10-Q/A 1 form10qa0205.htm FORM10QA022805

FORM 10-Q/A
United States
Securities and Exchange Commission
Washington, D. C. 20549

                                         (Mark One)

                                                X           Quarterly Report Pursuant to Section 13 or 15(d)
                                                                      of the Securities Exchange Act of 1934

For Quarter Ended: February 28, 2005

OR

                                                _            Transition Report Pursuant to Section 13 or 15(d)
                                                                      of the Securities Exchange Act of 1934


Commission File Number: 0-14820

IMMUCOR, INC.
(Exact name of registrant as specified in its charter)

       Georgia                                     22-2408354
(State or other jurisdiction of            (I.R.S. Employer
incorporation or organization)         Identification No.)

3130 Gateway Drive       P.O. Box 5625       Norcross, Georgia      30091-5625
                  (Address of principal executive offices)                        (Zip Code)

Registrant's telephone number: (770) 441-2051

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X    No

     Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes X    No

     Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of March 31, 2005: Common Stock, $0.10 Par Value - 45,437,083


Explanatory Note

Immucor, Inc. is filing this amendment to its report on Form 10-Q for the fiscal quarter ended February 28, 2005 for the sole purpose of correcting a typographical error. Specifically, the column heading on the first page of the Consolidated Balance Sheets had been shown as “November 30, 2004", instead of as “February 28, 2005.” This error has been corrected through this amendment.

Except as expressly stated herein, this Form 10-Q/A does not modify or update any of the disclosures contained in the original filing to reflect any events that occurred at a later date.


IMMUCOR, INC.
CONSOLIDATED BALANCE SHEETS

February 28, 2005
(Unaudited)
May 31, 2004
 
ASSETS
  
CURRENT ASSETS:
   Cash and cash equivalents   $   21,226,488   $    15,697,082  
   Accounts receivable, trade (less allowance for doubtful accounts of $1,738,759 at 
     February 28, 2005 and $1,330,305 at May 31, 2004)  36,084,989   26,533,796  
   Other receivables  896,797   1,235,748  
   Inventories  21,519,342   20,160,858  
   Income taxes receivable  2,463,261   1,102,198  
   Deferred income taxes  1,611,934   1,545,493  
   Prepaid expenses and other  1,449,511   2,347,906  
    
 
 
     Total current assets  85,252,322   68,623,081  

LONG-TERM INVESTMENT  -   770,000  

PROPERTY, PLANT AND EQUIPMENT - Net  23,636,196   22,846,358  

DEFERRED INCOME TAXES  504,908   504,908  

DEFERRED LICENSING COSTS - Net  978,882   1,225,530  

CUSTOMER LIST - Net  1,161,250   1,225,000  

EXCESS OF COST OVER NET TANGIBLE ASSETS ACQUIRED - Net  29,250,871   28,192,198  

OTHER ASSETS - Net  565,197   1,029,752  
    
 
 
   $  141,349,626   $  124,416,827  
    
 
 

See notes to consolidated financial statements.


IMMUCOR, INC.
CONSOLIDATED BALANCE SHEETS (continued)

February 28, 2005
(Unaudited)
May 31, 2004
 
LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
   Current portion of borrowings under bank line of credit agreements  $       318,844   $      146,765  
   Current portion of long-term debt  4,040,913   5,043,450  
   Current portion of capital lease obligations  316,837   652,363  
   Accounts payable  5,040,741   8,116,645  
   Income taxes payable  362,595   205,495  
   Accrued salaries and wages  2,060,879   1,574,758  
   Deferred income taxes  579,290   439,271  
   Other accrued liabilities  7,778,072   4,183,648  
    
 
 
     Total current liabilities  20,498,171   20,362,395  

BORROWINGS UNDER BANK LINE OF CREDIT AGREEMENTS -
    Net of current portion
  -   146,610  

LONG-TERM DEBT - Net of current portion  3,102,234   6,121,751  

CAPITAL LEASE OBLIGATIONS - Net of current portion  1,228,018   947,577  

DEFERRED INCOME TAXES  2,870,746   2,763,243  

OTHER LIABILITIES  2,270,751   1,122,152  

SHAREHOLDERS' EQUITY: 
   Common stock - authorized 60,000,000 shares, $0.10 par value; 45,428,338 and
     45,264,517 issued and outstanding at February 28, 2005 and May 31, 2004, 
     respectively  4,542,834   4,526,452  
   Additional paid-in capital  31,734,125   32,798,741  
   Unearned compensation  10,030   -  
   Retained earnings  71,566,616   55,956,052  
   Accumulated other comprehensive income (loss)  3,526,101 (328,146 )
    
 
 
     Total shareholders' equity  111,379,706   92,953,099  
    
 
 
  $  141,349,626    $  124,416,827
    
 
 

See notes to consolidated financial statements.


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

IMMUCOR, INC.
(Registrant)

Date: July 5, 2005                    By:

/s/ Edward L. Gallup
Edward L. Gallup, Chief Executive Officer
(on behalf of Registrant and as Principal Executive Officer)


Date: July 5, 2005                    By:

/s/ Steven C.Ramsey
Steven C. Ramsey, Vice President - Chief Financial Officer and Secretary
(Principal Accounting Officer)