Note 21 - Condensed Consolidating Financial Information of Guarantor Subsidiaries

12 Months Ended

May 31, 2014

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

21. CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES

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

Balance Sheets 

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2014

(in thousands)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	4,863		(409	)		19,167		-			23,621
Accounts receivable, net		29,558		5,137			34,934		-			69,629
Intercompany receivable		57,167		15,058			6,548		(78,773	)		-
Inventories		20,733		17,358			13,184		(2,124	)		49,151
Deferred income tax assets, current portion		4,160		2,807			464		820			8,251
Prepaid expenses and other current assets		6,228		470			5,884		-			12,582
Total current assets		122,709		40,421			80,181		(80,077	)		163,234
PROPERTY AND EQUIPMENT, net		37,963		16,103			22,245		-			76,311
INVESTMENT IN SUBSIDIARIES		247,567		5,021			3,114		(255,702	)		-
GOODWILL		743,512		47,877			60,174		-			851,563
OTHER INTANGIBLE ASSETS, net		586,243		63,474			43,153		-			692,870
DEFERRED FINANCING COSTS, net		33,116		-			-		-			33,116
OTHER ASSETS		6,721		260			339		-			7,320
Total assets	$	1,777,831		173,156			209,206		(335,779	)		1,824,414
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	6,805		5,945			2,915		-			15,665
Intercompany payable		99		69,999			8,675		(78,773	)		-
Accrued interest and interest swap liability		19,605		-			-		-			19,605
Accrued expenses and other current liabilities		8,681		4,950			10,085		-			23,716
Income taxes payable		30,785		(29,698	)		3,840		-			4,927
Deferred revenue, current portion		1,269		12			1,532		-			2,813
Current portion of long-term debt, net of debt discounts		4,580		11			-		-			4,591
Total current liabilities		71,824		51,219			27,047		(78,773	)		71,317
LONG-TERM DEBT, net of debt discounts		1,037,168		15			-		-			1,037,183
DEFERRED REVENUE		14		-			72		-			86
DEFERRED INCOME TAX LIABILITIES		201,184		10,157			12,038		-			223,379
OTHER LONG-TERM LIABILITIES		11,025		11,425			1,383		-			23,833
Total liabilities		1,321,215		72,816			40,540		(78,773	)		1,355,798
SHAREHOLDERS' EQUITY:
Total shareholders' equity		456,616		100,340			168,666		(257,006	)		468,616
Total liabilities and shareholders' equity	$	1,777,831		173,156			209,206		(335,779	)		1,824,414

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEETS

May 31, 2013

(in thousands)

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	6,971		4,107			18,310		-			29,388
Accounts receivable, net		26,517		5,552			36,017		-			68,086
Intercompany receivable		54,443		7,961			4,313		(66,717	)		-
Inventories		18,551		15,897			12,978		(1,485	)		45,941
Deferred income tax assets, current portion		3,098		1,097			533		562			5,290
Prepaid expenses and other current assets		6,360		483			4,734		-			11,577
Total current assets		115,940		35,097			76,885		(67,640	)		160,282
PROPERTY AND EQUIPMENT, net		40,124		17,060			19,197		-			76,381
INVESTMENT IN SUBSIDIARIES		248,150		5,743			4		(253,897	)		-
GOODWILL		903,802		41,763			57,898		-			1,003,463
OTHER INTANGIBLE ASSETS, net		634,194		39,523			40,886		-			714,603
DEFERRED FINANCING COSTS, net		39,449		-			-		-			39,449
OTHER ASSETS		6,203		184			405		-			6,792
Total assets	$	1,987,862		139,370			195,275		(321,537	)		2,000,970
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	7,587		3,315			2,736		-			13,638
Intercompany payable		424		59,347			7,440		(67,211	)		-
Accrued interest and interest rate swap liability		20,084		-			-		-			20,084
Accrued expenses and other current liabilities		11,653		5,290			9,711		-			26,654
Income taxes payable		30,879		(30,457	)		3,451		-			3,873
Deferred revenue, current portion		1,086		6			1,160		-			2,252
Current portion of long term debt, net of debt discounts		6,673		39			-		-			6,712
Total current liabilities		78,386		37,540			24,498		(67,211	)		73,213
LONG TERM DEBT, net of debt discounts		1,039,250		28			-		-			1,039,278
DEFERRED REVENUE		62		-			99		-			161
DEFERRED INCOME TAX LIABILITIES		214,222		4,861			11,957		-			231,040
OTHER LONG-TERM LIABILITIES		11,236		114			1,222		-			12,572
Total liabilities		1,343,156		42,543			37,776		(67,211	)		1,356,264
SHAREHOLDERS' EQUITY:
Total shareholders' equity		644,706		96,827			157,499		(254,326	)		644,706
Total liabilities and shareholders' equity	$	1,987,862		139,370			195,275		(321,537	)		2,000,970

