Note 16 - Condensed Consolidating Financial Information of Guarantor Subsidiaries

9 Months Ended

Feb. 28, 2014

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

16.  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.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	4,654		(232	)		21,606		-			26,028
Accounts receivable, net		29,899		4,605			32,182		-			66,686
Intercompany receivable		55,103		11,406			7,914		(74,423	)		-
Inventories		21,667		16,657			14,585		(1,801	)		51,108
Deferred income tax assets, current portion		3,599		2,209			377		695			6,880
Prepaid expenses and other current assets		5,494		710			5,447		-			11,651
Total current assets		120,416		35,355			82,111		(75,529	)		162,353
PROPERTY AND EQUIPMENT, net		38,069		16,577			21,316		-			75,962
INVESTMENT IN SUBSIDIARIES		248,548		5,021			3,705		(257,274	)		-
GOODWILL		903,513		42,053			60,212		-			1,005,778
OTHER INTANGIBLE ASSETS, net		598,227		37,480			43,966		-			679,673
DEFERRED FINANCING COSTS		34,736		-			-		-			34,736
OTHER ASSETS		6,394		187			339		-			6,920
Total assets	$	1,949,903		136,673			211,649		(332,803	)		1,965,422
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	8,982		5,154			3,073		-			17,209
Intercompany payable		320		64,030			10,073		(74,423	)		-
Accrued interest and interest rate swap liability		8,359		-			-		-			8,359
Accrued expenses and other current liabilities		7,959		4,653			9,961		-			22,573
Income taxes payable		31,162		(30,612	)		5,330		-			5,880
Deferred revenue, current portion		1,215		15			1,411		-			2,641
Current portion of long-term debt, net of debt discounts		4,606		18			-		-			4,624
Total current liabilities		62,603		43,258			29,848		(74,423	)		61,286
LONG-TERM DEBT, NET OF DEBT DISCOUNTS		1,038,170		15			-		-			1,038,185
DEFERRED REVENUE		22		-			98		-			120
DEFERRED INCOME TAX LIABILITIES		202,925		3,064			12,168		-			218,157
OTHER LONG-TERM LIABILITIES		10,927		128			1,363		-			12,418
Total liabilities		1,314,647		46,465			43,477		(74,423	)		1,330,166
SHAREHOLDERS' EQUITY:
Total shareholders' equity		635,256		90,208			168,172		(258,380	)		635,256
Total liabilities and shareholders' equity	$	1,949,903		136,673			211,649		(332,803	)		1,965,422

	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
OTHER 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.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	57,604			12,252			35,988			(14,865	)		90,979
COST OF SALES (exclusive of amortization shown separately below)		19,737			6,402			21,085			(14,865	)		32,359
GROSS MARGIN		37,867			5,850			14,903			-			58,620
OPERATING EXPENSES:
Research and development		3,212			3,397			129			-			6,738
Selling and marketing		5,673			2,311			6,311			-			14,295
Distribution		2,921			345			1,802			-			5,068
General and administrative		6,943			1,647			1,720			-			10,310
Amortization of intangibles		11,971			658			596			-			13,225
Impairment loss		-			150			-			-			150
Total operating expenses		30,720			8,508			10,558			-			49,786
INCOME (LOSS) FROM OPERATIONS		7,147			(2,658	)		4,345			-			8,834
NON-OPERATING INCOME (EXPENSE):
Interest income		-			6			21			(11	)		16
Interest expense		(21,900	)		-			(11	)		11			(21,900	)
Other, net		(186	)		24			54			-			(108	)
Total non-operating (expense) income		(22,086	)		30			64			-			(21,992	)
(LOSS) INCOME BEFORE INCOME TAXES		(14,939	)		(2,628	)		4,409			-			(13,158	)
(BENEFIT) PROVISION FOR INCOME TAXES		(6,255	)		(952	)		1,404			-			(5,803	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(8,684	)		(1,676	)		3,005			-			(7,355	)
Net (Loss) Income of consolidated subsidiaries		1,329			-			-			(1,329	)		-
NET (LOSS) INCOME	$	(7,355	)		(1,676	)		3,005			(1,329	)		(7,355	)

	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 net expense		(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 Income (Loss) of consolidated subsidiaries		(297	)		-			-			297			-
NET (LOSS) INCOME	$	(5,913	)		(1,229	)		932			297			(5,913	)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	186,977			40,006			108,941			(48,698	)		287,226
COST OF SALES (exclusive of amortization shown separately below)		62,061			22,696			67,033			(48,698	)		103,092
GROSS MARGIN		124,916			17,310			41,908			-			184,134
OPERATING EXPENSES:
Research and development		10,314			11,654			210			-			22,178
Selling and marketing		18,387			6,847			18,523			-			43,757
Distribution		8,323			1,099			5,202			-			14,624
General and administrative		17,767			5,547			6,220			-			29,534
Amortization of intangibles		35,912			1,992			1,743			-			39,647
Impairment loss		30			150			-			-			180
Acquisition-related items		(4,638	)		-			-			-			(4,638	)
Total operating expenses		86,095			27,289			31,898			-			145,282
INCOME (LOSS) FROM OPERATIONS		38,821			(9,979	)		10,010			-			38,852
NON-OPERATING INCOME (EXPENSE):
Interest income		1			8			55			(36	)		28
Interest expense		(66,182	)		-			(26	)		36			(66,172	)
Other, net		(621	)		97			223			-			(301	)
Total non-operating (expense) income		(66,802	)		105			252			-			(66,445	)
(LOSS) INCOME BEFORE INCOME TAXES		(27,981	)		(9,874	)		10,262			-			(27,593	)
(BENEFIT) PROVISION FOR INCOME TAXES		(11,523	)		(3,406	)		3,238			-			(11,691	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(16,458	)		(6,468	)		7,024			-			(15,902	)
Net (Loss) Income of consolidated subsidiaries		556			-			-			(556	)		-
NET (LOSS) INCOME	$	(15,902	)		(6,468	)		7,024			(556	)		(15,902	)

	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 (Loss) of consolidated subsidiaries		1,558			-			-			(1,558	)		-
NET (LOSS) INCOME	$	(26,947	)		(3,825	)		5,383			(1,558	)		(26,947	)

Statements of Cash Flows for the Quarter

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	63			(2,351	)		13,732			(903	)		10,541
Net cash provided by (used in) investing activities		3,096			(1,954	)		(10,545	)		29			(9,374	)
Net cash ( used in) provided by financing activities		(4,975	)		(34	)		(784	)		785			(5,008	)
Effect of exchange rate changes on cash and cash equivalents		(501	)		-			893			89			481
Change in cash and cash equivalents		(2,317	)		(4,339	)		3,296			-			(3,360	)
Cash and cash equivalents at beginning of period		6,971			4,107			18,310			-			29,388
Cash and cash equivalents at end of period	$	4,654			(232	)		21,606			-			26,028

	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 investing 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
Change 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