Note 16 - Condensed Consolidating Financial Information of Guarantor Subsidiaries (Tables)

3 Months Ended

Aug. 31, 2016

Condensed Balance Sheet [Table Text Block]

	Immucor, Inc.		Guarantors			Non-Guarantors		Eliminations			Immucor, Inc. and Subsidiaries		VIE and VIE eliminations			Total
ASSETS

Current Assets:
Cash and cash equivalents	$	2,112		(456	)		8,007		-			9,663		1			9,664
Accounts receivable, net		30,291		6,722			28,324		-			65,337		-			65,337
Intercompany receivable		106,667		29,276			27,655		(161,449	)		2,149		(2,149	)		-
Inventories, net		20,147		17,362			13,575		(1,829	)		49,255		-			49,255
Prepaid expenses and other current assets		3,453		326			5,140		-			8,919		-			8,919
Total current assets		162,670		53,230			82,701		(163,278	)		135,323		(2,148	)		133,175

Property and equipment, net		40,766		13,946			20,463		-			75,175		697			75,872
Investment in subsidiaries		207,626		20,033			3,019		(230,678	)		-		-			-
Goodwill		744,044		62,771			49,759		-			856,574		105			856,679
Other intangible assets, net		477,888		90,827			31,337		-			600,052		18,818			618,870
Other assets		31,447		272			374		(9,776	)		22,317		(7,623	)		14,694
Total assets	$	1,664,441		241,079			187,653		(403,732	)		1,689,441		9,849			1,699,290

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	8,338		2,897			6,222		-			17,457		553			18,010
Intercompany payable		17,638		124,845			18,966		(161,449	)		-		-			-
Accrued interest and interest rate swap liability		7,717		-			-		-			7,717		-			7,717
Accrued expenses and other current liabilities		9,393		4,295			5,885		-			19,573		8			19,581
Income taxes payable		30,207		(29,791	)		2,649		-			3,065		-			3,065
Deferred revenue, current portion		2,582					1,001		-			3,583		-			3,583
Current portion of long-term debt		27,633		130			-		-			27,763		-			27,763
Total current liabilities		103,508		102,376			34,723		(161,449	)		79,158		561			79,719

Long-term debt, excluding current portion		1,008,700		42			-		-			1,008,742		-			1,008,742
Deferred income tax liabilities		196,801		6,233			8,264		(706	)		210,592		5,409			216,001
Other long-term liabilities		23,207		43,946			1,347		(9,776	)		58,724		-			58,724
Total liabilities		1,332,216		152,597			44,334		(171,931	)		1,357,216		5,970			1,363,186
Equity:
Shareholders' equity of Immucor, Inc.		332,225		88,482			143,319		(231,801	)		332,225		-			332,225
Noncontrolling interest		-		-			-		-			-		3,879			3,879
Total equity		332,225		88,482			143,319		(231,801	)		332,225		3,879			336,104
Total liabilities and equity	$	1,664,441		241,079			187,653		(403,732	)		1,689,441		9,849			1,699,290

	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

Condensed Income Statement [Table Text Block]

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Immucor, Inc. and Subsidiaries			VIE and VIE eliminations			Total

Net sales	$	64,174			16,259			36,127			(17,967	)		98,593			-			98,593
Cost of sales (*)		21,480			9,397			23,551			(17,967	)		36,461			-			36,461
Gross profit		42,694			6,862			12,576			-			62,132			-			62,132

Operating expenses:
Research and development		3,752			4,295			157			-			8,204			793			8,997
Selling and marketing		7,782			2,191			5,114			-			15,087			-			15,087
Distribution		2,144			312			1,646			-			4,102			-			4,102
General and administrative		7,990			1,612			1,917			-			11,519			31			11,550
Amortization expense		11,971			1,672			535			-			14,178			2			14,180
Total operating expenses		33,639			10,082			9,369			-			53,090			826			53,916

Income (loss) from operations		9,055			(3,220	)		3,207			-			9,042			(826	)		8,216

Non-operating (expense) income:
Interest income		195			5			99			(103	)		196			(190	)		6
Interest expense		(22,351	)		(842	)		(12	)		103			(23,102	)		-			(23,102	)
Other, net		2,495			539			(2,407	)		-			627			(1,226	)		(599	)
Total non-operating net expense		(19,661	)		(298	)		(2,320	)		-			(22,279	)		(1,416	)		(23,695	)

