(Mark One) | |||
X | Quarterly Report Pursuant to Section 13 or 15(d) | ||
of the Securities Exchange Act of 1934 | |||
For the quarterly period ended: November 30, 2012 | |||
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
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
||
3130 Gateway Drive Norcross, Georgia 30071 | |||
(Address of principal executive offices) (Zip Code) | |||
Registrant's telephone number: (770) 441-2051 |
Large accelerated filer | Accelerated filer |
Non-accelerated filer X | Smaller reporting company |
(do not check if smaller reporting company) |
Item 1. | Consolidated Financial Statements: | |||
Consolidated Balance Sheets as of November 30, 2012 (unaudited) and as of May 31, 2012 | ||||
Unaudited Consolidated Statements of Operations for the quarters ended November 30, 2012 and November 30, 2011 | ||||
Unaudited Consolidated Statements of Operations for the six months ended November 30, 2012 and for the period August 20, 2011 to November 30, 2011 (Successor), and for the period June 1, 2011 to August 19, 2011 (Predecessor) | ||||
Unaudited Consolidated Statements of Comprehensive Loss for the quarters ended November 30, 2012 and November 30, 2011
|
||||
Unaudited Consolidated Statements of Comprehensive Loss for the six months ended November 30, 2012 and for the period August 20, 2011 to November 30, 2011 (Successor) and for the period June 1, 2011 to August 19, 2011 (Predecessor)
|
||||
Unaudited Consolidated Statements of Cash Flows for the six months ended November 30, 2012 and for the period August 20, 2011 to November 30, 2011 (Successor) and for the period June 1, 2011 to August 19, 2011 (Predecessor) | ||||
Notes to Consolidated Financial Statements (unaudited) | ||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings | |||
Item 1A. | Risk Factors | |||
Item 6. | Exhibits | |||
SIGNATURES |
November 30, 2012
|
May 31, 2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 19,013 | $ | 18,578 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $628 and $612 at November 30, 2012 and May 31, 2012, respectively
|
60,731 | 66,392 | ||||||
Inventories
|
36,761 | 33,370 | ||||||
Deferred income tax assets, current portion
|
5,634 | 5,489 | ||||||
Prepaid expenses and other current assets
|
11,087 | 11,738 | ||||||
Total current assets
|
133,226 | 135,567 | ||||||
PROPERTY AND EQUIPMENT, Net
|
64,488 | 64,662 | ||||||
GOODWILL
|
968,521 | 966,338 | ||||||
INTANGIBLE ASSETS, Net
|
712,254 | 735,522 | ||||||
DEFERRED FINANCING COSTS, Net
|
34,955 | 38,769 | ||||||
OTHER ASSETS
|
8,340 | 8,295 | ||||||
Total assets
|
$ | 1,921,784 | $ | 1,949,153 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 14,328 | $ | 12,734 | ||||
Accrued expenses and other current liabilities
|
37,116 | 41,356 | ||||||
Income taxes payable
|
3,762 | 3,654 | ||||||
Deferred revenue, current portion
|
2,476 | 2,606 | ||||||
Current portion of long-term debt, net of debt discounts
|
5,108 | 3,922 | ||||||
Total current liabilities
|
62,790 | 64,272 | ||||||
LONG-TERM DEBT, Net of debt discounts
|
987,070 | 986,361 | ||||||
DEFERRED REVENUE
|
335 | 431 | ||||||
DEFERRED INCOME TAX LIABILITIES
|
232,778 | 245,496 | ||||||
OTHER LONG-TERM LIABILITIES
|
15,923 | 15,215 | ||||||
Total liabilities
|
1,298,896 | 1,311,775 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 17)
|
- | - | ||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Common stock, $0.00 par value, 100 shres authorized, issued and outstanding as of November 30, 2012 and May 31, 2012 | - | - | ||||||
Additional paid-in capital
|
707,842 | 706,986 | ||||||
Accumulated deficit
|
(70,899 | ) | (49,865 | ) | ||||
Accumulated other comprehensive loss
|
(14,055 | ) | (19,743 | ) | ||||
Total shareholders' equity
|
622,888 | 637,378 | ||||||
Total liabilities and shareholders' equity
|
$ | 1,921,784 | $ | 1,949,153 |
Quarter
Ended |
Quarter
Ended |
|||||||
NET SALES
|
$ | 82,056 | $ | 83,035 | ||||
COST OF SALES (exclusive of amortization shown separately below)
|
27,166 | 42,426 | ||||||
GROSS MARGIN
|
54,890 | 40,609 | ||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
4,537 | 5,146 | ||||||
Selling and marketing
|
12,941 | 9,933 | ||||||
Distribution
|
4,721 | 4,576 | ||||||
General and administrative
|
10,813 | 11,205 | ||||||
Amortization of intangibles
|
12,404 | 12,462 | ||||||
Loss on disposition and retirement of fixed assets
|
1,175 | - | ||||||
Certain litigation expenses
|
- | 22,000 | ||||||
Total operating expenses
|
46,591 | 65,322 | ||||||
INCOME (LOSS) FROM OPERATIONS
|
8,299 | (24,713 | ) | |||||
NON-OPERATING INCOME (EXPENSE):
|
||||||||
Interest income
|
7 | 6 | ||||||
Interest expense
|
(22,251 | ) | (24,850 | ) | ||||
Other, net
|
(242 | ) | 671 | |||||
Total non-operating expense
|
(22,486 | ) | (24,173 | ) | ||||
LOSS BEFORE INCOME TAXES
|
(14,187 | ) | (48,886 | ) | ||||
BENEFIT FOR INCOME TAXES
|
(3,788 | ) | (18,707 | ) | ||||
NET LOSS
|
$ | (10,399 | ) | $ | (30,179 | ) |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
||||||||||
NET SALES
|
$ | 167,210 | $ | 94,425 | $ | 74,910 | ||||||
COST OF SALES (exclusive of amortization shown separately below)
|
54,267 | 49,582 | 22,955 | |||||||||
GROSS MARGIN
|
112,943 | 44,843 | 51,955 | |||||||||
OPERATING EXPENSES:
|
||||||||||||
Research and development
|
9,422 | 5,769 | 4,895 | |||||||||
Selling and marketing
|
25,162 | 11,045 | 10,510 | |||||||||
Distribution
|
9,229 | 5,225 | 3,952 | |||||||||
General and administrative
|
20,929 | 11,959 | 38,175 | |||||||||
Amortization of intangibles
|
24,785 | 14,110 | 931 | |||||||||
Loss on disposition and retirement of fixed assets
|
1,175 | - | - | |||||||||
Certain litigation expenses
|
- | 22,000 | - | |||||||||
Total operating expenses
|
90,702 | 70,108 | 58,463 | |||||||||
INCOME (LOSS) FROM OPERATIONS
|
22,241 | (25,265 | ) | (6,508 | ) | |||||||
NON-OPERATING INCOME (EXPENSE):
|
||||||||||||
Interest income
|
10 | 6 | 142 | |||||||||
Interest expense
|
(46,739 | ) | (28,243 | ) | - | |||||||
Loss on extinguishment of debt
|
(6,686 | ) | - | - | ||||||||
Other, net
|
(122 | ) | 660 | 2,673 | ||||||||
Total non-operating (expense) income
|
(53,537 | ) | (27,577 | ) | 2,815 | |||||||
LOSS BEFORE INCOME TAXES
|
(31,296 | ) | (52,842 | ) | (3,693 | ) | ||||||
(BENEFIT) PROVISION FOR INCOME TAXES
|
(10,262 | ) | (20,221 | ) | 2,681 | |||||||
NET LOSS
|
$ | (21,034 | ) | $ | (32,621 | ) | $ | (6,374 | ) |
Quarter
Ended |
Quarter
Ended |
|||||||
NET LOSS
|
$ | (10,399 | ) | $ | (30,179 | ) | ||
OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||
Foreign currency translation adjustments
|
2,547 | (21,583 | ) | |||||
Cash flow hedges, net of tax
|
(101 | ) | (123 | ) | ||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
2,446 | (21,706 | ) | |||||
COMPREHENSIVE LOSS
|
$ | (7,953 | ) | $ | (51,885 | ) |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
through |
||||||||||
NET LOSS
|
$ | (21,034 | ) | $ | (32,621 | ) | $ | (6,374 | ) | |||
OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||||||
Foreign currency translation adjustments
|
6,042 | (21,417 | ) | (2,153 | ) | |||||||
Cash flow hedges, net of tax
|
(354 | ) | (475 | ) | - | |||||||
OTHER COMPREHENSIVE INCOME (LOSS)
|
5,688 | (21,892 | ) | (2,153 | ) | |||||||
COMPREHENSIVE LOSS
|
$ | (15,346 | ) | $ | (54,513 | ) | $ | (8,527 | ) |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
||||||||||
OPERATING ACTIVITIES:
|
||||||||||||
Net loss
|
$ | (21,034 | ) | $ | (32,621 | ) | $ | (6,374 | ) | |||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
34,893 | 19,333 | 4,321 | |||||||||
Non-cash interest expense
|
3,411 | 2,032 | - | |||||||||
Loss on disposition and retirement of fixed assets
|
1,358 | 110 | 135 | |||||||||
Loss on extinguishment of debt
|
6,686 | - | - | |||||||||
Provision for doubtful accounts
|
16 | 287 | 185 | |||||||||
Share-based compensation expense
|
856 | - | 16,233 | |||||||||
Deferred income taxes
|
(13,153 | ) | (14,009 | ) | (3,974 | ) | ||||||
Changes in operating assets and liabilities:
|
||||||||||||
Accounts receivable, trade
|
7,130 | (2,979 | ) | (3,938 | ) | |||||||
Income taxes
|
(115 | ) | (9,784 | ) | 3,317 | |||||||
Inventories
|
(9,226 | ) | 16,471 | (3,242 | ) | |||||||
Other assets
|
810 | 235 | 6,459 | |||||||||
Accounts payable
|
1,506 | 3,276 | (4,023 | ) | ||||||||
Deferred revenue
|
(278 | ) | (415 | ) | (920 | ) | ||||||
Accrued expenses and other liabilities
|
(4,310 | ) | 19,947 | 17,409 | ||||||||
Cash provided by operating activities
|
8,550 | 1,883 | 25,588 | |||||||||
INVESTING ACTIVITIES:
|
||||||||||||
Purchases of property and equipment
|
(4,028 | ) | (2,513 | ) | (2,265 | ) | ||||||
Acquisition of Immucor, Inc., net of cash
|
- | (1,939,387 | ) | - | ||||||||
Cash used in investing activities
|
(4,028 | ) | (1,941,900 | ) | (2,265 | ) | ||||||
FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from long-term debt
|
142,147 | 991,406 | - | |||||||||
Proceeds from capital contributions, net of costs
|
- | 706,233 | - | |||||||||
Payment of debt issuance costs
|
(2,528 | ) | (42,474 | ) | - | |||||||
Repayments of long-term debt
|
(145,002 | ) | - | - | ||||||||
Proceeds from revolving credit facility
|
24,000 | - | - | |||||||||
Repayments of revolving credit facility
|
(23,000 | ) | - | - | ||||||||
Repurchase of common stock
|
- | - | (458 | ) | ||||||||
Proceeds from exercise of stock options
|
- | - | 524 | |||||||||
Cash (used in) provided by financing activities
|
(4,383 | ) | 1,655,165 | 66 | ||||||||
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
|
296 | (1,236 | ) | (3,029 | ) | |||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
435 | (286,088 | ) | 20,360 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
18,578 | 322,963 | 302,603 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 19,013 | $ | 36,875 | $ | 322,963 | ||||||
SUPPLEMENTAL INFORMATION:
|
||||||||||||
Income taxes paid, net of refunds
|
$ | 2,548 | $ | 3,553 | $ | 3,414 | ||||||
Interest paid
|
44,608 | 11,629 | - | |||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||||||
Movement from inventory to property and equipment of instruments placed on rental agreements
|
6,340 | 4,996 | 1,618 | |||||||||
Exchange of debt instruments due to debt amendment
|
468,241 | - | - |
Sources:
|
||||
Proceeds from Term Loan
|
$ | 596,550 | ||
Proceeds from Notes
|
394,856 | |||
Proceeds from equity contributions
|
735,187 | |||
Company cash used in transaction
|
301,053 | |||
$ | 2,027,646 | |||
Uses:
|
||||
Equity purchase price
|
$ | 1,939,387 | ||
Transaction costs
|
88,259 | |||
$ | 2,027,646 |
Cash on hand
|
$ | 322,963 | ||
Accounts receivable
|
66,781 | |||
Inventories
|
60,000 | |||
Property and equipment
|
64,683 | |||
Intangible assets
|
779,860 | |||
Goodwill
|
972,295 | |||
Current liabilities
|
(53,429 | ) | ||
Deferred revenue obligation
|
(4,107 | ) | ||
Deferred tax assets and liabilities, net
|
(273,962 | ) | ||
Other assets and liabilities, net
|
4,303 | |||
Total purchase price allocation:
|
$ | 1,939,387 |
Intangible Asset
|
Fair Value
|
Useful Life
|
||||||
Customer relationships
|
$ | 455,000 | 20 | |||||
Existing technology and trade names
|
266,000 | 11 | ||||||
Corporate trade name
|
40,000 | 15 | ||||||
Below market leasehold interests
|
860 | 5 | ||||||
In-process research and development
|
18,000 | n/a | ||||||
$ | 779,860 |
Six Months Ended
|
||||||||
November 30, 2012
|
November 30, 2011
|
|||||||
(in thousands)
|
||||||||
Revenue
|
$ | 167,210 | $ | 169,335 | ||||
Net loss
|
$ | (21,034 | ) | $ | (38,114 | ) |
November 30, 2012
|
May 31, 2012
|
|||||||
Raw materials and supplies
|
$ | 11,115 | $ | 10,228 | ||||
Work in process
|
4,401 | 3,550 | ||||||
Finished goods
|
21,245 | 19,592 | ||||||
$ | 36,761 | $ | 33,370 |
November 30, 2012
|
May 31, 2012
|
|||||||
Land
|
$ | 313 | $ | 301 | ||||
Buildings and improvements
|
2,495 | 2,304 | ||||||
Leasehold improvements
|
12,389 | 11,994 | ||||||
Capital work-in-progress
|
3,830 | 4,545 | ||||||
Furniture and fixtures
|
2,099 | 1,966 | ||||||
Machinery, equipment, and instruments
|
63,717 | 55,271 | ||||||
84,843 | 76,381 | |||||||
Less accumulated depreciation
|
(20,355 | ) | (11,719 | ) | ||||
Property and equipment, net
|
$ | 64,488 | $ | 64,662 |
November 30, 2012
|
May 31, 2012
|
|||||||
Balance at beginning of period
|
$ | 966,338 | $ | - | ||||
Additions:
|
||||||||
Acquisition of Immucor, Inc.
|
- | 972,295 | ||||||
Foreign currency translation adjustment
|
2,183 | (5,957 | ) | |||||
Balance at end of period
|
$ | 968,521 | $ | 966,338 |
November 30, 2012
|
May 31, 2012
|
||||||||||||||||||||||||||
Weighted Average Life (yrs)
|
Cost
|
Accumulated Amortization
|
Net
|
Cost
|
Accumulated Amortization
|
Net
|
|||||||||||||||||||||
(in thousands)
|
(in thousands)
|
||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||
Customer relationships
|
20 | $ | 451,358 | $ | (29,150 | ) | $ | 422,208 | $ | 449,665 | $ | (17,799 | ) | $ | 431,866 | ||||||||||||
Existing technology / trade names
|
11 | 266,000 | (31,258 | ) | 234,742 | 266,000 | (19,076 | ) | 246,924 | ||||||||||||||||||
Corporate trade name
|
15 | 40,000 | (3,421 | ) | 36,579 | 40,000 | (2,088 | ) | 37,912 | ||||||||||||||||||
Below market leasehold interests
|
5 | 860 | (221 | ) | 639 | 860 | (135 | ) | 725 | ||||||||||||||||||
Deferred licensing costs
|
6 | 99 | (13 | ) | 86 | 99 | (4 | ) | 95 | ||||||||||||||||||
Total amortizable assets
|
758,317 | (64,063 | ) | 694,254 | 756,624 | (39,102 | ) | 717,522 | |||||||||||||||||||
Intangible assets not subject to amortization:
|
|||||||||||||||||||||||||||
In-process research and development
|
18,000 | - | 18,000 | 18,000 | - | 18,000 | |||||||||||||||||||||
Total non-amortizable assets
|
18,000 | - | 18,000 | 18,000 | - | 18,000 | |||||||||||||||||||||
Intangible assets, net
|
$ | 776,317 | $ | (64,063 | ) | $ | 712,254 | $ | 774,624 | $ | (39,102 | ) | $ | 735,522 |
Year Ending May 31:
|
||||
2013
|
$ | 49,754 | ||
2014
|
49,754 | |||
2015
|
49,754 | |||
2016
|
49,754 | |||
2017
|
49,463 |
November 30, 2012
|
May 31, 2012
|
|||||||
Balance at beginning of period
|
$ | 38,769 | $ | - | ||||
Debt issuance costs (See Note 9)
|
2,528 | 42,474 | ||||||
Loss on extinguishment of debt
|
(3,953 | ) | - | |||||
Amortization
|
(2,389 | ) | (3,705 | ) | ||||
Balance at end of period
|
$ | 34,955 | $ | 38,769 |
November 30, 2012
|
May 31, 2012
|
|||||||
Term Loan Facility, net of $13,082 and $16,821 debt discounts, respectively (1)
|
$ | 595,780 | $ | 595,104 | ||||
Revolving Facility
|
1,000 | - | ||||||
Notes, net of $4,602 and $4,821 debt discounts, respectively
|
395,398 | 395,179 | ||||||
992,178 | 990,283 | |||||||
Less current portion, net of discounts
|
(5,108 | ) | (3,922 | ) | ||||
Long-term debt, net of current portion
|
$ | 987,070 | $ | 986,361 |
•
|
a first-priority pledge of all of the Company’s capital stock directly held by Parent and a first-priority pledge of all of the capital stock directly held by the Company and Subsidiary Guarantors (which pledge, in the case of the capital stock of each (a) domestic subsidiary that is directly owned by the Company or by any Subsidiary Guarantor and that is a disregarded entity for United States federal income tax purposes and that has no material assets other than equity interests in one or more foreign subsidiaries that are controlled foreign corporations for United States federal income tax purposes or (b) foreign subsidiary, is limited to 65% of the stock of such subsidiary); and
|
•
|
a first-priority security interest in substantially all of the Parent’s, the Company’s and the Subsidiary Guarantor’s other tangible and intangible assets. Parent has no material operations or assets other than the capital stock of the Company.
|
Year Ending May 31:
|
||||
2013
|
$ | 4,052 | ||
2014
|
6,104 | |||
2015
|
6,104 | |||
2016
|
6,104 | |||
2017
|
6,104 | |||
Thereafter
|
981,394 | |||
$ | 1,009,862 |
Quarter
Ended |
Quarter
Ended |
|||||||
Notes, including OID amortization
|
$ | 11,236 | $ | 11,358 | ||||
Term loan facility, including OID amortization
|
9,325 | 11,791 | ||||||
Amortization of deferred financing costs
|
1,166 | 1,198 | ||||||
Interest rate swaps
|
257 | 220 | ||||||
Revolving credit facility interest and fees
|
265 | 203 | ||||||
Other interest
|
2 | 80 | ||||||
Interest expense
|
$ | 22,251 | $ | 24,850 |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
||||||||||
Notes, including OID amortization
|
$ | 22,469 | $ | 12,971 | $ | - | ||||||
Term loan facility, including OID amortization
|
20,900 | 13,462 | - | |||||||||
Amortization of deferred financing costs
|
2,389 | 1,335 | - | |||||||||
Interest rate swaps
|
525 | 220 | - | |||||||||
Revolving credit facility fees
|
452 | 175 | - | |||||||||
Other interest
|
4 | 80 | - | |||||||||
Interest expense
|
$ | 46,739 | $ | 28,243 | $ | - |
November 30, 2012
|
May 31, 2012
|
|||||||
Interest rate swaps (included in other liabilities)
|
$ | (2,563 | ) | $ | (2,198 | ) |
Successor
|
Predecessor
|
|||||||||||
Location of Loss Reclassified from Accumulated OCI into Income
|
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
|||||||||
Interest expense (effective)
|
$ | (518 | ) | $ | (220 | ) | $ | - | ||||
Interest expense (ineffective)
|
$ | (7 | ) | $ | - | $ | - |
|
•
|
Level 1—Quoted prices in active markets for identical assets or liabilities.
|
|
•
|
Level 2—Observable inputs, other than quoted prices included in Level 1, such as quoted prices for markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
|
•
|
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
Fair Value at Reporting Date Using | ||||||||||||||||
Description | November 30, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||
Derivatives
|
||||||||||||||||
Interest rate swaps (included in other liabilities)
|
$ | (2,563 | ) | $ | - | $ | (2,563 | ) | $ | - |
Fair Value at Reporting Date Using | ||||||||||||||||
Description | May 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||||
Derivatives
|
||||||||||||||||
Interest rate swaps (included in other liabilities)
|
$ | (2,198 | ) | $ | - | $ | (2,198 | ) | $ | - |
November 30, 2012
|
May 31, 2012
|
|||||||
Foreign currency translation adjustment
|
$ | (12,343 | ) | $ | (18,385 | ) | ||
Cash flow hedge, net of tax
|
(1,712 | ) | (1,358 | ) | ||||
Accumulated other comprehensive loss
|
$ | (14,055 | ) | $ | (19,743 | ) |
Risk-free interest rate (1)
|
0.24 | % | ||
Expected volatility (2)
|
50.00 | % | ||
Expected life (years) (3)
|
4.70 | |||
Expected dividend yield (4)
|
- |
1. | Based on the U.S. Constant Maturity Treasury (CMT) curve in effect at the time of award. | |||
2. | Expected stock price volatility is based on the average historical volatility of the Company when it was publicly traded and weekly stock returns of comparable companies during the period corresponding to the expected life of the options and stock appreciation rights. | |||
3. | Represents the period of time options are expected to remain outstanding. | |||
4. | The Company has not paid dividends on its common stock and does not expect to pay dividends on its common stock in the near future. |
Number of Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life (years)
|
Aggregate Intrinsic Value (1)
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Outstanding at May 31, 2012
|
139,779 | $ | 100.00 | |||||||||||||
Granted
|
5,000 | 100.00 | ||||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited
|
(1,200 | ) | 100.00 | |||||||||||||
Expired
|
(160 | ) | 100.00 | |||||||||||||
Outstanding at November 30, 2012
|
143,419 | $ | 100.00 | 9.1 | $ | - | ||||||||||
Exercisable at November 30, 2012
|
- | $ | - | - | $ | - |
|
(1)
|
The aggregate intrinsic value in the above table represents the total pre-tax amount that a participant would receive if the option had been exercised on the last day of the respective fiscal period. Options that are underwater are not included in the intrinsic value amount.
