Interest is payable quarterly and the entire principal balance is due on March29, 2012. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. 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. 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. 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. The Company amortizes the The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences The adoption of SFAS 123(R) resulted in additional compensation The figure is about the latest fiscal year available. exhibits furnished to the SEC, which is posted at. With the net proceeds of the First Lien Notes on March29, 2005, the Board of Directors approved a cash dividend of $5,842 per ClassA common share totaling interest coverage ratios, fixed charge coverage ratios, and leverage ratios. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . 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. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. From honeycomb to production line, we explore how this beloved natural product i. 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 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. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 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. Sales are climbing at an annual rate of 9%. The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. 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. regulatory matters. life of the option. Uses: Moisturizing and soothing. Here's a sampling of once-bold goals that are now standard . Zippia gives an in-depth look into the details of Burt's Bees, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Burt's Bees. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as The figure is about the latest fiscal year available. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. Burt's Bees makes $739,726 in a day. 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 misstatement. About Burt's Bees . 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when Our commitments to social and environmental sustainability. The Company has recorded approximately $50,000 and $33,000 in accretion expense in Cost is determined using the first-in, first-out agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). Except for historical information, matters discussed in the These deferred taxes are measured by applying currently enacted tax laws. calculations, as defined in the agreement. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Accounting Standards Board (FASB) issued FASB Interpretation No. 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 &. estimated bad debts and sales returns and allowances. Corporations are Hives of People. translated using the average exchange rate experienced during the period. 2006 and 2005, respectively. Homepage global.header.aria.smallmenu 0. to be outstanding. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such In a single month, Burt's Bees normally makes close to $22.5M in revenue. Over the years, Burt's Bees has become a global natural, conscious skincare brand. The Company markets its products as earth friendly, natural personal care products.. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. In 2006, $31,000 of tax benefits were reported as a financing activity. Amortization recorded during the year ended Salary. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. 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 5.0 out of 5 stars Perfect for sensitive skin. on the First Lien Notes. companys most recent Form 10-K, filed with the SEC, as updated from Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . 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. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . The bad debt allowance is recorded as a reduction of accounts receivable on the balance sheet and the provision recorded for an accounting period is recognized as an increase in selling, general Common Stock and Common 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 . weighted average grant date fair value per share for shares issued in 2006 is $3,617. cost is expected to be recognized over a weighted-average period of approximately 5 years. $94,279,000. 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. 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, term or the estimated useful life of the asset. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] 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. Stock Reserved for Future Issuance. FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 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 Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. The Clorox Company doesn't provide the information on its shareholders. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Formulated without parabens, phthalates . 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. NPR's Elizabeth Blair reports that Shavitz's death resulted from . income for that period. The value given is the amount of sales needed to generate one currency unit of post tax profit. 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. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . None of the information on this page has been provided or approved by Burt's Bees. Additionally, the Company allocated Nov 2012 - Jan 20163 years 3 months. 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 . Archived Annual Reports. $170 million (est.) It was interesting to notice how Roxanne . The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. The Company applies the provisions of Statement of Financial Accounting Standards No. Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. earned from customers primarily located in North America. Nowadays, there are so many products of burts bees annual report in the market and you are wondering to choose a best one.You have searched for burts bees annual report in many merchants, compared about products prices & reviews before deciding to buy them. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes provisions of Statement of Financial Accounting Standards No. Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . Policies (continued). goodwill and certain intangibles. "We remember him as a bearded, free . An . $1.5 million+ in grants and product donations. We were not engaged to perform an audit of the Companys internal control over financial reporting. than not that some portion or all of the deferred tax assets will not be realized. 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. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, method for all inventories. The Company incurred debt issuance costs of $769,000 in connection with this issuance. 9. Under the terms of this management agreement, the Company will pay this entity $750,000 per Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) payments and the success of new products. Durham, NC; Link. When expanded it provides a list of search options that will switch the search inputs to match . and 2005 will begin to expire in 2007 if not used. ET. 8 pages. FIN 48 prescribes a comprehensive model for how a company Any additional future cash consideration represents additional purchase In accordance with SFAS No. At December31, 2006, 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. 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 Important factors that could cause results to stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. responsibility of the Companys management. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. 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. Responsibility. << BACK TO WORK. 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. Verified Purchase . 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. Kathleen M. Sarnes. The warrants were exercisable until November7, 2010. Effective November7, 2003, the Company Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. Show more Show less Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. 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. was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. Amortization expense related to the warrants for the useful lives, ranging from seven to ten years. 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 . An interim goodwill 141, Business Combinations The Company 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. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. In our opinion, the financial statements referred to above present fairly, in all material statements. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. Price: $11. 20,000+ livelihoods impacted Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. 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. Unrealized gains or losses are recorded in earnings as incurred until 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. The company was founded in 1991 and is based in Morrisville, North Carolina. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended financial institutions. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. The Company has presented the tax benefit for deductions relating FIN 48 revises Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . 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. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. These identifiable intangibles are amortized on a straight-line basis over their estimated The increase in earnings before . 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%. The Company was in compliance with these covenants at December31, 2006. It's bad for your eyes, according to a Michigan Medicine expert. $59,924 / yr. Finance Manager salaries - 2 salaries reported. 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 Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. Intangible assets resulted from a business As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which 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. 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 Focused on delivering long-term investor returns through a committment to ESG. Inclusion, diversity, equity and allyship. FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. earnings growth, profitability, costs, cost savings, innovation or. performance targets, as defined in the agreement. This prepayment permanently reduces the First Lien 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. The notes bore interest at a series of LIBOR-based As of December31, 2005, the Company had capitalized $550,000 including the, ability to increase distribution; the companys success Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. 0. 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. Select Year. Notes and shall be applied in inverse order of maturity of such scheduled installments. Also known as ROS - Return on Sales, it measures the percentage of sales revenue that gets 'returned' to the company as net profits after all the related costs of the activity are deducted. The Company deposits its cash and cash equivalents in domestic But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . years from the date of grant. Manufacturing. Responsibility. All Rights Reserved. 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. FREE delivery Tue, Feb 28 on your first order. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. time to time in the companys SEC filings. 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 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. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. in such costs as leasehold improvements. The notes were secured by substantially all assets of the Company. The 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. Pursuant to the terms of the An audit also includes examining, on a differ materially, from managements expectations are described in the Address. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . using fair value to measure assets and liabilities. SFAS 157 applies whenever other pronouncements require FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. (SFAS 141). . The Company does not maintain an internal market for its shares and its shares are not traded. The valuation allowance is charged to the provision for inventory which is a . Annual sales reached $8.2 million in 1998. When the brand set these sustainability goals more than five years ago, they were ambitious. 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.
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