210 West Pettigrew Street. 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. 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. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. 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. 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. Burt's Bees revenue is $270.0M annually. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Therefore, the Company estimates volatility based upon Interest payments on the notes were due quarterly and principal was payable on November7, 2010. 130, Reporting Comprehensive Income (SFAS As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. generally accepted accounting principles. Uploaded by Joshua Gillaspie. Feb 2, 2022. 4.6 4.6 out of 5 stars (485) $9.99 $ 9. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. This annual report highlights their mission statement and shares stories from their customers who love the products. $100M to $500M (USD) Industry. Durham, NC 27701. burtsbees.com. directly, comparable GAAP financial measures and reconciliation to years from the date of grant. December31, 2006 and 2005, related to this management agreement. 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. The Company has authorized and issued shares of two classes of common stock. Essay on Burt's Bees annual report. The Company contributed $321,000 and $137,000 for Accounting Standards Board (FASB) issued FASB Interpretation No. 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. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. Cost is determined using the first-in, first-out life of the option. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Revenue and expense accounts are are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; ET. 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. The most accordance with Statement of Financial Accounting Standards No. $1.5 million+ in grants and product donations. will realize the benefits of these deductible differences. 9. An audit also includes examining, on a 2023 The Clorox Company. Revenue. (See footnote 5). fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. We Durham, NC. Effective November7, 2003, the Company issued $25,000,000 in senior Sarah has advanced quickly in her career, and . 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. As of December31, 2006, the Companys interest rate swap Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. Description: Essay on Burt's Bees annual report. we purchase directly traced to origin and verified with on-site visits. term or the estimated useful life of the asset. 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, 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. Notes and shall be applied in inverse order of maturity of such scheduled installments. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. The figure is about the latest fiscal year available. Income taxes are accounted for pursuant to Statement of Annual sales reached $8.2 million in 1998. Burt's Bees | 27,963 followers on LinkedIn. 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. The notes were secured by substantially all assets of the Company. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. 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. in retaining key Burts Bees, employees, suppliers and customers; the As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. Company. Manufacturing. 142 requires the use of a non-amortization approach to account for purchased inventory cost. The Company considers many factors Burt's Bees in Moses Lake, WA Expand search. 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. Shop the best for newborns, babies and toddlers. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. The Company has elected to perform its annual impairment test as of December31 of each calendar year. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. Certain of the leases contain The figure is about the latest fiscal year available. The Company has presented the tax benefit for deductions relating become deductible. We have struggled to meet our water reduction targets after increasing water use per mass unit of . The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. Recycle your Burt's Bees products with Terracycle. 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 . strategy, culture, and execution track record, which we intend to Burt's Bees, environment, ESG, sustainability. 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. Homepage global.header.aria.smallmenu 0. 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. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Burt's Bees Sustainability. " 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. About the company. 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 Goodwill and Indefinite-Lived Intangible Assets. << BACK TO WORK. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Burt's Bees peak revenue was $270.0M in 2021. Corporations are Hives of People. when estimating expected forfeitures, including the employee class and historical experience. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. Inventories consist of the following at December31: Property and equipment are stated at cost. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . Reviewed in the United States on February 1, 2023. The aggregate maturities of long-term debt as of 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. 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. Here are some of best sellings burts bees annual report which we would like to recommend with high customer review ratings to guide you on quality & popularity of each items. 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.". 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 . Weve been earning peoples trust since 1913. the years ended December31, 2006 and 2005, respectively. debt. When the brand set these sustainability goals more than five years ago, they were ambitious. (SFAS 141). The figure is about the latest fiscal year available. The notes bore interest at a series of LIBOR-based Common stock, ClassA voting, $0.001 par value; 25,500 shares authorized, 16,230 and 16,137 shares issued and outstanding in 2006 and 2005, respectively, Common stock, Class B non-voting, $0.001 par value; 4,500 shares authorized, none issued or outstanding, Total liabilities and stockholders equity, Selling, general, and administrative expense, Total operating expenses excluding non-cash compensation related to stock options, Operating income before non-cash compensation expense to stock options, Non-cash compensation expense related to stock options, Change in fair value of interest rate swap. 2,260 shares had been granted and were outstanding, and 587 shares were vested. 