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Note 16 - Condensed Consolidating Financial Information of Guarantor Subsidiaries
 9 Months Ended
Feb. 28, 2017
Notes to Financial Statements  
Condensed Financial Statements [Text Block]
16.
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 or its consolidated variable interest entity. 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.
 
Refer
to Note
3
for information on assets and liabilities of Sentilus LLC, a consolidated variable interest entity, that are included in the Company’s consolidated balance sheet as of
February
28,
2017
and
May
31,
2016.
These assets and liabilities cannot be used to settle the obligations of Immucor, and are not Immucor’s obligation to pay. Accordingly, the condensed consolidated financial information reflects the activity of Sentilus LLC and its related eliminations under the VIE and VIE Eliminations heading. The condensed consolidating financial information of the Company is as follows:
 
Balance Sheets
 
IMMUCOR, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
February
28,
2017
(in thousands)
(Unaudited)
   
Immucor, Inc.
    
Guarantors
    
Non-
Guarantors
    
Eliminations
    
Immucor, Inc.
and
Subsidiaries
    
VIE and VIE
eliminations
    
Total
  
ASSETS
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                                         
Current Assets:
                                                        
Cash and cash equivalents
   $
4,095
      
(193
 )    
5,796
      
-
      
9,698
      
337
      
10,035
  
Accounts receivable, net
    
29,687
      
6,253
      
28,180
      
-
      
64,120
      
-
      
64,120
  
Intercompany receivable
    
98,999
      
39,091
      
18,687
      
(156,483
 )    
294
      
(294
 )    
-
  
Inventories, net
    
19,630
      
18,993
      
12,482
      
(2,235
 )    
48,870
      
-
      
48,870
  
Prepaid expenses and other current assets
    
2,788
      
240
      
5,797
      
-
      
8,825
      
-
      
8,825
  
Total current assets
    
155,199
      
64,384
      
70,942
      
(158,718
 )    
131,807
      
43
      
131,850
  
                                                         
Property and equipment, net
    
41,865
      
12,769
      
21,484
      
-
      
76,118
      
674
      
76,792
  
Investment in subsidiaries
    
194,061
      
20,032
      
3,019
      
(217,112
 )    
-
      
-
      
-
  
Goodwill
    
744,044
      
62,771
      
47,816
      
-
      
854,631
      
105
      
854,736
  
Other intangible assets, net
    
453,920
      
87,570
      
28,959
      
-
      
570,449
      
18,815
      
589,264
  
Other assets
    
28,268
      
364
      
489
      
(9,871
 )    
19,250
      
(8,021
 )    
11,229
  
Total assets
   $
1,617,357
      
247,890
      
172,709
      
(385,701
 )    
1,652,255
      
11,616
      
1,663,871
  
                                                         
LIABILITIES AND SHAREHOLDERS' EQUITY
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                                         
Current Liabilities:
                                                        
Accounts payable
   $
10,244
      
4,911
      
5,144
      
-
      
20,299
      
964
      
21,263
  
Intercompany payable
    
8,643
      
134,286
      
13,554
      
(156,483
 )    
-
      
-
      
-
  
Accrued interest and interest rate swap liability
    
7,373
      
-
      
-
      
-
      
7,373
      
-
      
7,373
  
Accrued expenses and other current liabilities
    
12,654
      
4,850
      
6,376
      
-
      
23,880
      
12
      
23,892
  
Income taxes payable
    
30,026
      
(29,609
 )    
3,059
      
-
      
3,476
      
-
      
3,476
  
Deferred revenue, current portion
    
2,204
      
-
      
1,016
      
-
      
3,220
      
-
      
3,220
  
Current portion of long-term debt
    
26,633
      
85
      
-
      
-
      
26,718
      
-
      
26,718
  
Total current liabilities
    
97,777
      
114,523
      
29,149
      
(156,483
 )    
84,966
      
976
      
85,942
  
                                                         
Long-term debt, excluding current portion
    
1,010,427
      
-
      
-
      
-
      
1,010,427
      
-
      
1,010,427
  
Deferred income tax liabilities
    
187,284
      
3,710
      
7,707
      
(863
 )    
197,838
      
3,671
      
201,509
  
Other long-term liabilities
    
18,411
      
45,709
      
1,317
      
(9,871
 )    
55,566
      
-
      
55,566
  
Total liabilities
    
1,313,899
      
163,942
      
38,173
      
(167,217
 )    
1,348,797
      
4,647
      
1,353,444
  
Equity:
                                                        
Shareholders' equity of Immucor, Inc.
    
