The Company amortizes the Paula Alexander, director of sustainable business and innovation at Burt's, reports . FIN 48 is effective for fiscal years beginning after December15, 2006. Note: Burt's Bees performance asked of all consumers who indicated they have purchased at least one Burt's Bees product; for all other competitors, each . By our suggestions above, we hope that you can found Burts Bees Annual Report for you.Please dont forget to share your experience by comment in this post. recognition of approximately $544,000 of intangible assets attributable to the anticipated future earnings and related cash flows of the customer list and distribution channel acquired from the acquisition. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) Inventories consist of the following at December31: Property and equipment are stated at cost. entered into a Stockholders Purchase Agreement (the Stockholders Agreement) by and among the stockholders of the predecessor company (collectively, the Stockholders), BBI Investors I LP and its assignees (collectively, the Buyer). Collections of travel-sized samples introduced in mid-1998 became instant best sellers. Uses: Moisturizing and soothing. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 1. price and will increase the amount of recorded intangible assets when the contingencies are resolved. MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite Burts Bees lip balm. generally accepted accounting principles. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes Essay on Burt's Bees annual report. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. As the 2006 amount is expected to be paid by The Company is currently assessing the impact of THURSDAY, March 2, 2023 (HealthDay News) -- A new study links high blood pressure during pregnancy with cognitive issues later in life, adding to known risks such as stroke and The accumulated other comprehensive loss balance consists entirely of foreign strategy, culture, and execution track record, which we intend to Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. Burt's Bees website. Financial Standards No. At The Clorox Company is committed to making its website accessible for all If you have difficulty accessing any content, feature or functionality on our website or on our other electronic platforms, please call us at 1-800-849-7112 and select option #2 so . It is effective for daily use and has been Awarded National Eczema Association Seal of Acceptance, BURTS BEES FACE CARE: Use this moisturizer daily as part of Burts Bees Sensitive Face Care 5 product regimen for a healthier looking complexion, naturally, 2 PACK LIP CARE: Apply Burts Bees Moisturizing Beeswax Lip Balm to nourish and hydrate your lips with a dash of peppermint, WITH PEPPERMINT OIL: Hydrate and sooth dry lips with beeswax and a dash of peppermint extract packed into every tube of Burts Bees Beeswax Lip Balm, SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long, ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM: Treat your lips to a spa retreat with this refreshing lip balm that naturally beautifies and revitalizes your lips, NIGHT CREAM: Help restore the delicate skin on your face with this nourishing Burts Bees night cream enriched with natural, anti-aging ingredients, NATURAL SKIN TREATMENT: This 98.9% natural formula is perfect for all skin types, dermatologist tested and formulated without parabens, phthalates or petrolatum, ANTI-AGING NIGHT CREAM: This anti-aging face lotion absorbs quickly and contains Clary Sage which helps increase the skins ability to retain moisture, ANTI-WRINKLE CREAM: Clinically shown to reduce the appearance of fine lines and wrinkles, this non-greasy moisturizer gives skin the nutrients it needs, FACE MOISTURIZER: This ultra-hydrating night cream offers a natural solution for dry skin leaving skin feeling instantly fresh, soft and renewed, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 6 travel size products: Honey &, Grapeseed Oil Hand Cream, Coconut Foot Cream, Lemon Butter Cuticle Cream, Almond &. You are what you measure. This button displays the currently selected search type. In 2006, $31,000 of tax benefits were reported as a financing activity. About Burt's Bees . These financial statements are the compete is as follows for the years ended December31 (in thousands): On November7, 2003, the Company entered into a management agreement with an affiliate of a stockholder of the Company. Today, they're simply how Burt's Bees works. 31 December 2020. The Company incurred debt issuance costs of $769,000 in connection with this issuance. Nov 2012 - Jan 20163 years 3 months. was based on a notional amount of $95,794,000 that decreases as the Company pays down the principal balance on its First Lien Notes. An audit also includes examining, on a Burt's Bees is committed to making its website accessible for all users, and will continue to take all steps necessary to ensure compliance with applicable laws. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. Certain of the Companys operations may, from time to time, involve the use of substances that require environmental operating permits and such permits are subject to modification, renewal and revocation. increased the amount of authorized ClassA shares reserved to 2,681. 11/19/2020 -- Global Natural & Organic Makeup Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread) is latest research study released by HTF . Effective March29, 2005, the Annual sales reached $8.2 million in 1998. In June 2006, the Financial Property and equipment consists of the following at December31: Depreciation expense totaled $2,835,000 and $1,847,000 for the years ended December31, 2006 and 2005, The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance income for that period. The initiatives were announced along with the release of the company's 2020 Impact Report. the years ended December31, 2006 and 2005, respectively. The Board of Directors and Stockholders Burt's Bees, Inc. We have audited the accompanying consolidated balance sheets of Burt's Bees, Inc. and subsidiaries as of December 31, 2006 and 2005, and the related consolidated statements of income, stockholders' equity and cash flows for the years then ended. 99 ($3.33/count) buy 5 to get 5% off. Revenue. FREE delivery Tue, Feb 28 on your first order. Effective November7, 2003, the Company issued $25,000,000 in senior For purposes of performing the goodwill <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . July 6, 2015. Unrealized gains or losses are recorded in earnings as incurred until Inclusion, diversity, equity and allyship. Burt's Bees Sustainability. The notes are secured by 4461. substantially all the assets of the Company. Negative values mean that the company has a negative level of post tax profit. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Accordingly, we express no such opinion. Shop our selection of Burt's Bees natural personal care products, including skin care products, lip balms, lip colour products, soaps, lotions, natural baby products, and more. $59,924 / yr. Finance Manager salaries - 2 salaries reported. Therefore, the Company estimates volatility based upon Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. Clean: Yes. (See footnote 5). be recoverable, as determined based on an analysis of estimated undiscounted cash flows, the Company would determine the impairment based on the excess of the book value over the estimated fair value determined using discounted cash flows and reduce retain, We will operate the business from its current North Carolina, We will integrate selectively to maximize revenue and cost, synergies and create the best opportunities for all employees, We believe Burt's Bees provides a new platform, Opportunity to acquire leading brand that consumers love, anchored in wellness and sustainability megatrends, The brands margin structure is at the upper range of, Personal Care and strongly accretive to Clorox, NPC and Burt's Bees benefit from significant wellness, facing capabilities will enable strong growth on a sustained basis. It's bad for your eyes, according to a Michigan Medicine expert. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. Burt's Bees, Inc. provides natural health and beauty care products. The figure is about the latest fiscal year available. The company offers lip color products, such as lip gloss, lip shimmers, lip shine, tinted lip balms, and lip color bundles; and lip care products, including beeswax lip balms, lip balms, and lip treatment products. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. The adoption of SFAS 123(R) resulted in additional compensation useful lives, ranging from seven to ten years. 2005. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 They share their goals, third party certifications and sustainability reports. BURT'S BEES SKIN CARE: Use Burt's Bees naturally moisturizing face cream as part of your daily Burt's Bees sensitive 5 product face care regimen for a healthier looking complexion . Accounts receivable are derived from revenue The Company has authorized and issued shares of two classes of common stock. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Common stock, ClassA voting, $0.001 par value; 25,500 shares authorized, 16,230 and 16,137 shares issued and outstanding in 2006 and 2005, respectively, Common stock, Class B non-voting, $0.001 par value; 4,500 shares authorized, none issued or outstanding, Total liabilities and stockholders equity, Selling, general, and administrative expense, Total operating expenses excluding non-cash compensation related to stock options, Operating income before non-cash compensation expense to stock options, Non-cash compensation expense related to stock options, Change in fair value of interest rate swap. allowance for sales returns and customer discounts. Except for historical information, matters discussed in the Shavitz's likeness is featured on the Burt's Bees products. recognition and attribution provisions of SFAS 123(R). The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. to be outstanding. performance targets, as defined in the agreement. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. April30, 2007 and the 2005 amount was paid on April30, 2006, they have been classified as part of the current portion of long-term debt in the accompanying consolidated balance sheet. A federal judge in California has ruled against Burt's Bees' request for the dismissal of a class action lawsuit accusing it of misleadingly labeling some of its products as "100% natural.". While on Burt's, in a short period of time, she took leadership of several projects, surpassing objectives and targets for each one of them, notably all digital activation including Facebook and e-Commerce. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. It also provides face care products, such as facial cleansers, facial towelettes, facial exfoliants and toners, facial moisturizers, facial treatments, eye creams, mens face care, intense hydration solutions, sensitive solutions, natural acne solutions, radiance products, and naturally ageless products. including the, ability to increase distribution; the companys success "The Burt's Bees brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds . The Company was in compliance with these covenants at December31, 2006. The Company Award winning pajamas, crib sheets, shampoo and more. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected provisions of Statement of Financial Accounting Standards No. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The notes were secured by substantially all assets of the Company. Salary. As discussed in Note 8, the These options have an exercise price of $8,360 per share, generally a graded vesting period of five years or 20% vested per year, and generally an expiration date ten Job Title. 2023 The Clorox Company. The following methods and Interest payments on the notes were due quarterly and principal was payable on November7, 2010. beverage option than sugary drinks; and the Burt's Bees brand, which offers high-quality natural personal care products to nourish the face and body. . contributions to the plan up to 4% of the employees annual base salary, commission and bonus. Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. Weve been earning peoples trust since 1913. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burt's Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . Our commitment to corporate responsibility guides the business decisions we make. Actual results could differ from those estimates. Headquarters. SFAS 157 applies whenever other pronouncements require The notes bore interest at a series of LIBOR-based The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. defined in the note agreements. The Company considers many factors agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). 100% (1) 100% found this document useful (1 vote) 357 views. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. Under the terms of this management agreement, the Company will pay this entity $750,000 per See full report. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] of its leases. about one other random company from which they had purchased personal care items; Core is a weighted average of Toms (n=81), Kiss My, Face (n=28), Dr. Bronners (n=13) and Jason (n=31); Mass is a weighted average of Aveeno (15), The figure is about the latest fiscal year available. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. Revenue and expense accounts are Burt's Bees in Moses Lake, WA Expand search. on the First Lien Notes. Kathleen M. Sarnes. Or perhaps you need help to leverage your brand's power to deliver real business impact? $100M to $500M (USD) Industry. This annual report highlights their mission statement and shares stories from their customers who love the products. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . non-GAAP financial measures, are set forth in the Form 10-K and its If you have difficulty accessing any content, feature or functionality on our website or on our other electronic platforms, please call us at 1-800-849-7112 and select option #2 so . He was 80. Finance & Accounting. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease She moved to Maine, built a cabin in the woods . As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. The fair value of each award granted subsequent to the adoption of SFAS 123(R) was estimated on the date of grant using the Black-Scholes-Merton option-pricing model, which uses the assumptions in the following table. time to time in the companys SEC filings. Unlike a lot of other "natural" brands Burt's Bees has transparency. Burts Bees's Annual Report & Profile shows critical firmographic facts: disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% The First Lien Notes are secured by Company size. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. The total cost of these transactions was approximately $174,375,000 including transaction costs and the purchase of all outstanding Class B common stock options from the option holders. By Liz Thach, MW Contributor Nov 6, 2022 Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. The Companys existing recorded assets and liabilities were deemed to approximate at fair value at the date of investment, and the balance sheet did not change significantly between the transaction date and December31, NPR's Elizabeth Blair reports that Shavitz's death resulted from . goodwill and certain intangibles. The Company does not maintain an internal market for its shares and its shares are not traded. 20,000+ livelihoods impacted When expanded it provides a list of search options that will switch the search inputs to match . None of the information on this page has been provided or approved by Burt's Bees. The profit ratio measures the amount of profit generated by each single currency unit of sales. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. Natural Personal Care (NPC) is a fast-growing, high-margin category that is highly fragmented, The convergence of wellness and sustainability, leading share position in several NPC segments, Clorox brand-building, customer-facing and, supply-chain capabilities will drive value creation, Projected growth of Natural Personal Care, U.S. Zippia gives an in-depth look into the details of Burt's Bees, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Burt's Bees. differ materially, from managements expectations are described in the term or the estimated useful life of the asset. impairment test would be performed if an event occurs or circumstances change between annual tests that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. Formulated without parabens, phthalates . Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. misstatement. Important factors that could cause results to Uploaded by Joshua Gillaspie. All Rights Reserved. assets of the Company, which was unused in 2006. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The Companys operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety and other The value of the warrants was recorded as a discount weighted average grant date fair value per share for shares issued in 2006 is $3,617. Notes to Consolidated Financial Statements (continued), 1. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . 1999. . life of the option. Sales are climbing at an annual rate of 9%. Proceeds from the issuance of the notes Select Year. In conjunction with the amendment, the Company agreed to return a portion of the facility back to its original use at the end of the lease term, May31, 2010. The bad debt allowance is recorded as a reduction of accounts receivable on the balance sheet and the provision recorded for an accounting period is recognized as an increase in selling, general In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single Pursuant to the terms of the And sometimes, what you measure, you become. Responsibility. Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. 210 West Pettigrew Street. The lip shimmers glide on with the perfect compliment of moisture and touch . We It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. Description: Essay on Burt's Bees annual report. The Company recorded identifiable intangible assets of $36,368,000 at their estimated fair values, and goodwill of $117,212,000 identified at the date of investment. The Effective November7, 2003, the Company 9. The aggregate maturities of long-term debt as of Archived Annual Reports. and 2005 will begin to expire in 2007 if not used. CHECK PRICE. statements. LIP CARE: Renew your lips with Burt's Bees Moisturizing Pink Grapefruit Lip Balm bursting with juicy goodness; MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burt's Bees lip balm; SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all . The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. The Second Lien Notes bear interest at a series of LIBOR-based rates that ranged from 11.27% to 12.25%per annum during 2006. No. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. In 2005, the Company amended the plan whereby the Company will match 100% of the first 3% and 50% of the next 2% of the employee Canada ULC. Effective January1, 2006, the Company Stock Reserved for Future Issuance. The assumptions for the Black-Scholes-Merton model used in determining the fair value of options granted to employees for the year ended December31, 2006 were: The option-pricing model uses a forecast of the volatility of the Companys common stock during the expected Get Discount Code LASTCHANCE20. Manufacturing. As of December31, 2006, the Companys interest rate swap This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. cost is expected to be recognized over a weighted-average period of approximately 5 years. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. SFAS 157 is effective for the Company beginning on January1, 2008. The Company The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 52, Foreign Currency Translation (SFAS No. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. At December31, 2006, Baby and Toddler Wear Market 2023 Will Provide Report Analysis that quickly emerging as one of the [Consumer Goods] category in the industry, by Type . The effect of the swap is to convert a portion of the interest rate on the First Lien Notes from a variable rate to a fixed rate of 3.875%. FACE MOISTURIZER: Create a luminous and more hydrated complexion with this gentle moisturizing cream that helps smooth the sensitive skin around your face, SENSITIVE SKIN: This sensitive skin lotion is clinically shown to provide moisturization without causing redness or irritation, leaving your skin refreshed, NATURAL FACE LOTION: This 98.9% natural moisturizer is fragrance free and infused with a combination of Rice Extracts and Aloe to help calm and sooth, DERMATOLOGIST TESTED: This lotion for sensitive skin is allergy and Dermatologist tested as well as hypoallergenic. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000.