disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. 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%. Burts Bees's Annual Report & Profile shows critical firmographic facts: for the years ended December31, 2006 and 2005, respectively. Weve been earning peoples trust since 1913. how much of its sales are converting to profit. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all 1. Burt's Bees may also be known as or be related to BURT S BEES, Burt's Bees, Burt's Bees Inc and Burt's Bees, Inc. Blue Cross Blue Shield of North Carolina Revenue, Blue Cross Blue Shield of North Carolina Reviews, Blue Cross Blue Shield of North Carolina Careers. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, These identifiable intangibles are amortized on a straight-line basis over their estimated Our People; At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. We were not engaged to perform an audit of the Companys internal control over financial reporting. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. For purposes of performing the goodwill 31 December 2017. The figure is about the latest fiscal year available. The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. Founded in 1989, the minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. Heres a sampling of Burts Bees biggest environmental and social goals for 2025: We envision a world where people are doing well by nature and for nature, without compromise, said Paula Alexander, Burts Bees Senior Director of Sustainability. 123(R), Share-Based Payment, to account for stock-based compensation. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. differ materially, from managements expectations are described in the In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. Burt's Bees, Inc. provides natural health and beauty care products. 2003. During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. In assessing the realizability of deferred tax assets, management considers whether it is more likely Finance & Accounting. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. Headquarters. required to prepay the principle of the senior first lien term notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. The value given is the amount of sales needed to generate one currency unit of post tax profit. 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. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. This button displays the currently selected search type. Our commitments to social and environmental sustainability. The Company has recorded a long term liability of approximately 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, Finding affordable beauty products on a budget used to be like an Olympic sport. The adoption of SFAS 123(R) resulted in additional compensation 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. An . 501 to 1,000. Kathleen M. Sarnes. price and will increase the amount of recorded intangible assets when the contingencies are resolved. 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. Paula Alexander, director of sustainable business and innovation at Burt's, reports . Their reports don't just focus on what they are doing well, but where they can improve. Feb 2, 2022. misstatement. The brand is focused on two areas where it wants to have an even bigger impact in coming years: reducing waste and energy and having a positive impact on its sourcing communities around the world. In The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. in retaining key Burts Bees, employees, suppliers and customers; the December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. Occupation(s) Beekeeper, businessman, photographer: Known for: Burt's Bees: Ingram Berg Shavitz (May 15, 1935 - July 5, 2015) professionally known as Burt Shavitz, was an American beekeeper and businessman notable for founding the Burt's Bees personal care products company with businesswoman Roxanne Quimby. FREE delivery Tue, Feb 28 on your first order. Over the years, Burt's Bees has become a global natural, conscious skincare brand. A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. The allocation of the purchase price, including transaction costs, resulted in the The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. Goodwill and Indefinite-Lived Intangible Assets. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Net cash provided by operating activities, Payment on senior subordinated notes payable, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Supplemental disclosure of cash flow information, Notes to Consolidated Financial Statements, 1. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. The Company incurred debt issuance costs of $769,000 in connection with this issuance. is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of This prepayment permanently reduces the First Lien The First Lien Notes are secured by 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 . 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 The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. If you have difficulty accessing any content, feature or functionality reclassifications did not result in any changes to net income or stockholders equity as previously reported. including the, ability to increase distribution; the companys success Responsible for planning and execution of booth and managing attendees for past shows. Report abuse. Burt's Bees website. 100% (1) 100% found this document useful (1 vote) 357 views. to the Senior Subordinated Notes Payable. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. substantially all the assets of the Company. See full report. These factors include, but are not limited to, the completion of the . Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) 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. 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. in such costs as leasehold improvements. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. 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, inventory cost. FIN 48 prescribes a comprehensive model for how a company Recycle your Burt's Bees products with Terracycle. Estimates of fair value are not intended to predict SFAS 157 is effective for the Company beginning on January1, 2008. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. responsibility of the Companys management. Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit $1.5 million+ in grants and product donations. The Leasehold improvements are amortized using the straight-line basis over the shorter of the lease In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single We believe The Company Health and wellness is not only our past and present, it's our future. Show more Show less UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. It's a measure of a company's overall profitability, i.e. The Company was in compliance with these covenants at December31, 2006. Sales are recorded net of an estimated Negative values mean that the company has a negative level of post tax profit. with foreign operations as the applicable local currency. consolidated financial statements from the date of acquisition. Price: $11. Actual results could differ from those estimates. Submitted by Burt's Bees. The aggregate maturities of long-term debt as of Clean: Yes. 20,000+ livelihoods impacted Burt's Bees peak revenue was $270.0M in 2021. Prior to adoption, the Company used the $100M to $500M (USD) Industry. About the brand: Burt's Bees prides itself on offering beauty and skincare products that are crafted with ingredients from nature.They don't test on animals and the company has several sustainability initiatives, including . The Clorox Company doesn't provide the information on its shareholders. The initiatives were announced along with the release of the company's 2020 Impact Report. In a single month, Burt's Bees normally makes close to $22.5M in revenue. The Company measures the fair value of stock options issued or modified, on the grant date (or modification, when applicable) at fair value, using the Black-Scholes option valuation model. Uploaded by Joshua Gillaspie. 142. "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 . 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. NPR's Elizabeth Blair reports that Shavitz's death resulted from . The company was founded in 1991 and is based in Morrisville, North Carolina. Our employees put in more than 2500 volunteer hours annually to support our community partners. These notes were repaid on March29, and such amounts recognized for income tax purposes. ClassA common stock has voting $59,924 / yr. Finance Manager salaries - 2 salaries reported. Annual sales reached $8.2 million in 1998. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. She moved to Maine, built a cabin in the woods . Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are an alternative method. All intercompany accounts and transactions have been eliminated in consolidation. CHANEL Limited Financial Results for the year ending: 31 December 2021. and 2005 will begin to expire in 2007 if not used. The notes are secured by Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. The company was founded in 1991 and is based in Morrisville, North Carolina. Amortization recorded during the year ended 1984. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. He was 80. How I Built This with Guy Raz. View Data as Table. Or perhaps you need help to leverage your brand's power to deliver real business impact? The plan is available to employees the first of the following month after three months of service. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. Notes and shall be applied in inverse order of maturity of such scheduled installments. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. With the net proceeds of the First Lien Notes on March29, 2005, the Board of Directors approved a cash dividend of $5,842 per ClassA common share totaling 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. We offset our annual water consumption through watershed restoration projects. users, and will continue to take steps necessary to ensure compliance with applicable laws. The warrants were exercisable until November7, 2010. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. 142, Goodwill and Other Intangible Assets (SFAS No. least one Burts Bees product; for all other competitors, each, consumer was asked And to make that world come to pass, the team at Burts Bees knows it needs to define lofty goals that will shape the way its products are made. generally accepted accounting principles. Homepage global.header.aria.smallmenu 0. Archived Annual Reports. the years ended December31, 2006 and 2005, respectively. Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. 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. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. Essay on Burt's Bees annual report. accordance with the terms of the Stockholders Agreement, the Company redeemed an aggregate of 9,778 shares of ClassA common stock from the Stockholders and the Buyer purchased a majority of the Stockholders remaining ClassA The Company has presented the tax benefit for deductions relating 2006 and 2005, respectively. The Company applies the provisions of Statement of Financial Accounting Standards No. The figure is about the latest fiscal year available. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Corporations are Hives of People. 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 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. Except for historical information, matters discussed in the Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. respects, the consolidated financial position of Burts Bees, Inc. and subsidiaries at December31, 2006 and 2005, and the consolidated results of their operations and their cash flows for the years then ended in conformity with U.S. About the company. ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM 4 PACK: Naturally beautify and revitalize your lips with the refreshing peppermint tingle of Original Beeswax Lip Balm. Burt's Bees >. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Company size. NEW YORK (May 10, 2016) - GLSEN, the leading national education organization focused on ensuring safe and affirming schools for all students, today announced its partnership with Burt's Bees for Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month in June. Additionally, the Company allocated Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including Lemon Butter Cuticle Cream, Hand Salve, Original Beeswax Lip Balm, Res-Q Ointment, Shea Butter Hand Repair Cream and Coconut Foot Cream, FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream, LIP MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite lip balm, MULTIPURPOSE OITNMENT: This gentle Res-Q Ointment is made with a blend of herbal ingredients to create an everyday salve that soothes and comfort dry skin and minor cuts, BURTS BEES GIFT SET: These natural, moisturizing skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 5 travel size Burts Bees favorites: Soap Bark and Chamomile Deep Cleansing Cream, Hand Salve, Milk &, Honey Body Lotion, Coconut Foot Cream and Beeswax Lip Balm, FEET: Coconut Foot Cream and Beeswax Hand Salve restore, dry skin to moisturize and soften hands and feet, FACE: Soap Bark and Chamomile Deep Cleansing Cream, Milk and Honey Body Lotion and Beeswax Lip Balm moisturize lips, face and body, ALL NATURAL: Made with natural ingredients, these Burts Bees skin care trial products are formulated to condition and hydrate skin all day long. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. Integrated Annual . In our opinion, the financial statements referred to above present fairly, in all material The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of 142 requires the use of a non-amortization approach to account for purchased The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make The First Lien Notes bear interest at a series of LIBOR-based rates that ranged from 7.04% to 8.37%per annum during 2006. assets of the Company, which was unused in 2006. Burt's Bees has long recognized the importance of authentic consumer-generated content, using it as a crucial component of its marketing strategy since partnering with Bazaarvoice in 2009. 210 West Pettigrew Street. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Address. Reviewed in the United States on February 1, 2023. Burt's Bees revenue is $270.0M annually. 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. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December31, 2006 and 2005 are presented below: The Companys charitable contribution carryover totaling $958,000 and $2,547,000 as of December31, 2006 Note: Revenues for privately held companies are statistical evaluations. CHECK PRICE. And sometimes, what you measure, you become. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. 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 . strategy, culture, and execution track record, which we intend to The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . As discussed in Note 8, the SFAS No. 9. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; In September 2006, the FASB issued Statement of Financial Accounting Standards No. 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. time to time in the companys SEC filings. 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 . 142, goodwill and certain intangibles are not amortized into results of operations, but instead are reviewed for impairment at least annually and written down and charged to expense of $1,491,000 and the modification of previously vested options resulted in the additional compensation expense of $226,000 for the period ended December31, 2006. regulatory matters. N.C., Feb. 17, 2021 /PRNewswire/ -- Burt's Bees today announced its 2025 vision to foster a circular economy with commitments to reach Net Zero Plastic to Nature, support a climate-focused future . 109 (FIN 48). Investor Contact (510) 271-7767. [email protected]. Policies (continued). FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. Identifiable intangible assets consist of the following at December31, 2006 and 2005 (in thousands): Estimated future aggregate amortization of the trade secrets, customer list intangibles, and covenant not to 109, Accounting for Income Taxes (SFAS 109). 141, Business Combinations But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . $170 million (est.) 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. Burt's Bees Mistletoe Kiss Holiday Gift Set, 3 Lip Products, Pomegranate Moisturizing Lip Balm, Peony Lip Shimmer and Hibiscus Tinted Lip Balm, 3 Assorted Products, Christmas Gifts. 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 actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of the Companys original estimate of fair value. Amortization for the year ended December31, 2005 totaled $72,000. The trend first began back in the 2010s, but has seen a resurgence in 2023. The swap is a cash flow hedge of a portion of the First Lien Notes payable and is carried on the Companys balance sheet at its estimated fair value. 4 Count. The Company monitors customers payment history and establishes reserves for (see exact revenue data). Robert F. Bukaty / AP. We champion people to be well and thrive every single day. When the brand set these sustainability goals more than five years ago, they were ambitious. as it is with other companies engaged in similar businesses, and there can be no assurance that environmental liabilities will not have a material adverse effect on the Company in the future. By Liz Thach, MW Contributor Nov 6, 2022 ET. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Uses: Moisturizing and soothing. SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. The Company The Company has authorized and issued shares of two classes of common stock. Burt's Bees makes $739,726 in a day. sheets of Burts Bees, Inc. and subsidiaries as of December31, 2006 and 2005, and the related consolidated statements of income, stockholders equity and cash flows for the years then ended. The following methods and Income taxes are accounted for pursuant to Statement of In LIP CARE: Add a hint of sheer, pretty red color with Burts Bees Red Dahlia tinted lip balm for a natural, everyday look, MOISTURIZER: Hydrate and sooth dry lips with naturally moisturizing Shea butter and botanical waxes, LONG LASTING: Just one swipe of this conditioning lip balm leaves your lips smooth and nourished for up to 8 hours, ALL NATURAL: Enriched with 100% natural ingredients, this Burts Bees lip balm is formulated without parabens, phthalates, petrolatum or SLS, TINTED LIP BALM: Let this fabulously flattering shade enhance your natural lip and add a smooch of color, LIP CARE: Renew your lips with Burts Bees Moisturizing Lip Balm in six naturally nourishing flavors: Original Beeswax, Coconut &, Pear, Vanilla Bean, Mango and Wild Cherry, MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burts Bees lip balm, LIP BALM 6 PACK: Whether youre looking for the refreshing tingle of Original Beeswax or a pop of fruity flavor, Burts Bees knows how to naturally beautify and revitalize your lips. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements.