earnings growth, profitability, costs, cost savings, innovation or. 501 to 1,000. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] The value of the warrants was recorded as a discount These identifiable intangibles are amortized on a straight-line basis over their estimated Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. income for that period. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. accordance with Statement of Financial Accounting Standards No. The valuation allowance is charged to the provision for inventory which is a Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. It was interesting to notice how Roxanne . About Burt's Bees . Show more Show less (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. We 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). The Company has recorded approximately $50,000 and $33,000 in accretion expense in Represented Burt's Bees at Natural Products Expo West trade show. 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. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Revenue. of its leases. 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 profit ratio measures the amount of profit generated by each single currency unit of sales. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Price: $11. exhibits furnished to the SEC, which is posted at. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. 4461. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. Responsibility. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. Amortization expense related to the warrants for the 4.6 4.6 out of 5 stars (485) $9.99 $ 9. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% notes, the Company was required to prepay the principle of the senior notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of All intercompany accounts and transactions have been eliminated in consolidation. 9. term or the estimated useful life of the asset. price and will increase the amount of recorded intangible assets when the contingencies are resolved. The Company has recorded a long term liability of approximately 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 . Except for historical information, matters discussed in the Those, factors include, but I, for one, don't have time for that, and my beauty collection (and wallet) suffered. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. 142. 31 December 2018. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. recognition of approximately $544,000 of intangible assets attributable to the anticipated future earnings and related cash flows of the customer list and distribution channel acquired from the acquisition. 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. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys Burt's Bees makes $739,726 in a day. 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. for the years ended December31, 2006 and 2005, respectively. 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. (2003-2006), NPC growing at double-digit rates across Europe and Asia, U.S. Natural Personal Care Market Is Highly, Fragmented & Lacks Entrenched Scale Players, anticipated to drive growth for years to come, Burts 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. The figure is about the latest fiscal year available. Investor Contact (510) 271-7767. investorrelations@clorox.com. ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM 4 PACK: Naturally beautify and revitalize your lips with the refreshing peppermint tingle of Original Beeswax Lip Balm. The Company applies the provisions of Statement of Financial Accounting Standards No. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 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. 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. Intangible assets resulted from a business About the company. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . In 2005, the Company amended one Document Information click to expand document information. The warrants were exercisable until November7, 2010. 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 . Get Discount Code LASTCHANCE20. Unlike a lot of other "natural" brands Burt's Bees has transparency. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. Accordingly, we express no such opinion. Formulated without parabens, phthalates . This is the legacy of our founders who prized nature for its restorative benefits and to this day help preserve wilderness for future generations.. Actual results could differ from those estimates. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the Paula Alexander, director of sustainable business and innovation at Burt's, reports . 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. 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. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. SFAS 157 is effective for the Company beginning on January1, 2008. 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. consolidated financial statements from the date of acquisition. 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. Durham, NC. Canada ULC. The aggregate maturities of long-term debt as of 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. 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. The remainder of the construction in progress balance is attributable to equipment. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. Our responsibility is to express an opinion on these financial statements based on our audits. In assessing the realizability of deferred tax assets, management considers whether it is more likely customer represented approximately 14% of total revenue. $94,279,000. Durham, NC 27701. burtsbees.com. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. 130, Reporting Comprehensive Income (SFAS or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. The figure is about the latest fiscal year available. The Company may be required to make additional future cash non-GAAP financial measures, are set forth in the Form 10-K and its Sales are climbing at an annual rate of 9%. Prior to adoption, the Company used the LIP MOISTURIZER: Made with Beeswax, antioxidant rich Vitamin E and Pomegranate Oil, this lip balm leaves lips looking and feeling healthy with a hint of color. During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. 109 (FIN 48). The figure is about the latest fiscal year available. 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. (See footnote 5). Essay on Burt's Bees annual report. 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. The lip shimmers glide on with the perfect compliment of moisture and touch . are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; Any additional future cash consideration represents additional purchase The notes are secured by 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. 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 allowance for sales returns and customer discounts. years from the date of grant. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. how much of its sales are converting to profit. time to time in the companys SEC filings. goodwill and certain intangibles. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. It's a key measure of success. estimated bad debts and sales returns and allowances. 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 . misstatement. Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. conducted our audits in accordance with auditing standards generally accepted in the United States. 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, Finance & Accounting. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as 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. Our People; 8 pages. cost is expected to be recognized over a weighted-average period of approximately 5 years. Durham, NC; Link. Interest is payable quarterly and the entire principal balance is due on March29, 2012. These If you have difficulty accessing any content, feature or functionality 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. Proceeds from the issuance of the notes FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make translated using the average exchange rate experienced during the period. 109, Accounting for Income Taxes (SFAS 109). The expected term of options granted is derived using the simplified method and represents the period that options granted are expected 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, 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. Foreign currency transactions are accounted for in Burt's Bees revenue is $270.0M annually. Negative values mean that the company has a negative level of post tax profit. FIN 48 revises impairment test would be performed if an event occurs or circumstances change between annual tests that would more likely than not reduce the fair value of a reporting unit below its carrying amount. 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 Kathleen M. Sarnes. N.C., Feb. 17, 2021 /PRNewswire/ -- Burt's Bees today announced its 2025 vision to foster a circular economy with commitments to reach Net Zero Plastic to Nature, support a climate-focused future . Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. 100% (1) 100% found this document useful (1 vote) 357 views. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 45% of oils, waxes and butters. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences