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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 She moved to Maine, built a cabin in the woods . defined in the note agreements. Durham, NC 27701. burtsbees.com. Formulated without parabens, phthalates . consolidated financial statements from the date of acquisition. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all Prior to adoption, the Company used the companys most recent Form 10-K, filed with the SEC, as updated from in such costs as leasehold improvements. Get Discount Code LASTCHANCE20. 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. 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 . 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. 109 (FIN 48). All intercompany accounts and transactions have been eliminated in consolidation. SFAS 157 applies whenever other pronouncements require The value given is the amount of sales needed to generate one currency unit of post tax profit. 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. 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 The figure is about the latest fiscal year available. The Company has presented the tax benefit for deductions relating Important factors that could cause results to Durham, NC; Link. Essay on Burt's Bees annual report. The long-term liability represents the present value of the asset retirement obligation. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. 20,000+ livelihoods impacted Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). Cost is determined using the first-in, first-out The 9. exhibits furnished to the SEC, which is posted at. 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 Revenue. 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. 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. term or the estimated useful life of the asset. Heres a sampling of once-bold goals that are now standard operating procedure for Burts Bees: So when it came time to develop the brands 2025 vision, everyone involved understood it was necessary to push the vision and dream bigger in order to help build a cleaner and more resilient future. 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. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. currency translation adjustments. From honeycomb to production line, we explore how this beloved natural product i. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. The Company uses historical data among other factors to estimate forfeiture rates used in the model. 45% of oils, waxes and butters. 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. << BACK TO WORK. 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. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 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. Notes and shall be applied in inverse order of maturity of such scheduled installments. $100M to $500M (USD) Industry. to frontline workers and vulnerable populations at the onset of COVID-19. That 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. Or perhaps you need help to leverage your brand's power to deliver real business impact? component of cost of goods sold. debt. payments and the success of new products. using fair value to measure assets and liabilities. rates that ranged from 5.31% to 5.52%per annum during 2005. For purposes of performing the goodwill An audit also includes examining, on a Thank you! 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. 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 applies the provisions of Statement of Financial Accounting Standards No. It's a measure of a company's overall profitability, i.e. It's a key measure of success. All Rights Reserved. The Company incurred debt issuance costs of $769,000 in connection with this issuance. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. We were not engaged to perform an audit of the Companys internal control over financial reporting. Salary. 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. 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. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which In conjunction with the amendment, the Company agreed to return a portion of the facility back to its original use at the end of the lease term, May31, 2010. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. If this review by management indicates that the carrying value would not The Company has recorded approximately $50,000 and $33,000 in accretion expense in 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 Uploaded by Joshua Gillaspie. 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. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. Weve been earning peoples trust since 1913. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. to the Senior Subordinated Notes Payable. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . responsibility of the Companys management. 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. About Burt's Bees . Inclusion, diversity, equity and allyship. LIP CARE: Renew your lips with Burt's Bees Moisturizing Pink Grapefruit Lip Balm bursting with juicy goodness; MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burt's Bees lip balm; SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all . 99 ($3.33/count) buy 5 to get 5% off. As the 2006 amount is expected to be paid by I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. These deferred taxes are measured by applying currently enacted tax laws. The trend first began back in the 2010s, but has seen a resurgence in 2023. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. 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. Report abuse. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). 2006 and 2005, respectively. Therefore, the Company estimates volatility based upon Burts Bees's Annual Report & Profile shows critical firmographic facts: $1.5 million+ in grants and product donations. Published: March 3, 2023 at 7:07 a.m. Responsibility. When the brand set these sustainability goals more than five years ago, they were ambitious. Revenue and expense accounts are and includes net income and foreign currency translation adjustments. in retaining key Burts Bees, employees, suppliers and customers; the The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. By Liz Thach, MW Contributor Nov 6, 2022 Intangible assets resulted from a business . Kathleen M. Sarnes. The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. useful lives, ranging from seven to ten years. will realize the benefits of these deductible differences. Reviewed in the United States on February 1, 2023. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the generally accepted accounting principles. that our audits provide a reasonable basis for our opinion. 501 to 1,000. Amortization recorded during the year ended The accumulated other comprehensive loss balance consists entirely of foreign Health and wellness is not only our past and present, it's our future. 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 sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. 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. 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 Description of Business and Summary of Significant Accounting These notes were repaid on March29, 2005. And sometimes, what you measure, you become. combination accounted for using the purchase method. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. assets of the Company, which was unused in 2006. 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. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates 142, Goodwill and Other Intangible Assets (SFAS No. companys ability to achieve the projected, strategic and financial 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. Effective January1, 2006, the Company 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), 142. Canada ULC. 