303,458
      
83,948
      
134,536
      
(218,484
 )    
303,458
      
-
      
303,458
  
Noncontrolling interest
    
-
      
-
      
-
      
-
      
-
      
6,969
      
6,969
  
Total equity
    
303,458
      
83,948
      
134,536
      
(218,484
 )    
303,458
      
6,969
      
310,427
  
Total liabilities and equity
   $
1,617,357
      
247,890
      
172,709
      
(385,701
 )    
1,652,255
      
11,616
      
1,663,871
  
 
IMMUCOR, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
May
31,
2016
(in thousands)
 
   
Immucor, Inc.
    
Guarantors
    
Non-
Guarantors
    
Eliminations
    
Immucor, Inc.
and
Subsidiaries
    
VIE and VIE
eliminations
    
Total
  
ASSETS
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                                         
Current Assets:
                                                        
Cash and cash equivalents
   $
4,058
      
(187
 )    
6,356
      
-
      
10,227
      
36
      
10,263
  
Accounts receivable, net
    
28,314
      
5,866
      
27,863
      
-
      
62,043
      
-
      
62,043
  
Intercompany receivable
    
98,375
      
26,311
      
24,710
      
(148,502
 )    
894
      
(894
 )    
-
  
Inventories, net
    
19,853
      
17,321
      
11,415
      
(1,695
 )    
46,894
      
-
      
46,894
  
Prepaid expenses and other current assets
    
3,381
      
449
      
4,649
      
-
      
8,479
      
-
      
8,479
  
Total current assets
    
153,981
      
49,760
      
74,993
      
(150,197
 )    
128,537
      
(858
 )    
127,679
  
                                                         
Property and equipment, net
    
39,724
      
14,713
      
20,934
      
-
      
75,371
      
644
      
76,015
  
Investment in subsidiaries
    
211,451
      
20,033
      
3,019
      
(234,503
 )    
-
      
-
      
-
  
Goodwill
    
744,044
      
62,771
      
50,103
      
-
      
856,918
      
105
      
857,023
  
Other intangible assets, net
    
489,871
      
92,500
      
31,906
      
-
      
614,277
      
18,820
      
633,097
  
Other assets
    
30,346
      
274
      
360
      
(9,728
 )    
21,252
      
(7,433
 )    
13,819
  
Total assets
   $
1,669,417
      
240,051
      
181,315
      
(394,428
 )    
1,696,355
      
11,278
      
1,707,633
  
                                                         
LIABILITIES AND SHAREHOLDERS' EQUITY
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                                         
Current Liabilities:
                                                        
Accounts payable
   $
10,622
      
5,517
      
5,346
      
-
      
21,485
      
744
      
22,229
  
Intercompany payable
    
18,293
      
117,516
      
12,693
      
(148,502
 )    
-
      
-
      
-
  
Accrued interest and interest rate swap liability
    
18,869
      
-
      
-
      
-
      
18,869
      
-
      
18,869
  
Accrued expenses and other current liabilities
    
10,700
      
5,230
      
6,075
      
-
      
22,005
      
4
      
22,009
  
Income taxes payable
    
30,190
      
(29,838
 )    
2,233
      
-
      
2,585
      
-
      
2,585
  
Deferred revenue, current portion
    
1,785
      
-
      
1,079
      
-
      
2,864
      
-
      
2,864
  
Current portion of long-term debt
    
6,634
      
172
      
-
      
-
      
6,806
      
-
      
6,806
  
Total current liabilities
    
97,093
      
98,597
      
27,426
      
(148,502
 )    
74,614
      
748
      
75,362
  
                                                         
Long-term debt, excluding current portion
    
1,007,888
      
60
      
-
      
-
      
1,007,948
      
-
      
1,007,948
  
Deferred income tax liabilities
    
201,489
      
7,070
      
8,245
      
(654
 )    
216,150
      
6,207
      
222,357
  
Other long-term liabilities
    
22,724
      
43,099
      
1,325
      
(9,728
 )    
57,420
      
-
      
57,420
  
Total liabilities
    
1,329,194
      
148,826
      
36,996
      
(158,884
 )    
1,356,132
      
6,955
      
1,363,087
  
Equity:
                                                        
Shareholders' equity of Immucor, Inc.
    