|
Number of Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life (years)
|
Aggregate Intrinsic Value (1)
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Outstanding at May 31, 2012
|
135,779 | $ | 100.00 | |||||||||||||
Granted
|
5,000 | $ | 100.00 | |||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited
|
(1,500 | ) | - | |||||||||||||
Expired
|
- | - | ||||||||||||||
Outstanding at November 30, 2012
|
139,279 | $ | 100.00 | 9.1 | $ | - | ||||||||||
Exercisable at November 30, 2012
|
- | $ | - | - | $ | - |
|
(1)
|
The aggregate intrinsic value in the above table represents the total pre-tax amount that a participant would receive if the option had been exercised on the last day of the respective fiscal period. Options that are underwater are not included in the intrinsic value amount.
|
Number of Shares
|
Weighted-Average Grant-Date Fair Value
|
|||||||
Nonvested stock outstanding at May 31, 2012
|
2,100 | $ | 78.64 | |||||
Granted
|
- | - | ||||||
Vested
|
- | - | ||||||
Forfeited
|
- | - | ||||||
Nonvested stock outstanding at November 30, 2012
|
2,100 | $ | 78.64 |
Number of Shares
|
Weighted-Average Grant-Date Fair Value
|
|||||||
Stock appreciation rights outstanding at May 31, 2012
|
87,000 | $ | 20.59 | |||||
Granted
|
29,700 | 20.59 | ||||||
Vested
|
- | - | ||||||
Forfeited
|
(6,600 | ) | 20.59 | |||||
Cancelled/Expired
|
(5,000 | ) | 20.59 | |||||
Stock appreciation rights outstanding at November 30, 2012
|
105,100 | $ | 20.59 |
Quarter
Ended |
Quarter
Ended |
|||||||
Share-based compensation
|
$ | 342 | $ | - | ||||
Tax benefit
|
(139 | ) | - | |||||
Share-based compensation, net
|
$ | 203 | $ | - |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
||||||||||
Share-based compensation
|
$ | 856 | $ | - | $ | 16,233 | ||||||
Tax benefit
|
(333 | ) | - | (5,682 | ) | |||||||
Share-based compensation, net
|
$ | 523 | $ | - | $ | 10,551 |
Quarter
Ended |
Quarter
Ended |
|||||||
Sales by product group
|
||||||||
Traditional reagents
|
$ | 45,996 | $ | 47,696 | ||||
Capture reagents
|
20,799 | 22,393 | ||||||
Instruments
|
13,567 | 11,458 | ||||||
Molecular immunohematology
|
1,694 | 1,488 | ||||||
Net sales
|
$ | 82,056 | $ | 83,035 |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
||||||||||
Sales by product group
|
||||||||||||
Traditional reagents
|
$ | 93,042 | $ | 53,991 | $ | 42,936 | ||||||
Capture reagents
|
45,112 | 25,648 | 21,239 | |||||||||
Instruments
|
25,777 | 13,077 | 9,457 | |||||||||
Molecular immunohematology
|
3,279 | 1,709 | 1,278 | |||||||||
Net sales
|
$ | 167,210 | $ | 94,425 | $ | 74,910 |
For the Quarter Ended November 30, 2012
|
||||||||||||||||||||
U.S.
|
Europe
|
Other
|
Elims
|
Consolidated
|
||||||||||||||||
Sales:
|
||||||||||||||||||||
Unaffiliated customers
|
$ | 56,069 | $ | 17,229 | $ | 8,758 | $ | - | $ | 82,056 | ||||||||||
Affiliates
|
6,847 | 4,317 | 79 | (11,243 | ) | - | ||||||||||||||
Net Sales
|
$ | 62,916 | $ | 21,546 | $ | 8,837 | $ | (11,243 | ) | $ | 82,056 | |||||||||
Income from operations
|
$ | 5,629 | $ | 2,158 | $ | 512 | $ | - | $ | 8,299 |
For the Quarter Ended November 30, 2011
|
||||||||||||||||||||
U.S.
|
Europe
|
Other
|
Elims
|
Consolidated
|
||||||||||||||||
Sales:
|
||||||||||||||||||||
Unaffiliated customers
|
$ | 56,465 | $ | 18,249 | $ | 8,321 | $ | - | $ | 83,035 | ||||||||||
Affiliates
|
4,052 | 3,790 | 124 | (7,966 | ) | - | ||||||||||||||
Net Sales
|
$ | 60,517 | $ | 22,039 | $ | 8,445 | $ | (7,966 | ) | $ | 83,035 | |||||||||
(Loss) income from operations
|
$ | (23,849 | ) | $ | (1,287 | ) | $ | 423 | $ | - | $ | (24,713 | ) |
For the Six Months Ended November 30, 2012
|
||||||||||||||||||||
U.S.
|
Europe
|
Other
|
Elims
|
Consolidated
|
||||||||||||||||
Sales:
|
||||||||||||||||||||
Unaffiliated customers
|
$ | 115,615 | $ | 33,561 | $ | 18,034 | $ | - | $ | 167,210 | ||||||||||
Affiliates
|
13,246 | 8,190 | 204 | (21,640 | ) | - | ||||||||||||||
Net Sales
|
$ | 128,861 | $ | 41,751 | $ | 18,238 | $ | (21,640 | ) | $ | 167,210 | |||||||||
Income (loss) from operations
|
$ | 15,594 | $ | 4,557 | $ | 2,090 | $ | - | $ | 22,241 |
Successor
|
||||||||||||||||||||
August 20, 2011 through November 30, 2011
|
||||||||||||||||||||
U.S.
|
Europe
|
Other
|
Elims
|
Consolidated
|
||||||||||||||||
Sales:
|
||||||||||||||||||||
Unaffiliated customers
|
$ | 63,995 | $ | 20,943 | $ | 9,487 | $ | - | $ | 94,425 | ||||||||||
Affiliates
|
4,426 | 4,300 | 124 | (8,850 | ) | - | ||||||||||||||
Net Sales
|
$ | 68,421 | $ | 25,243 | $ | 9,611 | $ | (8,850 | ) | $ | 94,425 | |||||||||
(Loss) income from operations
|
$ | (24,668 | ) | $ | (1,056 | ) | $ | 459 | $ | - | $ | (25,265 | ) |
Predecessor
|
||||||||||||||||||||
June 1, 2011 through August 19, 2011
|
||||||||||||||||||||
U.S.
|
Europe
|
Other
|
Elims
|
Consolidated
|
||||||||||||||||
Sales:
|
||||||||||||||||||||
Unaffiliated customers
|
$ | 52,364 | $ | 15,100 | $ | 7,446 | $ | - | $ | 74,910 | ||||||||||
Affiliates
|
3,679 | 3,992 | 110 | (7,781 | ) | - | ||||||||||||||
Net Sales
|
$ | 56,043 | $ | 19,092 | $ | 7,556 | $ | (7,781 | ) | $ | 74,910 | |||||||||
(Loss) income from operations
|
$ | (10,298 | ) | $ | 1,619 | $ | 2,171 | $ | - | $ | (6,508 | ) |
Quarter Ended
Ended |
Quarter Ended
Ended |
|||||||
United States
|
$ | 2,347 | $ | 1,593 | ||||
Europe
|
2,030 | 1,962 | ||||||
Other
|
812 | 574 | ||||||
Total net export sales
|
$ | 5,189 | $ | 4,129 |
Successor
|
Predecessor
|
|||||||||||
Six Months
Ended |
August 20, 2011
through |
June 1, 2011
through |
||||||||||
United States
|
$ | 5,888 | $ | 1,751 | $ | 1,417 | ||||||
Europe
|
3,492 | 2,181 | 964 | |||||||||
Other
|
1,640 | 633 | 526 | |||||||||
Total net export sales
|
$ | 11,020 | $ | 4,565 | $ | 2,907 |
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 1,146 | $ | - | $ | 17,960 | $ | (93 | ) | $ | 19,013 | |||||||||
Accounts receivable, net
|
26,836 | 605 | 33,290 | - | 60,731 | |||||||||||||||
Intercompany receivable
|
49,042 | 78 | 3,748 | (52,868 | ) | - | ||||||||||||||
Inventories
|
23,828 | 2,174 | 10,759 | - | 36,761 | |||||||||||||||
Deferred income tax assets, current portion
|
4,168 | 531 | 935 | - | 5,634 | |||||||||||||||
Prepaid expenses and other current assets
|
5,302 | 31,353 | 5,041 | (30,609 | ) | 11,087 | ||||||||||||||
Total current assets
|
110,322 | 34,741 | 71,733 | (83,570 | ) | 133,226 | ||||||||||||||
PROPERTY AND EQUIPMENT, Net
|
42,220 | 2,841 | 19,427 | - | 64,488 | |||||||||||||||
INVESTMENT IN SUBSIDIARIES
|
171,300 | - | 4 | (171,304 | ) | - | ||||||||||||||
GOODWILL
|
903,512 | 6,659 | 58,350 | - | 968,521 | |||||||||||||||
INTANGIBLE ASSETS, Net
|
658,559 | 10,330 | 43,365 | - | 712,254 | |||||||||||||||
DEFERRED FINANCING COSTS, Net
|
34,955 | - | - | - | 34,955 | |||||||||||||||
OTHER ASSETS
|
7,816 | 7,125 | 415 | (7,016 | ) | 8,340 | ||||||||||||||
Total assets
|
$ | 1,928,684 | $ | 61,696 | $ | 193,294 | $ | (261,890 | ) | $ | 1,921,784 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable
|
$ | 10,295 | $ | 1,271 | $ | 2,762 | $ | - | $ | 14,328 | ||||||||||
Intercompany payable
|
918 | 45,798 | 6,152 | (52,868 | ) | - | ||||||||||||||
Accrued expenses and other current liabilities
|
27,963 | 1,198 | 8,048 | (93 | ) | 37,116 | ||||||||||||||
Income taxes payable
|
30,724 | - | 3,647 | (30,609 | ) | 3,762 | ||||||||||||||
Deferred revenue, current portion
|
1,338 | 17 | 1,121 | - | 2,476 | |||||||||||||||
Current portion of long-term debt, net of debt discounts
|
5,108 | - | - | - | 5,108 | |||||||||||||||
Total current liabilities
|
76,346 | 48,284 | 21,730 | (83,570 | ) | 62,790 | ||||||||||||||
LONG-TERM DEBT, NET OF DEBT DISCOUNTS
|
987,070 | - | - | - | 987,070 | |||||||||||||||
DEFERRED REVENUE
|
312 | - | 23 | - | 335 | |||||||||||||||
DEFERRED INCOME TAX LIABILITIES
|
227,324 | - | 12,470 | (7,016 | ) | 232,778 | ||||||||||||||
OTHER LONG-TERM LIABILITIES
|
14,744 | - | 1,179 | - | 15,923 | |||||||||||||||
Total liabilities
|
1,305,796 | 48,284 | 35,402 | (90,586 | ) | 1,298,896 | ||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Total shareholders' equity
|
622,888 | 13,412 | 157,892 | (171,304 | ) | 622,888 | ||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,928,684 | $ | 61,696 | $ | 193,294 | $ | (261,890 | ) | $ | 1,921,784 |
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 |
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
NET SALES
|
$ | 61,454 | $ | 1,462 | $ | 30,383 | $ | (11,243 | ) | $ | 82,056 | |||||||||
COST OF SALES
(exclusive of amortization shown separately below)
|
20,036 | 1,034 | 17,339 | (11,243 | ) | 27,166 | ||||||||||||||
GROSS MARGIN
|
