FORM 10-Q

United States
                                                  Securities and Exchange Commission
                                                       Washington, D. C. 20549

(Mark One)

X                     Quarterly Report Pursuant to Section 13 or 15(d)
                                                                                               of the Securities Exchange Act of 1934

For Quarter Ended: November 30, 2003
OR

_                      Transition Report Pursuant to Section 13 or 15(d)
                                                                                                of the Securities Exchange Act of 1934

Commission File Number: 0-14820IMMUCOR, INC.
(Exact name of registrant as specified in its charter)

       Georgia                                      22-2408354
                  (State or other jurisdiction of                                 (I.R.S. Employer
                  incorporation or organization)                      Identification No.)

3130 Gateway Drive       P.O. Box 5625       Norcross, Georgia 30091-5625
                                        (Address of principal executive offices)          (Zip Code)

Registrant's telephone number: (770) 441-2051

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes X   No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes X   No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as
of the latest practicable date.

As of January 9, 2004: Common Stock, $0.10 Par Value - 19,682,725

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|                                                                                 
|---------------------------------------------------------------------------------
|
|ASSETS                                                                           
|                                                                                 
|CURRENT ASSETS:                                                                  
|Cash and cash equivalents                                                        
|Accounts receivable, trade (less allowance for doubtful accounts of $1,942,424 at
|November 30, 2003 and $1,655,347 at May 31, 2003)                                
|Other receivables                                                                
|Inventories                                                                      
|Income taxes receivable                                                          
|Deferred income taxes                                                            
|Prepaid expenses and other                                                       
|                                                                                 
|Total current assets                                                             
|                                                                                 
|LONG-TERM INVESTMENT - At cost                                                   
|                                                                                 
|PROPERTY, PLANT AND EQUIPMENT - Net                                              
|                                                                                 
|DEFERRED INCOME TAXES                                                            
|                                                                                 
|OTHER ASSETS - Net                                                               
|                                                                                 
|DEFERRED LICENSING COSTS - Net                                                   
|                                                                                 
|CUSTOMER LIST - Net                                                              
|                                                                                 
|EXCESS OF COST OVER NET TANGIBLE ASSETS ACQUIRED - Net                           
|                                                                                 
|                                                                                 
|                                                                                 

See notes to consolidated financial
statements.

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|                                                                             
|-----------------------------------------------------------------------------
|
|LIABILITIES AND SHAREHOLDERS' EQUITY                                         
|                                                                             
|CURRENT LIABILITIES:                                                         
|Current portion of borrowings under bank line of credit agreements           
|Current portion of long-term debt                                            
|Current portion of capital lease obligations                                 
|Accounts payable                                                             
|Income taxes payable                                                         
|Accrued salaries and wages                                                   
|Deferred income taxes                                                        
|Other accrued liabilities                                                    
|                                                                             
|Total current liabilities                                                    
|                                                                             
|BORROWINGS UNDER BANK LINE OF CREDIT AGREEMENTS -    Net of current portion  
|                                                                             
|LONG-TERM DEBT - Net of current portion                                      
|                                                                             
|CAPITAL LEASE OBLIGATIONS - Net of current portion                           
|                                                                             
|DEFERRED INCOME TAXES                                                        
|                                                                             
|OTHER LIABILITIES                                                            
|                                                                             
|SHAREHOLDERS' EQUITY:                                                        
|Common stock -  authorized 45,000,000 shares, $0.10 par value; 19,639,920 and
|12,865,445 issued and outstanding at November 30, 2003 and May 31, 2003,     
|respectively                                                                 
|Additional paid-in capital                                                   
|Retained earnings                                                            
|Accumulated other comprehensive loss                                         
|                                                                             
|Total shareholders' equity                                                   
|                                                                             
|                                                                             
|                                                                             

See notes to consolidated financial statements.

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|                                    
|------------------------------------
|
|
|
|
|                                    
|NET SALES                           
|                                    
|COST OF SALES                       
|                                    
|GROSS MARGIN                        
|                                    
|OPERATING EXPENSES:                 
|Research and development            
|Selling and marketing               
|Distribution                        
|General and administrative          
|Amortization expense                
|                                    
|Total operating expenses            
|                                    
|INCOME FROM OPERATIONS              
|                                    
|OTHER INCOME (EXPENSE):             
|Interest income                     
|Interest expense                    
|Other - net                         
|                                    
|Total other                         
|                                    
|INCOME BEFORE INCOME TAXES          
|INCOME TAX EXPENSE                  
|                                    
|NET INCOME                          
|                                    
|Earnings per share:                 
|Basic                               
|                                    
|Diluted                             
|                                    
|Weighted average shares outstanding:
|Basic                               
|                                    
|Diluted                             
|                                    

See notes to consolidated financial statements.

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|---------------------------------------------------------------------------------
|
|
|
|                                                                                 
|OPERATING ACTIVITIES:                                                            
|Net income                                                                       
|Adjustments to reconcile net income to net cash provided by operating activities:
|Depreciation and amortization of property and equipment                          
|Amortization of other assets and excess of cost over net tangible assets acquired
|Amortization of debt issue costs                                                 
|Provision for doubtful accounts                                                  
|Deferred tax provision                                                           
|Changes in operating assets and liabilities:                                     
|Accounts receivable, trade                                                       
|Income taxes                                                                     
|Inventories                                                                      
|Other receivables                                                                
|Other current assets                                                             
|Other long-term assets                                                           
|Accounts payable                                                                 
|Other current liabilities                                                        
|Other long-term liabilities                                                      
|                                                                                 
|Total adjustments                                                                
|                                                                                 
|Cash provided by operating activities                                            
|                                                                                 
|INVESTING ACTIVITIES:                                                            
|Purchases of / deposits on property and equipment                                
|                                                                                 
|Cash used in investing activities                                                
|                                                                                 
|FINANCING ACTIVITIES:                                                            
|Borrowings under line of credit agreements net of repayments                     
|Payments of long-term debt and capital lease obligations net of borrowings       
|Payment of debt issue costs                                                      
|Payment for fractional stock dividend shares                                     
|Exercise of stock options and warrants (127,795 shares and 830,272 shares,       
|respectively)                                                                    
|                                                                                 
|Cash used in financing activities                                                
|                                                                                 
|EFFECT OF EXCHANGE RATE CHANGES ON CASH                                          
|                                                                                 
|INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                 
|CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                 
|                                                                                 
|CASH AND CASH EQUIVALENTS AT END OF PERIOD                                       
|                                                                                 

See notes to consolidated financial statements.