Statements of Operations Year to Date

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2014

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	251,079			55,457			149,725			(68,205	)		388,056
COST OF SALES (exclusive of amortization shown separately below)		82,485			32,936			92,418			(68,205	)		139,634
GROSS MARGIN		168,594			22,521			57,307			-			248,422
OPERATING EXPENSES:
Research and development		13,514			15,180			376			-			29,070
Selling and marketing		24,701			9,188			25,168			-			59,057
Distribution		11,199			1,484			7,482			-			20,165
General and administrative		25,412			7,362			8,829			-			41,603
Amortization expense		47,883			2,700			2,382			-			52,965
Acquisition-related items		(4,638	)		-			-			-			(4,638	)
Impairment loss		160,000			150			-			-			160,150
Total operating expenses		278,071			36,064			44,237			-			358,372
(LOSS) INCOME FROM OPERATIONS		(109,477	)		(13,543	)		13,070			-			(109,950	)
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			8			84			(56	)		36
Interest expense		(88,314	)		-			(46	)		56			(88,304	)
Other, net		819			153			(927	)		-			45
Total non-operating (expense) income		(87,495	)		161			(889	)		-			(88,223	)
(LOSS) INCOME BEFORE INCOME TAXES		(196,972	)		(13,382	)		12,181			-			(198,173	)
(BENEFIT) PROVISION FOR INCOME TAXES		(14,381	)		(5,060	)		3,525			-			(15,916	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(182,591	)		(8,322	)		8,656			-			(182,257	)
Net (loss) income of consolidated subsidiaries		334			-			-			(334	)		-
NET (LOSS) INCOME	$	(182,257	)		(8,322	)		8,656			(334	)		(182,257	)

IMMUCOR, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2013

(in thousands)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	256,676			15,835			124,465			(49,188	)		347,788
COST OF SALES (exclusive of amortization shown separately below)		84,320			11,056			73,839			(49,188	)		120,027
GROSS MARGIN		172,356			4,779			50,626			-			227,761
OPERATING EXPENSES:
Research and development		13,428			7,850			35			-			21,313
Selling and marketing		25,611			3,632			20,886			-			50,129
Distribution		11,599			421			6,698			-			18,718
General and administrative		26,143			6,673			9,985			-			42,801
Amortization expense		47,820			663			2,282			-			50,765
Acquisition-related items		2,616			-			-			-			2,616
Impairment loss		3,500			-			-			-			3,500
Loss on disposition of fixed assets		1,175			-			-			-			1,175
Total operating expenses		131,892			19,239			39,886			-			191,017
(LOSS) INCOME FROM OPERATIONS		40,464			(14,460	)		10,740			-			36,744
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			-			97			(69	)		28
Interest expense		(90,875	)		(2	)		(22	)		69			(90,830	)
Loss on extinguishment of debt		(9,111	)		-			-			-			(9,111	)
Other, net		(1,043	)		(84	)		588			-			(539	)
Total non-operating (expense) income		(101,029	)		(86	)		663			-			(100,452	)
(LOSS) INCOME BEFORE INCOME TAXES		(60,565	)		(14,546	)		11,403			-			(63,708	)
(BENEFIT) PROVISION FOR INCOME TAXES		(23,783	)		(4,773	)		3,990			-			(24,566	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(36,782	)		(9,773	)		7,413			-			(39,142	)
Net (Loss) Income of consolidated subsidiaries		(2,360	)		-			-			2,360			-
NET (LOSS) INCOME	$	(39,142	)		(9,773	)		7,413			2,360			(39,142	)

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

August 20, 2011 through May 31, 2012

(in thousands)

