Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiaries

3 Months Ended

Aug. 31, 2013

Disclosure Text Block Supplement [Abstract]

Cost and Equity Method Investments Disclosure [Text Block]

16.    CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARY

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

August 31, 2013

(in thousands)

(Unaudited)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	8,134		711			15,157		-			24,002
Accounts receivable, net		26,755		4,952			34,900		-			66,607
Intercompany receivable		53,204		10,690			3,301		(67,195	)		-
Inventories		20,088		14,493			13,528		(2,139	)		45,970
Deferred income tax assets, current portion		3,096		1,943			568		826			6,433
Prepaid expenses and other current assets		6,706		618			4,680					12,004
Total current assets		117,983		33,407			72,134		(68,508	)		155,016
PROPERTY AND EQUIPMENT, NET		38,716		16,455			20,169		-			75,340
INVESTMENT IN SUBSIDIARIES		241,565		5,250			4		(246,819	)		-
GOODWILL		903,512		42,053			58,224		-			1,003,789
INTANGIBLE ASSETS, NET		622,194		38,955			40,718		-			701,867
DEFERRED FINANCING COSTS		37,893		-			-		-			37,893
OTHER ASSETS		6,201		273			342		-			6,817
Total assets	$	1,968,064		136,393			191,591		(315,327	)		1,980,722
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	11,812		4,123			3,248		-			19,183
Intercompany payable		709		59,502			6,984		(67,195	)		-
Accrued interest and interest rate swap liability		8,917		-			-		-			8,917
Accrued expenses and other current liabilities		9,324		5,138			8,613		-			23,075
Income taxes payable		31,162		(30,700	)		3,700		-			4,162
Deferred revenue, current portion		1,397		38			1,099		-			2,534
Current portion of long-term debt, net of debt discounts		4,658		31			-		-			4,689
Total current liabilities		67,979		38,132			23,644		(67,195	)		62,560
LONG-TERM DEBT, NET OF DEBT DISCOUNTS		1,040,208		23			-		-			1,040,231
DEFERRED REVENUE		43		-			94		-			137
DEFERRED INCOME TAX LIABILITIES		209,896		4,677			11,882		-			226,455
OTHER LONG-TERM LIABILITIES		10,835		118			1,283		-			12,236
Total liabilities		1,328,961		42,950			36,903		(67,195	)		1,341,619
SHAREHOLDERS' EQUITY:
Total shareholders' equity		639,103		93,443			154,688		(248,132	)		639,103
Total liabilities and shareholders' equity	$	1,968,064		136,393			191,591		(315,327	)		1,980,722

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2013

(in thousands)

	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

Statements of Operations for the Quarter

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended August 31, 2013

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	64,210			13,664			34,991			(16,821	)		96,044
COST OF SALES (exclusive of amortization shown separately below)		22,026			9,144			21,702			(16,821	)		36,051
GROSS MARGIN		42,184			4,520			13,289			-			59,993
OPERATING EXPENSES:
Research and development		3,632			4,490			8			-			8,130
Selling and marketing		6,327			2,093			5,872			-			14,292
Distribution		2,722			382			1,615			-			4,719
General and administrative		6,865			1,736			2,374			-			10,975
Amortization of intangibles		11,971			668			568			-			13,207
Acquisition-related item		(1,320	)		-			-			-			(1,320	)
Total operating expenses		30,197			9,369			10,437			-			50,003
INCOME (LOSS) FROM OPERATIONS		11,987			(4,849	)		2,852			-			9,990
NON-OPERATING INCOME (EXPENSE):
Interest income		1			1			28			(21	)		9
Interest expense		(22,191	)		-			(8	)		21			(22,178	)
Other, net		(389	)		28			152			(785	)		(216	)
Total non-operating (expense) income		(21,801	)		29			172			(785	)		(22,385	)
(LOSS) INCOME BEFORE INCOME TAXES		(9,814	)		(4,820	)		3,024			(785	)		(12,395	)
(BENEFIT) PROVISION FOR INCOME TAXES		(3,681	)		(1,616	)		925			(263	)		(4,635	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(6,133	)		(3,204	)		2,099			(522	)		(7,760	)
Net (Loss) Income of consolidated subsidiaries		(1,105	)		-			-			1,105			-
NET (LOSS) INCOME	$	(7,238	)		(3,204	)		2,099			583			(7,760	)

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended August 31, 2012

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	64,505			1,441			29,605			(10,397	)		85,154
COST OF SALES (exclusive of amortization shown separately below)		20,027			917			16,554			(10,397	)		27,101
GROSS MARGIN		44,478			524			13,051			-			58,053
OPERATING EXPENSES:
Research and development		3,208			1,643			34			-			4,885
Selling and marketing		6,958			460			4,803			-			12,221
Distribution		2,875			43			1,590			-			4,508
General and administrative		7,550			474			2,092			-			10,116
Amortization of intangibles		11,771			54			556			-			12,381
Total operating expenses		32,362			2,674			9,075			-			44,111
INCOME (LOSS) FROM OPERATIONS		12,116			(2,150	)		3,976			-			13,942
NON-OPERATING INCOME (EXPENSE):
Interest income		-			-			11			(8	)		3
Interest expense		(24,488	)		-			(8	)		8			(24,488	)
Loss on extinguishment of debt		(6,686	)		-			-			-			(6,686	)
Other, net		(23	)		-			143			-			120
Total non-operating (expense) income		(31,197	)		-			146			-			(31,051	)
(LOSS) INCOME BEFORE INCOME TAXES		(19,081	)		(2,150	)		4,122			-			(17,109	)
(BENEFIT) PROVISION FOR INCOME TAXES		(7,085	)		(712	)		1,323			-			(6,474	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(11,996	)		(1,438	)		2,799			-			(10,635	)
Net Income (Loss) of consolidated subsidiaries		1,361			-			-			(1,361	)		-
NET (LOSS) INCOME	$	(10,635	)		(1,438	)		2,799			(1,361	)		(10,635	)

Statements of Cash Flows for the Quarter

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

Three Months Ended August 31, 2013

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash (used in) provided by operating activities	$	(3,578	)		(2,845	)		3,045			(894	)		(4,272	)
Net cash provided by (used in) investing activities		6,399			(536	)		(5,710	)		-			153
Net cash ( used in) provided by financing activities		(1,658	)		(15	)		(785	)		785			(1,673	)
Effect of exchange rate changes on cash and cash equivalents		-			-			297			109			406
Change in cash and cash equivalents		1,163			(3,396	)		(3,153	)		-			(5,386	)
Cash and cash equivalents at beginning of period		6,971			4,107			18,310			-			29,388
Cash and cash equivalents at end of period	$	8,134			711			15,157			-			24,002

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

Three Months Ended August 31, 2012

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantor			Non-Guarantors		Eliminations			Total
Net cash provided by (used in) operating activities	$	(16,702	)		880			5,501		77			(10,244	)
Net cash provided by (used in) investing activities		(1,454	)		(736	)		23		-			(2,167	)
Net cash provided by financing activities		11,935			-			-		-			11,935
Effect of exchange rate changes on cash and cash equivalents		-			-			226		(185	)		41
Change in cash and cash equivalents		(6,221	)		144			5,750		(108	)		(435	)
Cash and cash equivalents at beginning of period		8,093			(144	)		10,629		-			18,578
Cash and cash equivalents at end of period	$	1,872			-			16,379		(108	)		18,143