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IMMUCOR, INC. 

Notes to Consolidated Financial Statements
(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited
consolidated financial statements have been prepared in accordance with accounting
principles generally accepted in the United States for interim financial information and
the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements. However, there has been
no material change in the information disclosed in the Companys annual financial
statements dated May 31, 2003, except as disclosed herein. In the opinion of management,
all adjustments (consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three-month and six-month
periods ended November 30, 2003 are not necessarily indicative of the results that may be
expected for the year ending May 31, 2004. For further information, refer to the
consolidated financial statements and footnotes thereto included in the Companys
Annual Report on Form 10-K for the year ended May 31, 2003.

Certain prior year balances have been
reclassified to conform to the current year presentation.

2. INVENTORIES

Inventories are stated at the lower
of first-in, first-out cost or market:

|                           | As ofNovember 30, 2003 | As ofMay 31, 2003 | 
|-------------------------- | ---------------------- | ----------------- | 
|Raw materials and supplies |                        | $ 6,022,688       | 
|Work in process            |                        | 1,779,629         | 
|Finished goods             |                        | 11,700,477        | 
|                           |                        |                   | 
|                           |                        | $19,502,794       | 
|                           |                        |                   | 

3. EARNINGS PER SHARE

The following table sets forth the
computation of basic and diluted earnings per share in accordance with Statement of
Financial Accounting Standards (SFAS) No. 128, Earnings per Share. The
Company implemented a three-for-two stock split on November 14, 2003 to shareholders of
record as of the close of business October 24, 2003. The Company implemented a
three-for-two stock split on September 13, 2002 to shareholders of record as of the close
of business on August 26, 2002. The splits were effected in the form of a 50% stock
dividend. All share and per share amounts disclosed in this document have been restated to
reflect the stock splits discussed in Note 7 to the consolidated financial statements.

|                                                    | Three Months Ended | Nine Months Ended
|--------------------------------------------------- | ------------------ | -----------------
|
|
|                                                    |                    |                  
|Numerator for basic and diluted earnings per share: |                    |                  
|Income available to common shareholders             |                    | $  3,441,816     
|                                                    |                    |                  
|Denominator:                                        |                   
|For basic earnings per share - weighted             |                   
|average shares basis                                |                    | 19,584,770       
|Effect of dilutive stock options and warrants       |                    | 1,266,014        
|                                                    |                    |                  
|Denominator for diluted earnings per share          |                   
|-adjusted weighted average shares basis             |                    | 20,850,784       
|                                                    |                    |                  
|Earnings per common share                           |                    | $           0.18 
|                                                    |                    |                  
|Earnings per common share - assuming dilution       |                    | $           0.17 
|                                                    |                    |                  

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4.    
          DOMESTIC AND FOREIGN OPERATIONS

Information concerning the
Companys domestic and foreign operations is summarized below (in 000s):

|                             
|-----------------------------
|                             
|
|                             
|                             
|Net reagent revenues:        
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Net instrument revenues:     
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Income from operations       
|Net income (loss)            
|                             
|
|                             
|                             
|Net reagent revenues:        
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Net instrument revenues:     
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Income from operations       
|Net income (loss)            
|                             
|
|                             
|                             
|Net reagent revenues:        
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Net instrument revenues:     
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Income (loss) from operations
|Net income (loss)            
|                             
|
|                             
|                             
|Net reagent revenues:        
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Net instrument revenues:     
|Unaffiliated customers       
|Affiliates                   
|                             
|Total                        
|Income from operations       
|Net income (loss)            

The Companys U.S. operations
made net export sales to unaffiliated customers of approximately $1,211,000 and $1,006,000
for the three months ended November 30, 2003 and 2002, respectively and approximately
$2,603,000 and $2,237,000 for the six months ended November 30, 2003 and 2002,
respectively. The Companys German operations made net export sales to unaffiliated
customers of approximately$1,296,000 and $919,000 for the three months ended
November 30, 2003 and 2002, respectively and approximately$2,163,000 and
$1,559,000 for the six months ended November 30, 2003 and 2002, respectively. The
Companys Canadian operations made net export sales to unaffiliated customers of
approximately$538,000 and $490,000 for the three months ended November 30, 2003
and 2002, respectively and approximately$898,000 and $1,110,000 for the six months
ended November 30, 2003 and 2002, respectively. Product sales to affiliates are valued at
market prices.

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5.    
          COMPREHENSIVE INCOME

The components of comprehensive
income for the three-month and six-month periods ended November 30, 2003 and 2002 are as
follows:

|                                      | Three Months Ended | Six Months Ended
|------------------------------------- | ------------------ | ----------------
|
|
|                                      |                    |                 
|Net income                            |                    | $ 3,441,816     
|Net foreign currency translation      |                    | 2,998,293       
|Hedge loss reclassified into earnings |                    | 5,137           
|                                      |                    |                 
|Comprehensive income                  |                    | $ 6,445,246     
|                                      |                    |                 

Accumulated comprehensive income
(loss) as of November 30, 2003 and May 31, 2003 was $28,915 and ($782,262), respectively.
The balance, consisting primarily of net gains on foreign currency translation
adjustments, has been disclosed in the shareholders equity section of the
consolidated balance sheets.