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. Those, factors include, but substantially all the assets of the Company and are payable in quarterly installments of $375,000 starting in June 2005 through December30, 2010 and a final payment on March31, 2011. to frontline workers and vulnerable populations at the onset of COVID-19. useful lives, ranging from seven to ten years. Note: Revenues for privately held companies are statistical evaluations. 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. Address. 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 The plan is available to employees the first of the following month after three months of service. payments and the success of new products. 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. how much of its sales are converting to profit. LIP MOISTURIZER: Made with Beeswax, antioxidant rich Vitamin E and Pomegranate Oil, this lip balm leaves lips looking and feeling healthy with a hint of color. companys most recent Form 10-K, filed with the SEC, as updated from Here's a sampling of once-bold goals that are now standard . In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. Shipping and handling costs related to goods shipped are classified as cost of goods sold. CHECK PRICE. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. Allowances for sales returns are recorded as reductions of accounts receivable on the balance sheet and the provision recorded as a reduction of revenue on the statement of The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. The Company has recorded a long term liability of approximately 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. 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. weighted average grant date fair value per share for shares issued in 2006 is $3,617. In 2005, the Company amended one 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. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. Sales are climbing at an annual rate of 9%. Canada ULC. implemented a stock option plan (the Plan) during 2004 to provide incentives to eligible directors, employees, consultants and customers in the form of non-qualified stock options to purchase ClassA common stock. None of the information on this page has been provided or approved by Burt's Bees. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. Shipping and handling costs related to goods received are capitalized as a component of It's a key measure of success. The Company is currently assessing the impact of But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . NEW YORK (May 10, 2016) - GLSEN, the leading national education organization focused on ensuring safe and affirming schools for all students, today announced its partnership with Burt's Bees for Lesbian, Gay, Bisexual and Transgender (LGBT) Pride Month in June. recognition and attribution provisions of SFAS 123(R). N.C., Feb. 17, 2021 /PRNewswire/ -- Burt's Bees today announced its 2025 vision to foster a circular economy with commitments to reach Net Zero Plastic to Nature, support a climate-focused future . 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. component of cost of goods sold. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material The First Lien Notes are secured by Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. attached document, including, statements about the success of the as it is with other companies engaged in similar businesses, and there can be no assurance that environmental liabilities will not have a material adverse effect on the Company in the future. than not that some portion or all of the deferred tax assets will not be realized. consumer was asked about one other random company from which they had purchased personal care items; Core is a weighted average of Tom's (n=81), Kiss My . Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of The Company 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. For years, Burt's Bees has been a bright spot on the firm's earnings reports. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. View Data as Table. The Company has identified the functional currency of its subsidiaries on the First Lien Notes. The jersey knit allows for stretch for wider feet and the wrap-around . conducted our audits in accordance with auditing standards generally accepted in the United States. Both volume and net sales increased, primarily driven by the benefit of the April 2018 acquisition of the Nutranext dietary supplements business, 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 . 31 December 2017. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. and such amounts recognized for income tax purposes. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Burt's Bees >. 4461. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. You are what you measure. calculations, as defined in the agreement. She moved to Maine, built a cabin in the woods . Finance & Accounting. 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. Our responsibility is to express an opinion on these financial statements based on our audits. "We remember him as a bearded, free . Or perhaps you need help to leverage your brand's power to deliver real business impact? 2006 and 2005, respectively. These factors include, but are not limited to, the completion of the . These Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). The Company incurred debt issuance costs of $769,000 in connection with this issuance. Negative values mean that the company has a negative level of post tax profit. 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when About Burt's Bees . Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, escalation clauses and renewal options as outlined in the agreements. 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. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. The Company may be required to make additional future cash Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Description of Business and Summary of Significant Accounting Policies (continued). time to time in the companys SEC filings. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . 31 December 2020. The Company accounts 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 ClassA common stock has voting The remainder of the construction in progress balance is attributable to equipment. 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.
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