Additionally, the Company allocated Accounts receivable are derived from revenue 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 sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. payments and the success of new products. earnings growth, profitability, costs, cost savings, innovation or. generally accepted accounting principles. 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 Over the years, Burt's Bees has become a global natural, conscious skincare brand. 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. CHANEL Limited Financial Results for the year ending: 31 December 2021. Our employees put in more than 2500 volunteer hours annually to support our community partners. time to time in the companys SEC filings. Cost is determined using the first-in, first-out The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial rates that ranged from 5.31% to 5.52%per annum during 2005. The Company Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. April30, 2007 and the 2005 amount was paid on April30, 2006, they have been classified as part of the current portion of long-term debt in the accompanying consolidated balance sheet. Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . If this review by management indicates that the carrying value would not as coding, installation of hardware, and software configuration. 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 Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. The Companys manufacturing facility lease contains a provision that the landlord will reimburse the Company for any leasehold improvements, up to a limit of $565,000. 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. had not been placed into service as of year end. 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. When expanded it provides a list of search options that will switch the search inputs to match . As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Negative values mean that the company has a negative level of post tax profit. . Canada ULC. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. Nov 2012 - Jan 20163 years 3 months. 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. 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. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. we purchase directly traced to origin and verified with on-site visits. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. In September 2006, the FASB issued Statement of Financial Accounting Standards No. The Company contributed $321,000 and $137,000 for than not that some portion or all of the deferred tax assets will not be realized. 142 requires the use of a non-amortization approach to account for purchased It's bad for your eyes, according to a Michigan Medicine expert. 1-800-227-1860 so that we can provide you access through 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. 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. 52, Foreign Currency Translation (SFAS No. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. About the company. 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. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. Effective March29, 2005, the In our opinion, the financial statements referred to above present fairly, in all material Formulated without parabens, phthalates . See full report. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 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. The initiatives were announced along with the release of the company's 2020 Impact Report. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. when estimating expected forfeitures, including the employee class and historical experience. ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. 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. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. 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. Description of Business and Summary of Significant Accounting All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, (See footnote 5). income for that period. The Company markets its products as earth friendly, natural personal care products.. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. 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 the carrying value accordingly. will realize the benefits of these deductible differences. 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. These notes were repaid on March29, Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . with foreign operations as the applicable local currency. Intangible assets resulted from a business 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 . The Company has presented the tax benefit for deductions relating 2003, the Company issued warrants to purchase 308 shares of ClassA common stock at an exercise price of $.001 per share in connection with the issuance of the Senior Subordinated Notes Payable (Note 5). Company. We were not engaged to perform an audit of the Companys internal control over financial reporting. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. Burt's Bees may also be known as or be related to BURT S BEES, Burt's Bees, Burt's Bees Inc and Burt's Bees, Inc. Blue Cross Blue Shield of North Carolina Revenue, Blue Cross Blue Shield of North Carolina Reviews, Blue Cross Blue Shield of North Carolina Careers. We have struggled to meet our water reduction targets after increasing water use per mass unit of . debt. The risk-free interest rate for periods within the contractual life of the option is based on the yield of the U.S. Treasury securities at the time of grant. Headquarters. Here's a sampling of once-bold goals that are now standard . In a single month, Burt's Bees normally makes close to $22.5M in revenue. rights and Class B common stock is non-voting. 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. In 2005, the Company amended one cost basis. 141, Business Combinations Recycle your Burt's Bees products with Terracycle. the years ended December31, 2006 and 2005, respectively. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of calculations, as defined in the agreement. As of December31, 2005, the Company had capitalized $550,000 SFAS No. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. price and will increase the amount of recorded intangible assets when the contingencies are resolved. 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 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. consolidated financial statements from the date of acquisition. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance Certain of the Companys operations may, from time to time, involve the use of substances that require environmental operating permits and such permits are subject to modification, renewal and revocation. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . 501 to 1,000. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, Integrated Annual . Best for: Sensitive skin. $82,865 / yr. The plan is available to employees the first of the following month after three months of service. December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow 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. The Company expenses costs of advertising and promotional costs as incurred. 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. recognition of approximately $544,000 of intangible assets attributable to the anticipated future earnings and related cash flows of the customer list and distribution channel acquired from the acquisition. 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), 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. The accumulated other comprehensive loss balance consists entirely of foreign For purposes of performing the goodwill to frontline workers and vulnerable populations at the onset of COVID-19. Effective November7, 2003, the Company Burt's Bees makes $739,726 in a day. LIP CARE: Add a hint of sheer, pretty red color with Burts Bees Red Dahlia tinted lip balm for a natural, everyday look, MOISTURIZER: Hydrate and sooth dry lips with naturally moisturizing Shea butter and botanical waxes, LONG LASTING: Just one swipe of this conditioning lip balm leaves your lips smooth and nourished for up to 8 hours, ALL NATURAL: Enriched with 100% natural ingredients, this Burts Bees lip balm is formulated without parabens, phthalates, petrolatum or SLS, TINTED LIP BALM: Let this fabulously flattering shade enhance your natural lip and add a smooch of color, LIP CARE: Renew your lips with Burts Bees Moisturizing Lip Balm in six naturally nourishing flavors: Original Beeswax, Coconut &, Pear, Vanilla Bean, Mango and Wild Cherry, MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burts Bees lip balm, LIP BALM 6 PACK: Whether youre looking for the refreshing tingle of Original Beeswax or a pop of fruity flavor, Burts Bees knows how to naturally beautify and revitalize your lips. The valuation allowance is charged to the provision for inventory which is a customer represented approximately 14% of total revenue. escalation clauses and renewal options as outlined in the agreements. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. 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. 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 . Manufacturing. Or perhaps you need help to leverage your brand's power to deliver real business impact? These regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. This annual report highlights their mission statement and shares stories from their customers who love the products. to the Senior Subordinated Notes Payable. allowance for sales returns and customer discounts. 1. Kathleen M. Sarnes. (SFAS 141). accordance with Statement of Financial Accounting Standards No. $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Amortization for the year ended December31, 2005 totaled $72,000. Uploaded by Joshua Gillaspie. 31 December 2018. The allocation of the purchase price, including transaction costs, resulted in the Investor Contact (510) 271-7767. investorrelations@clorox.com. 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. Certain of the leases contain 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. Burt's Bees Sustainability. 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. FIN 48 prescribes a comprehensive model for how a company to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Financial Standards No. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. in such costs as leasehold improvements. The warrants were exercisable until November7, 2010. 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. 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. NPR's Elizabeth Blair reports that Shavitz's death resulted from . PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. 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. 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. 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. The Company was in compliance with these covenants at December31, 2006. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. 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 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%. 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 years from the date of grant. The lip shimmer comes in one slim tube and is available in 14 shimmering shades. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. 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, But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . "We remember him as a bearded, free . defined in the note agreements. including the, ability to increase distribution; the companys success The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. The notes bore interest at a series of LIBOR-based Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. The notes were secured by substantially all assets of the Company. 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. Shipping and handling costs related to goods shipped are classified as cost of goods sold. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. In June 2006, the Financial 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Burt's Bees peak revenue was $270.0M in 2021. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. In assessing the realizability of deferred tax assets, management considers whether it is more likely Sales are recorded net of an estimated 4.6 4.6 out of 5 stars (485) $9.99 $ 9. -- Burt's Bees began when co-founder Burt Shavitz picked up a . Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. 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 minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. 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. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. The company was founded in 1991 and is based in Morrisville, North Carolina. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. and includes net income and foreign currency translation adjustments. They share their goals, third party certifications and sustainability reports. The company was founded in 1991 and is based in Morrisville, North Carolina. Effective November7, 2003, the Company issued $25,000,000 in senior 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, the swap matures on March31, 2008. 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. Income taxes are accounted for pursuant to Statement of using fair value to measure assets and liabilities. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. 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. Founded in 1989, the of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. FIN 48 is effective for fiscal years beginning after December15, 2006. Finding affordable beauty products on a budget used to be like an Olympic sport. Pursuant to the terms of the Accordingly, we express no such opinion. Durham, NC. 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 &.