6.    
          IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2001, the FASB issued SFAS
No. 143, Accounting for Asset Retirement Obligations(SFAS No. 143).
SFAS No. 143 applies to legal obligations associated with the retirement of long-lived
assets that result from the acquisition, construction, development and/or the normal
operation of a long-lived asset. For the purposes of SFAS No. 143, a legal obligation is
an obligation that a party is required to settle as a result of an existing or enacted
law, statute, ordinance, or written or oral contract or that is based on a promise and an
expectation of performance. SFAS No. 143 is effective for financial statements for fiscal
years beginning after June 15, 2002. The Company adopted SFAS No. 143 effective June 1,
2003 without impact on its financial position or results of operations.

In July 2002, the FASB issued SFAS
No. 146, Accounting for Costs Associated with Exit or Disposal Activities(SFAS No. 146), which addresses financial accounting and reporting for
costs associated with exit or disposal activities and nullifies Emerging Issues Task Force
(EITF) Issue No. 94-3, Liability Recognition for Certain Employee
Termination Benefits and Other Costs to Exit an Activity (including certain costs incurred
in a restructuring). The provisions of SFAS No. 146 are effective for exit or disposal
activities that are initiated after December 31, 2002. At adoption on January 1, 2003,
SFAS No. 146 did not have a significant impact on the Companys consolidated
statements of operations or financial position. The Company does not have any in-process
or planned exit or disposal activities as of November 30, 2003.

In November 2002, the FASB issued
Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for
Guarantees (FIN No. 45). FIN No. 45 requires a guarantor to recognize, at
the inception of a guarantee, a liability for the fair value of the obligation it has
undertaken in issuing the guarantee. The Company must apply FIN No. 45 to guarantees, if
any, issued or modified after December 31, 2002. FIN No. 45 also requires guarantors to
disclose certain information for guarantees, including product warranties, outstanding at
the end of interim periods ending after December 15, 2002. At adoption, FIN No. 45 did not
have a significant impact on the Companys consolidated statements of operations or
financial position. The Company does not have any material warranty obligations or other
guarantees as of November 30, 2003.

In November 2002, the EITF reached a
consensus on EITF Issue No. 00-21, Revenue Arrangements with Multiple Deliverables
(EITF 00-21). The Issue addresses certain aspects of the accounting for
arrangements under which a vendor will perform multiple revenue-generating activities.
EITF 00-21 addresses when a revenue arrangement with multiple deliverables should be
divided into separate units of accounting and, if separation is appropriate, how the
arrangement consideration should be allocated to the identified accounting units. The
Company adopted the provisions of EITF 00-21 effective July 1, 2003, without material
impact on its financial statements.

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See Note 8 to the consolidated
financial statements for a discussion of SFAS No. 148, Accounting for Stock-Based
Compensation  Transition and Disclosure  an amendment of FASB Statement No.
123.

In January 2003, the FASB issued
Interpretation No. 46, Consolidation of Variable Interest Entities, an Interpretation
of Accounting Research Bulletin (ARB) No. 51 (FIN No. 46). FIN No. 46
requires certain variable interest entities, or VIEs, to be consolidated by the primary
beneficiary of the entity if the equity investors in the entity do not have the
characteristics of a controlling financial interest or do not have sufficient equity at
risk for the entity to finance its activities without additional subordinated financial
support from other parties. FIN No. 46 is effective for all VIEs created or acquired after
January 31, 2003. For VIEs created or acquired prior to February 1, 2003, the provisions
of FIN No. 46 must be applied for the first interim or annual period beginning after
December 15, 2003. The Company does not expect that the adoption of FIN No. 46 will have a
material impact on its financial statements.

In April 2003, the FASB issued SFAS
No. 149,Amendments of Statement 133 on Derivative Instruments and Hedging
Activities(SFAS No. 149). SFAS No. 149 amends and clarifies
financial accounting and reporting for derivative instruments, including certain
instruments embedded in other contracts and for hedging activities under FASB Statement
No. 133, Accounting for Derivative Instruments and Hedging Activities. This
statement requires that contracts with comparable characteristics be accounted for
similarly. In particular, this statement clarifies under what circumstances a contract
with an initial net investment meets the characteristic of a derivative, clarifies when a
derivative contains a financing component, amends the definition of an underlying hedged
risk to conform to language used in FIN No. 45 and amends certain other existing
pronouncements. This statement, the provisions of which are to be applied prospectively,
is effective for contracts entered into or modified after June 30, 2003. The adoption of
SFAS No. 149, on July 1, 2003, did not have a material impact on the Companys
financial condition or results of operations.

In May 2003, the FASB issued SFAS No.
150, Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity(SFAS No. 150). SFAS No. 150 establishes standards
for how an issuer classifies and measures in its statement of financial position certain
financial instruments with characteristics of both liabilities and equity. SFAS No. 150
requires that an issuer classify a financial instrument that is within SFAS No. 150s
scope as a liability (or an asset in some circumstances) because that financial instrument
embodies an obligation of the issuer. Many of those instruments were previously classified
as equity. SFAS No. 150 requires an issuer to classify the following instruments as
liabilities (or assets in some circumstances): mandatorily redeemable financial
instruments; obligations to repurchase the issuers equity shares by transferring
assets; and certain obligations to issue a variable number of its equity shares. SFAS No.
150 is effective for all financial instruments entered into or modified after May 31,
2003, and otherwise shall be effective at the beginning of the first interim period
beginning after June 15, 2003. The adoption of SFAS No. 150, on September 1, 2003, did not
have a material effect on the Companys financial condition or results of operations.

7.    
          STOCK SPLITS

On September 19, 2003, the Board of
Directors approved a three-for-two stock split, which was effected in the form of a 50%
stock dividend. The date of distribution was November 14, 2003 to the shareholders of
record at the close of business on October 24, 2003. The number of shares outstanding at
the close of business on October 24, 2003 was 13,090,834. The stock split added an
additional 6,543,111 shares to outstanding shares. All share and per share amounts
disclosed in this document have been restated to reflect this stock split. The total
number of shares outstanding at the stock split pay date was 19,633,945.

On July 24, 2002, the Board of
Directors approved a three-for-two stock split, which was effected in the form of a 50%
stock dividend. The date of distribution was September 13, 2002 to the shareholders of
record at the close of business on August 26, 2002. The number of shares outstanding at
the close of business on August 26, 2002 was 8,257,277. The stock split added an
additional 4,128,639 shares to outstanding shares. All share and per share amounts
disclosed in this document have been restated to reflect this stock split. The total
number of shares outstanding at the stock split pay date was 12,385,916.

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8.    
          STOCK-BASED COMPENSATION

The Company grants stock options for
a fixed number of shares to employees with an exercise price equal to the fair value of
the shares at the date of the grant. The Company accounts for stock option grants in
accordance with APB Opinion No. 25, Accounting for Stock Issued to Employees, and
accordingly does not recognize compensation expense for the stock option grants.

In December 2002, the FASB issued
SFAS No. 148, Accounting for Stock-Based Compensation  Transition and Disclosure
 an amendment of FASB Statement No. 123.This Statement provides alternative
methods of transition for a voluntary change to the fair value based method of accounting
for stock-based employee compensation. In addition, this Statement amends the disclosure
requirements of Statement 123 to require prominent disclosures in both annual and interim
financial statements about the method of accounting for stock-based employee compensation
and the effect of the method used on reported results. The following table illustrates the
effect on net income and earnings per share as if the Company had applied the fair value
recognition provisions of SFAS No. 123 to stock-based employee compensation.

|                                                                                                                                  | Three Months Ended | Six Months Ended
|--------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ----------------
|
|
|                                                                                                                                  |                    |                 
|Net income as reported                                                                                                            |                    | $     3,441,816 
|Deduct total stock-based employeecompensation expense determined underfair value based methoeds for all awards,
     net of taxes |                    | 232,787         
|                                                                                                                                  |                    |                 
|Pro forma net income                                                                                                              |                    | $     3,209,029 
|Earnings per share as reported:                                                                                                   |                   
|Per common share                                                                                                                  |                    | $0.18           
|Per common share - assuming dilution                                                                                              |                    | $0.17           
|Pro forma earnings per share:                                                                                                     |                   
|Per common share                                                                                                                  |                    | $0.16           
|Per common share - assuming dilution                                                                                              |                    | $0.15           
|                                                                                                                                 

9.    
          SUBSEQUENT EVENT

On
December 18, 2003 the Company closed a new $27 million secured credit facility with
SunTrust Bank. The new credit facility matures in three years and is composed of a $15
million revolver and a $12 million term loan, both at terms more favorable to the Company
than its previous credit facility. The Company terminated its secured bank
line of credit and term loan that had been in place since 1998 with a different bank. The
Company will record a non-cash, pre-tax charge of $924 thousand in the third quarter to
write off unamortized deferred financing charges related to its previous credit facility.
This charge will reduce third quarter earnings by approximately $0.03 per diluted share

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ITEM 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations.

Certain statements that Immucor
may make from time to time, including all statements contained in this report that are not
statements of historical fact, constitute forward-looking statements under the
federal securities laws. Forward-looking statements may be identified by words such as
plans, expects, believes, anticipates,
estimates, projects, will and other words of similar
meaning used in conjunction with, among other things, discussions of future operations,
financial performance, product development and new product launches, FDA and other
regulatory applications and approvals, market position and expenditures. Factors that
could cause actual results to differ materially from those expressed in any
forward-looking statement made by, or on behalf of, Immucor include the following, some of
which are described in greater detail below: the decision of customers to defer capital
spending, increased competition in the sale of instruments and reagents, product
development or regulatory obstacles, changes in interest rates, fluctuations in foreign
currency exchange rates and general economic conditions. Investors are cautioned not to
place undue reliance on any forward-looking statements. Immucor cautions that historical
results should not be relied upon as indications of future performance. Immucor assumes no
obligation to update any forward-looking statements.

Critical Accounting
Policies

General

We have identified the policies below
as critical to our business operations and the understanding of our results of operations.
The impact and any associated risks related to these policies on our business operations
is discussed throughout Managements Discussion and Analysis of Financial Condition
and Results of Operations where such policies affect our reported and expected financial
results. For a detailed discussion on the application of these and other accounting
policies, see Note 1, Note 6 and Note 8 to the Consolidated Financial Statements of this
Quarterly Report on Form 10-Q. Note that our preparation of this Form 10-Q requires us to
make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of our financial
statements, and the reported amounts of revenue and expenses during the reporting period.
Actual results could differ from those estimates, and certain assumptions could prove to
be incorrect.

Revenue Recognition

The Company recognizes revenue
when the following four basic criteria have been met: (1)
persuasive evidence of an arrangement exists; (2) delivery has occurred or services
rendered; (3) the fee is fixed and determinable; and (4) collectibility is reasonably
assured. Should changes in conditions cause management to determine these criteria are not
met for certain future transactions, revenue recognized for any reporting period could be
adversely affected. Revenue from the sale of the Companys reagents is recognized
upon shipment since both title and risk of loss transfers to the customer upon shipment.
Revenue from the sale of the Companys medical instruments is recognized upon
shipment and completion of contractual obligations relating to training and/or
installation based on terms of the related agreements. Revenue from rentals of the
Companys medical instruments is recognized over the life of the rental agreement.
Instrument service contract revenue is recognized over the life
of the contract.

We adopted Emerging Issues Task Force Issue (EITF) No. 00-21, Accounting for Revenue Arrangements
with Multiple Deliverables, for agreements entered into in the second quarter of fiscal year 2004.
Agreements with multiple deliverables are reviewed and the deliverables are separated
into units of accounting under the provisions of EITF No. 00-21.  The total consideration received
is allocated based on the estimated fair value of the units of accounting, which requires judgment
by management.  Revenue is recognized as the elements are delivered, assuming all the
other conditions for recognition of revenue discussed in the preceding paragraph have been met.