340,223
      
91,225
      
144,319
      
(235,544
 )    
340,223
      
-
      
340,223
  
Noncontrolling interest
    
-
      
-
      
-
      
-
      
-
      
4,323
      
4,323
  
Total equity
    
340,223
      
91,225
      
144,319
      
(235,544
 )    
340,223
      
4,323
      
344,546
  
Total liabilities and equity
   $
1,669,417
      
240,051
      
181,315
      
(394,428
 )    
1,696,355
      
11,278
      
1,707,633
  
 
Statements of Operations for the Quarter
     
 
IMMUCOR, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended
February
28,
2017
(in thousands)
(Unaudited)
   
Immucor, Inc.
   
Guarantors
   
Non-
Guarantors
   
Eliminations
   
Immucor, Inc.
and
Subsidiaries
   
VIE and VIE eliminations
   
Total
 
                                                         
Net sales
   $
61,765
      
16,805
      
34,628
      
(19,234
 )    
93,964
      
-
      
93,964
  
Cost of sales (*)
    
22,155
      
10,155
      
22,242
      
(19,234
 )    
35,318
      
-
      
35,318
  
Gross profit
    
39,610
      
6,650
      
12,386
      
-
      
58,646
      
-
      
58,646
  
                                                         
Operating expenses:
                                                        
Research and development
    
3,572
      
3,960
      
240
      
-
      
7,772
      
1,056
      
8,828
  
Selling and marketing
    
6,684
      
1,865
      
4,979
      
-
      
13,528
      
-
      
13,528
  
Distribution
    
2,100
      
296
      
1,687
      
-
      
4,083
      
-
      
4,083
  
General and administrative
    
6,507
      
1,144
      
2,380
      
-
      
10,031
      
15
      
10,046
  
Amortization expense
    
11,970
      
1,629
      
508
      
-
      
14,107
      
2
      
14,109
  
Total operating expense
    
30,833
      
8,894
      
9,794
      
-
      
49,521
      
1,073
      
50,594
  
                                                         
Income (loss) from operations
    
8,777
      
(2,244
 )    
2,592
      
-
      
9,125
      
(1,073
 )    
8,052
  
                                                         
Non-operating income (expense)
                                                        
Interest income
    
241
      
-
      
69
      
(107
 )    
203
      
(202
 )    
1
  
Interest expense
    
(22,136
 )    
(889
 )    
(63
 )    
107
      
(22,981
 )    
-
      
(22,981
 )
Other, net
    
1,014
      
403
      
(219
 )    
-
      
1,198
      
(1,304
 )    
(106
 )
Total non-operating net expense
    
(20,881
 )    
(486
 )    
(213
 )    
-
      
(21,580
 )    
(1,506
 )    
(23,086
 )
                                                         
(Loss) income before income taxes
    
(12,104
 )    
(2,730
 )    
2,379
      
-
      
(12,455
 )    
(2,579
 )    
(15,034
 )
(Benefit) provision for income taxes
    
(4,173
 )    
(995
 )    
463
      
-
      
(4,705
 )    
(911
 )    
(5,616
 )
Net (loss) income before earnings of consolidated subsidaries
    
(7,931
 )    
(1,735
 )    
1,916
      
-
      
(7,750
 )    
(1,668
 )    
(9,418
 )
Net income (loss) of consolidated subsidiaries
    
181
      
-
      
-
      
(181
 )    
-
      
-
      
-
  
Net (loss) income
    
(7,750
 )    
(1,735
 )    
1,916
      
(181
 )    
(7,750
 )    
(1,668
 )    
(9,418
 )
Net loss attributable to noncontrolling interest
    
-
      
-
      
-
      
-
      
-
      
(1,668
 )    
(1,668
 )
Net (loss) income attributable to shareholders of Immucor, Inc.
   $
(7,750
 )    
(1,735
 )    
1,916
      
(181
 )    
(7,750
 )    
-
      
(7,750
 )
 
(*) Cost of sales is exclusive of amortization expense which is shown separately within operating expenses.
 