41,418 | 428 | 13,044 | - | 54,890 | |||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Research and development
|
3,075 | 1,462 | - | - | 4,537 | |||||||||||||||
Selling and marketing
|
6,744 | 477 | 5,720 | - | 12,941 | |||||||||||||||
Distribution
|
2,935 | 44 | 1,742 | - | 4,721 | |||||||||||||||
General and administrative
|
8,080 | 400 | 2,333 | - | 10,813 | |||||||||||||||
Amortization of intangibles
|
11,771 | 54 | 579 | - | 12,404 | |||||||||||||||
Loss on disposition of fixed assets
|
1,175 | - | - | - | 1,175 | |||||||||||||||
Total operating expenses
|
33,780 | 2,437 | 10,374 | - | 46,591 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
7,638 | (2,009 | ) | 2,670 | - | 8,299 | ||||||||||||||
NON-OPERATING INCOME (EXPENSE):
|
||||||||||||||||||||
Interest income
|
- | - | 28 | (21 | ) | 7 | ||||||||||||||
Interest expense
|
(22,267 | ) | - | (5 | ) | 21 | (22,251 | ) | ||||||||||||
Other, net
|
(157 | ) | - | (85 | ) | - | (242 | ) | ||||||||||||
Total non-operating income (expense)
|
(22,424 | ) | - | (62 | ) | - | (22,486 | ) | ||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES
|
(14,786 | ) | (2,009 | ) | 2,608 | - | (14,187 | ) | ||||||||||||
(BENEFIT) PROVISION FOR INCOME TAXES
|
(3,894 | ) | (853 | ) | 959 | - | (3,788 | ) | ||||||||||||
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
|
(10,892 | ) | (1,156 | ) | 1,649 | - | (10,399 | ) | ||||||||||||
Net Income (Loss) of consolidated subsidiaries
|
493 | - | - | (493 | ) | - | ||||||||||||||
NET (LOSS) INCOME
|
$ | (10,399 | ) | $ | (1,156 | ) | $ | 1,649 | $ | (493 | ) | $ | (10,399 | ) |
Successor
|
||||||||||||||||||||
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
NET SALES
|
$ | 59,202 | $ | 1,315 | $ | 30,484 | $ | (7,966 | ) | $ | 83,035 | |||||||||
COST OF SALES
(exclusive of amortization shown separately below)
|
27,826 | 1,370 | 21,196 | (7,966 | ) | 42,426 | ||||||||||||||
GROSS MARGIN
|
31,376 | (55 | ) | 9,288 | - | 40,609 | ||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Research and development
|
2,099 | 3,012 | 35 | - | 5,146 | |||||||||||||||
Selling and marketing
|
4,979 | 543 | 4,411 | - | 9,933 | |||||||||||||||
Distribution
|
2,756 | 37 | 1,783 | - | 4,575 | |||||||||||||||
General and administrative
|
7,847 | 596 | 2,762 | - | 11,205 | |||||||||||||||
Amortization of intangibles
|
11,251 | 50 | 1,161 | - | 12,463 | |||||||||||||||
Certain litigation expenses
|
22,000 | - | - | - | 22,000 | |||||||||||||||
Total operating expenses
|
50,932 | 4,238 | 10,152 | - | 65,322 | |||||||||||||||
LOSS FROM OPERATIONS
|
(19,556 | ) | (4,293 | ) | (864 | ) | - | (24,713 | ) | |||||||||||
NON-OPERATING INCOME (EXPENSE): | ||||||||||||||||||||
Interest income
|
- | - | 43 | (37 | ) | 6 | ||||||||||||||
Interest expense
|
(24,863 | ) | - | (24 | ) | 37 | (24,850 | ) | ||||||||||||
Other, net
|
605 | - | 66 | - | 671 | |||||||||||||||
Total non-operating income (expense)
|
(24,258 | ) | - | 85 | - | (24,173 | ) | |||||||||||||
LOSS BEFORE INCOME TAXES
|
(43,814 | ) | (4,293 | ) | (779 | ) | - | (48,886 | ) | |||||||||||
BENEFIT FOR INCOME TAXES
|
(16,850 | ) | (1,555 | ) | (302 | ) | - | (18,707 | ) | |||||||||||
LOSS BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
|
(26,964 | ) | (2,738 | ) | (477 | ) | - | (30,179 | ) | |||||||||||
Net (loss) income of consolidated subsidiaries
|
(3,215 | ) | - | - | 3,215 | - | ||||||||||||||
NET (LOSS) INCOME
|
$ | (30,179 | ) | $ | (2,738 | ) | $ | (477 | ) | $ | 3,215 | $ | (30,179 | ) |
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
NET SALES
|
$ | 125,958 | $ | 2,903 | $ | 59,989 | $ | (21,640 | ) | $ | 167,210 | |||||||||
COST OF SALES
(exclusive of amortization shown separately below)
|
40,063 | 1,951 | 33,893 | (21,640 | ) | 54,267 | ||||||||||||||
GROSS MARGIN
|
85,895 | 952 | 26,096 | - | 112,943 | |||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Research and development
|
6,283 | 3,105 | 34 | - | 9,422 | |||||||||||||||
Selling and marketing
|
13,702 | 938 | 10,522 | - | 25,162 | |||||||||||||||
Distribution
|
5,810 | 87 | 3,332 | - | 9,229 | |||||||||||||||
General and administrative
|
15,629 | 874 | 4,426 | - | 20,929 | |||||||||||||||
Amortization of intangibles
|
23,542 | 108 | 1,135 | - | 24,785 | |||||||||||||||
Loss on disposition of fixed assets
|
1,175 | - | - | - | 1,175 | |||||||||||||||
Certain litigation expenses
|
- | - | - | - | - | |||||||||||||||
Total operating expenses
|
66,141 | 5,112 | 19,449 | - | 90,702 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
19,754 | (4,160 | ) | 6,647 | - | 22,241 | ||||||||||||||
NON-OPERATING INCOME (EXPENSE):
|
||||||||||||||||||||
Interest income
|
- | - | 39 | (29 | ) | 10 | ||||||||||||||
Interest expense
|
(46,755 | ) | - | (13 | ) | 29 | (46,739 | ) | ||||||||||||
Loss on extinguishment of debt
|
(6,686 | ) | - | - | - | (6,686 | ) | |||||||||||||
Other, net
|
(180 | ) | - | 58 | - | (122 | ) | |||||||||||||
Total non-operating income (expense)
|
(53,621 | ) | - | 84 | - | (53,537 | ) | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES
|
(33,867 | ) | (4,160 | ) | 6,731 | - | (31,296 | ) | ||||||||||||
(BENEFIT) PROVISION FOR INCOME TAXES
|
(10,979 | ) | (1,565 | ) | 2,282 | - | (10,262 | ) | ||||||||||||
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
|
(22,888 | ) | (2,595 | ) | 4,449 | - | (21,034 | ) | ||||||||||||
Net Income (Loss) of consolidated subsidiaries
|
1,854 | - | - | (1,854 | ) | - | ||||||||||||||
NET (LOSS) INCOME
|
$ | (21,034 | ) | $ | (2,595 | ) | $ | 4,449 | $ | (1,854 | ) | $ | (21,034 | ) |
Successor
|
||||||||||||||||||||
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
NET SALES
|
$ | 66,921 | $ | 1,500 | $ | 34,854 | $ | (8,850 | ) | $ | 94,425 | |||||||||
COST OF SALES
(exclusive of amortization shown separately below)
|
32,659 | 1,596 | 24,177 | (8,850 | ) | 49,582 | ||||||||||||||
GROSS MARGIN
|
34,262 | (96 | ) | 10,677 | - | 44,843 | ||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Research and development
|
2,387 | 3,343 | 39 | - | 5,769 | |||||||||||||||
Selling and marketing
|
5,556 | 609 | 4,880 | - | 11,045 | |||||||||||||||
Distribution
|
3,156 | 41 | 2,028 | - | 5,225 | |||||||||||||||
General and administrative
|
8,302 | 653 | 3,004 | - | 11,959 | |||||||||||||||
Amortization of intangibles
|
12,731 | 56 | 1,323 | - | 14,110 | |||||||||||||||
Certain litigation expenses
|
22,000 | - | - | - | 22,000 | |||||||||||||||
Total operating expenses
|
54,132 | 4,702 | 11,274 | - | 70,108 | |||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
(19,870 | ) | (4,798 | ) | (597 | ) | - | (25,265 | ) | |||||||||||
NON-OPERATING INCOME (EXPENSE):
|
||||||||||||||||||||
Interest income
|
- | - | 54 | (48 | ) | 6 | ||||||||||||||
Interest expense
|
(28,263 | ) | - | (28 | ) | 48 | (28,243 | ) | ||||||||||||
Other, net
|
606 | - | 54 | 660 | ||||||||||||||||
Total non-operating income (expense)
|
(27,657 | ) | - | 80 | - | (27,577 | ) | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES
|
(47,527 | ) | (4,798 | ) | (517 | ) | - | (52,842 | ) | |||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES
|
(18,161 | ) | (1,732 | ) | (328 | ) | - | (20,221 | ) | |||||||||||
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES
|
(29,366 | ) | (3,066 | ) | (189 | ) | - | (32,621 | ) | |||||||||||
Net Income (Loss) of consolidated subsidiaries
|
(3,255 | ) | - | - | 3,255 | - | ||||||||||||||
NET INCOME (LOSS)
|
$ | (32,621 | ) | $ | (3,066 | ) | $ | (189 | ) | $ | 3,255 | $ | (32,621 | ) |
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 INCOME (EXPENSE):
|
||||||||||||||||||||
Interest income
|
46 | - | 117 | (21 | ) | 142 | ||||||||||||||
Interest expense
|
- | - | (21 | ) | 21 | - | ||||||||||||||
Other, net
|
(246 | ) | 14 | 2,905 | - | 2,673 | ||||||||||||||
Total non-operating income (expense)
|
(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.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
$ | (142 | ) | $ | 1,748 | $ | 6,852 | $ | 92 | $ | 8,550 | |||||||||
Net cash provided by (used in) investing activities
|
(2,422 | ) | (1,604 | ) | (2 | ) | $ | - | (4,028 | ) | ||||||||||
Net cash provided by financing activities
|
(4,383 | ) | - | - | $ | - | (4,383 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | - | - | 481 | $ | (185 | ) | 296 | |||||||||||||
Increase (decrease) in cash and cash equivalents
|
(6,947 | ) | 144 | 7,331 | (93 | ) | 435 | |||||||||||||
Cash and cash equivalents at beginning of period
|
8,093 | (144 | ) | 10,629 | - | 18,578 | ||||||||||||||
Cash and cash equivalents at end of period
|
$ | 1,146 | $ | - | $ | 17,960 | (93 | ) | $ | 19,013 |
Successor
|
||||||||||||||||||||
Immucor, Inc.
|
Guarantor
|
Non-Guarantors
|
Eliminations
|
Total
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
$ | (1,664 | ) | $ | 199 | $ | 13,581 | $ | (10,233 | ) | $ | 1,883 | ||||||||
Net cash used in investing activities
|
(1,941,000 | ) | (199 | ) | (701 | ) | - | (1,941,900 | ) | |||||||||||
Net cash provided by ( used in) financing activities
|
1,655,166 | - | (10,753 | ) | 10,752 | 1,655,165 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
- | - | (717 | ) | (519 | ) | (1,236 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents
|
(287,498 | ) | - | 1,410 | - | (286,088 | ) | |||||||||||||
Cash and cash equivalents at beginning of period
|
314,304 | (89 | ) | 8,748 | - | 322,963 | ||||||||||||||
Cash and cash equivalents at end of period
|
$ | 26,806 | $ | (89 | ) | $ | 10,158 | $ | - | $ | 36,875 |
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 |
|
•
|
the outcome of the administrative action received from the Food and Drug Administration;
|
|
•
|
the failure of customers to efficiently integrate our instruments into their blood banking operations;
|
|
•
|
increased competition;
|
|
•
|
product development and regulatory obstacles;
|
|
•
|
the inability to hire and retain, and the unexpected loss of, key managers;
|
|
•
|
the outcome of any legal claims or regulatory investigations;
|
|
•
|
general economic conditions; and
|
|
•
|
other factors discussed in this report, particularly in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings”.
|
Quarter
Ended |
Quarter
Ended |
Change
|
||||||||||||||
November 30, 2012
|
November 30, 2011
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Net sales
|
$ | 82,056 | $ | 83,035 | $ | (979 | ) | -1 | % | |||||||
Gross margin
|
54,890 | 40,609 | 14,281 | 35 | % | |||||||||||
Gross margin percentage
|
66.9 | % | 48.9 | % | ||||||||||||
Operating expenses
|
46,591 | 65,322 | (18,731 | ) | -29 | % | ||||||||||
Income (loss) from operations
|
8,299 | (24,713 | ) | 33,012 | -134 | % | ||||||||||
Non-operating expense
|
(22,486 | ) | (24,173 | ) | 1,687 | -7 | % | |||||||||
Loss before income tax
|
(14,187 | ) | (48,886 | ) | 34,699 | -71 | % | |||||||||
Benefit for income tax
|
(3,788 | ) | (18,707 | ) | 14,919 | -80 | % | |||||||||
Net loss
|
$ | (10,399 | ) | $ | (30,179 | ) | $ | 19,780 | -66 | % |
Successor
|
Predecessor
|
|||||||||||||||||||
Six Months
Ended |
August 20, 2011
Through |
June 1, 2011
Through |
Change
|
|||||||||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
Amount
|
%
|
||||||||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||||||||||
Net sales
|
$ | 167,210 | $ | 94,425 | $ | 74,910 | $ | (2,125 | ) | -1 | % | |||||||||
Gross margin
|
112,943 | 44,843 | 51,955 | 16,145 | 17 | % | ||||||||||||||
Gross margin percentage
|
67.5 | % | 47.5 | % | 69.4 | % | ||||||||||||||
Operating expenses
|
90,702 | 70,108 | 58,463 | (37,869 | ) | -29 | % | |||||||||||||
Income (loss) from operations
|
22,241 | (25,265 | ) | (6,508 | ) | 54,014 | -170 | % | ||||||||||||
Non-operating (expense) income
|
(53,537 | ) | (27,577 | ) | 2,815 | (28,775 | ) | 116 | % | |||||||||||
Loss before income tax
|
(31,296 | ) | (52,842 | ) | (3,693 | ) | 25,239 | -45 | % | |||||||||||
(Benefit) provision for income tax
|
(10,262 | ) | (20,221 | ) | 2,681 | 7,278 | -41 | % | ||||||||||||
Net loss
|
$ | (21,034 | ) | $ | (32,621 | ) | $ | (6,374 | ) | $ | 17,961 | -46 | % |
Quarter
|
Quarter
|
|||||||||||||||
Ended
|
Ended
|
Change
|
||||||||||||||
November 30, 2012
|
November 30, 2011
|
Amount
|
%
|
|||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Traditional reagents
|
$ | 45,996 | $ | 47,696 | $ | (1,700 | ) | -4 | % | |||||||
Capture reagents
|
20,799 | 22,393 | (1,594 | ) | -7 | % | ||||||||||
Instruments
|
13,567 | 11,458 | 2,109 | 18 | % | |||||||||||
Molecular immunohematology
|
1,694 | 1,488 | 206 | 14 | % | |||||||||||
$ | 82,056 | $ | 83,035 | $ | (979 | ) | -1 | % |
Successor
|
Predecessor
|
|||||||||||||||||||
Six Months
|
August 20, 2011
|
June 1, 2011
|
||||||||||||||||||
Ended
|
Through
|
Through
|
Change
|
|||||||||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
Amount
|
%
|
||||||||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||||||||||
Traditional reagents
|
$ | 93,042 | $ | 53,991 | $ | 42,936 | $ | (3,885 | ) | -4 | % | |||||||||
Capture reagents
|
45,112 | 25,648 | 21,239 | (1,775 | ) | -4 | % | |||||||||||||
Instruments
|
25,777 | 13,077 | 9,457 | 3,243 | 14 | % | ||||||||||||||
Molecular immunohematology
|
3,279 | 1,709 | 1,278 | 292 | 10 | % | ||||||||||||||
$ | 167,210 | $ | 94,425 | $ | 74,910 | $ | (2,125 | ) | -1 | % |
Quarter
|
Quarter
|
|||||||||||||||
Ended
|
Ended
|
Change
|
||||||||||||||
November 30, 2012
|
November 30, 2011
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Research and development
|
$ | 4,537 | $ | 5,146 | $ | (609 | ) | -12 | % | |||||||
Selling and marketing
|
12,941 | 9,933 | 3,008 | 30 | % | |||||||||||
Distribution
|
4,721 | 4,576 | 145 | 3 | % | |||||||||||
General and administrative
|
10,813 | 11,205 | (392 | ) | -3 | % | ||||||||||
Amortization expense
|
12,404 | 12,462 | (58 | ) | 0 | % | ||||||||||
Loss on disposition and retirement of fixed assets
|
1,175 | - | 1,175 | 100 | % | |||||||||||
Certain litigation expenses
|
- | 22,000 | (22,000 | ) | -100 | % | ||||||||||
Total operating expenses
|
$ | 46,591 | $ | 65,322 | $ | (18,731 | ) | -29 | % |
Successor
|
Predecessor
|
|||||||||||||||||||
Six Months
|
August 20, 2011
|
June 1, 2011
|
||||||||||||||||||
Ended
|
Through
|
Through
|
Change
|
|||||||||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
Amount
|
%
|
||||||||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||||||||||
Research and development
|
$ | 9,422 | $ | 5,769 | $ | 4,895 | $ | (1,242 | ) | -12 | % | |||||||||
Selling and marketing
|
25,162 | 11,045 | 10,510 | 3,607 | 17 | % | ||||||||||||||
Distribution
|
9,229 | 5,225 | 3,952 | 52 | 1 | % | ||||||||||||||
General and administrative
|
20,929 | 11,959 | 38,175 | (29,205 | ) | -58 | % | |||||||||||||
Amortization expense
|
24,785 | 14,110 | 931 | 9,744 | 65 | % | ||||||||||||||
Loss on disposition and retirement of fixed assets
|
1,175 | - | - | 1,175 | 100 | % | ||||||||||||||
Certain litigation expenses
|
- | 22,000 | - | (22,000 | ) | -100 | % | |||||||||||||
Total operating expenses
|
$ | 90,702 | $ | 70,108 | $ | 58,463 | $ | (37,869 | ) | -29 | % |
Quarter
|
Quarter
|
|||||||||||||||
Ended
|
Ended
|
Change
|
||||||||||||||
November 30, 2012
|
November 30, 2011
|
Amount
|
%
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Non-operating expense
|
$ | (22,486 | ) | $ | (24,173 | ) | $ | 1,687 | -7 | % |
Successor | Predecessor | |||||||||||||||||||
Six Months
|
August 20, 2011
|
June 1, 2011
|
||||||||||||||||||
Ended
|
Through
|
Through
|
Change
|
|||||||||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
Amount
|
%
|
||||||||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||||||||||
Non-operating (expense) income
|
$ | (53,537 | ) | $ | (27,577 | ) | $ | 2,815 | $ | (28,775 | ) | 116 | % |
Successor
|
Predecessor
|
|||||||||||
Six Months
|
August 20, 2011
|
June 1, 2011
|
||||||||||
Ended
|
Through
|
Through
|
||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
||||||||||
(in thousands)
|
(in thousands)
|
(in thousands)
|
||||||||||
Net cash provided by operating activities
|
$ | 8,550 | $ | 1,883 | $ | 25,588 | ||||||
Net cash used in investing activities
|
(4,028 | ) | (1,941,900 | ) | (2,265 | ) | ||||||
Net cash (used in) provided by financing activities
|
(4,383 | ) | 1,655,165 | 66 | ||||||||
Effect of exchange rate changes on cash and cash equivalents
|
296 | (1,236 | ) | (3,029 | ) | |||||||
Increase (decrease) in cash and cash equivalents
|
$ | 435 | $ | (286,088 | ) | $ | 20,360 |
Contractual Obligations
|
Payments Due by Period
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Total
|
Less than 1 year
|
1-3 years
|
4 - 5 years
|
After 5 years
|
||||||||||||||||
Operating leases
|
$ | 13,622 | $ | 2,373 | $ | 6,678 | $ | 3,783 | $ | 788 | ||||||||||
Purchase obligations
|
22,761 | 22,650 | 111 | - | - | |||||||||||||||
Senior Credit Facility (1) (2)
|
609,862 | 4,052 | 12,208 | 12,208 | 581,394 | |||||||||||||||
Notes (2)
|
400,000 | - | - | - | 400,000 | |||||||||||||||
Interest (3)
|
519,969 | 81,476 | 161,463 | 158,663 | 118,367 | |||||||||||||||
Total contractual cash obligations
|
$ | 1,566,214 | $ | 110,551 | $ | 180,460 | $ | 174,654 | $ | 1,100,549 |
(1)
|
The Senior Credit Facility is comprised of the Term Loan Facility of $608.9 million and the Revolving Facility of $1.0 million at November 30, 2012.
|
(2)
|
Amounts shown do not include interest.
|
(3)
|
Interest on the Term Loan is computed based on the scheduled loan balance multiplied by the minimum rate currently required for a LIBOR loan under the loan agreement. Interest on the Notes is computed using the stated interest rate. Interest on the Revolving Facility is computed using a base rate and a LIBOR rate and is subject to a step down. Interest on each interest rate swap is computed as the notional amount multiplied by the difference between the strike price and the floor.
