The Company uses historical data among other factors to estimate forfeiture rates used in the model. 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%. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. THE FLIGHT PATH: While our original goal of helping Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. Effective November7, 2003, the Company and administrative expense on the statement of income for that period. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. We offset our annual water consumption through watershed restoration projects. Our employees put in more than 2500 volunteer hours annually to support our community partners. All Rights Reserved. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. Address. . These notes were repaid on March29, Pursuant to the terms of the BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. debt. 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. 31 December 2018. when estimating expected forfeitures, including the employee class and historical experience. We were not engaged to perform an audit of the Companys internal control over financial reporting. View Data as Table. Our commitments to social and environmental sustainability. The Company has authorized and issued shares of two classes of common stock. The initiatives were announced along with the release of the company's 2020 Impact Report. respectively. goodwill and certain intangibles. This annual report highlights their mission statement and shares stories from their customers who love the products. In a single month, Burt's Bees normally makes close to $22.5M in revenue. 130), which requires the Company to report and display certain information related to comprehensive income. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . 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. Foreign currency transactions are accounted for in On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates $170 million (est.) 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. Description of Business and Summary of Significant Accounting year in quarterly installments in exchange for certain advisory and consulting services. Document Information click to expand document information. Finance salaries - 3 salaries reported. The Company monitors customers payment history and establishes reserves for As discussed in Note 8, the Our responsibility is to express an opinion on these financial statements based on our audits. It's a key measure of success. Burt's Bees was the leading lip balm/treatment brand in the United States in 2019, generating sales of over 140 million U.S. dollars in that year. Amortization expense related to the warrants for the The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. (see exact revenue data). Published: March 3, 2023 at 7:07 a.m. we purchase directly traced to origin and verified with on-site visits. Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. 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. Company. to frontline workers and vulnerable populations at the onset of COVID-19. 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 . as coding, installation of hardware, and software configuration. On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The valuation allowance is charged to the provision for inventory which is a 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. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . In our opinion, the financial statements referred to above present fairly, in all material 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 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 consumer was asked about one other random company from which they had purchased personal care items; Core is a weighted average of Tom's (n=81), Kiss My . The Company accounts 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, Important factors that could cause results to Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . 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 The Company incurred debt issuance costs of $2,241,000 in connection with these notes. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. If you have difficulty accessing any content, feature or functionality 31 December 2017. Uses: Moisturizing and soothing. " 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. 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 Clorox Company doesn't provide the information on its shareholders. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Burt Shavitz, who died at age 80, had a roadside honey stand. If this review by management indicates that the carrying value would not The Company has a $15,000,000 revolving line of credit, collateralized by substantially all with foreign operations as the applicable local currency. In 2006, the Board of Directors Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. companys most recent Form 10-K, filed with the SEC, as updated from Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. Thats a lesson the folks at Burts Bees took to heart from the brands most recent goal period, as its 2020 Impact Report makes clear. About the company. Price: $11. 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 fair value of the interest rate swap was estimated by obtaining a quote from the broker and As of December31, 2006, the Companys interest rate swap CHECK PRICE. 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. 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. 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. accordance with Statement of Financial Accounting Standards No. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such Shavitz's likeness is featured on the Burt's Bees products. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. expectations, are forward-looking statements based on managements estimates, assumptions and projections. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single For purposes of performing the goodwill The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. 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. 2006 and 2005, respectively. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. 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. 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. provisions of Statement of Financial Accounting Standards No. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. 9. 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. 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. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, Any additional future cash consideration represents additional purchase These factors include, but are not limited to, the completion of the . The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make Burt's Bees website. 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. 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. 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 The Company has identified the functional currency of its subsidiaries Note: Revenues for privately held companies are statistical evaluations. Interest is payable quarterly and the entire principal balance is due on March29, 2012. This button displays the currently selected search type. (SFAS 141). 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. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. The Company deposits its cash and cash equivalents in domestic Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. Represented Burt's Bees at Natural Products Expo West trade show. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. The Company incurred debt issuance costs of $769,000 in connection with this issuance. Integrated Annual . for the years ended December31, 2006 and 2005, respectively. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. 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 peak revenue was $270.0M in 2021. 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. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. The Company may be required to make additional future cash differ materially, from managements expectations are described in the 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. Additionally, the Company allocated $59,924 / yr. Finance Manager salaries - 2 salaries reported. In 2006, $31,000 of tax benefits were reported as a financing activity. strategy, culture, and execution track record, which we intend to 142, Goodwill and Other Intangible Assets (SFAS No. than not that some portion or all of the deferred tax assets will not be realized. 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 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's Buzz pays tribute to Shavitz, the man behind Burt's Bees. statements. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. (See footnote 5). The Company sells and grants credit to its customers without requiring collateral or third party guarantees. 1-800-227-1860 so that we can provide you access through That 5.0 out of 5 stars Perfect for sensitive skin. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. generally accepted accounting principles. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. 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. BURTS BEES GIFT SET: This gift set includes 5 favorite Burts Bees skin care products that come in a giftable box perfect for stocking stuffers during the holidays to nourish skin during the harsh winter months. adopting FIN 48 on its consolidated financial statements. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. Shipping and handling costs related to goods received are capitalized as a component of Inventories consist of the following at December31: Property and equipment are stated at cost. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of using fair value to measure assets and liabilities. You are what you measure. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Estimates of fair value are not intended to predict Essay on Burt's Bees annual report. The warrants were exercisable until November7, 2010. 31 December 2020. Weve been earning peoples trust since 1913. time to time in the companys SEC filings. Except for historical information, matters discussed in the 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. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, When expanded it provides a list of search options that will switch the search inputs to match . Our People; Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. calculations, as defined in the agreement. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. rights and Class B common stock is non-voting. component of cost of goods sold. - 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. 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. Accounting Standards Board (FASB) issued FASB Interpretation No. Negative values mean that the company has a negative level of post tax profit. ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. The notes are secured by 1984. $94,279,000. Sales are climbing at an annual rate of 9%. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). In addition, the company offers body care products, including body washes and soaps, body moisturizers, and bath oils and bath crystals, as well as hand, foot, sun, and mens body care products; baby care products, including baby washes and soaps, baby moisturizers, diaper ointment and care products, and baby sun care products; and gift sets. She moved to Maine, built a cabin in the woods . Shop the best for newborns, babies and toddlers. useful lives, ranging from seven to ten years. 2003. notes, the Company was required to prepay the principle of the senior notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. Both volume and net sales increased, primarily driven by the benefit of the April 2018 acquisition of the Nutranext dietary supplements business, growth in Burt's Bees Natural Personal Care, mainly due to continued strength in lip care and face care largely driven by product innovation and distribution gains, and higher shipments of Brita . 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. Essay on Burt's Bees annual report. The value of the warrants was recorded as a discount SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . These financial statements are the Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit estimated bad debts and sales returns and allowances. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. Unlike a lot of other "natural" brands Burt's Bees has transparency. Burt's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. In September 2006, the FASB issued Statement of Financial Accounting Standards No. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward.
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