adopting FIN 48 on its consolidated financial statements. 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 . when estimating expected forfeitures, including the employee class and historical experience. 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. began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . to frontline workers and vulnerable populations at the onset of COVID-19. When expanded it provides a list of search options that will switch the search inputs to match . The value given is the amount of sales needed to generate one currency unit of post tax profit. Inclusion, diversity, equity and allyship. The A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. The company offers lip color products, such as lip gloss, lip shimmers, lip shine, tinted lip balms, and lip color bundles; and lip care products, including beeswax lip balms, lip balms, and lip treatment products. The Company may be required to make additional future cash Amortization expense related to the warrants for the The Company considers many factors The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. Description: Essay on Burt's Bees annual report. Amortization recorded during the year ended 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). Durham, NC 27701. burtsbees.com. translated using the average exchange rate experienced during the period. Effective November7, 2003, the Company issued $25,000,000 in senior The valuation allowance is charged to the provision for inventory which is a Report of Independent Auditors . Manufacturing. The Company The Companys existing recorded assets and liabilities were deemed to approximate at fair value at the date of investment, and the balance sheet did not change significantly between the transaction date and December31, Policies (continued). Here's a sampling of once-bold goals that are now standard . inventory cost. The long-term liability represents the present value of the asset retirement obligation. Therefore, the Company estimates volatility based upon Intangible assets resulted from a business as coding, installation of hardware, and software configuration. July 6, 2015. 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 . 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 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. statutory rate due primarily to certain eligible tax deductions taken by the Company, adjustments of prior accruals in the current period, and non-deductible items and state income taxes, net of the related federal benefit. non-GAAP financial measures, are set forth in the Form 10-K and its 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 has elected to perform its annual impairment test as of December31 of each calendar year. 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. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of 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 years ended December31, 2006 and 2005, respectively. Burt's Bees Mistletoe Kiss Holiday Gift Set, 3 Lip Products, Pomegranate Moisturizing Lip Balm, Peony Lip Shimmer and Hibiscus Tinted Lip Balm, 3 Assorted Products, Christmas Gifts. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of 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. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. substantially all the assets of the Company. Uploaded by Joshua Gillaspie. View Data as Table. Burt's Bees makes $739,726 in a day. Burt's Bees Sustainability. Description of Business and Summary of Significant Accounting These SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. Income taxes are accounted for pursuant to Statement of Report abuse. The Company has presented the tax benefit for deductions relating Our employees put in more than 2500 volunteer hours annually to support our community partners. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Essay on Burt's Bees annual report. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information 8 pages. 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. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. The initiatives were announced along with the release of the company's 2020 Impact Report. CHECK PRICE. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, Our commitments to social and environmental sustainability. About Burt's Bees . differ materially, from managements expectations are described in the BURT'S BEES SKIN CARE: Use Burt's Bees naturally moisturizing face cream as part of your daily Burt's Bees sensitive 5 product face care regimen for a healthier looking complexion . The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended When the brand set these sustainability goals more than five years ago, they were ambitious. The value of the warrants was recorded as a discount Today, theyre simply how Burts Bees works. That Notes and shall be applied in inverse order of maturity of such scheduled installments. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. We believe A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. In September 2006, the FASB issued Statement of Financial Accounting Standards No. In 2006, $31,000 of tax benefits were reported as a financing activity. The notes were secured by substantially all assets of the Company. 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. An audit also includes examining, on a The Company incurred debt issuance costs of $769,000 in connection with this issuance. 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. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. ClassA common stock has voting Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. 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 . 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. Focused on delivering long-term investor returns through a committment to ESG. The aggregate maturities of long-term debt as of The company was founded in 1991 and is based in Morrisville, North Carolina. we purchase directly traced to origin and verified with on-site visits. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. These notes were repaid on March29, The Clorox Company. The Company amortizes the 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. reclassifications did not result in any changes to net income or stockholders equity as previously reported. 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. common stock, thus resulting in a change of control. Description of Business and Summary of Significant Accounting Policies (continued). 142, Goodwill and Other Intangible Assets (SFAS No. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the This prepayment permanently reduces the First Lien had not been placed into service as of year end. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the strategy, culture, and execution track record, which we intend to tax. cost is expected to be recognized over a weighted-average period of approximately 5 years. 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 notes bore interest at a series of LIBOR-based The Company sells and grants credit to its customers without requiring collateral or third party guarantees. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. to be outstanding. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. Verified Purchase . In June 2006, the Financial At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. 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. Effective March29, 2005, the In addition, the company offers body care products, including body washes and soaps, body moisturizers, and bath oils and bath crystals, as well as hand, foot, sun, and mens body care products; baby care products, including baby washes and soaps, baby moisturizers, diaper ointment and care products, and baby sun care products; and gift sets. Nov 2012 - Jan 20163 years 3 months. 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. SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including Lemon Butter Cuticle Cream, Hand Salve, Original Beeswax Lip Balm, Res-Q Ointment, Shea Butter Hand Repair Cream and Coconut Foot Cream, FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream, LIP MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite lip balm, MULTIPURPOSE OITNMENT: This gentle Res-Q Ointment is made with a blend of herbal ingredients to create an everyday salve that soothes and comfort dry skin and minor cuts, BURTS BEES GIFT SET: These natural, moisturizing skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 5 travel size Burts Bees favorites: Soap Bark and Chamomile Deep Cleansing Cream, Hand Salve, Milk &, Honey Body Lotion, Coconut Foot Cream and Beeswax Lip Balm, FEET: Coconut Foot Cream and Beeswax Hand Salve restore, dry skin to moisturize and soften hands and feet, FACE: Soap Bark and Chamomile Deep Cleansing Cream, Milk and Honey Body Lotion and Beeswax Lip Balm moisturize lips, face and body, ALL NATURAL: Made with natural ingredients, these Burts Bees skin care trial products are formulated to condition and hydrate skin all day long. 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 The remainder of the construction in progress balance is attributable to equipment. 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. It is effective for daily use and has been Awarded National Eczema Association Seal of Acceptance, BURTS BEES FACE CARE: Use this moisturizer daily as part of Burts Bees Sensitive Face Care 5 product regimen for a healthier looking complexion, naturally, 2 PACK LIP CARE: Apply Burts Bees Moisturizing Beeswax Lip Balm to nourish and hydrate your lips with a dash of peppermint, WITH PEPPERMINT OIL: Hydrate and sooth dry lips with beeswax and a dash of peppermint extract packed into every tube of Burts Bees Beeswax Lip Balm, SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long, ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM: Treat your lips to a spa retreat with this refreshing lip balm that naturally beautifies and revitalizes your lips, NIGHT CREAM: Help restore the delicate skin on your face with this nourishing Burts Bees night cream enriched with natural, anti-aging ingredients, NATURAL SKIN TREATMENT: This 98.9% natural formula is perfect for all skin types, dermatologist tested and formulated without parabens, phthalates or petrolatum, ANTI-AGING NIGHT CREAM: This anti-aging face lotion absorbs quickly and contains Clary Sage which helps increase the skins ability to retain moisture, ANTI-WRINKLE CREAM: Clinically shown to reduce the appearance of fine lines and wrinkles, this non-greasy moisturizer gives skin the nutrients it needs, FACE MOISTURIZER: This ultra-hydrating night cream offers a natural solution for dry skin leaving skin feeling instantly fresh, soft and renewed, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 6 travel size products: Honey &, Grapeseed Oil Hand Cream, Coconut Foot Cream, Lemon Butter Cuticle Cream, Almond &. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Or perhaps you need help to leverage your brand's power to deliver real business impact? Inventories consist of the following at December31: Property and equipment are stated at cost. Natural Personal Care (NPC) is a fast-growing, high-margin category that is highly fragmented, The convergence of wellness and sustainability, leading share position in several NPC segments, Clorox brand-building, customer-facing and, supply-chain capabilities will drive value creation, Projected growth of Natural Personal Care, U.S. 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 Burt&#39;s Bees | 27,963 followers on LinkedIn. Uses: Moisturizing and soothing. Unrealized gains or losses are recorded in earnings as incurred until By Liz Thach, MW Contributor Nov 6, 2022 The lip shimmer comes in one slim tube and is available in 14 shimmering shades. 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 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. Company size. and administrative expense on the statement of income for that period. combination accounted for using the purchase method. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. - 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. Get Discount Code LASTCHANCE20. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. 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. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. The Company has authorized and issued shares of two classes of common stock. on our website or on our other electronic platforms, please call us at estimated bad debts and sales returns and allowances. in the Investors/Financial Information/SEC Filings section. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. All Rights Reserved. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. 123(R), Share-Based Payment, to account for stock-based compensation. of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively.

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