2003, the Company issued warrants to purchase 308 shares of ClassA common stock at an exercise price of $.001 per share in connection with the issuance of the Senior Subordinated Notes Payable (Note 5). 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. 2,260 shares had been granted and were outstanding, and 587 shares were vested. The Company has elected to perform its annual impairment test as of December31 of each calendar year. We are CarbonNeutral certified. Essay on Burt's Bees annual report. of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. cost is expected to be recognized over a weighted-average period of approximately 5 years. 2023 The Clorox Company. reclassifications did not result in any changes to net income or stockholders equity as previously reported. All Rights Reserved. Any additional future cash consideration represents additional purchase earned from customers primarily located in North America. Represented Burt's Bees at Natural Products Expo West trade show. an alternative method. 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. 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. The Company has identified the functional currency of its subsidiaries Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. 52, Foreign Currency Translation (SFAS No. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. 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 0. If this review by management indicates that the carrying value would not Inventories consist of the following at December31: Property and equipment are stated at cost. Sales are climbing at an annual rate of 9%. Under FIN 48, the financial statements will reflect expected future tax consequences of such positions presuming the taxing authorities full knowledge of the position and all relevant facts, but without considering time values. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. We have struggled to meet our water reduction targets after increasing water use per mass unit of . The The Company has presented the tax benefit for deductions relating 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. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. The Company accounts The allocation of the purchase price, including transaction costs, resulted in the Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. Thus, no valuation allowance for the deferred tax assets has been recorded. began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. Additionally, the Company allocated $100M to $500M (USD) Industry. Burt's Bees Sustainability. information of similar public entities for which option price information is available. The trend first began back in the 2010s, but has seen a resurgence in 2023. 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. Burt&#39;s Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . Document Information click to expand document information. Burt's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. 2006 and 2005, respectively. directly, comparable GAAP financial measures and reconciliation to than not that some portion or all of the deferred tax assets will not be realized. 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. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. The most As the 2006 amount is expected to be paid by Every day. The Company has recorded approximately $50,000 and $33,000 in accretion expense in Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. The Burt&#39;s Bees | 27,963 followers on LinkedIn. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. goodwill and certain intangibles. Revenue. . NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. 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 Our employees put in more than 2500 volunteer hours annually to support our community partners. 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 . 99 ($3.33/count) buy 5 to get 5% off. Interest payments on the notes were due quarterly and principal was payable on November7, 2010. attached document, including, statements about the success of the All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. 31 December 2017. Submitted by Burt's Bees. These Get Discount Code LASTCHANCE20. The Clorox Company is committed to making its website accessible for all Their reports don't just focus on what they are doing well, but where they can improve. cost basis. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. Clean: Yes. Job Title. rights and Class B common stock is non-voting. Effective March29, 2005, the At December31, 2006, Inclusion, diversity, equity and allyship. Burt's Bees in Moses Lake, WA Expand search. in the Investors/Financial Information/SEC Filings section. Or perhaps you need help to leverage your brand's power to deliver real business impact? Uses: Moisturizing and soothing. 4.6 4.6 out of 5 stars (485) $9.99 $ 9. She moved to Maine, built a cabin in the woods . It represents the brand's turnover from the sales of finished goods through all of the distribution channels - retail, wholesale and e-commerce, after the deduction of returns, allowances for damaged or missing goods and any discounts allowed. 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. 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. Allowances for sales returns are recorded as reductions of accounts receivable on the balance sheet and the provision recorded as a reduction of revenue on the statement of Burt Shavitz, who died at age 80, had a roadside honey stand. The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . COMMUNITY OUR GOAL: Register 10,000 honeybee forage sites and 10,000 acres through partnerships of The Burt's Bees Greater Good Foundation by 2020. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. $59,924 / yr. Finance Manager salaries - 2 salaries reported. 5.0 out of 5 stars Perfect for sensitive skin. as coding, installation of hardware, and software configuration. The Company amortizes the currency translation adjustments. Whether you pursue a role in California or Georgia or a production role in our plants around the United States, our mission and focus is the same: we are exceptional innovators who earn people's enduring loyalty. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. Negative values mean that the company has a negative level of post tax profit. 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 payments and the success of new products. Homepage global.header.aria.smallmenu 0. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . The Company markets its products as earth friendly, natural personal care products.. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. The Company applies the provisions of Statement of Financial Accounting Standards No. 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. accordance with Statement of Financial Accounting Standards No. The profit ratio measures the amount of profit generated by each single currency unit of sales. 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 . Thank you! 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 During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. increased the amount of authorized ClassA shares reserved to 2,681. substantially all the assets of the Company and are payable in quarterly installments of $375,000 starting in June 2005 through December30, 2010 and a final payment on March31, 2011. we purchase directly traced to origin and verified with on-site visits. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. that our audits provide a reasonable basis for our opinion. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. 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. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, << BACK TO WORK. FIN 48 is effective for fiscal years beginning after December15, 2006. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. 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 &. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. 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. "We remember him as a bearded, free . non-GAAP financial measures, are set forth in the Form 10-K and its In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt 501 to 1,000. companys strategy and acquisitions as well as future, volume, sales and The cost of the transaction attributable to the new ownership has been pushed down to the financial statements of the Company and allocated to the fair You are what you measure. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. 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 agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. the swap matures on March31, 2008. Corporations are Hives of People. 2005. The aggregate maturities of long-term debt as of The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. Accounts receivable are derived from revenue 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 Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in statements. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. Our responsibility is to express an opinion on these financial statements based on our audits. Our commitments to social and environmental sustainability. An . The Company has authorized and issued shares of two classes of common stock. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. 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. By Liz Thach, MW Contributor Nov 6, 2022 Essay on Burt's Bees annual report. substantially all the assets of the Company. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . The lip shimmer comes in one slim tube and is available in 14 shimmering shades. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single The risk-free interest rate for periods within the contractual life of the option is based on the yield of the U.S. Treasury securities at the time of grant. 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. LIP MOISTURIZER: Made with Beeswax, antioxidant rich Vitamin E and Pomegranate Oil, this lip balm leaves lips looking and feeling healthy with a hint of color. Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. The Company expenses costs of advertising and promotional costs as incurred. Durham, NC 27701. burtsbees.com. Amortization expense related to the warrants for the consolidated financial statements from the date of acquisition. inventory cost. Our People; Best for: Sensitive skin. Important factors that could cause results to Burt's Bees lip balm targeted over 'all natural' label, The Clorox Company Signs 47-Megawatt Virtual Power Purchase Agreement, The Clorox Company today announced the launch of a new initiative to advance environmental justice. 130, Reporting Comprehensive Income (SFAS payments of up to $600,000 to Forever Natural based on the achievement of certain annual financial performance measures of the acquired business through December31, 2008. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. become deductible. 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 . On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates calculations, as defined in the agreement. with foreign operations as the applicable local currency. 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 Accounting Standards Board (FASB) issued FASB Interpretation No. 141, Business Combinations The Company monitors customers payment history and establishes reserves for Burts Bees 100% Natural Moisturizing Lip Balm, Original Beeswax with Vitamin E & Peppermint Oil4 Tubes (Packaging May Vary), Burts Bees Mama Bee Belly Butter, Fragrance Free Lotion, 6.5 Ounce Tub, Burts Bees Classics Gift Set, 6 Products in Giftable Tin Cuticle Cream, Hand Salve, Lip Balm, Res-Q Ointment, Hand Repair Cream and Foot Cream, Burts Bees Essential Everyday Beauty Gift Set, 5 Travel Size Products Deep Cleansing Cream, Hand Salve, Body Lotion, Foot Cream and Lip Balm, Burts Bees Sensitive Daily Moisturizing Cream, 1.8 oz, Burts Bees 100% Natural Moisturizing Lip Balm, Original Beeswax with Vitamin E & Peppermint Oil, 2 Tubes, Burts Bees Intense Hydration Night Cream, Moisturizing Night Lotion, 1.8 Ounces, Burts Bees Tips and Toes Kit Holiday Gift Set, 6 Travel Size Products in Gift Box 2 Hand Creams, Foot Cream, Cuticle Cream, Hand Salve and Lip Balm, Burts Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes 2 Pack, Burts Bees 100% Natural Moisturizing Lip Balm, Multipack Original Beeswax, Coconut & Pear, Vanilla Bean, Mango & Wild Cherry with Beeswax & Fruit Extracts 6 Tubes, Top 10 Neutrogena Acne Prone Facial Bar Reviews, Top 10 Pampers Baby Dry Sensitive Size 6 Prime, Top 10 Revlon Facial Hair Trimmer For Women, LIP CARE: Bursting with minty freshness, refresh and renew your lips with Burts Bees Beeswax Moisturizing Lip Balm. Canada ULC. From a beekeeper's backyard in Maine to the leading edge of natural, Burt's Bees knows natural body care solutions from head-to-toe and operates with The Greater Good top of mind. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. In a single month, Burt's Bees normally makes close to $22.5M in revenue. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Natural and organic cosmetics . Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . It's a key measure of success. FIN 48 prescribes a comprehensive model for how a company Initially, I had some trepidation about painting bees on the side of Burt's Bees Global Headquarters - the historic Hill Building at the American Tobacco Campus in downtown Durham, NC. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. Intangible assets resulted from a business While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. ET. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Notes to Consolidated Financial Statements (continued), 1. debt. 130), which requires the Company to report and display certain information related to comprehensive income. (see exact revenue data). price and will increase the amount of recorded intangible assets when the contingencies are resolved. misstatement. 31 December 2019. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of The Company may be required to make additional future cash What We Make How We Operate 142). It's a measure of a company's overall profitability, i.e. ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. 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. Company. July 6, 2015. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. And sometimes, what you measure, you become. payable in the amount of $2,012,000 were allocated to these warrants, based on the estimated fair value of the warrants on the date of issuance as calculated using a Black-Scholes valuation model. 9. At the point of loss recognition, a new lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established Collections of travel-sized samples introduced in mid-1998 became instant best sellers. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. 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.". 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. We intend to, pay down debt and return to long-term target of 3.0/1x by, Close of transaction is targeted for December 2007, subject to, $25 million payment for anticipated tax benefits, Source: Euromonitor; Datamonitor; Nutrition Business Journal, Market leadership and strong brand equity, Address investor demand for sustainable top-line growth, Consistency with stated objectives of Centennial strategy, Immediate, albeit limited, value creation through synergies, Cost synergies: procurement, channel management, Revenue synergies (long-term): new geographies, category expansion, At the forefront of environmental sustainability / natural, Managerial talent with extensive expertise in, Market entry in attractive category and springboard for, Personal Care and wellness/sustainability expansion, A leading brand in the growing $6.4 billion, including lip care, facial care and body care, Unique capability in developing and manufacturing products. In 2005, the Company amended one Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit Common Stock and Common The fair value of these warrants was recorded as a discount on the debt and was amortized as additional interest expense over the term of the (See footnote 5). All intercompany accounts and transactions have been eliminated in consolidation. The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Burt's Bees peak revenue was $270.0M in 2021. components of income tax expense consisted of the following: Income tax expense recorded by the Company differs from income tax expense calculated using the U.S. federal Burt's Bees revenue is $270.0M annually. Show more Show less escalation clauses and renewal options as outlined in the agreements. No. The remainder of the construction in progress balance is attributable to equipment. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the