(Loss) income before income taxes		(10,606	)		(3,518	)		887			-			(13,237	)		(2,242	)		(15,479	)
(Benefit) provision for income taxes		(4,720	)		(776	)		919			-			(4,577	)		(798	)		(5,375	)
Net (loss) income before earnings of consolidated subsidaries		(5,886	)		(2,742	)		(32	)		-			(8,660	)		(1,444	)		(10,104	)
Net income (loss) of consolidated subsidiaries		(2,774	)		-			-			2,774			-			-			-
Net (loss) income		(8,660	)		(2,742	)		(32	)		2,774			(8,660	)		(1,444	)		(10,104	)
Net loss attributable to noncontrolling interest		-			-			-			-			-			(1,444	)		(1,444	)
Net loss attributable to shareholders of Immucor, Inc.	$	(8,660	)		(2,742	)		(32	)		2,774			(8,660	)		-			(8,660	)

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Total

Net sales	$	63,887			14,718			35,299			(17,192	)		96,712
Cost of sales (*)		20,264			8,967			22,603			(17,192	)		34,642
Gross profit		43,623			5,751			12,696			-			62,070

Operating expenses:
Research and development		2,639			4,019			172			-			6,830
Selling and marketing		6,401			2,545			5,041			-			13,987
Distribution		2,443			389			1,587			-			4,419
General and administrative		7,288			1,300			2,158			-			10,746
Amortization expense		11,972			1,069			537			-			13,578
Total operating expenses		30,743			9,322			9,495			-			49,560

Income (loss) from operations		12,880			(3,571	)		3,201			-			12,510

Non-operating (expense) income:
Interest income		39			-			25			(22	)		42
Interest expense		(22,384	)		(118	)		(12	)		22			(22,492	)
Other, net		525			(128	)		(524	)		-			(127	)
Total non-operating net expense		(21,820	)		(246	)		(511	)		-			(22,577	)

(Loss) income before income taxes		(8,940	)		(3,817	)		2,690			-			(10,067	)
(Benefit) provision for income taxes		(2,250	)		(1,401	)		801			-			(2,850	)
Net (loss) income before earnings of consolidated subsidaries		(6,690	)		(2,416	)		1,889			-			(7,217	)
Net (loss) income of consolidated subsidiaries		(527	)		-			-			527			-
Net (loss) income	$	(7,217	)		(2,416	)		1,889			527			(7,217	)

Condensed Cash Flow Statement [Table Text Block]

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations			Immucor, Inc. and Subsidiaries			VIE and VIE elimination			Total

Net cash (used in) provided by operating activities	$	(18,691	)		156			4,071			(1,834	)		(16,298	)		(946	)		(17,244	)
Net cash used in investing activities		(1,591	)		(365	)		(245	)		(667	)		(2,868	)		(89	)		(2,957	)
Net cash provided by (used in) financing activities		18,342			(60	)		(2,134	)		2,134			18,282			1,000			19,282
Effect of exchange rate changes on cash and cash equivalents		(6	)		-			(41	)		367			320			-			320
(Decrease) increase in cash and cash equivalents		(1,946	)		(269	)		1,651			-			(564	)		(35	)		(599	)
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	$	2,112			(456	)		8,007			-			9,663			1			9,664

	Immucor, Inc.			Guarantors			Non-Guarantors			Eliminations		Total

Net cash (used in) provided by operating activities	$	(9,987	)		691			1,389			-		(7,907	)
Net cash used in investing activities		(4,942	)		(873	)		(26	)		-		(5,841	)
Net cash provided by (used in) financing activities		14,342			(4	)		-			-		14,338
Effect of exchange rate changes on cash and cash equivalents		10			-			64			-		74
(Decrease) increase in cash and cash equivalents		(577	)		(186	)		1,427			-		664
Cash and cash equivalents at beginning of period		7,080			(263	)		11,546			-		18,363
Cash and cash equivalents at end of period	$	6,503			(449	)		12,973			-		19,027

IMMUCOR INC 10-Q