 
IMMUCOR, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended
February
29,
2016
(in thousands)
(Unaudited)
 
   
Immucor, Inc.
    
Guarantors
    
Non-Guarantors
    
Eliminations
    
Total
  
                                         
Net sales
   $
57,913
      
14,370
      
32,288
      
(15,678
 )    
88,893
  
Cost of sales (*)
    
20,150
      
8,527
      
21,132
      
(15,679
 )    
34,130
  
Gross profit
    
37,763
      
5,843
      
11,156
      
1
      
54,763
  
                                         
Operating expenses:
                                        
Research and development
    
2,970
      
3,785
      
408
      
(253
 )    
6,910
  
Selling and marketing
    
5,745
      
2,242
      
5,264
      
-
      
13,251
  
Distribution
    
2,288
      
333
      
1,534
      
-
      
4,155
  
General and administrative
    
8,588
      
1,289
      
1,929
      
(27
 )    
11,779
  
Amortization expense
    
11,972
      
1,082
      
521
      
-
      
13,575
  
Total operating net expense
    
31,563
      
8,731
      
9,656
      
(280
 )    
49,670
  
                                         
Income (loss) from operations
    
6,200
      
(2,888
 )    
1,500
      
281
      
5,093
  
                                         
Non-operating income (expense):
                                        
Interest income
    
105
      
-
      
54
      
(111
 )    
48
  
Interest expense
    
(22,253
 )    
(118
 )    
(69
 )    
111
      
(22,329
 )
Other, net
    
4,086
      
92
      
(4,215
 )    
(280
 )    
(317
 )
Total non-operating net expense
    
(18,062
 )    
(26
 )    
(4,230
 )    
(280
 )    
(22,598
 )
                                         
(Loss) income before income taxes
    
(11,862
 )    
(2,914
 )    
(2,730
 )    
1
      
(17,505
 )
Benefit for income taxes
    
(7,727
 )    
(1,045
 )    
(73
 )    
-
      
(8,845
 )
Net (loss) income before earnings of consolidated subsidiaries
    
(4,135
 )    
(1,869
 )    
(2,657
 )    
1
      
(8,660
 )
Net (loss) income of consolidated subsidiaries
    
(4,288
 )    
 
      
 
      
4,288
      
-
  
Net (loss) income
    
(8,423
 )    
(1,869
 )    
(2,657
 )    
4,289
      
(8,660
 )
Net loss attributable to noncontrolling interest
    
-
      
-
      
(237
 )    
-
      
(237
 )
Net (loss) income attributable to shareholders of Immucor, Inc.
   $
(8,423
 )    
(1,869
 )    
(2,420
 )    
4,289
      
(8,423
 )
 
(*) Cost of sales is exclusive of amortization expense which is shown separately within operating expenses.
 
Stat
ements of Operations for the Nine
Month periods
 
IMMUCOR, INC.
 
CONSOLIDATING STATEMENTS OF OPERATIONS
 
Nine Months Ended
February
28,
2017
  
(in thousands)
 
(Unaudited)
  
 
   
Immucor, Inc.
   
 
Guarantors
   
 
Non-Guarantors
   
 
Eliminations
   
Immucor, Inc.
and
Subsidiaries
   
 
VIE and VIE eliminations
   
 
Total
 
                                                         
Net sales
   $
184,721
      
48,473
      
107,257
      
(54,218
 )    
286,233
      
-
      
286,233
  
Cost of sales (*)
    
64,628
      
29,370
      
70,169
      
(54,218
 )    
109,949
      
-
      
109,949
  
Gross profit
    
120,093
      
19,103
      
37,088
      
-
      
176,284
      
-
      
176,284
  
                                                         
Operating expenses:
                                                        
