Note 17 - Condensed Consolidating Financial Information of Guarantor Subsidiaries

9 Months Ended

Feb. 28, 2015

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

17. CONDENSED CONSOLIDATING FINANCIAL INFORMATION OF GUARANTOR SUBSIDIARIES

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

Balance Sheets

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Total
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,666		(523	)		10,348		-			11,491
Accounts receivable, net		33,375		5,853			33,248		-			72,476
Intercompany receivable		68,639		20,899			8,215		(97,753	)		-
Inventories		21,644		15,518			12,018		(2,120	)		47,060
Deferred income tax assets, current portion		4,160		2,807			356		818			8,141
Prepaid expenses and other current assets		4,475		797			5,340		-			10,612
Total current assets		133,959		45,351			69,525		(99,055	)		149,780
PROPERTY AND EQUIPMENT, net		38,250		14,606			20,387		-			73,243
INVESTMENT IN SUBSIDIARIES		225,597		5,020			3,019		(233,636	)		-
GOODWILL		744,149		47,640			51,060		-			842,849
OTHER INTANGIBLE ASSETS, net		569,118		60,242			35,038		-			664,398
DEFERRED FINANCING COSTS, net		28,118		-			-		-			28,118
OTHER ASSETS		11,240		257			356		-			11,853
Total assets	$	1,750,431		173,116			179,385		(332,691	)		1,770,241
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	5,814		2,630			3,492		-			11,936
Intercompany payable		2,059		86,991			8,703		(97,753	)		-
Accrued interest and interest rate swap liability		8,106		-			-		-			8,106
Accrued expenses and other current liabilities		10,836		5,166			7,249		-			23,251
Income taxes payable		30,894		(29,967	)		3,853		-			4,780
Deferred revenue, current portion		1,278		11			1,497		-			2,786
Current portion of long term debt, net of debt discounts		17,493		7			-		-			17,500
Total current liabilities		76,480		64,838			24,794		(97,753	)		68,359
LONG TERM DEBT, NET OF DEBT DISCOUNTS		1,034,231		2			-		-			1,034,233
DEFERRED REVENUE		-		-			65		-			65
DEFERRED INCOME TAX LIABILITIES		234,581		4,875			9,942		-			249,398
OTHER LONG-TERM LIABILITIES		16,085		11,787			1,260		-			29,132
Total liabilities		1,361,377		81,502			36,061		(97,753	)		1,381,187
SHAREHOLDERS' EQUITY:
Total shareholders' equity		389,054		91,614			143,324		(234,938	)		389,054
Total liabilities and shareholders' equity	$	1,750,431		173,116			179,385		(332,691	)		1,770,241

	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		259,567		5,021			3,114		(267,702	)		-
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	$	1,789,831		173,156			209,206		(347,779	)		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		468,616		100,340			168,666		(269,006	)		468,616
Total liabilities and shareholders' equity	$	1,789,831		173,156			209,206		(347,779	)		1,824,414

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	63,013			14,119			37,015			(18,542	)		95,605
COST OF SALES (exclusive of amortization shown separately below)		18,743			9,410			24,360			(18,542	)		33,971
GROSS MARGIN		44,270			4,709			12,655			-			61,634
OPERATING EXPENSES:
Research and development		3,087			4,019			174			-			7,280
Selling and marketing		5,973			2,431			5,109			-			13,513
Distribution		2,772			450			1,764			-			4,986
General and administrative		6,056			963			2,343			-			9,362
Amortization expense		11,973			1,079			563			-			13,615
Total operating expenses		29,861			8,942			9,953			-			48,756
INCOME (LOSS) FROM OPERATIONS		14,409			(4,233	)		2,702			-			12,878
NON-OPERATING (EXPENSE) INCOME:
Interest income		23			-			44			(25	)		42
Interest expense		(21,664	)		(136	)		(18	)		25			(21,793	)
Other, net		173			(349	)		353			-			177
Total non-operating (expense) income		(21,468	)		(485	)		379			-			(21,574	)
(LOSS) INCOME BEFORE INCOME TAXES		(7,059	)		(4,718	)		3,081			-			(8,696	)
PROVISION (BENEFIT) FOR INCOME TAXES		31,448			(1,560	)		856			-			30,744
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(38,507	)		(3,158	)		2,225			-			(39,440	)
Net (loss) income of consolidated subsidiaries		(933	)		-			-			933			-
NET (LOSS) INCOME	$	(39,440	)		(3,158	)		2,225			933			(39,440	)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	57,604			12,252			35,988			(14,865	)		90,979
COST OF SALES (exclusive of amortization shown separately below)		19,737			6,402			21,085			(14,865	)		32,359
GROSS MARGIN		37,867			5,850			14,903			-			58,620
OPERATING EXPENSES:
Research and development		3,212			3,397			129			-			6,738
Selling and marketing		5,673			2,311			6,311			-			14,295
Distribution		2,921			345			1,802			-			5,068
General and administrative		6,943			1,647			1,720			-			10,310
Amortization expense		11,971			658			596			-			13,225
Impairment loss		-			150			-			-			150
Total operating expenses		30,720			8,508			10,558			-			49,786
INCOME (LOSS) FROM OPERATIONS		7,147			(2,658	)		4,345			-			8,834
NON-OPERATING (EXPENSE) INCOME:
Interest income		-			6			21			(11	)		16
Interest expense		(21,900	)		-			(11	)		11			(21,900	)
Other, net		(186	)		24			54			-			(108	)
Total non-operating (expense) income		(22,086	)		30			64			-			(21,992	)
(LOSS) INCOME BEFORE INCOME TAXES		(14,939	)		(2,628	)		4,409			-			(13,158	)
(BENEFIT) PROVISION FOR INCOME TAXES		(6,255	)		(952	)		1,404			-			(5,803	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(8,684	)		(1,676	)		3,005			-			(7,355	)
Net income (loss) of consolidated subsidiaries		1,329			-			-			(1,329	)		-
NET (LOSS) INCOME	$	(7,355	)		(1,676	)		3,005			(1,329	)		(7,355	)

