burt's bees annual report

when estimating expected forfeitures, including the employee class and historical experience. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. Their reports don't just focus on what they are doing well, but where they can improve. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. These notes were repaid on March29, Report abuse. The note agreements include restrictive financial covenants related to levels of income, as well as minimum Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. become deductible. We were not engaged to perform an audit of the Companys internal control over financial reporting. In assessing the realizability of deferred tax assets, management considers whether it is more likely 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. non-GAAP financial measures, are set forth in the Form 10-K and its Any additional future cash consideration represents additional purchase Reviewed in the United States on February 1, 2023. 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 . 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. 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 cost is expected to be recognized over a weighted-average period of approximately 5 years. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. 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 . Effective November7, 2003, the Company issued $25,000,000 in senior Company. The trend first began back in the 2010s, but has seen a resurgence in 2023. Represented Burt's Bees at Natural Products Expo West trade show. All Rights Reserved. adopting FIN 48 on its consolidated financial statements. we purchase directly traced to origin and verified with on-site visits. the carrying value accordingly. in such costs as leasehold improvements. Our commitments to social and environmental sustainability. Inventories are stated at the lower of cost or market. Weve been earning peoples trust since 1913. Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such Accordingly, we express no such opinion. 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. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. About the company. During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. income for that period. 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 Company contributed $321,000 and $137,000 for 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. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Annual sales reached $8.2 million in 1998. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. 142). The notes are secured by earned from customers primarily located in North America. Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. Clean: Yes. Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit Over the years, Burt's Bees has become a global natural, conscious skincare brand. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material FIN 48 is effective for fiscal years beginning after December15, 2006. Job Title. 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 $82,865 / yr. defined in the note agreements. SFAS 157 is effective for the Company beginning on January1, 2008. Common Stock and Common This annual report highlights their mission statement and shares stories from their customers who love the products. 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, the Board of Directors life of the option. Formulated without parabens, phthalates . ClassA common stock has voting 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 She moved to Maine, built a cabin in the woods . agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). the years ended December31, 2006 and 2005, respectively. and administrative expense on the statement of income for that period. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. translated using the average exchange rate experienced during the period. . 2023 The Clorox Company. In June 2006, the Financial The figure is about the latest fiscal year available. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the Canada ULC. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the 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 Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. assets of the Company, which was unused in 2006. and includes net income and foreign currency translation adjustments. accordance with Statement of Financial Accounting Standards No. Under the terms of this management agreement, the Company will pay this entity $750,000 per Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information The profit ratio measures the amount of profit generated by each single currency unit of sales. time to time in the companys SEC filings. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial Recycle your Burt's Bees products with Terracycle. 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 . Except for historical information, matters discussed in the 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 notes were secured by substantially all assets of the Company. Shavitz's likeness is featured on the Burt's Bees products. 210 West Pettigrew Street. 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. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences 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 Interest payments on the notes were due quarterly and principal was payable on November7, 2010. 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. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. be recoverable, as determined based on an analysis of estimated undiscounted cash flows, the Company would determine the impairment based on the excess of the book value over the estimated fair value determined using discounted cash flows and reduce Here's a sampling of once-bold goals that are now standard . 2003. exhibits furnished to the SEC, which is posted at. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, The remainder of the construction in progress balance is attributable to equipment. It is an unusual concept but the founder Roxanne Quimby saw the market for such a product and immediately started acting upon this opportunity to create the best skin care company in the world. 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). On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates 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. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Our responsibility is to express an opinion on these financial statements based on our audits. What We Make How We Operate <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . The Company has elected to perform its annual impairment test as of December31 of each calendar year. 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 most We champion people to be well and thrive every single day. 109, Accounting for Income Taxes (SFAS 109). with foreign operations as the applicable local currency. The increase in earnings before . minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. differ materially, from managements expectations are described in the ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. subordinated notes payable. 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. 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 . Durham, NC. 