burt's bees annual report

A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). Shipping and handling costs related to goods received are capitalized as a component of The Our People; 9. << BACK TO WORK. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. Amortization expense related to the warrants for the RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. Common Stock and Common $100M to $500M (USD) Industry. Foreign currency transactions are accounted for in useful lives, ranging from seven to ten years. 0. financial institutions. Salary. Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . 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. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. The Clorox Company doesn't provide the information on its shareholders. Best for: Sensitive skin. The adoption of SFAS 123(R) resulted in additional compensation On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. 1984. of its leases. The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). Burt's Bees makes $739,726 in a day. companys most recent Form 10-K, filed with the SEC, as updated from disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. 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. Sales are recorded net of an estimated This prepayment permanently reduces the First Lien All intercompany accounts and transactions have been eliminated in consolidation. 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. We were not engaged to perform an audit of the Companys internal control over financial reporting. 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. 4.6 4.6 out of 5 stars (485) $9.99 $ 9. The Company incurred debt issuance costs of $769,000 in connection with this issuance. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Canada ULC. 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. for the years ended December31, 2006 and 2005, respectively. Homepage global.header.aria.smallmenu 0. income for that period. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. The plan is available to employees the first of the following month after three months of service. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. It was interesting to notice how Roxanne . the carrying value accordingly. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. 142, Goodwill and Other Intangible Assets (SFAS No. 130), which requires the Company to report and display certain information related to comprehensive income. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. Estimates of fair value are not intended to predict substantially all the assets of the Company. Verified Purchase . $217,000 and $206,000 as of December31, 2006 and 2005, respectively. The aggregate maturities of long-term debt as of As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. and such amounts recognized for income tax purposes. All Rights Reserved. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 52). Additionally, the Company allocated Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. Integrated Annual . 142 requires the use of a non-amortization approach to account for purchased Therefore, the Company estimates volatility based upon $170 million (est.) The warrants were exercisable until November7, 2010. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. 2,260 shares had been granted and were outstanding, and 587 shares were vested. In In September 2006, the FASB issued Statement of Financial Accounting Standards No. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . statements. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. As of December31, 2006, the Companys interest rate swap 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. . As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. common stock, thus resulting in a change of control. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. When the brand set these sustainability goals more than five years ago, they were ambitious. subordinated notes payable. 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. Our responsibility is to express an opinion on these financial statements based on our audits. The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Intangible assets resulted from a business SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. 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. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. FIN 48 revises The notes bore interest at a series of LIBOR-based In June 2006, the Financial The notes are secured by 31 December 2019. NPR's Elizabeth Blair reports that Shavitz's death resulted from . - 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. cost basis. with foreign operations as the applicable local currency. 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. Job Title. defined in the note agreements. This annual report highlights their mission statement and shares stories from their customers who love the products. And sometimes, what you measure, you become. Shavitz's likeness is featured on the Burt's Bees products. Both volume and net sales increased, primarily driven by 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 water-filtration systems due to product innovation. Sarah has advanced quickly in her career, and . Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Amortization for the year ended December31, 2005 totaled $72,000. Published: March 3, 2023 at 7:07 a.m. the swap matures on March31, 2008. 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 . Burt's Bees Lip Balm, Moisturizing Lip Care Valentine's Gift for Men & Women, 100% Natural, Original Beeswax with Vitamin E & Peppermint Oil 0.15OZ 4.25g 2 Tubes No reviews 780 780 1,200 1,200 (35% off) 8 pages. estimated bad debts and sales returns and allowances. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the Their reports don't just focus on what they are doing well, but where they can improve. will realize the benefits of these deductible differences. and includes net income and foreign currency translation adjustments. . Corporations are Hives of People. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. payments and the success of new products. as coding, installation of hardware, and software configuration. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. assets of the Company, which was unused in 2006. Kathleen M. Sarnes. 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. 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. If you have difficulty accessing any content, feature or functionality 501 to 1,000. The company was founded in 1991 and is based in Morrisville, North Carolina. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The Company contributed $321,000 and $137,000 for The Company has elected to perform its annual impairment test as of December31 of each calendar year. These factors include, but are not limited to, the completion of the . The trend first began back in the 2010s, but has seen a resurgence in 2023. The Company applies the provisions of Statement of Financial Accounting Standards No. Description of Business and Summary of Significant Accounting SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. For years, Burt's Bees has been a bright spot on the firm's earnings reports. than not that some portion or all of the deferred tax assets will not be realized. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of 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 . earned from customers primarily located in North America. Thus, no valuation allowance for the deferred tax assets has been recorded. The valuation allowance is charged to the provision for inventory which is a Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. in the Investors/Financial Information/SEC Filings section. Burt's Bees's revenue is $270.0 Million - Learn more about Burt's Bees's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. Stock Reserved for Future Issuance. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. 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 &. Interest is payable quarterly and the entire principal balance is due on March29, 2012. Price: $11. The As discussed in Note 8, the The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. The Company has presented the tax benefit for deductions relating 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 Award winning pajamas, crib sheets, shampoo and more. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the Address. These notes were repaid on March29, We are CarbonNeutral certified. It represents the brand's turnover from the sales of finished goods through all of the distribution channels - retail, wholesale and e-commerce, after the deduction of returns, allowances for damaged or missing goods and any discounts allowed. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . 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. The Company may be required to make additional future cash The notes were secured by substantially all assets of the Company. ET. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. and administrative expense on the statement of income for that period. The fair value of each award granted subsequent to the adoption of SFAS 123(R) was estimated on the date of grant using the Black-Scholes-Merton option-pricing model, which uses the assumptions in the following table. It is classified as operating in the Pharmacies & Drug Stores industry. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. The First Lien Notes bear interest at a series of LIBOR-based rates that ranged from 7.04% to 8.37%per annum during 2006. when estimating expected forfeitures, including the employee class and historical experience. Accordingly, we express no such opinion. 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. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single 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 . adopting FIN 48 on its consolidated financial statements. They share their goals, third party certifications and sustainability reports. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. we purchase directly traced to origin and verified with on-site visits. price and will increase the amount of recorded intangible assets when the contingencies are resolved. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. 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, misstatement. Every day. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. (SFAS 141). In our opinion, the financial statements referred to above present fairly, in all material It's bad for your eyes, according to a Michigan Medicine expert. 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. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. 9. Founded. The following methods and Headquarters. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. 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 Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material Advertising and promotional expenses totaled $9,718,000 and $11,230,000 The Company sells and grants credit to its customers without requiring collateral or third party guarantees. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burt's Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . Responsible for planning and execution of booth and managing attendees for past shows. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Income taxes are accounted for pursuant to Statement of 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 By Liz Thach, MW Contributor Nov 6, 2022 to the Senior Subordinated Notes Payable. Uploaded by Joshua Gillaspie. 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.". These financial statements are the 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. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. debt. in such costs as leasehold improvements. Burt's Bees in Moses Lake, WA Expand search. $94,279,000. 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 . Effective January1, 2006, the Company 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 The Company is currently assessing the impact of conducted our audits in accordance with auditing standards generally accepted in the United States. Founded in 1989, the Description: Essay on Burt's Bees annual report. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. The value of the warrants was recorded as a discount 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. We believe tax. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected $82,865 / yr. An audit also includes examining, on a The jersey knit allows for stretch for wider feet and the wrap-around . Nov 2012 - Jan 20163 years 3 months. 20,000+ livelihoods impacted 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. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information Actual results could differ from those estimates. The profit ratio measures the amount of profit generated by each single currency unit of sales. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. 109 (FIN 48). The Company . (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 Our commitments to social and environmental sustainability. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. Revenue. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . What We Make How We Operate 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when 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. If this review by management indicates that the carrying value would not The Company measures the fair value of stock options issued or modified, on the grant date (or modification, when applicable) at fair value, using the Black-Scholes option valuation model. an alternative method. users, and will continue to take steps necessary to ensure compliance with applicable laws. escalation clauses and renewal options as outlined in the agreements. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. Company size. Description of Business and Summary of Significant Accounting Policies (continued). to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. using fair value to measure assets and liabilities. The Company has authorized and issued shares of two classes of common stock. 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. 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. 99 ($3.33/count) buy 5 to get 5% off. From a beekeeper's backyard in Maine to the leading edge of natural, Burt's Bees knows natural body care solutions from head-to-toe and operates with The Greater Good top of mind. The increase in earnings before . 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 Amortization recorded during the year ended 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. Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. It's a measure of a company's overall profitability, i.e. Finance & Accounting. July 6, 2015. FREE delivery Tue, Feb 28 on your first order. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. 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 1. 52, Foreign Currency Translation (SFAS No. Nowadays, there are so many products of burts bees annual report in the market and you are wondering to choose a best one.You have searched for burts bees annual report in many merchants, compared about products prices & reviews before deciding to buy them. 4 Count. Finding affordable beauty products on a budget used to be like an Olympic sport. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance allowance for sales returns and customer discounts. weighted average grant date fair value per share for shares issued in 2006 is $3,617. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . $59,924 / yr. Finance Manager salaries - 2 salaries reported. 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.

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