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On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the Burt's Bees website. 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). The adoption of SFAS 123(R) resulted in additional compensation Integrated Annual . Additionally, the Company allocated Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of " and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended June 30, 2007, as updated from time to time in the company's SEC filings. Here's a sampling of once-bold goals that are now standard . The Company has recorded a long term liability of approximately Formulated without parabens, phthalates . - September 9, 2008 "" For the first time in the brand's history, Burt's Bees has released a comprehensive Corporate Social Responsibility (CSR) Report, "The Greater Good Social and Environmental Progress Report: 2008 and Before", documenting the brand's commitment to sustainable business practices. 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 Recycle your Burt's Bees products with Terracycle. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. the swap matures on March31, 2008. About the company. Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. What We Make How We Operate The Company considers many factors estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. 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. 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. July 6, 2015. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. 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, In 2006, $31,000 of tax benefits were reported as a financing activity. The notes are secured by 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 . an alternative method. 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. 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. goodwill and certain intangibles. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all Accounting Standards Board (FASB) issued FASB Interpretation No. Accordingly, we express no such opinion. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . 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. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. Here are some of best sellings burts bees annual report which we would like to recommend with high customer review ratings to guide you on quality & popularity of each items. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single Amortization recorded during the year ended Responsibility. Report abuse. 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. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. Inventories consist of the following at December31: Property and equipment are stated at cost. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Salary. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. 142, Goodwill and Other Intangible Assets (SFAS No. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. Effective January1, 2006, the Company She moved to Maine, built a cabin in the woods . to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. Award winning pajamas, crib sheets, shampoo and more. That Burt's Bees in Moses Lake, WA Expand search. FIN 48 prescribes a comprehensive model for how a company of its leases. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are FIN 48 revises The Clorox Company doesn't provide the information on its shareholders. Also known as ROS - Return on Sales, it measures the percentage of sales revenue that gets 'returned' to the company as net profits after all the related costs of the activity are deducted. 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 accompanying consolidated financial statements include the accounts of Burts Bees, Inc., and its wholly owned subsidiaries including Burts Bees International Holdings Inc., the wholly owned parent company of Burts Bees Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. This prepayment permanently reduces the First Lien and such amounts recognized for income tax purposes. The allocation of the purchase price, including transaction costs, resulted in the Shop the best for newborns, babies and toddlers. Weve been earning peoples trust since 1913. life of the option. years from the date of grant. Uploaded by Joshua Gillaspie. 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. Finance & Accounting. By Liz Thach, MW Contributor Nov 6, 2022 Intangible assets resulted from a business In 2006, the Board of Directors The following table summarizes stock option activity: At December31, 2006, there were 1,106 non-vested shares granted after the adoption of SFAS 123(R). debt. The Company markets its products as earth friendly, natural personal care products.. Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . For the Feb 2, 2022. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. 9. The Company applies the provisions of Statement of Financial Accounting Standards No. The notes were secured by substantially all assets of the Company. Annual sales reached $8.2 million in 1998. for the years ended December31, 2006 and 2005, respectively. 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. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. 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. Natural and organic cosmetics . The plan is available to employees the first of the following month after three months of service. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. 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 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. The value of the warrants was recorded as a discount assumptions were used to estimate the fair value of each class of financial instruments: The carrying amounts approximate fair value because of the short maturity of the instruments. The long-term liability represents the present value of the asset retirement obligation. Prior to adoption, the Company used the NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. SFAS 157 applies whenever other pronouncements require It's a key measure of success. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. 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. 0. 9. Burt's Bees, Inc. provides natural health and beauty care products. including the, ability to increase distribution; the companys success had not been placed into service as of year end. In accordance with SFAS No. December31, 2006 and 2005, related to this management agreement. THE FLIGHT PATH: While our original goal of helping 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.". 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. Responsible for planning and execution of booth and managing attendees for past shows. FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. "We remember him as a bearded, free . These deferred taxes are measured by applying currently enacted tax laws. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. 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. 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. in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan, Profitability metrics at the high-end of Personal Care, 385 employees, 1 manufacturing facility, 1 distribution center, and headquarters in Raleigh-Durham, North Carolina, Instability of natural materials requires steep learning curve to reproduce, are key to product performance & stability, is central to scalability of concept formulations, Professional background in R&D/product development at leading Personal Care, In-depth understanding of consumer demands, Establish core corporate competencies in broader Personal Care. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. The warrants were exercisable until November7, 2010. The lip shimmers glide on with the perfect compliment of moisture and touch . 2006 and 2005, respectively. 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 Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . In 2005, the Company amended one From honeycomb to production line, we explore how this beloved natural product i. Policies (continued). About Burt's Bees . in retaining key Burts Bees, employees, suppliers and customers; the Income taxes are accounted for pursuant to Statement of 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. We believe A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. At It is classified as operating in the Pharmacies & Drug Stores industry. Revenue and expense accounts are These All Rights Reserved. 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. Archived Annual Reports. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 Responsibility. 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 210 West Pettigrew Street. The profit ratio measures the amount of profit generated by each single currency unit of sales. Every day. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. the years ended December31, 2006 and 2005, respectively. 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 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. As the 2006 amount is expected to be paid by 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. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. 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. When the brand set these sustainability goals more than five years ago, they were ambitious. 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. As of December31, 2006, the Companys interest rate swap Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Except for historical information, matters discussed in the Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. The Company has elected to perform its annual impairment test as of December31 of each calendar year. companys ability to achieve the projected, strategic and financial is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. Therefore, the Company estimates volatility based upon Pursuant to the terms of the notes, the Company is 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 The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make Company size. Best for: Sensitive skin. 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. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. Future minimum lease payments, by year and in the aggregate, under operating leases with remaining terms of one year or more consisted of the following at December31, 2006 In addition, the Company reimburses an affiliate of a stockholder for certain administrative costs which totaled approximately $50,000 and $89,000 in 2006 and 2005, respectively, 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 The Company has presented the tax benefit for deductions relating Clorox entered into a merger agreement on Oct. 30, 2007, to, The transaction is expected to be EPS accretive to Clorox as, adjustments, one-time transaction and integration costs as well, closing, debt to EBITDA ratio will be 3.5/1x. The note agreements include restrictive financial covenants related to levels of income, as well as minimum regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. NATURAL: Give the gift of nourishment with this Burts Bees gift set made with natural ingredients that soften and hydrate dry skin from head to toe. 130, Reporting Comprehensive Income (SFAS how much of its sales are converting to profit. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. Any additional future cash consideration represents additional purchase 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, 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. Proceeds from the issuance of the notes 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. The initiatives were announced along with the release of the company's 2020 Impact Report. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Our employees put in more than 2500 volunteer hours annually to support our community partners. strategy, culture, and execution track record, which we intend to users, and will continue to take steps necessary to ensure compliance with applicable laws. 52, Foreign Currency Translation (SFAS No. Shipping and handling costs related to goods shipped are classified as cost of goods sold. In income for that period. Foreign currency transactions are accounted for in Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. Nov 2012 - Jan 20163 years 3 months. . The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance 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. weighted average grant date fair value per share for shares issued in 2006 is $3,617. 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. Company. Following the first progress update in 2016, Burt's Bees' 2018 update focuses on progress in 11 goal areas outlined when the brand's 2020 Sustainability goals were set in 2012. The following methods and 4.6 4.6 out of 5 stars (485) $9.99 $ 9. 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 Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit method for all inventories. Represented Burt's Bees at Natural Products Expo West trade show. Our commitments to social and environmental sustainability. At December31, 2006, Today, theyre simply how Burts Bees works. SFAS No. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that extend the useful life of the asset are capitalized. 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). The Company We were not engaged to perform an audit of the Companys internal control over financial reporting. 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. 2005. It's bad for your eyes, according to a Michigan Medicine expert. December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow How I Built This with Guy Raz. 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 . 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. That's a lesson the folks at Burt's Bees took to heart from the brand's most recent goal period, as its 2020 Impact Report makes clear. generally accepted accounting principles. accordance with Statement of Financial Accounting Standards No. 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. Sales are climbing at an annual rate of 9%. The aggregate maturities of long-term debt as of Consumers who have purchased natural personal care in the last 12 months: Please rate each of the following brands on a scale of 1 to 7, where 1 is not at all, Burts Bees Has Superior Attribute Ratings, Source: Clorox Commissioned US Consumer Survey (n=1022), care products, on a scale of 1 to 7, where 1 is not at all important and 7 is extremely, Note: Burts Bees performance asked of all consumers who indicated they have purchased at when estimating expected forfeitures, including the employee class and historical experience. ET. The trend first began back in the 2010s, but has seen a resurgence in 2023. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% In a single month, Burt's Bees normally makes close to $22.5M in revenue. SFAS 157 is effective for the Company beginning on January1, 2008. 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 &.