Research and development
    
10,910
      
12,330
      
563
      
-
      
23,803
      
2,822
      
26,625
  
Selling and marketing
    
22,275
      
6,133
      
15,611
      
-
      
44,019
      
-
      
44,019
  
Distribution
    
6,559
      
942
      
5,147
      
-
      
12,648
      
-
      
12,648
  
General and administrative
    
21,825
      
3,828
      
6,391
      
-
      
32,044
      
67
      
32,111
  
Amortization expense
    
35,912
      
4,930
      
1,569
      
-
      
42,411
      
5
      
42,416
  
Total operating expense
    
97,481
      
28,163
      
29,281
      
-
      
154,925
      
2,894
      
157,819
  
                                                         
Income (loss) from operations
    
22,612
      
(9,060
 )    
7,807
      
-
      
21,359
      
(2,894
 )    
18,465
  
                                                         
Non-operating income (expense):
                                                        
Interest income
    
628
      
5
      
263
      
(299
 )    
597
      
(588
 )    
9
  
Interest expense
    
(66,800
 )    
(2,596
 )    
(106
 )    
299
      
(69,203
 )    
-
      
(69,203
 )
Other, net
    
7,845
      
1,282
      
(6,078
 )    
-
      
3,049
      
(3,709
 )    
(660
 )
Total non-operating net expense
    
(58,327
 )    
(1,309
 )    
(5,921
 )    
-
      
(65,557
 )    
(4,297
 )    
(69,854
 )
                                                         
(Loss) income before income taxes
    
(35,715
 )    
(10,369
 )    
1,886
      
-
      
(44,198
 )    
(7,191
 )    
(51,389
 )
(Benefit) provision for income taxes
    
(15,554
 )    
(3,093
 )    
2,072
      
-
      
(16,575
 )    
(2,537
 )    
(19,112
 )
Net loss before earnings of consolidated subsidaries
    
(20,161
 )    
(7,276
 )    
(186
 )    
-
      
(27,623
 )    
(4,654
 )    
(32,277
 )
Net (loss) income of consolidated subsidiaries
    
(7,462
 )    
-
      
-
      
7,462
      
-
      
-
      
-
  
Net (loss) income
    
(27,623
 )    
(7,276
 )    
(186
 )    
7,462
      
(27,623
 )    
(4,654
 )    
(32,277
 )
Net loss attributable to noncontrolling interest
    
-
      
-
      
-
      
-
      
-
      
(4,654
 )    
(4,654
 )
Net (loss) income attributable to shareholders of Immucor, Inc.
   $
(27,623
 )    
(7,276
 )    
(186
 )    
7,462
      
(27,623
 )    
-
      
(27,623
 )
 
(*) Cost of sales is exclusive of amortization expense which is shown separately within operating expenses.
 
IMMUCOR, INC.
CONSOLIDATING STATEMENTS OF OPERATIONS
Nine Months Ended
February
29,
2016
(in thousands)
(Unaudited)
 
   
Immucor, Inc.
    
Guarantors
    
Non-Guarantors
    
Eliminations
    
Total
  
                                         
Net sales
   $
185,196
      
43,423
      
102,718
      
(49,483
 )    
281,854
  
Cost of sales (*)
    
62,491
      
26,605
      
67,047
      
(49,483
 )    
106,660
  
Gross profit
    
122,705
      
16,818
      
35,671
      
-
      
175,194
  
                                         
Operating expenses:
                                        
Research and development
    
8,919
      
11,088
      
746
      
(253
 )    
20,500
  
Selling and marketing
    
18,820
      
7,745
      
15,492
      
-
      
42,057
  
Distribution
    
7,224
      
1,056
      
4,689
      
-
      
12,969
  
General and administrative
    
22,683
      
4,117
      
6,360
      
(27
 )    
33,133
  
Amortization expense
    
35,916
      
3,238
      
1,591
      
-
      
40,745
  
Total operating net expense
    
93,562
      
27,244
      
28,878
      
(280
 )    
149,404
  
                                         
Income (loss) from operations
    
29,143
      
(10,426
 )    
6,793
      
280
      
25,790
  
                                         
Non-operating income (expense):
                                        
