respectively. 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 has a $15,000,000 revolving line of credit, collateralized by substantially all The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). The note agreements include restrictive financial covenants related to levels of income, as well as minimum (see exact revenue data). All Rights Reserved. rights and Class B common stock is non-voting. cost basis. The profit ratio measures the amount of profit generated by each single currency unit of sales. 142. 5.0 out of 5 stars Perfect for sensitive skin. These assets of the Company, which was unused in 2006. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial About Burt's Bees . None of the information on this page has been provided or approved by Burt's Bees. 130), which requires the Company to report and display certain information related to comprehensive income. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. 52, Foreign Currency Translation (SFAS No. After extensive research and analysis, Zippia's data science team found the following key financial metrics. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. the swap matures on March31, 2008. 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. 9. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. to be outstanding. The trend first began back in the 2010s, but has seen a resurgence in 2023. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. to frontline workers and vulnerable populations at the onset of COVID-19. The Company is currently assessing the impact of subordinated notes payable. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the will realize the benefits of these deductible differences. 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. 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. Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. Sarah has advanced quickly in her career, and . Reviewed in the United States on February 1, 2023. Here's a sampling of once-bold goals that are now standard . The notes were secured by substantially all assets of the Company. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. Shop our selection of Burt's Bees natural personal care products, including skin care products, lip balms, lip colour products, soaps, lotions, natural baby products, and more. 130, Reporting Comprehensive Income (SFAS Our commitments to social and environmental sustainability. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in and 2005 will begin to expire in 2007 if not used. 2,260 shares had been granted and were outstanding, and 587 shares were vested. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Select Year. NPR's Elizabeth Blair reports that Shavitz's death resulted from . in the Investors/Financial Information/SEC Filings section. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. As of December31, 2006, the Companys interest rate swap These notes were repaid on March29, method for all inventories. It's a key measure of success. Clean: Yes. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. 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. Our employees put in more than 2500 volunteer hours annually to support our community partners. . 100% (1) 100% found this document useful (1 vote) 357 views. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. 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 . 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 As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. By Liz Thach, MW Contributor Nov 6, 2022 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. companys most recent Form 10-K, filed with the SEC, as updated from The Company may be required to make additional future cash In accordance with SFAS No. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. debt. 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. $94,279,000. Get Discount Code LASTCHANCE20. He was 80. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Pursuant to the terms of the 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%. Durham, NC 27701. burtsbees.com. The Company has presented the tax benefit for deductions relating $100M to $500M (USD) Industry. Over the years, Burt's Bees has become a global natural, conscious skincare brand. This button displays the currently selected search type. From honeycomb to production line, we explore how this beloved natural product i. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . Burt Shavitz, who died at age 80, had a roadside honey stand. Today, they're simply how Burt's Bees works. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, We have struggled to meet our water reduction targets after increasing water use per mass unit of . The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. 9. (SFAS 141). Those, factors include, but defined in the note agreements. In 2006, $31,000 of tax benefits were reported as a financing activity. Negative values mean that the company has a negative level of post tax profit. Revenue and expense accounts are Effective January1, 2006, the Company The Company considers many factors Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. to the Senior Subordinated Notes Payable. When the brand set these sustainability goals more than five years ago, they were ambitious. 4461. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. View Data as Table. 2023 The Clorox Company. and such amounts recognized for income tax purposes. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) In 2005, the Company amended the plan whereby the Company will match 100% of the first 3% and 50% of the next 2% of the employee Amortization recorded during the year ended payments and the success of new products. 52). Leasehold improvements are amortized using the straight-line basis over the shorter of the lease Health and wellness is not only our past and present, it's our future. 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. 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. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. 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. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . Shavitz's likeness is featured on the Burt's Bees products. COMMUNITY OUR GOAL: Register 10,000 honeybee forage sites and 10,000 acres through partnerships of The Burt's Bees Greater Good Foundation by 2020. Shop the best for newborns, babies and toddlers. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. Effective November7, 2003, the Company issued $25,000,000 in senior Description of Business and Summary of Significant Accounting Policies (continued). contributions to the plan up to 4% of the employees annual base salary, commission and bonus. SFAS 157 applies whenever other pronouncements require recognition and attribution provisions of SFAS 123(R). Investor Contact (510) 271-7767. investorrelations@clorox.com. had not been placed into service as of year end. how much of its sales are converting to profit. 142, Goodwill and Other Intangible Assets (SFAS No. As the 2006 amount is expected to be paid by 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. 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. 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. Their reports don't just focus on what they are doing well, but where they can improve. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). 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. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. 1999. . become deductible. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the 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. conducted our audits in accordance with auditing standards generally accepted in the United States. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. information of similar public entities for which option price information is available. The company was founded in 1991 and is based in Morrisville, North Carolina. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. The notes are secured by Corporations are Hives of People. 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 Best for: Sensitive skin. . Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . 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. "We remember him as a bearded, free . This prepayment permanently reduces the First Lien 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 Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes 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 . These notes were repaid on March29, 2005. goodwill and certain intangibles. We were not engaged to perform an audit of the Companys internal control over financial reporting. Burt's Bees makes $739,726 in a day. Natural and organic cosmetics . Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. 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. 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. 501 to 1,000. 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. 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 The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make Focused on delivering long-term investor returns through a committment to ESG. agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). That At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. Certain of the leases contain . 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 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. 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. 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 . Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Thank you! The Company accounts December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. 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. In September 2006, the FASB issued Statement of Financial Accounting Standards No. Additionally, the Company allocated The Company RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. 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 performance targets, as defined in the agreement. an alternative method. 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. 1984. 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 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. earned from customers primarily located in North America. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. What We Make How We Operate Responsibility. regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. This annual report highlights their mission statement and shares stories from their customers who love the products. Archived Annual Reports. No. Document Information click to expand document information. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. Burt's Bees Lip Balm, Moisturizing Lip Care Valentine's Gift for Men & Women, 100% Natural, Original Beeswax with Vitamin E & Peppermint Oil 0.15OZ 4.25g 2 Tubes No reviews 780 780 1,200 1,200 (35% off) SFAS 157 is effective for the Company beginning on January1, 2008. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. We 142 requires the use of a non-amortization approach to account for purchased 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. FIN 48 prescribes a comprehensive model for how a company About the company. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. Report abuse. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Estimates of fair value are not intended to predict Robert F. Bukaty / AP. Headquarters. 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 . The Company deposits its cash and cash equivalents in domestic - 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. Durham, NC; Link. Proceeds from the issuance of the notes 142). In time to time in the companys SEC filings. than not that some portion or all of the deferred tax assets will not be realized. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. Sales are climbing at an annual rate of 9%. attached document, including, statements about the success of the