543			37,776		(67,211	)		1,356,264
SHAREHOLDERS' EQUITY:
Total shareholders' equity		644,706		96,827			157,499		(254,326	)		644,706
Total liabilities and shareholders' equity	$	1,987,862		139,370			195,275		(321,537	)		2,000,970

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

Statements of Operations for the Year to Date

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended

May 31, 2013 

(in thousands)

	Successor
	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	256,676			15,835			124,465			(49,188	)		347,788
COST OF SALES (exclusive of amortization shown separately below)		84,320			11,056			73,839			(49,188	)		120,027
GROSS MARGIN		172,356			4,779			50,626			-			227,761
OPERATING EXPENSES:
Research and development		13,428			7,850			35			-			21,313
Selling and marketing		25,611			3,632			20,886			-			50,129
Distribution		11,599			421			6,698			-			18,718
General and administrative		32,259			6,673			9,985			-			48,917
Amortization of intangibles		47,820			663			2,282			-			50,765
Loss on disposition of fixed assets		1,175			-			-			-			1,175
Total operating expenses		131,892			19,239			39,886			-			191,017
(LOSS) INCOME FROM OPERATIONS		40,464			(14,460	)		10,740			-			36,744
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			-			97			(69	)		28
Interest expense		(90,875	)		(2	)		(22	)		69			(90,830	)
Loss on extinguishment of debt		(9,111	)		-			-			-			(9,111	)
Other, net		(1,043	)		(84	)		588			-			(539	)
Total non-operating (expense) income		(101,029	)		(86	)		663			-			(100,452	)
(LOSS) INCOME BEFORE INCOME TAXES		(60,565	)		(14,546	)		11,403			-			(63,708	)
(BENEFIT) PROVISION FOR INCOME TAXES		(23,783	)		(4,773	)		3,990			-			(24,566	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(36,782	)		(9,773	)		7,413			-			(39,142	)
Net (Loss) Income of consolidated subsidiaries		(2,360	)		-			-			2,360			-
NET (LOSS) INCOME	$	(39,142	)		(9,773	)		7,413			2,360			(39,142	)

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
INCOME (LOSS) FROM OPERATIONS		1,956			(9,504	)		2,949			-			(4,599	)
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			-			89			(82	)		7
Interest expense		(77,066	)		-			(64	)		82			(77,048	)
Other, net		406			-			41						447
Total non-operating (expense) income		(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 (EXPENSE) INCOME:
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	)
(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 CASH FLOW INFORMATION

For the Year Ended

May 31, 2013

(in thousands)

	Successor
	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	4,690			6,423			13,534			(113	)		24,534
Net cash used in investing activities		(86,490	)		(2,164	)		(5,747	)		-			(94,401	)
Net cash provided by ( used in) financing activities		80,840			(8	)		-			-			80,832
Effect of exchange rate changes on cash and cash equivalents		(162	)		-			(106	)		113			(155	)
(Decrease) increase in cash and cash equivalents		(1,122	)		4,251			7,681			-			10,810
Cash and cash equivalents at beginning of period		8,093			(144	)		10,629			-			18,578
Cash and cash equivalents at end of period	$	6,971			4,107			18,310			-			29,388

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