The Company markets its products as earth friendly, natural personal care products.. 8 pages. At Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information 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. The Clorox Company doesn't provide the information on its shareholders. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Manufacturing. component of cost of goods sold. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. Certain of the leases contain The Company Under the terms of this management agreement, the Company will pay this entity $750,000 per In assessing the realizability of deferred tax assets, management considers whether it is more likely SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. Or perhaps you need help to leverage your brand's power to deliver real business impact? 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. goodwill and certain intangibles. 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. In issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. Report abuse. On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. responsibility of the Companys management. 9. Health and wellness is not only our past and present, it's our future. 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. The remainder of the construction in progress balance is attributable to equipment. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Accordingly, we express no such opinion. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . 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. The Company is currently assessing the impact of Price: $11. Integrated Annual . 4461. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; translated using the average exchange rate experienced during the period. The valuation allowance is charged to the provision for inventory which is a Submitted by Burt's Bees. 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. in the Investors/Financial Information/SEC Filings section. - 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. 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. including the, ability to increase distribution; the companys success The Company applies the provisions of Statement of Financial Accounting Standards No. The increase in earnings before . The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . (see exact revenue data). Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are We Collections of travel-sized samples introduced in mid-1998 became instant best sellers. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 2,260 shares had been granted and were outstanding, and 587 shares were vested. using fair value to measure assets and liabilities. . Feb 2, 2022. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. 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. 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. The aggregate maturities of long-term debt as of At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. SFAS No. 130, Reporting Comprehensive Income (SFAS Estimates of fair value are not intended to predict Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. performance targets, as defined in the agreement. Focused on delivering long-term investor returns through a committment to ESG. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. 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. Burt's Bees peak revenue was $270.0M in 2021. (See footnote 5). Pursuant to the terms of the notes, the Company is The Company deposits its cash and cash equivalents in domestic misstatement. 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. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of When the brand set these sustainability goals more than five years ago, they were ambitious. allowance for sales returns and customer discounts. 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. 31 December 2017. $82,865 / yr. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. companys strategy and acquisitions as well as future, volume, sales and Sales are climbing at an annual rate of 9%. 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, to be outstanding. The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Burt&#39;s Bees | 27,963 followers on LinkedIn. As of December31, 2006, the Companys interest rate swap sheets of Burts Bees, Inc. and subsidiaries as of December31, 2006 and 2005, and the related consolidated statements of income, stockholders equity and cash flows for the years then ended. About the company. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. And sometimes, what you measure, you become. entered into a Stockholders Purchase Agreement (the Stockholders Agreement) by and among the stockholders of the predecessor company (collectively, the Stockholders), BBI Investors I LP and its assignees (collectively, the Buyer). The notes were secured by substantially all assets of the Company. than not that some portion or all of the deferred tax assets will not be realized. generally accepted accounting principles. 2006 and 2005, respectively. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. The Company accounts The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Those, factors include, but Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial The Company does not maintain an internal market for its shares and its shares are not traded. 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. 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. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . 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. 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 " and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended June 30, 2007, as updated from time to time in the company's SEC filings. 142, Goodwill and Other Intangible Assets (SFAS No. ET. Therefore, the Company estimates volatility based upon Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. Select Year. ClassA common stock has voting December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow . 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 Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. 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. 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. 31 December 2020. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, SFAS 157 applies whenever other pronouncements require Inventories are stated at the lower of cost or market. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. 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 It is classified as operating in the Pharmacies & Drug Stores industry. The lip shimmer comes in one slim tube and is available in 14 shimmering shades. 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. term or the estimated useful life of the asset. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. 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.". Shipping and handling costs related to goods received are capitalized as a component of In accordance with SFAS No. As the 2006 amount is expected to be paid by 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 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. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. Essay on Burt's Bees annual report. In 2005, the Company paid an affiliate of a Get Discount Code LASTCHANCE20. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. we purchase directly traced to origin and verified with on-site visits. Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. time to time in the companys SEC filings. When expanded it provides a list of search options that will switch the search inputs to match . The total cost of these transactions was approximately $174,375,000 including transaction costs and the purchase of all outstanding Class B common stock options from the option holders. Our responsibility is to express an opinion on these financial statements based on our audits. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . Consumers who have purchased natural personal care in the last 12 months: Please rate each of the following brands on a scale of 1 to 7, where 1 is not at all, Burts Bees Has Superior Attribute Ratings, Source: Clorox Commissioned US Consumer Survey (n=1022), care products, on a scale of 1 to 7, where 1 is not at all important and 7 is extremely, Note: Burts Bees performance asked of all consumers who indicated they have purchased at The 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%. Effective March29, 2005, the 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. 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. 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. earned from customers primarily located in North America. The adoption of SFAS 123(R) resulted in additional compensation Company size. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. Description of Business and Summary of Significant Accounting Policies (continued). Except for historical information, matters discussed in the The notes are secured by Effective January1, 2006, the Company Durham, NC. 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. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. In a single month, Burt's Bees normally makes close to $22.5M in revenue. Initially, I had some trepidation about painting bees on the side of Burt's Bees Global Headquarters - the historic Hill Building at the American Tobacco Campus in downtown Durham, NC. 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).
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