Statements of Operations for the Nine Month periods

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	190,662			42,175			116,637			(55,151	)		294,323
COST OF SALES (exclusive of amortization shown separately below)		59,702			27,403			74,617			(55,151	)		106,571
GROSS MARGIN		130,960			14,772			42,020			-			187,752
OPERATING EXPENSES:
Research and development		8,484			12,385			605			-			21,474
Selling and marketing		18,807			7,624			17,511			-			43,942
Distribution		8,167			1,239			5,936			-			15,342
General and administrative		20,345			3,231			7,367			-			30,943
Amortization expense		35,915			3,232			1,801			-			40,948
Total operating expenses		91,718			27,711			33,220			-			152,649
INCOME (LOSS) FROM OPERATIONS		39,242			(12,939	)		8,800			-			35,103
NON-OPERATING (EXPENSE) INCOME:
Interest income		41			-			167			(77	)		131
Interest expense		(66,553	)		(383	)		(54	)		77			(66,913	)
Other, net		587			(436	)		314			-			465
Total non-operating (expense) income		(65,925	)		(819	)		427			-			(66,317	)
(LOSS) INCOME BEFORE INCOME TAXES		(26,683	)		(13,758	)		9,227			-			(31,214	)
PROVISION (BENEFIT) FOR INCOME TAXES		25,044			(5,035	)		2,774			-			22,783
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(51,727	)		(8,723	)		6,453			-			(53,997	)
Net (loss) income of consolidated subsidiaries		(2,270	)		-			-			2,270			-
NET (LOSS) INCOME	$	(53,997	)		(8,723	)		6,453			2,270			(53,997	)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
NET SALES	$	186,977			40,006			108,941			(48,698	)		287,226
COST OF SALES (exclusive of amortization shown separately below)		62,061			22,696			67,033			(48,698	)		103,092
GROSS MARGIN		124,916			17,310			41,908			-			184,134
OPERATING EXPENSES:
Research and development		10,314			11,654			210			-			22,178
Selling and marketing		18,387			6,847			18,523			-			43,757
Distribution		8,323			1,099			5,202			-			14,624
General and administrative		17,767			5,547			6,220			-			29,534
Amortization expense		35,912			1,992			1,743			-			39,647
Acquisition-related items		(4,638	)		-			-			-			(4,638	)
Impairment loss		30			150			-			-			180
Total operating expenses		86,095			27,289			31,898			-			145,282
INCOME (LOSS) FROM OPERATIONS		38,821			(9,979	)		10,010			-			38,852
NON-OPERATING (EXPENSE) INCOME:
Interest income		1			8			55			(36	)		28
Interest expense		(66,182	)		-			(26	)		36			(66,172	)
Other, net		(621	)		97			223			-			(301	)
Total non-operating (expense) income		(66,802	)		105			252			-			(66,445	)
(LOSS) INCOME BEFORE INCOME TAXES		(27,981	)		(9,874	)		10,262			-			(27,593	)
(BENEFIT) PROVISION FOR INCOME TAXES		(11,523	)		(3,406	)		3,238			-			(11,691	)
NET (LOSS) INCOME BEFORE EARNINGS OF CONSOLIDATED SUBSIDIARIES		(16,458	)		(6,468	)		7,024			-			(15,902	)
Net income (loss) of consolidated subsidiaries		556			-			-			(556	)		-
NET (LOSS) INCOME	$	(15,902	)		(6,468	)		7,024			(556	)		(15,902	)

Statements of Cash Flows for the Nine Month periods

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	304			1,486			1,447			(445	)		2,792
Net cash used in investing activities		(10,188	)		(1,582	)		(7,445	)		-			(19,215	)
Net cash provided by (used in) financing activities		8,025			(18	)		(324	)		324			8,007
Effect of exchange rate changes on cash and cash equivalents		(1,338	)		-			(2,497	)		121			(3,714	)
Decrease in cash and cash equivalents		(3,197	)		(114	)		(8,819	)		-			(12,130	)
Cash and cash equivalents at beginning of period		4,863			(409	)		19,167			-			23,621
Cash and cash equivalents at end of period	$	1,666			(523	)		10,348			-			11,491

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total
Net cash provided by (used in) operating activities	$	63			(2,351	)		13,732			(903	)		10,541
Net cash provided by (used in) investing activities		3,096			(1,954	)		(10,545	)		29			(9,374	)
Net cash ( used in) provided by financing activities		(4,975	)		(34	)		(784	)		785			(5,008	)
Effect of exchange rate changes on cash and cash equivalents		(501	)		-			893			89			481
Change in cash and cash equivalents		(2,317	)		(4,339	)		3,296			-			(3,360	)
Cash and cash equivalents at beginning of period		6,971			4,107			18,310			-			29,388
Cash and cash equivalents at end of period	$	4,654			(232	)		21,606			-			26,028