Interest income
    
183
      
-
      
114
      
(165
 )    
132
  
Interest expense
    
(66,997
 )    
(350
 )    
(93
 )    
165
      
(67,275
 )
Other, net
    
5,046
      
(154
 )    
(4,978
 )    
(280
 )    
(366
 )
Total non-operating net expense
    
(61,768
 )    
(504
 )    
(4,957
 )    
(280
 )    
(67,509
 )
                                         
(Loss) income before income taxes
    
(32,625
 )    
(10,930
 )    
1,836
      
-
      
(41,719
 )
(Benefit) provision for income taxes
    
(11,612
 )    
(3,833
 )    
1,399
      
-
      
(14,046
 )
Net (loss) income before earnings of consolidated subsidiaries
    
(21,013
 )    
(7,097
 )    
437
      
-
      
(27,673
 )
Net (loss) income of consolidated subsidiaries
    
(6,423
 )    
-
      
-
      
6,423
      
-
  
Net (loss) income
    
(27,436
 )    
(7,097
 )    
437
      
6,423
      
(27,673
 )
Net loss attributable to noncontrolling interest
    
-
      
-
      
(237
 )    
-
      
(237
 )
Net (loss) income attributable to shareholders of Immucor, Inc.
   $
(27,436
 )    
(7,097
 )    
674
      
6,423
      
(27,436
 )
 
(*) Cost of sales is exclusive of amortization expense which is shown separately within operating expenses.
 
Statements of Cash Flows for the
Nine
Month periods
          
 
IMMUCOR, INC.
CONDENSED CONSOLIDATING CASH FLOW INFORMATION
Nine Months Ended
February
28,
2017
(in thousands)
(Unaudited)
 
   
Immucor,
Inc.
    
 
Guarantors
    
 
Non-
Guarantors
    
 
Eliminations
    
Immucor,
Inc. and
Subsidiaries
    
VIE and VIE elimination
    
 
Total
  
                                                         
Net cash (used in) provided by operating activities
   $
(5,034
 )    
1,337
      
9,187
      
(5,132
 )    
358
      
(6,857
 )    
(6,499
 )
Net cash used in investing activities
    
(2,414
 )    
(1,196
 )    
(663
 )    
(3,903
 )    
(8,176
 )    
(142
 )    
(8,318
 )
Net cash provided by (used in) financing activities
    
7,345
      
(147
 )    
(8,744
 )    
8,744
      
7,198
      
7,300
      
14,498
  
Effect of exchange rate changes on cash and
cash equivalents
    
140
      
-
      
(340
 )    
291
      
91
      
-
      
91
  
Increase (decrease) in cash and cash equivalents
    
37
      
(6
 )    
(560
 )    
-
      
(529
 )    
301
      
(228
 )
Cash and cash equivalents at beginning of period
    
4,058
      
(187
 )    
6,356
      
-
      
10,227
      
36
      
10,263
  
Cash and cash equivalents at end of period
   $
4,095
      
(193
 )    
5,796
      
-
      
9,698
      
337
      
10,035
  
 
 
IMMUCOR, INC.
CONDENSED CONSOLIDATING CASH FLOW INFORMATION
Nine Months Ended
February
29,
2016
(in thousands)
(Unaudited)
 
   
Immucor, Inc.
    
Guarantors
    
Non-Guarantors
    
Eliminations
    
Total
  
                                         
Net cash provided by (used in) operating activities
   $
10,666
      
1,423
      
(1,600
 )    
(3,648
 )    
6,841
  
Net cash (used in) provided by investing activities
    
(8,860
 )    
(1,671
 )    
3,890
      
(6,009
 )    
(12,650
 )
Net cash (used in) provided by financing activities
    
(6,475
 )    
(7
 )    
(3,517
 )    
9,517
      
(482
 )
Effect of exchange rate changes on cash and cash equivalents
    
269
      
-
      
(291
 )    
140
      
118
  
Decrease in cash and cash equivalents
    
(4,400
 )    
(255
 )    
(1,518
 )    
-
      
(6,173
 )
Cash and cash equivalents at beginning of period
    
7,080
      
(263
 )    
11,546
      
-
      
18,363
  
Cash and cash equivalents at end of period
   $
2,680
      
(518
 )    
10,028
      
-
      
12,190