Note 17 - Condensed Consolidating Financial Information of Guarantor Subsidiaries

3 Months Ended

Aug. 31, 2015

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

17. 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

August 31, 2015

(in thousands)

(Unaudited)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,503		(449	)		12,973		-			19,027
Accounts receivable, net		28,704		5,888			31,091		-			65,683
Intercompany receivable		74,871		18,891			7,902		(101,664	)		-
Inventories, net		21,748		15,132			13,466		(1,893	)		48,453
Deferred income tax assets, current portion		2,511		2,254			481		731			5,977
Prepaid expenses and other current assets		4,763		470			4,922		-			10,155
Total current assets		139,100		42,186			70,835		(102,826	)		149,295
PROPERTY AND EQUIPMENT, net		39,309		13,428			20,603		-			73,340
INVESTMENT IN SUBSIDIARIES		219,954		5,020			3,019		(227,993	)		-
GOODWILL		744,149		47,985			50,176		-			842,310
OTHER INTANGIBLE ASSETS, net		545,147		58,250			33,549		-			636,946
DEFERRED FINANCING COSTS, net		24,645		-			-		-			24,645
OTHER ASSETS		14,711		436			375		-			15,522
Total assets	$	1,727,015		167,305			178,557		(330,819	)		1,742,058
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,214		2,794			3,969		-			15,977
Intercompany payable		2,423		90,626			8,615		(101,664	)		-
Accrued interest and interest rate swap liability		8,177		-			-		-			8,177
Accrued expenses and other current liabilities		8,108		4,556			6,422		-			19,086
Income taxes payable		30,031		(30,090	)		3,311		-			3,252
Deferred revenue, current portion		1,691		4			1,261		-			2,956
Current portion of long term debt, net of debt discounts		20,433		4			-		-			20,437
Total current liabilities		80,077		67,894			23,578		(101,664	)		69,885
LONG TERM DEBT, net of debt discounts		1,032,334		-			-		-			1,032,334
DEFERRED INCOME TAX LIABILITIES		220,801		2,238			9,641		-			232,680
OTHER LONG-TERM LIABILITIES		16,367		12,035			1,320		-			29,722
Total liabilities		1,349,579		82,167			34,539		(101,664	)		1,364,621
SHAREHOLDERS' EQUITY:
Total shareholders' equity		377,436		85,138			144,018		(229,155	)		377,437
Total liabilities and shareholders' equity	$	1,727,015		167,305			178,557		(330,819	)		1,742,058

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2015

(in thousands)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	7,080		(263	)		11,546		-			18,363
Accounts receivable, net		30,442		6,014			31,218		-			67,674
Intercompany receivable		68,815		24,201			8,861		(101,877	)		-
Inventories		18,361		13,706			11,830		(2,050	)		41,847
Deferred income tax assets, current portion		2,512		2,253			375		791			5,931
Prepaid expenses and other current assets		5,178		426			5,557		-			11,161
Total current assets		132,388		46,337			69,387		(103,136	)		144,976
PROPERTY AND EQUIPMENT, net		38,915		13,849			20,810		-			73,574
INVESTMENT IN SUBSIDIARIES		220,412		5,021			3,019		(228,452	)		-
GOODWILL		744,149		47,640			50,469		-			842,258
OTHER INTANGIBLE ASSETS, net		557,133		59,164			33,997		-			650,294
DEFERRED FINANCING COSTS, net		26,399		-			-		-			26,399
OTHER ASSETS		14,533		310			342		-			15,185
Total assets	$	1,733,929		172,321			178,024		(331,588	)		1,752,686
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	6,297		2,604			4,965		-			13,866
Intercompany payable		2,389		91,547			7,941		(101,877	)		-
Accrued interest and interest swap liability		19,288		-			-		-			19,288
Accrued expenses and other current liabilities		13,758		5,131			7,319		-			26,208
Income taxes payable		30,061		(30,074	)		3,509		-			3,496
Deferred revenue, current portion		1,498		7			1,198		-			2,703
Current portion of long-term debt, net of debt discounts		4,462		7			-		-			4,469
Total current liabilities		77,753		69,222			24,932		(101,877	)		70,030
LONG-TERM DEBT, net of debt discounts		1,033,276		-			-		-			1,033,276
DEFERRED INCOME TAX LIABILITIES		223,232		3,639			9,616		-			236,487
OTHER LONG-TERM LIABILITIES		15,987		11,908			1,317		-			29,212
Total liabilities		1,350,248		84,769			35,865		(101,877	)		1,369,005
SHAREHOLDERS' EQUITY:
Total shareholders' equity		383,681		87,552			142,159		(229,711	)		383,681
Total liabilities and shareholders' equity	$	1,733,929		172,321			178,024		(331,588	)		1,752,686