|
Quarter Ended
|
Quarter Ended
|
|||||||
November 30, 2012
|
November 30, 2011
|
|||||||
Net loss
|
$ | (10,399 | ) | $ | (30,179 | ) | ||
Interest expense (income), net
|
22,244 | 24,844 | ||||||
Income tax expense (benefit)
|
(3,788 | ) | (18,707 | ) | ||||
Depreciation and amortization*
|
17,107 | 16,497 | ||||||
EBITDA
|
$ | 25,164 | $ | (7,545 | ) | |||
Adjustments to EBITDA:
|
||||||||
Stock-based compensation (i)
|
342 | - | ||||||
Transaction costs and transaction related fees (ii)
|
- | 1,321 | ||||||
Specified legal fees (iii)
|
10 | 694 | ||||||
Sponsor fee (iv)
|
940 | 750 | ||||||
Non-cash impact of purchase accounting (v)
|
1,315 | 19,941 | ||||||
Loss on extinguishment of debt (vi)
|
- | - | ||||||
Certain non-recurring expenses and other (vi)
|
6,856 | 22,663 | ||||||
Adjusted EBITDA
|
$ | 34,627 | $ | 37,824 |
Successor
|
Predecessor
|
|||||||||||
Six Months
|
August 20, 2011
|
June1, 2011
|
||||||||||
Ended
|
Through
|
Through
|
||||||||||
November 30, 2012
|
November 30, 2011
|
August 19, 2011
|
||||||||||
Net loss
|
$ | (21,034 | ) | $ | (32,621 | ) | $ | (6,374 | ) | |||
Interest expense (income), net
|
46,729 | 28,237 | (142 | ) | ||||||||
Income tax expense (benefit)
|
(10,262 | ) | (20,221 | ) | 2,681 | |||||||
Depreciation and amortization*
|
33,885 | 18,592 | 4,264 | |||||||||
EBITDA
|
$ | 49,318 | $ | (6,013 | ) | $ | 429 | |||||
Adjustments to EBITDA:
|
||||||||||||
Stock-based compensation (i)
|
856 | - | 16,233 | |||||||||
Transaction costs and transaction related fees (ii)
|
- | 1,321 | 18,863 | |||||||||
Specified legal fees (iii)
|
68 | 1,004 | - | |||||||||
Sponsor fee (iv)
|
2,072 | 856 | - | |||||||||
Non-cash impact of purchase accounting (v)
|
2,725 | 22,465 | - | |||||||||
Loss on extinguishment of debt (vi)
|
6,686 | - | - | |||||||||
Certain non-recurring expenses and other (vi)
|
9,600 | 19,120 | 2,444 | |||||||||
Adjusted EBITDA
|
$ | 71,325 | $ | 38,753 | $ | 37,969 |
i.
|
Represents non-cash stock-based compensation.
|
ii.
|
Related to legal, accounting and other costs related to the Acquisition.
|
iii.
|
Represents certain litigation-related professional expenses.
|
iv.
|
Represents management fees and other charges associated with a management services agreement with TPG Capital.
|
v.
|
Represents non-cash expenses incurred as a result of purchase accounting related to the Acquisition.
|
vi.
|
Represents non-recurring items not included in captions above.
|
•
|
Adjusted EBITDA does not reflect all cash expenditures, future requirements for capital expenditures or contractual commitments;
|
•
|
Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;
|
•
|
Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and
|
•
|
Adjusted EBITDA can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments, limiting its usefulness as a comparative measure.
|
101.INS
|
XBRL Instance Document *
|
101.SCH
|
XBRL Taxonomy Extension Schema *
|
101.CAL
|
XBRL Taxonomy Extension Calculation *
|
101.DEF
|
XBRL Taxonomy Extension Definition *
|
101.LAB
|
XBRL Taxonomy Extension Label *
|
101.PRE
|
XBRL Taxonomy Extension Presentation *
|
IMMUCOR, INC. | |||||
(Registrant) | |||||
Date: | January 14, 2013 | By: | /s/ William A. Hawkins | ||
William A. Hawkins, Chief Executive Officer | |||||
(on behalf of Registrant and as Principal Executive Officer) | |||||
|
|||||
Date: | January 14, 2013 | By: |
/s/ Dominique Petitgenet
|
||
Dominique Petitgenet, Chief Financial Officer
|
|||||
(Principal Financial and Accounting Officer)
|
10.1
|
Amendment No. 1 to Amended and Restated Credit Agreement, dated as of August 21, 2012, by and among Immucor, Inc., IVD Intermediate Holdings B Inc., the Subsidiary Guarantor party thereto, CitiBank, N.A., as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K filed on August 24, 2012).
|
31.1 | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a). |
31.2 | Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a). |
32.1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS
|
XBRL Instance Document *
|
101.SCH
|
XBRL Taxonomy Extension Schema *
|
101.CAL
|
XBRL Taxonomy Extension Calculation *
|
101.DEF
|
XBRL Taxonomy Extension Definition *
|
101.LAB
|
XBRL Taxonomy Extension Label *
|
101.PRE
|
XBRL Taxonomy Extension Presentation *
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Immucor, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Immucor, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-l5(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
January 14, 2013 | /s/ William A. Hawkins |
William A. Hawkins | |
Chief Executive Officer |
January 14, 2013 | /s/ Dominique Petitgenet |
Dominique Petitgenet | |
Chief Financial Officer |
Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiary (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Cash Flow Information [Table Text Block] |
|
Note 9 - Long-Term Debt (Detail) (USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2012
|
May 31, 2012
|
Aug. 19, 2011
|
Nov. 30, 2012
Base Rate Borrowings [Member]
Term Loan [Member]
|
Nov. 30, 2012
Base Rate Borrowings [Member]
Federal Funds Effective Rate [Member]
|
Nov. 30, 2012
Base Rate Borrowings [Member]
Revolving Facility [Member]
|
Nov. 30, 2012
LIBOR Rate [Member]
Minimum [Member]
|
Nov. 30, 2012
LIBOR Rate [Member]
Term Loan [Member]
|
Nov. 30, 2012
LIBOR Rate [Member]
Revolving Facility [Member]
|
Nov. 30, 2012
LIBOR Rate [Member]
|
Aug. 19, 2011
Minimum [Member]
|
Nov. 30, 2012
Term Loan [Member]
|
Aug. 20, 2012
Term Loan [Member]
|
May 31, 2012
Term Loan [Member]
|
Nov. 30, 2012
Term B-1 Loans [Member]
|
Aug. 21, 2012
Term B-1 Loans [Member]
|
Aug. 19, 2012
Federal Funds Effective Rate [Member]
|
Aug. 19, 2011
LIBOR Rate [Member]
|
Nov. 30, 2012
Revolving Facility [Member]
|
Aug. 19, 2011
Notes Payable, Other Payables [Member]
|
|
Gains (Losses) on Extinguishment of Debt (in Dollars) | $ (6,686,000) | $ 2,733 | $ 6,700,000 | |||||||||||||||||
Secured Long-term Debt, Noncurrent (in Dollars) | 615,000,000 | 610,400,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 100,000,000 | |||||||||||||||||||
Letters of Credit Outstanding, Amount (in Dollars) | 25,000,000 | |||||||||||||||||||
Deferred Finance Costs, Current, Net (in Dollars) | 4,000,000 | |||||||||||||||||||
Debt Instrument, Unamortized Discount (in Dollars) | 13,082,000 | 16,821,000 | 2,700,000 | |||||||||||||||||
Debt Issuance Cost (in Dollars) | 2,500,000 | |||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 150,000,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.125% | 1.50% | 0.25% | 7.25% | ||||||||||||||||
Debt Instrument, Periodic Payment (in Dollars) | 1,500,000 | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | 5.75% | 5.75% | 0.50% | 1.00% | |||||||||||||||
Line of Credit Facility, Interest Rate at Period End | 5.75% | 1.25% | ||||||||||||||||||
Line of Credit Facility, Interest Rate Description | 3.50% | 3.50% | 4.50% | 4.50% | ||||||||||||||||
Interest Rate Step Down | 0.25% | |||||||||||||||||||
Line of Credit Facility, Amount Outstanding (in Dollars) | 1,000,000 | 0 | 1,000,000 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 6.75% | |||||||||||||||||||
Line of Credit Facility, Covenant Terms | 65% | |||||||||||||||||||
Debt Instrument, Face Amount (in Dollars) | $ 400,000,000 |
Note 5 - Property And Equipment (Detail) - Property and Equipment (USD $)
In Thousands, unless otherwise specified |
Nov. 30, 2012
|
May 31, 2012
|
---|---|---|
Land | $ 313 | $ 301 |
Buildings and improvements | 2,495 | 2,304 |
Leasehold improvements | 12,389 | 11,994 |
Capital work-in-progress | 3,830 | 4,545 |
Furniture and fixtures | 2,099 | 1,966 |
Machinery, equipment, and instruments | 63,717 | 55,271 |
84,843 | 76,381 | |
Less accumulated depreciation | (20,355) | (11,719) |
Property and equipment, net | $ 64,488 | $ 64,662 |
Note 14 - Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
Effective Income Tax Rate, Continuing Operations | (72.60%) | 38.30% | 32.80% |
Deferred Tax Liabilities, Intangible Assets (in Dollars) | $ 291.9 | ||
Deferred Tax Assets, Net (in Dollars) | $ (227.1) |
Note 9 - Long-Term Debt (Detail) - Long Term Debt (USD $)
In Thousands, unless otherwise specified |
Nov. 30, 2012
|
May 31, 2012
|
||||
---|---|---|---|---|---|---|
Term Loan Facility, net of $13,082 and $16,821 debt discounts, respectively (1) | $ 595,780 | [1] | $ 595,104 | [1] | ||
Revolving Facility | 1,000 | 0 | ||||
Notes, net of $4,602 and $4,821 debt discounts, respectively | 395,398 | 395,179 | ||||
992,178 | 990,283 | |||||
Less current portion, net of discounts | (5,108) | (3,922) | ||||
Long-term debt, net of current portion | $ 987,070 | $ 986,361 | ||||
|
Note 4 - Inventories (Detail) - Inventory (USD $)
In Thousands, unless otherwise specified |
Nov. 30, 2012
|
May 31, 2012
|
---|---|---|
Raw materials and supplies | $ 11,115 | $ 10,228 |
Work in process | 4,401 | 3,550 |
Finished goods | 21,245 | 19,592 |
$ 36,761 | $ 33,370 |
Note 9 - Long-Term Debt (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense [Table Text Block] |
|
Note 15 - Segment and Geographic Information (Detail) - Net Export Sales to Unaffiliated Customers (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Nov. 30, 2012
|
Nov. 30, 2011
|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
Net export sales | $ 5,189 | $ 4,129 | $ 2,907 | $ 4,565 | $ 11,020 |
United States [Member]
|
|||||
Net export sales | 2,347 | 1,593 | 1,417 | 1,751 | 5,888 |
Europe [Member]
|
|||||
Net export sales | 2,030 | 1,962 | 964 | 2,181 | 3,492 |