	Successor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
NET SALES	$	195,377			4,087			97,528			(35,178	)		261,814
COST OF SALES (exclusive of amortization shown separately below)		73,109			3,844			63,923			(35,178	)		105,698
GROSS MARGIN		122,268			243			33,605			-			156,116
OPERATING EXPENSES:
Research and development		7,724			6,113			92			-			13,929
Selling and marketing		17,868			1,654			13,391			-			32,913
Distribution		8,697			137			5,499			-			14,333
General and administrative		26,850			1,682			9,784			-			38,316
Amortization of intangibles		37,173			161			1,890			-			39,224
Certain litigation expenses		22,000			-			-			-			22,000
Total operating expenses		120,312			9,747			30,656			-			160,715
INCOME (LOSS) FROM OPERATIONS		1,956			(9,504	)		2,949			-			(4,599	)
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			-			89			(82	)		7
Interest expense		(77,066	)		-			(64	)		82			(77,048	)
Other, net		406			-			41						447
Total non-operating (expense) income		(76,660	)		-			66			-			(76,594	)
(LOSS) INCOME BEFORE INCOME TAXES		(74,704	)		(9,504	)		3,015			-			(81,193	)
(BENEFIT) PROVISION FOR INCOME TAXES		(29,426	)		(3,275	)		1,155			-			(31,546	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(45,278	)		(6,229	)		1,860			-			(49,647	)
Net (Loss) Income of consolidated subsidiaries		(4,369	)		-			-			4,369			-
NET (LOSS) INCOME	$	(49,647	)		(6,229	)		1,860			4,369			(49,647	)

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

June 1, 2011 through August 19, 2011

(in thousands)

	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 (EXPENSE) INCOME:
Interest income		46			-			117			(21	)		142
Interest expense		-			-			(21	)		21			-
Other, net		(246	)		14			2,905			-			2,673
Total non-operating (expense) income		(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

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Year Ended May 31, 2014

(in thousands)

	Successor
	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	15,530			(1,540	)		12,221			(610	)		25,601
Net cash provided by (used in) investing activities		1,209			(14,972	)		(11,233	)		(197	)		(25,193	)
Net cash used in financing activities		(6,633	)		(40	)		(786	)		785			(6,674	)
Effect of exchange rate changes on cash and cash equivalents		(179	)		-			656			22			499
Increase (decrease) in cash and cash equivalents		9,927			(16,552	)		858			-			(5,767	)
Cash and cash equivalents at beginning of period		6,971			4,107			18,310			-			29,388
Cash and cash equivalents at end of period	$	16,898			(12,445	)		19,168			-			23,621

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Year Ended May 31, 2013

(in thousands)

	Successor
	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	4,690			6,423			13,534			(113	)		24,534
Net cash used in investing activities		(86,490	)		(2,164	)		(5,747	)		-			(94,401	)
Net cash provided by ( used in) financing activities		80,840			(8	)		-			-			80,832
Effect of exchange rate changes on cash and cash equivalents		(162	)		-			(106	)		113			(155	)
(Decrease) increase in cash and cash equivalents		(1,122	)		4,251			7,681			-			10,810
Cash and cash equivalents at beginning of period		8,093			(144	)		10,629			-			18,578
Cash and cash equivalents at end of period	$	6,971			4,107			18,310			-			29,388

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

August 20, 2011 through May 31, 2012

(in thousands)

	Successor
	Immucor, Inc.			Guarantor			Non-Guarantors			Eliminations			Total
Net cash (used in) provided by operating activities	$	(15,073	)		903			18,080			(13,503	)		(9,593	)
Net cash used in investing activities		(1,943,229	)		(814	)		(1,407	)		-			(1,945,450	)
Net cash provided by (used in) financing activities		1,652,091			-			(14,003	)		14,002			1,652,090
Effect of exchange rate changes on cash and cash equivalents		-			-			(789	)		(643	)		(1,432	)
(Decrease) increase in cash and cash equivalents		(306,211	)		89			1,881			(144	)		(304,385	)
Cash and cash equivalents at beginning of period		314,304			(89	)		8,748			-			322,963
Cash and cash equivalents at end of period	$	8,093			-			10,629			(144	)		18,578

IMMUCOR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

June 1, 2011 through August 19, 2011

(in thousands)

	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