0. Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . 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. recognition and attribution provisions of SFAS 123(R). The Company incurred debt issuance costs of $769,000 in connection with this issuance. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . Burt Shavitz, who died at age 80, had a roadside honey stand. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. We were not engaged to perform an audit of the Companys internal control over financial reporting. 1. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . 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 9. common stock, thus resulting in a change of control. 142). 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. These identifiable intangibles are amortized on a straight-line basis over their estimated The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). 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. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Identifiable intangible assets consist of the following at December31, 2006 and 2005 (in thousands): Estimated future aggregate amortization of the trade secrets, customer list intangibles, and covenant not to The Company has elected to perform its annual impairment test as of December31 of each calendar year. We offset our annual water consumption through watershed restoration projects. 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 The Company uses historical data among other factors to estimate forfeiture rates used in the model. 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. component of cost of goods sold. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Feb 2, 2022. At on the First Lien Notes. SFAS No. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. No. Estimates of fair value are not intended to predict By Liz Thach, MW Contributor Nov 6, 2022 Description: Essay on Burt's Bees annual report. In addition, the Company reimburses an affiliate of a stockholder for certain administrative costs which totaled approximately $50,000 and $89,000 in 2006 and 2005, respectively, operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. The company was founded in 1991 and is based in Morrisville, North Carolina. 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). rates that ranged from 5.31% to 5.52%per annum during 2005. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended Kathleen M. Sarnes. 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. Durham, NC 27701. burtsbees.com. The Company has recorded approximately $50,000 and $33,000 in accretion expense in As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . inventory cost. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. Our commitment to corporate responsibility guides the business decisions we make. Archived Annual Reports. 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. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. 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. The Company has identified the functional currency of its subsidiaries Today, theyre simply how Burts Bees works. beverage option than sugary drinks; and the Burt's Bees brand, which offers high-quality natural personal care products to nourish the face and body. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. These financial statements are the 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. 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. 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. Robert F. Bukaty / AP. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Zippia gives an in-depth look into the details of Burt's Bees, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Burt's Bees. The lip shimmers glide on with the perfect compliment of moisture and touch . The First Lien Notes are secured by Every day. Stock Reserved for Future Issuance. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of The value given is the amount of sales needed to generate one currency unit of post tax profit. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. The Company may be required to make additional future cash 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 . $217,000 and $206,000 as of December31, 2006 and 2005, respectively. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. Any additional future cash consideration represents additional purchase The bad debt allowance is recorded as a reduction of accounts receivable on the balance sheet and the provision recorded for an accounting period is recognized as an increase in selling, general It is classified as operating in the Pharmacies & Drug Stores industry. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt 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. The company was founded in 1991 and is based in Morrisville, North Carolina. 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 &. responsibility of the Companys management. For purposes of performing the goodwill Important factors that could cause results to These notes were repaid on March29, 2005. 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. If this review by management indicates that the carrying value would not All Rights Reserved. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. The increase in earnings before . The allocation of the purchase price, including transaction costs, resulted in the The Company does not maintain an internal market for its shares and its shares are not traded. combination accounted for using the purchase method. 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. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. The jersey knit allows for stretch for wider feet and the wrap-around . 2003. an alternative method. 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. Submitted by Burt's Bees. including the, ability to increase distribution; the companys success the swap matures on March31, 2008. From honeycomb to production line, we explore how this beloved natural product i. The warrants were exercisable until November7, 2010. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such 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 Job Title. BURT'S BEES SKIN CARE: Use Burt's Bees naturally moisturizing face cream as part of your daily Burt's Bees sensitive 5 product face care regimen for a healthier looking complexion . Thank you! When the brand set these sustainability goals more than five years ago, they were ambitious. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. Additionally, the Company allocated Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. Get Discount Code LASTCHANCE20. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. The figure is about the latest fiscal year available. 109, Accounting for Income Taxes (SFAS 109). Policies (continued). Our People; The Company markets its products as earth friendly, natural personal care products.. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material Zippia gives an in-depth look into the details of Burt's Bees, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Burt's Bees. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. with foreign operations as the applicable local currency. 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. Description of Business and Summary of Significant Accounting Policies (continued). Durham, NC; Link. 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. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . 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. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. Reviewed in the United States on February 1, 2023. exhibits furnished to the SEC, which is posted at. Investor Contact (510) 271-7767. investorrelations@clorox.com. Company size. Shop the best for newborns, babies and toddlers. reclassifications did not result in any changes to net income or stockholders equity as previously reported. in the Investors/Financial Information/SEC Filings section. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . 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. debt. We champion people to be well and thrive every single day. The accumulated other comprehensive loss balance consists entirely of foreign Notes to Consolidated Financial Statements (continued), 1. 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. On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. Inclusion, diversity, equity and allyship. We are CarbonNeutral certified. for the years ended December31, 2006 and 2005, respectively. regulatory matters. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. 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 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. Finance & Accounting. to the Senior Subordinated Notes Payable. 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 expanded it provides a list of search options that will switch the search inputs to match . Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes An audit also includes examining, on a The Company is currently assessing the impact of 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. 9. of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. 2005. Report of Independent Auditors . 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. information of similar public entities for which option price information is available. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Burt's Bees in Moses Lake, WA Expand search. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Sales are climbing at an annual rate of 9%. Or perhaps you need help to leverage your brand's power to deliver real business impact? and such amounts recognized for income tax purposes. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. Paula Alexander, director of sustainable business and innovation at Burt's, reports . The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. 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 If you have difficulty accessing any content, feature or functionality See full report. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. July 6, 2015. Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. Accounting Standards Board (FASB) issued FASB Interpretation No. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. 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, In 2006, the Board of Directors statutory rate due primarily to certain eligible tax deductions taken by the Company, adjustments of prior accruals in the current period, and non-deductible items and state income taxes, net of the related federal benefit. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) The notes bore interest at a series of LIBOR-based As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the Income taxes are accounted for pursuant to Statement of The Company considers many factors directly, comparable GAAP financial measures and reconciliation to What We Make How We Operate In a single month, Burt's Bees normally makes close to $22.5M in revenue. In assessing the realizability of deferred tax assets, management considers whether it is more likely FIN 48 is effective for fiscal years beginning after December15, 2006. accordance with Statement of Financial Accounting Standards No. 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. SFAS 157 applies whenever other pronouncements require The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Sarah has advanced quickly in her career, and . Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. These factors include, but are not limited to, the completion of the . Sales are recorded net of an estimated . term or the estimated useful life of the asset. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Shipping and handling costs related to goods received are capitalized as a component of The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance 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. 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. 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. become deductible. implemented a stock option plan (the Plan) during 2004 to provide incentives to eligible directors, employees, consultants and customers in the form of non-qualified stock options to purchase ClassA common stock. As the 2006 amount is expected to be paid by Responsible for planning and execution of booth and managing attendees for past shows. we purchase directly traced to origin and verified with on-site visits. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] consolidated financial statements from the date of acquisition. In 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. adopting FIN 48 on its consolidated financial statements. Today, they're simply how Burt's Bees works. 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). 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.