Other Geographic Area [Member]
|
|||||
Net export sales | $ 812 | $ 574 | $ 526 | $ 633 | $ 1,640 |
Note 9 - Long-Term Debt (Detail) - Maturities of Long-Term Debt (USD $)
In Thousands, unless otherwise specified |
Nov. 30, 2012
|
---|---|
2013 | $ 4,052 |
2014 | 6,104 |
2015 | 6,104 |
2016 | 6,104 |
2017 | 6,104 |
Thereafter | 981,394 |
$ 1,009,862 |
Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiary (Detail) - Condensed Consolidating Cash Flow Information (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
May 31, 2012
|
May 31, 2011
|
|
Net cash provided by (used in) operating activities | $ 25,588 | $ 1,883 | $ 8,550 | ||
Net cash used in investing activities | (2,265) | (1,941,900) | (4,028) | ||
Net cash provided by ( used in) financing activities | 66 | 1,655,165 | (4,383) | ||
Effect of exchange rate changes on cash and cash equivalents | (3,029) | (1,236) | 296 | ||
Increase (decrease) in cash and cash equivalents | 20,360 | (286,088) | 435 | ||
Cash and cash equivalents | 322,963 | 36,875 | 19,013 | 18,578 | 302,603 |
Immucor Inc [Member] | Beginning Balance [Member]
|
|||||
Cash and cash equivalents | 250,386 | 314,304 | 8,093 | ||
Immucor Inc [Member] | Ending Balance [Member]
|
|||||
Cash and cash equivalents | 314,304 | 26,806 | 1,146 | ||
Immucor Inc [Member]
|
|||||
Net cash provided by (used in) operating activities | 64,243 | (1,664) | (142) | ||
Net cash used in investing activities | (393) | (1,941,000) | (2,422) | ||
Net cash provided by ( used in) financing activities | 68 | 1,655,166 | (4,383) | ||
Increase (decrease) in cash and cash equivalents | 63,918 | (287,498) | (6,947) | ||
Cash and cash equivalents | 1,146 | 8,093 | |||
Guarantor [Member] | Beginning Balance [Member]
|
|||||
Cash and cash equivalents | (80) | (89) | (144) | ||
Guarantor [Member] | Ending Balance [Member]
|
|||||
Cash and cash equivalents | (89) | (89) | |||
Guarantor [Member]
|
|||||
Net cash provided by (used in) operating activities | 144 | 199 | 1,748 | ||
Net cash used in investing activities | (153) | (199) | (1,604) | ||
Increase (decrease) in cash and cash equivalents | (9) | 144 | |||
Non-Guarantors [Member] | Beginning Balance [Member]
|
|||||
Cash and cash equivalents | 52,297 | 8,748 | 10,629 | ||
Non-Guarantors [Member] | Ending Balance [Member]
|
|||||
Cash and cash equivalents | 8,748 | 10,158 | 17,960 | ||
Non-Guarantors [Member]
|
|||||
Net cash provided by (used in) operating activities | (13,821) | 13,581 | 6,852 | ||
Net cash used in investing activities | (1,719) | (701) | (2) | ||
Net cash provided by ( used in) financing activities | (25,085) | (10,753) | |||
Effect of exchange rate changes on cash and cash equivalents | (2,924) | (717) | 481 | ||
Increase (decrease) in cash and cash equivalents | (43,549) | 1,410 | 7,331 | ||
Cash and cash equivalents | 17,960 | 10,629 | |||
Intersegment Elimination [Member] | Ending Balance [Member]
|
|||||
Cash and cash equivalents | (93) | ||||
Intersegment Elimination [Member]
|
|||||
Net cash provided by (used in) operating activities | (24,978) | (10,233) | 92 | ||
Net cash provided by ( used in) financing activities | 25,083 | 10,752 | |||
Effect of exchange rate changes on cash and cash equivalents | (105) | (519) | (185) | ||
Increase (decrease) in cash and cash equivalents | (93) | ||||
Cash and cash equivalents | (93) | (144) | |||
Total [Member] | Beginning Balance [Member]
|
|||||
Cash and cash equivalents | 302,603 | 322,963 | 18,578 | ||
Total [Member] | Ending Balance [Member]
|
|||||
Cash and cash equivalents | 322,963 | 36,875 | 19,013 | ||
Total [Member]
|
|||||
Net cash provided by (used in) operating activities | 25,588 | 1,883 | 8,550 | ||
Net cash used in investing activities | (2,265) | (1,941,900) | (4,028) | ||
Net cash provided by ( used in) financing activities | 66 | 1,655,165 | (4,383) | ||
Effect of exchange rate changes on cash and cash equivalents | (3,029) | (1,236) | 296 | ||
Increase (decrease) in cash and cash equivalents | 20,360 | (286,088) | 435 | ||
Cash and cash equivalents | $ 19,013 | $ 18,578 |
Note 19 - Subsequent Event (Detail) (USD $)
|
Jan. 03, 2013
|
Aug. 19, 2011
|
---|---|---|
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 85,000,000 | $ 301,053,000 |
Business Acquisition, Contingent Consideration, at Fair Value | $ 10,000,000 |
Note 15 - Segment and Geographic Information (Detail) - Sales by Product Group (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Nov. 30, 2012
|
Nov. 30, 2011
|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
Sales by product group | |||||
Sales by product group | $ 82,056 | $ 83,035 | $ 74,910 | $ 94,425 | $ 167,210 |
Traditional Reagents [Member]
|
|||||
Sales by product group | |||||
Sales by product group | 45,996 | 47,696 | 42,936 | 53,991 | 93,042 |
Capture Reagents [Member]
|
|||||
Sales by product group | |||||
Sales by product group | 20,799 | 22,393 | 21,239 | 25,648 | 45,112 |
Instruments [Member]
|
|||||
Sales by product group | |||||
Sales by product group | 13,567 | 11,458 | 9,457 | 13,077 | 25,777 |
Molecular Immunohematology [Member]
|
|||||
Sales by product group | |||||
Sales by product group | $ 1,694 | $ 1,488 | $ 1,278 | $ 1,709 | $ 3,279 |
Note 19 - Subsequent Event
|
6 Months Ended |
---|---|
Nov. 30, 2012
|
|
Subsequent Events [Text Block] |
19.
SUBSEQUENT
EVENT
On
January 3, 2013, the Company entered into a definitive
agreement to acquire the LIFECODES business, which includes
a leading position in transplantation diagnostics, from
Gen-Probe Incorporated, a subsidiary of Hologic,
Inc. Under the terms of the agreement, the
Company will purchase the LIFECODES business for $85
million in cash, plus a possible earn-out totaling $10
million in cash if the business achieves certain financial
targets in calendar 2013. The transaction is
subject to the satisfaction of customary closing
conditions, including applicable regulatory approvals, and
is expected to close in the first calendar quarter of
2013.
|
Note 7 - Intangible Assets (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | ||
---|---|---|---|---|---|
Nov. 30, 2011
|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
Nov. 30, 2012
Successor [Member]
|
|
Amortization of Intangible Assets | $ 12.5 | $ 0.9 | $ 14.1 | $ 24.8 | $ 12.4 |
Note 2 - Acquisition (Detail) - Preliminary Purchase Price Allocation (USD $)
In Thousands, unless otherwise specified |
Aug. 19, 2011
|
---|---|
Cash on hand | $ 322,963 |
Accounts receivable | 66,781 |
Inventories | 60,000 |
Property and equipment | 64,683 |
Intangible assets | 779,860 |
Goodwill | 972,295 |
Current liabilities | (53,429) |
Deferred revenue obligation | (4,107) |
Deferred tax assets and liabilities, net | (273,962) |
Other assets and liabilities, net | 4,303 |
Total purchase price allocation: | $ 1,939,387 |
Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiary (Detail) - Condensed Consolidating Statements of Operations (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Nov. 30, 2012
|
Nov. 30, 2011
|
Aug. 19, 2011
|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
NET SALES | $ 82,056,000 | $ 83,035,000 | $ 74,910,000 | $ 94,425,000 | $ 167,210,000 |
COST OF SALES (exclusive of amortization shown separately below) | 27,166,000 | 42,426,000 | 22,955,000 | 49,582,000 | 54,267,000 |
GROSS MARGIN | 54,890,000 | 40,609,000 | 51,955,000 | 44,843,000 | 112,943,000 |
OPERATING EXPENSES: | |||||
Research and development | 4,537,000 | 5,146,000 | 4,895,000 | 5,769,000 | 9,422,000 |
Selling and marketing | 12,941,000 | 9,933,000 | 10,510,000 | 11,045,000 | 25,162,000 |
Distribution | 4,721,000 | 4,576,000 | 3,952,000 | 5,225,000 | 9,229,000 |
General and administrative | 10,813,000 | 11,205,000 | 38,175,000 | 11,959,000 | 20,929,000 |
Amortization of intangibles | 12,404,000 | 12,462,000 | 931,000 | 14,110,000 | 24,785,000 |
Certain litigation expenses | 22,000,000 | 22,000,000 | |||
Loss on disposition of fixed assets | (1,175,000) | (1,175,000) | |||
Total operating expenses | 46,591,000 | 65,322,000 | 58,463,000 | 70,108,000 | 90,702,000 |
INCOME (LOSS) FROM OPERATIONS | 8,299,000 | (24,713,000) | (6,508,000) | (25,265,000) | 22,241,000 |
NON-OPERATING INCOME (EXPENSE): | |||||
Interest income | 7,000 | 6,000 | 142,000 | 6,000 | 10,000 |
Interest expense | 22,251,000 | 24,850,000 | 0 | 28,243,000 | 46,739,000 |
Loss on extinguishment of debt | (6,686,000) | ||||
Other, net | (242,000) | 671,000 | 2,673,000 | 660,000 | (122,000) |
Total non-operating income (expense) | (22,486,000) | (24,173,000) | 2,815,000 | (27,577,000) | (53,537,000) |
INCOME (LOSS) BEFORE INCOME TAXES | (14,187,000) | (48,886,000) | (3,693,000) | (52,842,000) | (31,296,000) |
PROVISION (BENEFIT) FOR INCOME TAXES | (3,788,000) | (18,707,000) | 2,681,000 | (20,221,000) | (10,262,000) |
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES | (10,399,000) | (30,179,000) | (6,374,000) | (32,621,000) | (21,034,000) |
NET INCOME (LOSS) | (10,399,000) | (30,179,000) | (6,374,000) | (32,621,000) | (21,034,000) |
Immucor Inc [Member]
|
|||||
NET SALES | 61,454,000 | 59,202,000 | 55,063,000 | 66,921,000 | 125,958,000 |
COST OF SALES (exclusive of amortization shown separately below) | 20,036,000 | 27,826,000 | 17,070,000 | 32,659,000 | 40,063,000 |
GROSS MARGIN | 41,418,000 | 31,376,000 | 37,993,000 | 34,262,000 | 85,895,000 |
OPERATING EXPENSES: | |||||
Research and development | 3,075,000 | 2,099,000 | 2,390,000 | 2,387,000 | 6,283,000 |
Selling and marketing | 6,744,000 | 4,979,000 | 5,321,000 | 5,556,000 | 13,702,000 |