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. 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. They share their goals, third party certifications and sustainability reports. 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 Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Accounting Standards Board (FASB) issued FASB Interpretation No. customer represented approximately 14% of total revenue. Our People; 109, Accounting for Income Taxes (SFAS 109). 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 . least one Burts Bees product; for all other competitors, each, consumer was asked July 6, 2015. 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. The figure is about the latest fiscal year available. Burt's Bees | 27,963 followers on LinkedIn. 2023 The Clorox Company. in the Investors/Financial Information/SEC Filings section. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. 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 Today, theyre simply how Burts Bees works. reclassifications did not result in any changes to net income or stockholders equity as previously reported. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes The notes are secured by This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. 1984. 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 . issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. Except for historical information, matters discussed in the Actual results could differ from those estimates. 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 We believe Every day. The lip shimmer comes in one slim tube and is available in 14 shimmering shades. 1-800-227-1860 so that we can provide you access through 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 June 2006, the Financial Award winning pajamas, crib sheets, shampoo and more. 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. 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. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. Here's a sampling of once-bold goals that are now standard . tax. 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 impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. Burt's Bees, environment, ESG, sustainability. The jersey knit allows for stretch for wider feet and the wrap-around . The Company amortizes the Job Title. 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. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] differ materially, from managements expectations are described in the ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. $217,000 and $206,000 as of December31, 2006 and 2005, respectively. substantially all the assets of the Company. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. An interim goodwill In 2006, the Board of Directors FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. We 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 cost basis. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . 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. CHECK PRICE. 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 . During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. The At December31, 2006, We are CarbonNeutral certified. About the company. (see exact revenue data). Sales are climbing at an annual rate of 9%. The notes were secured by substantially all assets of the Company. THE FLIGHT PATH: While our original goal of helping should recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return (including a decision whether or not to file a return in a particular jurisdiction). 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. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of 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. companys strategy and acquisitions as well as future, volume, sales and 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. 123(R), Share-Based Payment, to account for stock-based compensation. 130, Reporting Comprehensive Income (SFAS In assessing the realizability of deferred tax assets, management considers whether it is more likely 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. on our website or on our other electronic platforms, please call us at 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. year ended December31, 2006, foreign currency losses amounted to $37,000. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make Amortization expense related to the warrants for the allowance for sales returns and customer discounts. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; the carrying value accordingly. of its leases. The note agreements include restrictive financial covenants related to levels of income, as well as minimum We have struggled to meet our water reduction targets after increasing water use per mass unit of . earnings growth, profitability, costs, cost savings, innovation or. Shop the best for newborns, babies and toddlers. Burt's Bees, Inc. provides natural health and beauty care products. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. SFAS No. 31 December 2020. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. Nov 2012 - Jan 20163 years 3 months. The profit ratio measures the amount of profit generated by each single currency unit of sales. than not that some portion or all of the deferred tax assets will not be realized. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. Additionally, the Company allocated for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Unrealized gains or losses are recorded in earnings as incurred until Inventories are stated at the lower of cost or market. 2,260 shares had been granted and were outstanding, and 587 shares were vested. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 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'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. Any additional future cash consideration represents additional purchase The plan is available to employees the first of the following month after three months of service. Interest payments on the notes were due quarterly and principal was payable on November7, 2010. calculations, as defined in the agreement. The Company deposits its cash and cash equivalents in domestic estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Clorox Company. 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. increased the amount of authorized ClassA shares reserved to 2,681. 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. Document Information click to expand document information. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. Burt's Bees in Moses Lake, WA Expand search. This annual report highlights their mission statement and shares stories from their customers who love the products. respectively. 5.0 out of 5 stars Perfect for sensitive skin. The valuation allowance is charged to the provision for inventory which is a $59,924 / yr. Finance Manager salaries - 2 salaries reported. 2003. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. Address. value of the assets acquired and liabilities assumed with the excess recorded as goodwill, in accordance with the purchase accounting methodology set forth in Statement of Financial Accounting Standards No. As of December31, 2006, the Companys interest rate swap Notes to Consolidated Financial Statements (continued), 1. financial institutions. the years ended December31, 2006 and 2005, respectively. The initiatives were announced along with the release of the company's 2020 Impact Report. Burt's Bees website. 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 Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. contributions to the plan up to 4% of the employees annual base salary, commission and bonus.