Allowance for Doubtful
Accounts

Immucor maintains an allowance for
doubtful accounts for estimated losses resulting from the inability of its customers to
make required payments. The allowance is approximately 7.2% of the accounts receivable
balance. The Company continually monitors the collectibility of its customer accounts and
when indications arise that an amount is not likely to be collected, the amount is charged
to the allowance for doubtful accounts. If the financial condition of any of
Immucors customers was to deteriorate, resulting in an impairment of their ability
to make payments, additional allowances could be required. No material changes have been
made to the allowance for doubtful accounts policy during fiscal 2004.

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Inventory

Inventories are stated at the lower
of first-in, first-out cost or market. Cost includes material, labor and manufacturing
overhead. The Company uses a standard cost system as a tool to monitor production
efficiency. The standard cost system applies estimated labor and manufacturing overhead
factors to inventory based on budgeted production levels, staffing levels and costs of
operation. Actual costs and production levels may vary from the standards and are charged
to the consolidated statements of operations as a component of cost of sales. Since
generally accepted accounting principles require that the standard cost approximate actual
cost, periodic adjustments are necessary. No material changes have been made to the
inventory policy during fiscal 2004.

Goodwill and Other
Long-lived Assets

In assessing the recoverability of
the Companys goodwill and other long-lived assets the Company must make assumptions
regarding estimated future cash flows and other factors to determine the fair value of the
respective assets. If these estimates or their related assumptions change in the future,
the Company may be required to record impairment charges for these assets not previously
recorded. On June 1, 2002 the Company adopted Statement of Financial Accounting Standards
(SFAS) No. 142, Goodwill and Other Intangible Assets, and is required
to analyze its goodwill and indefinite lived intangible assets for impairment on an annual
basis or more frequently if impairment indicators arise. In October 2001, the FASB issued
SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. The
Statement supercedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed of,however it retains the fundamental
provisions of that statement related to the recognition and measurement of the impairment
of long-lived assets to be held and used. The Company adopted SFAS No. 144
effective June 1, 2002 without impact on its financial position or results of operations.

Income Taxes

Our income tax policy records the
estimated future tax effects of temporary differences between the tax bases of assets and
liabilities and amounts reported in the accompanying consolidated balance sheets, as well
as operating loss and tax credit carry-forwards. We follow very specific and detailed
guidelines regarding the recoverability of any tax assets recorded on the balance sheet
and provide any allowances as required. The Company believes that the value of the
Companys deferred tax assets assumes that the Company will be able to generate
sufficient future taxable income in certain tax jurisdictions, based on estimates and
assumptions. If these estimates and related assumptions change in the future, the Company
may be required to record additional valuation allowances against its deferred tax assets
resulting in additional income tax expense in the Companys consolidated statements
of operations. In assessing the realizability of deferred tax assets, management considers
whether it is more likely than not that some portion or all of the deferred tax assets
will not be realized. Management considers the scheduled reversal of deferred tax
liabilities, projected future taxable income, carry-back opportunities, and tax-planning
strategies in making this assessment. Management evaluates the realizability of the
deferred tax assets and assesses the need for additional valuation allowances quarterly.
No material changes have been made to the income tax policy during fiscal 2004.

Stock-Based Employee
Compensation

The Company grants stock options for
a fixed number of shares to employees with an exercise price equal to the fair value of
the shares at the date of the grant. The Company accounts for stock option grants in
accordance with APB Opinion No. 25, Accounting for Stock Issued to Employees, and
accordingly does not recognize compensation expense for the stock option grants. In
December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based Compensation
 Transition and Disclosure  an amendment of FASB Statement No. 123.This
Statement provides alternative methods of transition for a voluntary change to the fair
value based method of accounting for stock-based employee compensation. In addition, this
Statement amends the disclosure requirements of Statement 123 to require prominent
disclosures in both annual and interim financial statements about the method of accounting
for stock-based employee compensation and the effect of the method used on reported
results. The Company adopted the interim disclosure requirements in the period ended May
31, 2003. See Note 8 of the consolidated financial statements.

---

Financial Condition,
Liquidity and Capital Resources

Net cash provided by operating
activities totaled approximately $10.9 million and $5.5 million for the six-month periods
ending November 30, 2003 and 2002, respectively. As of November 30, 2003, the
Companys cash and cash equivalents balance totaled $9.4 million, a decrease of
approximately $1.8 million from the balance as of May 31, 2003. Cash provided by operating
activities from the six-month period ending November 30, 2003 over the six-month period
ending November 30, 2002 increased significantly, as detailed below.

During the six-month period ended
November 30, 2003, accounts receivable decreased by approximately $0.7 million primarily
due to improved collections. Factored Italian accounts receivables that are classified as
other receivables, had a net decline of $0.2 million as advances that were received on the
accounts. Inventory rose $2.6 million during the six-month period ended November 30, 2003
primarily due to receipt of 21 ABS2000 instruments under an outstanding purchase
commitment in the U.S. and higher instrument levels in Europe. Income tax refunds
receivable, primarily in the U.S., had increased in the three-month period ended May 31,
2003 due to a planned restructuring of certain European operations that allowed for the
utilization of tax losses generated in prior years. This receivable balance has been
offset, in the six-month period ended November 30, 2003, with the tax liability generated
by earnings during that period, net of the tax benefit related to stock options exercised.
Prepaid and other assets decreased approximately $0.7 million during the six-month period
ended November 30, 2003, as deposits on the ABS2000 units received during the period were
moved into inventory and the VAT receivable in Germany declined.

Other long-term assets decreased by
approximately $0.2 million due primarily to amortization of debt issue costs. Deferred
licensing costs and customer list declined in the six-month period ended November 30, 2003
due to normal amortization. Excess of cost over net tangible assets acquired increased due
to the effect of foreign exchange rates against the dollar.

