burt's bees annual report burt's bees annual report

About Burt's Bees . When expanded it provides a list of search options that will switch the search inputs to match . 52, Foreign Currency Translation (SFAS No. Except for historical information, matters discussed in the 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 . Report of Independent Auditors . 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 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. ET. Cost is determined using the first-in, first-out December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. goodwill and certain intangibles. An interim goodwill These identifiable intangibles are amortized on a straight-line basis over their estimated Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. $82,865 / yr. (SFAS 141). Stock Reserved for Future Issuance. Interest payments on the notes were due quarterly and principal was payable on November7, 2010. including the, ability to increase distribution; the companys success 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. an alternative method. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. Revenue and expense accounts are Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Financial Standards No. 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. We offset our annual water consumption through watershed restoration projects. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. In June 2006, the Financial 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. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. 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. No. Intangible assets resulted from a business (See footnote 5). The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . Burt's Bees in Moses Lake, WA Expand search. Annual sales reached $8.2 million in 1998. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. Integrated Annual . Pursuant to the terms of the notes, the Company is The Second Lien Notes bear interest at a series of LIBOR-based rates that ranged from 11.27% to 12.25%per annum during 2006. Robert F. Bukaty / AP. July 6, 2015. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. Homepage global.header.aria.smallmenu 0. How I Built This with Guy Raz. respectively. Every day. What We Make How We Operate 210 West Pettigrew Street. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. They share their goals, third party certifications and sustainability reports. ClassA common stock has voting attached document, including, statements about the success of the The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. Natural and organic cosmetics . with foreign operations as the applicable local currency. Description of Business and Summary of Significant Accounting Policies (continued). FIN 48 prescribes a comprehensive model for how a company 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. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. The Company considers many factors 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 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.". A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. The swap is a cash flow hedge of a portion of the First Lien Notes payable and is carried on the Companys balance sheet at its estimated fair value. Effective November7, 2003, the Company SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. In a single month, Burt's Bees normally makes close to $22.5M in revenue. It is classified as operating in the Pharmacies & Drug Stores industry. 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. 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. 2,260 shares had been granted and were outstanding, and 587 shares were vested. It's a measure of a company's overall profitability, i.e. Our commitments to social and environmental sustainability. The following methods and The remainder of the construction in progress balance is attributable to equipment. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. The figure is about the latest fiscal year available. 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. 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. The Company has presented the tax benefit for deductions relating Our commitment to corporate responsibility guides the business decisions we make. See full report. Prior to adoption, the Company used the 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. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. 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). companys strategy and acquisitions as well as future, volume, sales and Inventories are stated at the lower of cost or market. performance targets, as defined in the agreement. The Company accounts Responsible for planning and execution of booth and managing attendees for past shows. 0. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material The long-term liability represents the present value of the asset retirement obligation. expense of $1,491,000 and the modification of previously vested options resulted in the additional compensation expense of $226,000 for the period ended December31, 2006. This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). Our People; The Clorox Company doesn't provide the information on its shareholders. 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 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 Common Stock and Common 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. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. 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 -- Burt's Bees began when co-founder Burt Shavitz picked up a . Finance & Accounting. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the 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 leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) The value given is the amount of sales needed to generate one currency unit of post tax profit. Inclusion, diversity, equity and allyship. Effective March29, 2005, the You are what you measure. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended 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. 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. In assessing the realizability of deferred tax assets, management considers whether it is more likely Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. 141, Business Combinations 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). CHECK PRICE. Durham, NC; Link. Headquarters. 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 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. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. (2003-2006), NPC growing at double-digit rates across Europe and Asia, U.S. Natural Personal Care Market Is Highly, Fragmented & Lacks Entrenched Scale Players, anticipated to drive growth for years to come, Burts 1. 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 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. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% 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. NPR's Elizabeth Blair reports that Shavitz's death resulted from . An . 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. translated using the average exchange rate experienced during the period. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences 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. 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. 130), which requires the Company to report and display certain information related to comprehensive income. 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when Sarah has advanced quickly in her career, and . Uses: Moisturizing and soothing. (see exact revenue data). Health and wellness is not only our past and present, it's our future. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . The adoption of SFAS 123(R) resulted in additional compensation 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. 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. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys The Company incurred debt issuance costs of $769,000 in connection with this issuance. The Company Burt's Bees peak revenue was $270.0M in 2021. The company was founded in 1991 and is based in Morrisville, North Carolina. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. how much of its sales are converting to profit. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. Company. The figure is about the latest fiscal year available. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. Submitted by Burt's Bees. Under the terms of this management agreement, the Company will pay this entity $750,000 per PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. Pursuant to the terms of the The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 31 December 2020. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. 142. This button displays the currently selected search type. The First Lien Notes are secured by 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. companys most recent Form 10-K, filed with the SEC, as updated from By Liz Thach, MW Contributor Nov 6, 2022 life of the option. . As the 2006 amount is expected to be paid by ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. cost is expected to be recognized over a weighted-average period of approximately 5 years. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. The Company monitors customers payment history and establishes reserves for Advertising and promotional expenses totaled $9,718,000 and $11,230,000 weighted average grant date fair value per share for shares issued in 2006 is $3,617. Thank you! to be outstanding. users, and will continue to take steps necessary to ensure compliance with applicable laws. 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. earned from customers primarily located in North America. 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.