Note 16 - Condensed Consolidating Financial Information Of Guarantor Subsidiary

6 Months Ended

Nov. 30, 2012

Cost and Equity Method Investments Disclosure [Text Block]

16.   CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARY

The Company has outstanding certain indebtedness that is guaranteed by its U.S. subsidiary. However, the indebtedness is not guaranteed by the Company’s foreign subsidiaries. The guarantor subsidiary is wholly owned and the guarantee is made on a joint and several basis and is full and unconditional. Separate consolidated financial statements of the guarantor subsidiary have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information is presented. The condensed consolidating financial information of the Company is as follows:

Balance Sheets

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS

November 30, 2012

(in thousands)

(Unaudited)

	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. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2012

(in thousands)

	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

Statements of Operations for the Quarter

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

Quarter Ended November 30, 2012

(in thousands)

(Unaudited)

	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	)

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

Quarter Ended November 30, 2011

(in thousands)

(Unaudited)

	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. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF OPERATIONS

Six Months Ended November 30, 2012

(in thousands)

(Unaudited)

	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	)

IMMUCOR, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF OPERATIONS

August 20, 2011 through November 30, 2011

(in thousands)

(Unaudited)

	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	)

IMMUCOR, INC. AND SUBSIDIARIES
CONSOLIDATING STATEMENTS OF OPERATIONS

June 1, 2011 through August 19, 2011

(in thousands)

(Unaudited)

	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	)

Statements of Cash Flows for the Year to Date

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING CASH FLOW INFORMATION

Six Months Ended November 30, 2012

(in thousands)

(Unaudited)

	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

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING CASH FLOW INFORMATION

August 20, 2011 through November 30, 2011

(in thousands)

(Unaudited)

	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

IMMUCOR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING CASH FLOW INFORMATION

June 1, 2011 through August 19, 2011

(in thousands)

(Unaudited)

	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