Accounts payable remained relatively
constant during the six-month period ended November 30, 2003 when compared to changes is accounts
payable levels at November 30, 2002. Income tax liability increased $0.6 million primarily
due to increased earnings in the six-month period ended November 30, 2003, net of the tax
benefit related to stock options exercised. Accrued salaries and wages were relatively
constant during the six-month period ended November 30, 2003. Net deferred income tax
liabilities remained relatively constant during the six-month period ended November 30,
2003. Other accrued liabilities declined during the six-month period ended November 30,
2003, due to reduced accrued audit fees and reduced suspended VAT payable on Italian
factored receivables. Other long-term liabilities decreased primarily due to the changes
in the value of the interest rate swap agreement and decreases in deferred instrument
revenue.

During the six-month period ended
November 30, 2003, $3.7 million of cash was used in investing activities primarily for
capital expenditures of $1.8 million for Galileo and other instruments at customer sites
on reagent rental agreements and for demonstration, $0.3 million for computer hardware and
software enhancements of the enterprise software system, $0.1 million to refurbish the
German facility, $1.0 million for manufacturing and quality system improvements at its
Norcross and Houston facilities and approximately $0.5 million for the previously
announced development project to produce human collagen mesh. Planned capital expenditures
for the remainder of fiscal 2004 total approximately $1.5 million. Additionally, the
Company has budgeted $1.0 million for manufacturing and quality system improvements at its
Norcross and Houston facilities, $0.3 million at its Canadian facility, and $0.2 million
to upgrade its German facility as its European distribution center.

---

Net cash used in financing activities
during the six-month period ended November 30, 2003 totaled approximately $8.8 million,
including approximately $10.0 million in payments of long-term debt, line of credit and
capital lease obligations, which was partially offset by the receipt of $1.3 million in
cash from the exercise of stock options. Most of these options were granted in prior
fiscal years and provide for exercise prices equal to the market value of the
Companys stock on the date granted.

During the six-months ended November
30, 2003, common stock and additional paid-in capital increased by an aggregate of $2.9
million primarily due to the exercise of stock options, described above, including the
related tax benefit. Approximately $113,000 of stock options (aggregate exercise price)
were exercised as of November 30, 2003, but are classified as a receivable until the
amounts due from financial institutions are received. Also, common stock increased and
retained earnings decreased by approximately $0.6 million due to the effect of the
three-for-two stock split on November 14, 2003. Retained earnings and comprehensive income
(loss) improved by $7.9 million due to the earnings for the six-month period ended
November 30, 2003 and by favorable changes in the net foreign exchange translation. The
financial statements of foreign subsidiaries have been translated into U.S. dollars in
accordance with FASB Statement No. 52, Foreign Currency Translation. All balance
sheet accounts have been translated using the exchange rates in effect at the balance
sheet dates. Income statement amounts have been translated using the average exchange
rates for each year. The gains and losses resulting from the changes in exchange rates
from year to year have been reported separately as a component of comprehensive income
(loss). The effect of foreign currency transaction gains and losses has been recorded in
the accompanying statements of operations.

Management continues to focus on
reducing the debt on the Companys balance sheet and does not anticipate that there
will be a need for additional borrowings in the foreseeable future. Management expects
that cash and cash equivalents and internally generated funds will be sufficient to
support operations, scheduled debt repayments and planned capital expenditures for the
next 12 months, as well as fund future long-term debt payments.

Results of Operations

Immucor generated net sales of $27.2
million in the three-month period ended November 30, 2003, versus $23.7 million in the
three-month period ended November 30, 2002 and $54.5 million in the six-month period ended
November 30, 2003, versus $47.0 million in the six-month period ended November 30, 2002.
Net income for the three-month period ended November 30, 2003 totaled $3.4 million,
equivalent to the same quarter last year and $7.1 million in the six-month period ended
November 30, 2003, versus $6.4 million in the six-month period ended November 30, 2002.
Diluted earnings per share, totaling $0.17 on 20.9 million weighted average shares
outstanding for the three-month period ended November 30, 2003, compared with diluted
earnings per share of $0.17 on 19.9 million weighted average shares outstanding in the
three-month period ended November 30, 2002. Diluted earnings per share, totaling $0.34 on
20.8 million weighted average shares outstanding for the six-month period ended November
30, 2003, compared with diluted earnings per share of $0.32 on 19.9 million weighted
average shares outstanding in the six-month period ended November 30, 2002. All share and
per share amounts have been adjusted to reflect the three-for-two stock splits effected in
the form of a 50% stock dividend that were distributed on November 14, 2003 and September
13, 2002. For the three-month period ended November 30, 2003, the effect on net sales and
gross margin of the change in the Euro exchange rate was an approximate increase of $1.2
million and $0.4 million, respectively, and minimal for net income. For the six-month
period ended November 30, 2003, the effect on net sales and gross margin of the change in
the Euro exchange rate was an approximate increase of $2.2 million and $1.0 million,
respectively and minimal for net income.

---

Net Sales

Sales of instruments were $2.1
million in the second quarter of 2004 compared to $1.6 million in the second quarter of
2003. Instrument sales for the six months grew by approximately $1.9 million to $4.6
million, a 66% increase over the six months ended November 30, 2002. Comparing the quarter
ended November 30, 2003 to the quarter ended August 31, 2003, sales of instruments in
Europe grew to $1.3 million in the second quarter of fiscal 2004, up from $1.0 million in
the first quarter. Demand for the Galileo high volume instrument continues to be strong
since its introduction to the European market. During the quarter, 23 Galileo instruments
were placed, 13 outright sales and 10 placed under reagent rental agreements, resulting in
93 Galileo placements in Europe as of November 30, 2003, and an additional 8 Galileos have
been placed under evaluation at customer sites. In the U.S. instrument sales fell to $740
thousand in the second quarter versus $1.5 million in the first quarter. The timing of
instrument sales for the U.S. is difficult to predict due to the long sales cycle. The
instrument backlog in the U.S. currently stands at $0.8 million. Galileo clinical trial
data has been collected in the U.S. and the Company is in the process of preparing the FDA
submission that is expected to be submitted in February.