Distribution | 2,935,000 | 2,756,000 | 2,331,000 | 3,156,000 | 5,810,000 |
General and administrative | 8,080,000 | 7,847,000 | 33,903,000 | 8,302,000 | 15,629,000 |
Amortization of intangibles | 11,771,000 | 11,251,000 | 117,000 | 12,731,000 | 23,542,000 |
Certain litigation expenses | 22,000,000 | 22,000,000 | |||
Loss on disposition of fixed assets | 1,175,000 | 1,175,000 | |||
Total operating expenses | 33,780,000 | 50,932,000 | 44,062,000 | 54,132,000 | 66,141,000 |
INCOME (LOSS) FROM OPERATIONS | 7,638,000 | (19,556,000) | (6,069,000) | (19,870,000) | 19,754,000 |
NON-OPERATING INCOME (EXPENSE): | |||||
Interest income | 46,000 | ||||
Interest expense | (22,267,000) | (24,863,000) | (28,263,000) | (46,755,000) | |
Loss on extinguishment of debt | (6,686,000) | ||||
Other, net | (157,000) | 605,000 | (246,000) | 606,000 | (180,000) |
Total non-operating income (expense) | (22,424,000) | (24,258,000) | (200,000) | (27,657,000) | (53,621,000) |
INCOME (LOSS) BEFORE INCOME TAXES | (14,786,000) | (43,814,000) | (6,269,000) | (47,527,000) | (33,867,000) |
PROVISION (BENEFIT) FOR INCOME TAXES | (3,894,000) | (16,850,000) | 1,497,000 | (18,161,000) | (10,979,000) |
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES | (10,892,000) | (26,964,000) | (7,766,000) | (29,366,000) | (22,888,000) |
Net Income (Loss) of consolidated subsidiaries | 493,000 | (3,215,000) | 1,392,000 | (3,255,000) | 1,854,000 |
NET INCOME (LOSS) | (10,399,000) | (30,179,000) | (6,374,000) | (32,621,000) | (21,034,000) |
Guarantor [Member]
|
|||||
NET SALES | 1,462,000 | 1,315,000 | 980,000 | 1,500,000 | 2,903,000 |
COST OF SALES (exclusive of amortization shown separately below) | 1,034,000 | 1,370,000 | 722,000 | 1,596,000 | 1,951,000 |
GROSS MARGIN | 428,000 | (55,000) | 258,000 | (96,000) | 952,000 |
OPERATING EXPENSES: | |||||
Research and development | 1,462,000 | 3,012,000 | 2,471,000 | 3,343,000 | 3,105,000 |
Selling and marketing | 477,000 | 543,000 | 568,000 | 609,000 | 938,000 |
Distribution | 44,000 | 37,000 | 34,000 | 41,000 | 87,000 |
General and administrative | 400,000 | 596,000 | 657,000 | 653,000 | 874,000 |
Amortization of intangibles | 54,000 | 50,000 | 757,000 | 56,000 | 108,000 |
Total operating expenses | 2,437,000 | 4,238,000 | 4,487,000 | 4,702,000 | 5,112,000 |
INCOME (LOSS) FROM OPERATIONS | (2,009,000) | (4,293,000) | (4,229,000) | (4,798,000) | (4,160,000) |
NON-OPERATING INCOME (EXPENSE): | |||||
Other, net | 14,000 | ||||
Total non-operating income (expense) | 14,000 | ||||
INCOME (LOSS) BEFORE INCOME TAXES | (2,009,000) | (4,293,000) | (4,215,000) | (4,798,000) | (4,160,000) |
PROVISION (BENEFIT) FOR INCOME TAXES | (853,000) | (1,555,000) | (1,598,000) | (1,732,000) | (1,565,000) |
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES | (1,156,000) | (2,738,000) | (2,617,000) | (3,066,000) | (2,595,000) |
NET INCOME (LOSS) | (1,156,000) | (2,738,000) | (2,617,000) | (3,066,000) | (2,595,000) |
Non-Guarantors [Member]
|
|||||
NET SALES | 30,383,000 | 30,484,000 | 26,648,000 | 34,854,000 | 59,989,000 |
COST OF SALES (exclusive of amortization shown separately below) | 17,339,000 | 21,196,000 | 12,944,000 | 24,177,000 | 33,893,000 |
GROSS MARGIN | 13,044,000 | 9,288,000 | 13,704,000 | 10,677,000 | 26,096,000 |
OPERATING EXPENSES: | |||||
Research and development | 35,000 | 34,000 | 39,000 | 34,000 | |
Selling and marketing | 5,720,000 | 4,411,000 | 4,621,000 | 4,880,000 | 10,522,000 |
Distribution | 1,742,000 | 1,783,000 | 1,587,000 | 2,028,000 | 3,332,000 |
General and administrative | 2,333,000 | 2,762,000 | 3,615,000 | 3,004,000 | 4,426,000 |
Amortization of intangibles | 579,000 | 1,161,000 | 57,000 | 1,323,000 | 1,135,000 |
Total operating expenses | 10,374,000 | 10,152,000 | 9,914,000 | 11,274,000 | 19,449,000 |
INCOME (LOSS) FROM OPERATIONS | 2,670,000 | (864,000) | 3,790,000 | (597,000) | 6,647,000 |
NON-OPERATING INCOME (EXPENSE): | |||||
Interest income | 28,000 | 43,000 | 117,000 | 54,000 | 39,000 |
Interest expense | (5,000) | (24,000) | (21,000) | (28,000) | (13,000) |
Other, net | (85,000) | 66,000 | 2,905,000 | 54,000 | 58,000 |
Total non-operating income (expense) | (62,000) | 85,000 | 3,001,000 | 80,000 | 84,000 |
INCOME (LOSS) BEFORE INCOME TAXES | 2,608,000 | (779,000) | 6,791,000 | (517,000) | 6,731,000 |
PROVISION (BENEFIT) FOR INCOME TAXES | 959,000 | (302,000) | 2,782,000 | (328,000) | 2,282,000 |
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES | 1,649,000 | (477,000) | 4,009,000 | (189,000) | 4,449,000 |
NET INCOME (LOSS) | 1,649,000 | (477,000) | 4,009,000 | (189,000) | 4,449,000 |
Intersegment Elimination [Member]
|
|||||
NET SALES | (11,243,000) | (7,966,000) | (7,781,000) | (8,850,000) | (21,640,000) |
COST OF SALES (exclusive of amortization shown separately below) | (11,243,000) | (7,966,000) | (7,781,000) | (8,850,000) | (21,640,000) |
NON-OPERATING INCOME (EXPENSE): | |||||
Interest income | (21,000) | (37,000) | (21,000) | (48,000) | (29,000) |
Interest expense | 21,000 | 37,000 | 21,000 | 48,000 | 29,000 |
Net Income (Loss) of consolidated subsidiaries | (493,000) | 3,215,000 | (1,392,000) | 3,255,000 | (1,854,000) |
NET INCOME (LOSS) | (493,000) | 3,215,000 | (1,392,000) | 3,255,000 | (1,854,000) |
Total [Member]
|
|||||
NET SALES | 82,056,000 | 83,035,000 | 74,910,000 | 94,425,000 | 167,210,000 |
COST OF SALES (exclusive of amortization shown separately below) | 27,166,000 | 42,426,000 | 22,955,000 | 49,582,000 | 54,267,000 |
GROSS MARGIN | 54,890,000 | 40,609,000 | 51,955,000 | 44,843,000 | 112,943,000 |
OPERATING EXPENSES: | |||||
Research and development | 4,537,000 | 5,146,000 | 4,895,000 | 5,769,000 | 9,422,000 |
Selling and marketing | 12,941,000 | 9,933,000 | 10,510,000 | 11,045,000 | 25,162,000 |
Distribution | 4,721,000 | 4,575,000 | 3,952,000 | 5,225,000 | 9,229,000 |
General and administrative | 10,813,000 | 11,205,000 | 38,175,000 | 11,959,000 | 20,929,000 |
Amortization of intangibles | 12,404,000 | 12,463,000 | 931,000 | 14,110,000 | 24,785,000 |
Certain litigation expenses | 22,000,000 | 22,000,000 | |||
Loss on disposition of fixed assets | 1,175,000 | 1,175,000 | |||
Total operating expenses | 46,591,000 | 65,322,000 | 58,463,000 | 70,108,000 | 90,702,000 |
INCOME (LOSS) FROM OPERATIONS | 8,299,000 | (24,713,000) | (6,508,000) | (25,265,000) | 22,241,000 |
NON-OPERATING INCOME (EXPENSE): | |||||
Interest income | 7,000 | 6,000 | 142,000 | 6,000 | 10,000 |
Interest expense | (22,251,000) | (24,850,000) | (28,243,000) | (46,739,000) | |
Loss on extinguishment of debt | (6,686,000) | ||||
Other, net | (242,000) | 671,000 | 2,673,000 | 660,000 | (122,000) |
Total non-operating income (expense) | (22,486,000) | (24,173,000) | 2,815,000 | (27,577,000) | (53,537,000) |
INCOME (LOSS) BEFORE INCOME TAXES | (14,187,000) | (48,886,000) | (3,693,000) | (52,842,000) | (31,296,000) |
PROVISION (BENEFIT) FOR INCOME TAXES | (3,788,000) | (18,707,000) | 2,681,000 | (20,221,000) | (10,262,000) |
NET INCOME (LOSS) BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES | (10,399,000) | (30,179,000) | (6,374,000) | (32,621,000) | (21,034,000) |
NET INCOME (LOSS) | $ (10,399,000) | $ (30,179,000) | $ (6,374,000) | $ (32,621,000) | $ (21,034,000) |
Note 13 - Share-Based Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
|
Note 7 - Intangible Assets (Detail) - Future Amortization Expense (USD $)
In Thousands, unless otherwise specified |
Nov. 30, 2012
|
---|---|
2013 | $ 49,754 |
2014 | 49,754 |
2015 | 49,754 |
2016 | 49,754 |
2017 | $ 49,463 |
Note 10 - Derivative Financial Instruments (Detail) - Interest Expense on Derivatives (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended |
---|---|---|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
Interest expense (effective) | $ (220) | $ (518) |
Interest expense (ineffective) | $ (7) |
Note 5 - Property And Equipment (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2012
|
Nov. 30, 2011
|
Nov. 30, 2012
|
Nov. 30, 2011
|
|
Depreciation | $ 5,200,000 | $ 4,800,000 | $ 10,100,000 | $ 8,600,000 |
Gain (Loss) on Sale of Property Plant Equipment | (1,175,000) | (1,175,000) | ||
Construction in Progress [Member]
|
||||
Gain (Loss) on Sale of Property Plant Equipment | $ 1,200,000 |
Note 3 - Related Party Transactions
|
6 Months Ended |
---|---|
Nov. 30, 2012
|
|
Related Party Transactions Disclosure [Text Block] |
3.
RELATED
PARTY TRANSACTIONS
In
connection
with the Acquisition, the Company entered into a management
services agreement with TPG Capital. Pursuant to
such agreement, and in exchange for on-going consulting and
management advisory services that will be provided to the
Company, TPG Capital will receive an aggregate annual
monitoring fee of $3.0 million that is prepaid
quarterly. In the quarters ended November 30, 2012 and
November 30, 2011, $1.1 million and $0.8 million,
respectively was incurred for monitoring fees and other
expenses and is included in general and administrative
expenses in the consolidated statement of operations. During
the fiscal 2013 period and Successor fiscal 2012 period,
approximately $2.2 million and $0.9 million, respectively was
incurred for monitoring fees and other expenses and are
included in general and administrative expenses in the
consolidated statement of operations.
|
Note 11 - Fair Value (Detail) (USD $)
In Millions, unless otherwise specified |
Nov. 30, 2012
|
---|---|
Notes [Member]
|
|
Long-term Debt, Fair Value | $ 451.0 |
Term Loans [Member]
|
|
Long-term Debt, Fair Value | $ 608.9 |