Statements of Operations for the Quarter

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended August 31, 2015

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	63,887			14,718			35,299			(17,192	)		96,712
COST OF SALES (exclusive of amortization shown separately below)		20,264			8,967			22,603			(17,192	)		34,642
GROSS PROFIT		43,623			5,751			12,696			-			62,070
OPERATING EXPENSES:
Research and development		2,639			4,019			172			-			6,830
Selling and marketing		6,401			2,545			5,041			-			13,987
Distribution		2,443			389			1,587			-			4,419
General and administrative		7,288			1,300			2,158			-			10,746
Amortization expense		11,972			1,069			537			-			13,578
Total operating expenses		30,743			9,322			9,495			-			49,560
INCOME (LOSS) FROM OPERATIONS		12,880			(3,571	)		3,201			-			12,510
NON-OPERATING (EXPENSE) INCOME:
Interest income		39			-			25			(22	)		42
Interest expense		(22,384	)		(118	)		(12	)		22			(22,492	)
Other, net		525			(128	)		(524	)		-			(127	)
Total non-operating net expense		(21,820	)		(246	)		(511	)		-			(22,577	)
(LOSS) INCOME BEFORE INCOME TAXES		(8,940	)		(3,817	)		2,690			-			(10,067	)
(BENEFIT) PROVISION FOR INCOME TAXES		(2,250	)		(1,401	)		801			-			(2,850	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(6,690	)		(2,416	)		1,889			-			(7,217	)
Net (loss) income of consolidated subsidiaries		(527	)		-			-			527			-
NET (LOSS) INCOME	$	(7,217	)		(2,416	)		1,889			527			(7,217	)

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended August 31, 2014

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	66,268			14,614			39,573			(18,014	)		102,441
COST OF SALES (exclusive of amortization shown separately below)		20,775			9,627			24,439			(18,014	)		36,827
GROSS PROFIT		45,493			4,987			15,134			-			65,614
OPERATING EXPENSES:
Research and development		2,640			4,214			224			-			7,078
Selling and marketing		6,237			2,695			6,124			-			15,056
Distribution		2,680			388			1,972			-			5,040
General and administrative		7,261			1,045			2,578			-			10,884
Amortization expense		11,971			1,076			635			-			13,682
Total operating expenses		30,789			9,418			11,533			-			51,740
INCOME (LOSS) FROM OPERATIONS		14,704			(4,431	)		3,601			-			13,874
NON-OPERATING (EXPENSE) INCOME:
Interest income		3			-			78			(25	)		56
Interest expense		(22,180	)		(123	)		(20	)		25			(22,298	)
Other, net		143			(40	)		(27	)		-			76
Total non-operating (expense) income		(22,034	)		(163	)		31			-			(22,166	)
(LOSS) INCOME BEFORE INCOME TAXES		(7,330	)		(4,594	)		3,632			-			(8,292	)
(BENEFIT) PROVISION FOR INCOME TAXES		(2,189	)		(1,734	)		1,110			-			(2,813	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(5,141	)		(2,860	)		2,522			-			(5,479	)
Net (loss) income of consolidated subsidiaries		(338	)		-			-			338			-
NET (LOSS) INCOME	$	(5,479	)		(2,860	)		2,522			338			(5,479	)

Statements of Cash Flows for the Quarter

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

Three Months Ended August 31, 2015

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations		Total
Net cash provided by (used in) operating activities	$	(9,987	)		691			1,389			-		(7,907	)
Net cash used in investing activities		(4,942	)		(873	)		(26	)		-		(5,841	)
Net cash (used in) provided by financing activities		14,342			(4	)		-			-		14,338
Effect of exchange rate changes on cash and cash equivalents		10			-			64			-		74
Increase (decrease) in cash and cash equivalents		(577	)		(186	)		1,427			-		664
Cash and cash equivalents at beginning of period		7,080			(263	)		11,546			-		18,363
Cash and cash equivalents at end of period	$	6,503			(449	)		12,973			-		19,027

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

Three Months Ended August 31, 2014

(in thousands)

(Unaudited)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations		Total
Net cash provided by (used in) operating activities	$	2,858			124			(3,288	)		-		(306	)
Net cash used in investing activities		(2,728	)		(369	)		(429	)		-		(3,526	)
Net cash used in financing activities		(1,659	)		(5	)		-			-		(1,664	)
Effect of exchange rate changes on cash and cash equivalents		(57	)		-			(713	)		-		(770	)
Decrease in cash and cash equivalents		(1,586	)		(250	)		(4,430	)		-		(6,266	)
Cash and cash equivalents at beginning of period		4,898			(445	)		19,168			-		23,621
Cash and cash equivalents at end of period	$	3,312			(695	)		14,738			-		17,355