Comparing the quarter ended November
30, 2003 to the quarter ended August 31, 2003, there was a decline of approximately $0.4
million in U.S. traditional reagent sales comprised of products not
utilizing the Companys patented Capture® technology,from the first quarter of fiscal 2004 due
primarily to reduced sales of serum and cell products. The shortfall is believed to be due
in large part to customer ordering patterns, mainly for international distributors who buy
the Companys products in the U.S., and not from an overall decrease in demand or
loss of market share. Comparing the quarter ended November 30, 2003 to the quarter ended
November 30, 2002, sales of traditional reagent products  increased $2.0 million, or
11.5%, from $17.5 million in the second quarter of fiscal 2003 to $19.5 million in the
second quarter of fiscal 2004. Year to date traditional reagent sales increased $4.4
million, or 12.5%, from $35.1 million in the six-month period ended November 30, 2002 to
$39.5 million in the six-month period ended November 30, 2003. Sales of Capture®
products increased approximately $1.0 million to $5.6 million for the three-month period
ended November 30, 2003, a 22.7% increase over the prior year quarter. For the six-month
period ended November 30, 2003, sales of Capture® products increased approximately
$1.5 million to $10.5 million, an increase of 16.8% over the six-month period ended
November 30, 2002. The Company believes growth in reagent revenue occurred primarily as a
result of price increases including group contract renewals at higher prices in North
America, which contributed $1.2 million and $1.8 million to the increase for the
three-month and six-month periods ended November 30, 2003, respectively.

Gross Margin

Gross margin, as a percentage of
sales, was 55.9% and 56.0% for the three-month and six-month period ended November 30,
2003, respectively, versus 57.8% and 57.7% for the three-month and six-month period ended
November 30, 2002, respectively. The gross margin on traditional reagents remained
relatively constant at 60.4% and 60.1% for the three-month and six-month period ended
November 30, 2003, respectively, as compared to 59.8% and 60.3% in the three-month and
six-month period ended November 30, 2002, respectively. The gross margin on Capture®
products was 62.0% and 62.3% for the three-month and six-month period ended November 30,
2003, respectively, as compared to 69.3% and 68.4% in the three-month and six-month period
ended November 30, 2002, respectively. The gross margin percentage on Capture®
products was diminished by increased sales through the distributor network in Europe at
lower margins to the Company. The Company believes that utilizing distributors established
in key European markets is far more advantageous to the Company than developing its own
sales and distribution network in these markets. The gross margin on instruments was 44.5%
for the quarter ended November 30, 2003, compared to 42.8% for the quarter ended November
30, 2002. Instrument service continued to be provided at a loss for the three-month and
six-month periods ended November 30, 2003, as overall instrument placements have not
reached the level required for service operations to break-even.

Gross margin, as a percentage of
sales, was less than expected based on the Companys previously announced
expectations. The decline in U.S. sales described above accounted for approximately $0.6
million of lower gross profit attributable to U.S. operations during the quarter ended
November 30, 2003, as compared to the quarter ended August 31, 2003. Worldwide expenses to
accommodate European Regulatory requirements for CE marking on products intended for sale
within Europe grew to $0.3 million during the quarter ended November 30, 2003, compared to
minimal expenditures in the quarter ended November 30, 2002. This reduced gross profit for
the quarter ended November 30, 2003, by approximately $0.2 million, and the remainder is
primarily classified as operating expense. It is expected that additional expenses will be
incurred to complete CE marking activities in the third quarter of 2004. During the second
quarter the Company successfully filed for CE marking 57 list A products, 53 list B
products and in excess of 70 self declared products and received a recommendation for
certification of CE marking.

---

Operating expenses

When compared to the three-month and
six-month period ended November 30, 2002, research and development costs of $0.4 million
and $0.8 million, respectively, have nearly doubled for the three-month and six-month
period ended November 30, 2003 to $0.7 million and $1.5 million, respectively. Increases
are primarily related to domestic field trials of the Galileo instrument, expenditures for
the Biotek platelet and human collagen projects, additional expenses for new product
initiatives and expenses related to the promotion of the Chief Scientific Officer who was
previously considered part of the cost of manufacturing operations.

Selling and marketing expenses
increased $0.8 million and $1.3 million for the three-month and six-month period ended
November 30, 2003, respectively, as compared to the three-month and six-month period ended
November 30, 2002. The increase is primarily related to travel and marketing expense
associated with the sales efforts to market the Galileo in Europe, the ABS2000 road show
in the United States, and expenditures for product branding. Additionally, the change in
the Euro exchange rate resulted in an increase of approximately $0.3 million and $0.5
million in selling and marketing expenses for the three-month and six-month period ended
November 30, 2003, respectively.

Distribution expenses for the
three-month and six-month period ended November 30, 2003, increased by $0.1 million and
$0.4 million, respectively, compared to the three-month and six-month period ended
November 30, 2002, primarily due to additional shipping expenses related to new customers
and the implementation of a new shipping package configuration for the Houston facility.
The configuration is designed to maintain acceptable environmental temperatures and
preserve product quality during shipment during the hot summer months but resulted in a
significant increase in the weight and volume of packages processed.

General and administrative expenses
for the three-month and six-month period ended November 30, 2003, have risen approximately
$0.2 million and $0.7 million, respectively, over the three-month and six-month period
ended November 30, 2002. The change in the Euro exchange rate accounted for approximately
$0.1 million and $0.4 million, respectively. The remaining increase was due to additional
personnel and expenditures to support domestic and international efforts to expand Company
presence and ensure compliance with European Union quality regulations and accounting and
SEC regulatory mandates in the United States.

Amortization expense remained
relatively constant for the three-month and six-month period ended November 30, 2003, as
compared with the three-month and six-month period ended November 30, 2002. In June 2002,
the Company adopted SFAS No.142, Goodwill and Other Intangible Assets, which
requires goodwill and indefinite lived intangible assets to be reviewed annually for
impairment, or more frequently if impairment factors arise, instead of amortized. The
Company tested goodwill for impairment as of March 1, 2003, utilizing a combination of
valuation techniques, including the expected present value of future cash flows and a
market multiple approach, and found no impairment.