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%. SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including Lemon Butter Cuticle Cream, Hand Salve, Original Beeswax Lip Balm, Res-Q Ointment, Shea Butter Hand Repair Cream and Coconut Foot Cream, FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream, LIP MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite lip balm, MULTIPURPOSE OITNMENT: This gentle Res-Q Ointment is made with a blend of herbal ingredients to create an everyday salve that soothes and comfort dry skin and minor cuts, BURTS BEES GIFT SET: These natural, moisturizing skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 5 travel size Burts Bees favorites: Soap Bark and Chamomile Deep Cleansing Cream, Hand Salve, Milk &, Honey Body Lotion, Coconut Foot Cream and Beeswax Lip Balm, FEET: Coconut Foot Cream and Beeswax Hand Salve restore, dry skin to moisturize and soften hands and feet, FACE: Soap Bark and Chamomile Deep Cleansing Cream, Milk and Honey Body Lotion and Beeswax Lip Balm moisturize lips, face and body, ALL NATURAL: Made with natural ingredients, these Burts Bees skin care trial products are formulated to condition and hydrate skin all day long. The Company amortizes the " 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. Corporations are Hives of People. Adjustments to reconcile net income to net cash provided by operating activities: Changes in operating assets and liabilities: Net cash provided by operating activities, Payment on senior subordinated notes payable, Net increase (decrease) in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Supplemental disclosure of cash flow information, Notes to Consolidated Financial Statements, 1. Best for: Sensitive skin. directly, comparable GAAP financial measures and reconciliation to At Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. 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. recognition and attribution provisions of SFAS 123(R). On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the FIN 48 prescribes a comprehensive model for how a company The Company has a $15,000,000 revolving line of credit, collateralized by substantially all sheets of Burts Bees, Inc. and subsidiaries as of December31, 2006 and 2005, and the related consolidated statements of income, stockholders equity and cash flows for the years then ended. 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), 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. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. He was 80. The Company has identified the functional currency of its subsidiaries In a single month, Burt's Bees normally makes close to $22.5M in revenue. 11/19/2020 -- Global Natural & Organic Makeup Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread) is latest research study released by HTF . Address. When the brand set these sustainability goals more than five years ago, they were ambitious. 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. provisions of Statement of Financial Accounting Standards No. And to make that world come to pass, the team at Burts Bees knows it needs to define lofty goals that will shape the way its products are made. Burt's Bees, environment, ESG, sustainability. For purposes of performing the goodwill 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. Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. 9. 142 requires the use of a non-amortization approach to account for purchased Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes 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. that our audits provide a reasonable basis for our opinion. inventory cost. Burt's Bees, Inc. provides natural health and beauty care products. in the Investors/Financial Information/SEC Filings section. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. 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. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of July 6, 2015. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. Responsibility. companys strategy and acquisitions as well as future, volume, sales and Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are 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. As of December31, 2006, the Companys interest rate swap Finance salaries - 3 salaries reported. 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 plan is available to employees the first of the following month after three months of service. 100% (1) 100% found this document useful (1 vote) 357 views. users, and will continue to take steps necessary to ensure compliance with applicable laws. The Company may be required to make additional future cash Burt's Bees revenue is $270.0M annually. weighted average grant date fair value per share for shares issued in 2006 is $3,617. Goodwill and Indefinite-Lived Intangible Assets. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. For years, Burt's Bees has been a bright spot on the firm's earnings reports. Today, theyre simply how Burts Bees works. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . Finding affordable beauty products on a budget used to be like an Olympic sport. Description of Business and Summary of Significant Accounting Policies (continued). Unrealized gains or losses are recorded in earnings as incurred until Archived Annual Reports. (2003-2006), NPC growing at double-digit rates across Europe and Asia, U.S. Natural Personal Care Market Is Highly, Fragmented & Lacks Entrenched Scale Players, anticipated to drive growth for years to come, Burts substantially all the assets of the Company. Durham, NC 27701. burtsbees.com. 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. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Effective March29, 2005, the than not that some portion or all of the deferred tax assets will not be realized. No. THE FLIGHT PATH: While our original goal of helping Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . Revenue and expense accounts are Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. 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. The Company has recorded a long term liability of approximately 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. 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. Amortization for the year ended December31, 2005 totaled $72,000. Prior to adoption, the Company used the 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 These identifiable intangibles are amortized on a straight-line basis over their estimated 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's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. About Burt's Bees . Award winning pajamas, crib sheets, shampoo and more. attached document, including, statements about the success of the Collections of travel-sized samples introduced in mid-1998 became instant best sellers. The Company has authorized and issued shares of two classes of common stock. will realize the benefits of these deductible differences. Burt's Bees website. 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. The valuation allowance is charged to the provision for inventory which is a issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . Accounting Standards Board (FASB) issued FASB Interpretation No. 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. 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. In 2005, the Company paid an affiliate of a increased the amount of authorized ClassA shares reserved to 2,681. The Company also recorded deferred rent totaling $550,000 for this lease incentive that is being amortized on a straight line basis over the remaining lease term. As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. Burt's Bees peak revenue was $270.0M in 2021. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. If you have difficulty accessing any content, feature or functionality Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected The Company incurred debt issuance costs of $769,000 in connection with this issuance. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. That Burt's Bees makes $739,726 in a day. 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. 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. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. These deferred taxes are measured by applying currently enacted tax laws. 20,000+ livelihoods impacted 31 December 2019. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. << BACK TO WORK. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Feb 2, 2022. misstatement. $1.5 million+ in grants and product donations. 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. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. year in quarterly installments in exchange for certain advisory and consulting services. 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 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.

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