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. 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). 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.". Integrated Annual . The most In Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. Kathleen M. Sarnes. 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. You are what you measure. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. Common Stock and Common Estimates of fair value are not intended to predict We were not engaged to perform an audit of the Companys internal control over financial reporting. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. These factors include, but are not limited to, the completion of the . Corporations are Hives of People. "The Burt's Bees brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds . 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when 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. (See footnote 5). The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. the carrying value accordingly. Except for historical information, matters discussed in the The lip shimmer comes in one slim tube and is available in 14 shimmering shades. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. 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 . The figure is about the latest fiscal year available. Thank you! 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 . Important factors that could cause results to conducted our audits in accordance with auditing standards generally accepted in the United States. Robert F. Bukaty / AP. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . Note: Revenues for privately held companies are statistical evaluations. common stock, thus resulting in a change of control. NPR's Elizabeth Blair reports that Shavitz's death resulted from . -- Burt's Bees began when co-founder Burt Shavitz picked up a . Effective March29, 2005, the FIN 48 is effective for fiscal years beginning after December15, 2006. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. recognition and attribution provisions of SFAS 123(R). Over the years, Burt's Bees has become a global natural, conscious skincare brand. Unrealized gains or losses are recorded in earnings as incurred until are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; Report abuse. Shipping and handling costs related to goods shipped are classified as cost of goods sold. Get Discount Code LASTCHANCE20. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. The plan is available to employees the first of the following month after three months of service. When expanded it provides a list of search options that will switch the search inputs to match . 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 Company has a $15,000,000 revolving line of credit, collateralized by substantially all The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. 5.0 out of 5 stars Perfect for sensitive skin. when estimating expected forfeitures, including the employee class and historical experience. customer represented approximately 14% of total revenue. life of the option. 100% (1) 100% found this document useful (1 vote) 357 views. 31 December 2020. Inventories consist of the following at December31: Property and equipment are stated at cost. how much of its sales are converting to profit. Our commitments to social and environmental sustainability. These Founded. Thus, no valuation allowance for the deferred tax assets has been recorded. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. 2023 The Clorox Company. inventory cost. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial earned from customers primarily located in North America. an alternative method. The accompanying consolidated financial statements include the accounts of Burts Bees, Inc., and its wholly owned subsidiaries including Burts Bees International Holdings Inc., the wholly owned parent company of Burts Bees 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. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Archived Annual Reports. The Company uses historical data among other factors to estimate forfeiture rates used in the model. 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. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . - 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. 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. It's bad for your eyes, according to a Michigan Medicine expert. In September 2006, the FASB issued Statement of Financial Accounting Standards No. 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. In 2005, the Company amended one Pursuant to the terms of the Or perhaps you need help to leverage your brand's power to deliver real business impact? Notes to Consolidated Financial Statements (continued), 1. 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. 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. On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. THE FLIGHT PATH: While our original goal of helping 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, 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. Sales are recorded net of an estimated Recycle your Burt's Bees products with Terracycle. Formulated without parabens, phthalates . 9. FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. 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 . Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. Natural and organic cosmetics . 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. In our opinion, the financial statements referred to above present fairly, in all material years from the date of grant. 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. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. year ended December31, 2006, foreign currency losses amounted to $37,000. 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. performance targets, as defined in the agreement. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) assets of the Company, which was unused in 2006. The allocation of the purchase price, including transaction costs, resulted in the In BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. The Clorox Company. The Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. The or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. 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 . Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. companys ability to achieve the projected, strategic and financial differ materially, from managements expectations are described in the 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. These deferred taxes are measured by applying currently enacted tax laws. Goodwill and Indefinite-Lived Intangible Assets. As of December31, 2005, the Company had capitalized $550,000 required to prepay the principle of the senior first lien term notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. We offset our annual water consumption through watershed restoration projects. Here's a sampling of once-bold goals that are now standard . the years ended December31, 2006 and 2005, respectively. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Thats a lesson the folks at Burts Bees took to heart from the brands most recent goal period, as its 2020 Impact Report makes clear. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. And sometimes, what you measure, you become. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Today, theyre simply how Burts Bees works. Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, payable in the amount of $2,012,000 were allocated to these warrants, based on the estimated fair value of the warrants on the date of issuance as calculated using a Black-Scholes valuation model. tax. 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. Therefore, the Company estimates volatility based upon Reviewed in the United States on February 1, 2023. If you have difficulty accessing any content, feature or functionality Price: $11. 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 was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. The Clorox Company is committed to making its website accessible for all Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. had not been placed into service as of year end. 2005. 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. Clean: Yes. 4461. December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow Effective November7, 2003, the Company We have struggled to meet our water reduction targets after increasing water use per mass unit of . 1984. The fair value of these warrants was recorded as a discount on the debt and was amortized as additional interest expense over the term of the Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. rates that ranged from 5.31% to 5.52%per annum during 2005. 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. Burt's Bees peak revenue was $270.0M in 2021. to be outstanding. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. Durham, NC. 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. Focused on delivering long-term investor returns through a committment to ESG. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. The lip shimmers glide on with the perfect compliment of moisture and touch . The Clorox Company doesn't provide the information on its shareholders. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 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. subordinated notes payable. Job Title. 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. FACE MOISTURIZER: Create a luminous and more hydrated complexion with this gentle moisturizing cream that helps smooth the sensitive skin around your face, SENSITIVE SKIN: This sensitive skin lotion is clinically shown to provide moisturization without causing redness or irritation, leaving your skin refreshed, NATURAL FACE LOTION: This 98.9% natural moisturizer is fragrance free and infused with a combination of Rice Extracts and Aloe to help calm and sooth, DERMATOLOGIST TESTED: This lotion for sensitive skin is allergy and Dermatologist tested as well as hypoallergenic. strategy, culture, and execution track record, which we intend to During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. 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. earnings growth, profitability, costs, cost savings, innovation or. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. 1999. . 1. The Company incurred debt issuance costs of $769,000 in connection with this issuance. Report of Independent Auditors . 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. Headquarters. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. 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. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. 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. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. Essay on Burt's Bees annual report. It is classified as operating in the Pharmacies & Drug Stores industry. in such costs as leasehold improvements. We 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. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. 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. FIN 48 revises 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. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Nov 2012 - Jan 20163 years 3 months. in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan, Profitability metrics at the high-end of Personal Care, 385 employees, 1 manufacturing facility, 1 distribution center, and headquarters in Raleigh-Durham, North Carolina, Instability of natural materials requires steep learning curve to reproduce, are key to product performance & stability, is central to scalability of concept formulations, Professional background in R&D/product development at leading Personal Care, In-depth understanding of consumer demands, Establish core corporate competencies in broader Personal Care. Shavitz's likeness is featured on the Burt's Bees products. Uploaded by Joshua Gillaspie. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of None of the information on this page has been provided or approved by Burt's Bees. SFAS 157 applies whenever other pronouncements require The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). Inventories are stated at the lower of cost or market. non-GAAP financial measures, are set forth in the Form 10-K and its 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. responsibility of the Companys management. Company. 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 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. In 2005, the Company paid an affiliate of a Select Year. Amortization recorded during the year ended 31 December 2019. 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. Our responsibility is to express an opinion on these financial statements based on our audits. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. The Company accounts The Company expenses costs of advertising and promotional costs as incurred. 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). consolidated financial statements from the date of acquisition. Finance & Accounting. Following the first progress update in 2016, Burt's Bees' 2018 update focuses on progress in 11 goal areas outlined when the brand's 2020 Sustainability goals were set in 2012. The accumulated other comprehensive loss balance consists entirely of foreign In 2006, $31,000 of tax benefits were reported as a financing activity. The Company has identified the functional currency of its subsidiaries increased the amount of authorized ClassA shares reserved to 2,681. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. The valuation allowance is charged to the provision for inventory which is a The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. and 2005 will begin to expire in 2007 if not used. Shipping and handling costs related to goods received are capitalized as a component of allowance for sales returns and customer discounts. currency translation adjustments. 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. 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. It's a key measure of success. The Company has recorded approximately $50,000 and $33,000 in accretion expense in The Company markets its products as earth friendly, natural personal care products..
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