Interest expense

When compared to the three-month and
six-month period ended November 30, 2002, interest expense decreased $0.2 million and $0.7
million in three-month and six-month period ended November 30, 2003, respectively. The
decrease is primarily the result of reduced borrowings on long-term debt and a favorable
mark-to-market adjustment of the interest rate swap agreement.

---

Other income (expense)

Other income, net, for the
three-month and six-month period ended November 30, 2003, primarily reflects foreign
currency transaction gains that exceeded foreign currency transaction losses, over the
three-month and six-month period ended November 30, 2002, where foreign currency
transaction losses exceeded foreign currency transaction gains.

Income taxes

The provision for income taxes rose
with the increase of pretax income, but declined to 35.4% and 35.2% as a percentage of
pretax income, for the three-month and six-month period ended November 30, 2003
respectively, versus 37.8% and 36.8% for the three-month and six-month period ended
November 30, 2002, respectively, due to the utilization of tax losses generated in prior
years made available by the restructuring of certain European operations in fiscal 2003
and other tax saving initiatives.

ITEM 3. Quantitative and
Qualitative Disclosures On Market Risk

There have been no material changes
regarding the Companys market risk position from the information provided in its
Annual Report on Form 10-K for the fiscal year ended May 31, 2003. The quantitative and
qualitative disclosures about market risk are discussed in Item 7A-Quantitative and
Qualitative Disclosures About Market Risk, contained in the Companys Annual Report
on Form 10-K.

ITEM 4. Controls and Procedures.

As of the end of the period covered
by this report, the Company carried out an evaluation, under the supervision and with the
participation of the Companys management, including the Companys Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the design and
operation of the Companys disclosure controls and procedures pursuant to Rule
13a-15(b) and 15d-15(b) under the Exchange Act. Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Companys disclosure
controls and procedures are effective. There were no significant changes in the
Companys internal controls over financial reporting or in other factors identified
in connection with this evaluation that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the
Companys internal control over financial reporting.

---

PART II

OTHER INFORMATION

ITEM 2.   Changes in Securities and Use of Proceeds.
On September 19, 2003, the Board of Directors  approved a three-for-two  stock split of the Companys common stock,
which was  effected in the form of a 50% stock  dividend.  The date of  distribution  was  November 14, 2003 to the
shareholders  of record on October 24, 2003.  The stock split  resulted in the issuance of an additional  6,543,111
shares.  The total number of shares outstanding at the stock split pay date of November 14, 2003 was 19,633,945.

ITEM 4.   Submission
of Matters to a Vote of Security Holders. The Company held its Annual Meeting of
Shareholders on November 14, 2003. The following is a summary of the matters voted on at
that meeting:

The
shareholders voted on the election of seven directors, all incumbent directors of the
Company, to serve for a one-year term or until their successors are duly elected and
qualified. Each of these directors was elected by the affirmative vote of a plurality of
the votes cast at the Annual Meeting. The number of shares cast for and the number of
shares withheld, with respect to each of these persons, were as follows:

|                          |  |           
|------------------------- |  | ----------
|                         
|Name                      |  | Votes For 
|                         
|Edward L. Gallup          |  | 6,380,939 
|                         
|Dr. Gioacchino De Chirico |  | 6,379,786 
|                         
|Ralph A. Eatz             |  | 7,388,056 
|                         
|Joseph E. Rosen           |  | 10,020,239
|                         
|Roswell S. Bowers         |  | 10,548,513
|                         
|Dr. Mark Kishel           |  | 10,010,016
|                         
|John A. Harris            |  | 10,599,700
|                         

At
the Annual Meeting, the shareholders also voted to approve the Immucor, Inc. 2003 Stock
Option Plan. The number of shares cast for, votes cast against, abstentions and broker
non-votes, with respect to this matter, were as follows:

|                 | 
|---------------- | 
|                
|Votes For        | 
|                
|Votes Against    | 
|                
|Abstentions      | 
|                
|Broker Non-votes | 
|                

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ITEM 6.  Exhibits and Reports on Form 8-K.

(a)    
          The Company has filed the following exhibits with this report.

31.1       Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a).*

31.2       Certification of Principal Financial
Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a).*

32.1       Certification of Chief Executive
Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2       Certification of Chief Financial Officer
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

| |  | * |  | The certifications contained in these exhibits are not filed for purposes of
Section 18 of the Exchange Act [15 U.S.C. 78r], or otherwise subject to the liability of
that section. Such certifications will not be deemed to be incorporated by reference into
any filing under the Securities Act or the Exchange Act, except to the extent that the
Company specifically incorporates them by reference.
| |  | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(b)    
          The following report on Form 8-K was filed during the quarter ended November 30,
          2003.

Form
8-K furnishing the Companys first quarter 2004 earnings release on October 1, 2003.

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SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.

IMMUCOR, INC.(Registrant)

Date: January 14, 2004                                             By:       /s/ Edward L. Gallup

| | Edward L. Gallup, President and Chief Executive Officer
                                                (on behalf of Registrant and as Principal
Executive Officer)
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

/s/ Steven C.Ramsey

|Steven C. Ramsey, Senior Vice President - Finance
                                                                                                  (Principal Accounting Officer)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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EXHIBIT INDEX

Number Description

31.1       Certification of Principal Executive
Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a).*

31.2       Certification of Principal Financial
Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a).*

32.1       Certification of Chief Executive
Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2       Certification of Chief Financial Officer
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

| |  | * |  | The certifications contained in these exhibits are not filed for purposes of
Section 18 of the Exchange Act [15 U.S.C. 78r], or otherwise subject to the liability of
that section. Such certifications will not be deemed to be incorporated by reference into
any filing under the Securities Act or the Exchange Act, except to the extent that the
Company specifically incorporates them by reference.
| |  | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------