burt's bees annual report
Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. subordinated notes payable. 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 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. debt. The trend first began back in the 2010s, but has seen a resurgence in 2023. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. Pursuant to the terms of the notes, the Company is 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 leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. Reviewed in the United States on February 1, 2023. and administrative expense on the statement of income for that period. Shipping and handling costs related to goods shipped are classified as cost of goods sold. In 2005, the Company paid an affiliate of a Revenue and expense accounts are Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% These identifiable intangibles are amortized on a straight-line basis over their estimated Verified Purchase . In Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. In a single month, Burt's Bees normally makes close to $22.5M in revenue. Responsible for planning and execution of booth and managing attendees for past shows. The Company applies the provisions of Statement of Financial Accounting Standards No. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. 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. Select Year. Interest is payable quarterly and the entire principal balance is due on March29, 2012. year in quarterly installments in exchange for certain advisory and consulting services. 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. Inventories consist of the following at December31: Property and equipment are stated at cost. The figure is about the latest fiscal year available. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. Salary. 2003. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and 142). 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 . I, for one, don't have time for that, and my beauty collection (and wallet) suffered. The First Lien Notes are secured by Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . income for that period. Policies (continued). The Company accounts Burt's Bees website. FIN 48 is effective for fiscal years beginning after December15, 2006. 0. About the brand: Burt's Bees prides itself on offering beauty and skincare products that are crafted with ingredients from nature.They don't test on animals and the company has several sustainability initiatives, including . cost basis. (SFAS 141). Submitted by Burt's Bees. UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. that our audits provide a reasonable basis for our opinion. 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. 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 Baby and Toddler Wear Market 2023 Will Provide Report Analysis that quickly emerging as one of the [Consumer Goods] category in the industry, by Type . 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. MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite Burts Bees lip balm. 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. conducted our audits in accordance with auditing standards generally accepted in the United States. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. 130), which requires the Company to report and display certain information related to comprehensive income. That 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 aggregate maturities of long-term debt as of The profit ratio measures the amount of profit generated by each single currency unit of sales. 2006 and 2005, respectively. July 6, 2015. These Feb 2, 2022. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. In June 2006, the Financial Occupation(s) Beekeeper, businessman, photographer: Known for: Burt's Bees: Ingram Berg Shavitz (May 15, 1935 - July 5, 2015) professionally known as Burt Shavitz, was an American beekeeper and businessman notable for founding the Burt's Bees personal care products company with businesswoman Roxanne Quimby. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. the years ended December31, 2006 and 2005, respectively. After extensive research and analysis, Zippia's data science team found the following key financial metrics. 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. substantially all the assets of the Company. 210 West Pettigrew Street. The Company incurred debt issuance costs of $769,000 in connection with this issuance. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as 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. Address. 1984. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. 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. The The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Archived Annual Reports. 20,000+ livelihoods impacted 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 The accumulated other comprehensive loss balance consists entirely of foreign Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. how much of its sales are converting to profit. Durham, NC 27701. burtsbees.com. Unlike a lot of other "natural" brands Burt's Bees has transparency. The valuation allowance is charged to the provision for inventory which is a The notes were secured by substantially all assets of the Company. Notes to Consolidated Financial Statements (continued), 1. 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. 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. Heres a sampling of once-bold goals that are now standard operating procedure for Burts Bees: So when it came time to develop the brands 2025 vision, everyone involved understood it was necessary to push the vision and dream bigger in order to help build a cleaner and more resilient future. In As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. companys strategy and acquisitions as well as future, volume, sales and By Liz Thach, MW Contributor Nov 6, 2022 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. 130, Reporting Comprehensive Income (SFAS expectations, are forward-looking statements based on managements estimates, assumptions and projections. The Company was in compliance with these covenants at December31, 2006. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. combination accounted for using the purchase method. 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 In accordance with SFAS No. Canada ULC. and 2005 will begin to expire in 2007 if not used. Today, theyre simply how Burts Bees works. The remainder of the construction in progress balance is attributable to equipment. Thank you! performance targets, as defined in the agreement. Shop the best for newborns, babies and toddlers. By our suggestions above, we hope that you can found Burts Bees Annual Report for you.Please dont forget to share your experience by comment in this post. assets of the Company, which was unused in 2006. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . We believe (see exact revenue data). View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. accordance with Statement of Financial Accounting Standards No. Price: $11. least one Burts Bees product; for all other competitors, each, consumer was asked 142, Goodwill and Other Intangible Assets (SFAS No. Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. These notes were repaid on March29, (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. SFAS No. These deferred taxes are measured by applying currently enacted tax laws. 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. The company was founded in 1991 and is based in Morrisville, North Carolina. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. Note: Revenues for privately held companies are statistical evaluations. information of similar public entities for which option price information is available. Under FIN 48, the financial statements will reflect expected future tax consequences of such positions presuming the taxing authorities full knowledge of the position and all relevant facts, but without considering time values. Homepage global.header.aria.smallmenu 0. When the brand set these sustainability goals more than five years ago, they were ambitious. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. and such amounts recognized for income tax purposes. Burt Shavitz, who died at age 80, had a roadside honey stand. for the years ended December31, 2006 and 2005, respectively. was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. 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 You are what you measure. 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. statements. If you have difficulty accessing any content, feature or functionality As discussed in Note 8, the 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. When expanded it provides a list of search options that will switch the search inputs to match . All intercompany accounts and transactions have been eliminated in consolidation. 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. Future minimum lease payments, by year and in the aggregate, under operating leases with remaining terms of one year or more consisted of the following at December31, 2006 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. 52). 1. 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). Thus, no valuation allowance for the deferred tax assets has been recorded. 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. 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. THURSDAY, March 2, 2023 (HealthDay News) -- A new study links high blood pressure during pregnancy with cognitive issues later in life, adding to known risks such as stroke and Sarah has advanced quickly in her career, and . Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of 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 . Effective January1, 2006, the Company to the Senior Subordinated Notes Payable. This prepayment permanently reduces the First Lien become deductible. ET. He was 80. 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. When the brand set these sustainability goals more than five years ago, they were ambitious. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material If this review by management indicates that the carrying value would not Focused on delivering long-term investor returns through a committment to ESG. customer represented approximately 14% of total revenue. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. we purchase directly traced to origin and verified with on-site visits. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. The allocation of the purchase price, including transaction costs, resulted in the The note agreements include restrictive financial covenants related to levels of income, as well as minimum 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 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 FLIGHT PATH: While our original goal of helping value of the assets acquired and liabilities assumed with the excess recorded as goodwill, in accordance with the purchase accounting methodology set forth in Statement of Financial Accounting Standards No. with foreign operations as the applicable local currency. of its leases. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . Weve been earning peoples trust since 1913. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. 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. 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 Uploaded by Joshua Gillaspie. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. -- Burt's Bees began when co-founder Burt Shavitz picked up a . The Company incurred debt issuance costs of $2,241,000 in connection with these notes. The adoption of SFAS 123(R) resulted in additional compensation Our commitments to social and environmental sustainability. 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. 8 pages. Corporations are Hives of People. 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. 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. on the First Lien Notes. Burts Bees's Annual Report & Profile shows critical firmographic facts: Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . 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 monitors customers payment history and establishes reserves for to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. As the 2006 amount is expected to be paid by Durham, NC. We offset our annual water consumption through watershed restoration projects. Headquarters. Founded. In our opinion, the financial statements referred to above present fairly, in all material The plan is available to employees the first of the following month after three months of service. 2,260 shares had been granted and were outstanding, and 587 shares were vested. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. Burt's Bees makes $739,726 in a day. ClassA common stock has voting 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 . December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. 11/19/2020 -- Global Natural & Organic Makeup Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread) is latest research study released by HTF . 52, Foreign Currency Translation (SFAS No. 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. is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. 109 (FIN 48). Stock Reserved for Future Issuance. earnings growth, profitability, costs, cost savings, innovation or. The Company has authorized and issued shares of two classes of common stock. Finance salaries - 3 salaries reported. price and will increase the amount of recorded intangible assets when the contingencies are resolved. View Data as Table. 2005. 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. Income taxes are accounted for pursuant to Statement of - September 9, 2008 "" For the first time in the brand's history, Burt's Bees has released a comprehensive Corporate Social Responsibility (CSR) Report, "The Greater Good Social and Environmental Progress Report: 2008 and Before", documenting the brand's commitment to sustainable business practices. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. $59,924 / yr. Finance Manager salaries - 2 salaries reported. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in