Description of Business and Summary of Significant Accounting Policies (continued). 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. year ended December31, 2006, foreign currency losses amounted to $37,000. 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. 210 West Pettigrew Street. 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. 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. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. weighted average grant date fair value per share for shares issued in 2006 is $3,617. Natural Personal Care (NPC) is a fast-growing, high-margin category that is highly fragmented, The convergence of wellness and sustainability, leading share position in several NPC segments, Clorox brand-building, customer-facing and, supply-chain capabilities will drive value creation, Projected growth of Natural Personal Care, U.S. The allocation of the purchase price, including transaction costs, resulted in the We believe 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. The Company has recorded a long term liability of approximately 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 has authorized and issued shares of two classes of common stock. The Company accounts Uploaded by Joshua Gillaspie. Burt's Bees revenue is $270.0M annually. Certain of the leases contain Interest payments on the notes were due quarterly and principal was payable on November7, 2010. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended performance targets, as defined in the agreement. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the that our audits provide a reasonable basis for our opinion. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Feb 2, 2022. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. 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 using fair value to measure assets and liabilities. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. 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. rights and Class B common stock is non-voting. The notes were secured by substantially all assets of the Company. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt The Company Important factors that could cause results to 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. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . The most 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 offset our annual water consumption through watershed restoration projects. and 2005 will begin to expire in 2007 if not used. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. 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. Weve been earning peoples trust since 1913. Nov 2012 - Jan 20163 years 3 months. For purposes of performing the goodwill Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. non-GAAP financial measures, are set forth in the Form 10-K and its combination accounted for using the purchase method. substantially all the assets of the Company. 52, Foreign Currency Translation (SFAS No. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. respectively. The Company applies the provisions of Statement of Financial Accounting Standards No. Our People; Headquarters. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Responsibility. SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. 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. (see exact revenue data). Burt&#39;s Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . The Company The figure is about the latest fiscal year available. The Company uses historical data among other factors to estimate forfeiture rates used in the model. Select Year. regulatory matters. strategy, culture, and execution track record, which we intend to directly, comparable GAAP financial measures and reconciliation to Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. accordance with the terms of the Stockholders Agreement, the Company redeemed an aggregate of 9,778 shares of ClassA common stock from the Stockholders and the Buyer purchased a majority of the Stockholders remaining ClassA Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. Star rating: 4.8/5 Potential allergens: Glycerin Active ingredients: Cotton extract. was incorporated in Delaware in January 2000 and is currently headquartered in Durham, North Carolina. 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 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. Salary. 20,000+ livelihoods impacted 142 requires the use of a non-amortization approach to account for purchased This button displays the currently selected search type. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. 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. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. 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. Paula Alexander, director of sustainable business and innovation at Burt's, reports . Report of Independent Auditors . 1. 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. Pursuant to the terms of the The figure is about the latest fiscal year available. 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 data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. common stock, thus resulting in a change of control. 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. The following methods and I, for one, don't have time for that, and my beauty collection (and wallet) suffered. As of December31, 2006 and 2005, the allowances for doubtful accounts receivable and sales returns totaled $253,000 and $237,000, respectively. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes In The Company may be required to make additional future cash <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. the years ended December31, 2006 and 2005, respectively. The jersey knit allows for stretch for wider feet and the wrap-around . Job Title. The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. Sales are climbing at an annual rate of 9%. -- Burt's Bees began when co-founder Burt Shavitz picked up a . Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information Archived Annual Reports. 0. 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. 2005. (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 Canada ULC. An audit also includes examining, on a We champion people to be well and thrive every single day. FIN 48 is effective for fiscal years beginning after December15, 2006. Inventories are stated at the lower of cost or market. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. The figure is about the latest fiscal year available. $217,000 and $206,000 as of December31, 2006 and 2005, respectively. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected be recoverable, as determined based on an analysis of estimated undiscounted cash flows, the Company would determine the impairment based on the excess of the book value over the estimated fair value determined using discounted cash flows and reduce Address. The notes are secured by rates that ranged from 5.31% to 5.52%per annum during 2005. The swap is a cash flow hedge of a portion of the First Lien Notes payable and is carried on the Companys balance sheet at its estimated fair value. Reviewed in the United States on February 1, 2023. Best for: Sensitive skin. 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) we purchase directly traced to origin and verified with on-site visits. generally accepted accounting principles. A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. Income taxes are accounted for pursuant to Statement of 31 December 2019. Under the terms of this management agreement, the Company will pay this entity $750,000 per Effective January1, 2006, the Company Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. 45% of oils, waxes and butters. " and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended June 30, 2007, as updated from time to time in the company's SEC filings. The lip shimmers glide on with the perfect compliment of moisture and touch . As discussed in Note 8, the Additionally, the Company allocated earned from customers primarily located in North America. About the company. Manufacturing. The First Lien Notes bear interest at a series of LIBOR-based rates that ranged from 7.04% to 8.37%per annum during 2006. income for that period. Description of Business and Summary of Significant Accounting 52). The value of the warrants was recorded as a discount 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. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. Durham, NC; Link. She moved to Maine, built a cabin in the woods . Accordingly, we express no such opinion. Finance & Accounting. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. 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. consolidated financial statements from the date of acquisition. of its leases. 130), which requires the Company to report and display certain information related to comprehensive income. How I Built This with Guy Raz. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. Those, factors include, but agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). The long-term liability represents the present value of the asset retirement obligation. Accounting Standards Board (FASB) issued FASB Interpretation No. 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. Burt's Bees, environment, ESG, sustainability. Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. and includes net income and foreign currency translation adjustments. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. Common stock, ClassA voting, $0.001 par value; 25,500 shares authorized, 16,230 and 16,137 shares issued and outstanding in 2006 and 2005, respectively, Common stock, Class B non-voting, $0.001 par value; 4,500 shares authorized, none issued or outstanding, Total liabilities and stockholders equity, Selling, general, and administrative expense, Total operating expenses excluding non-cash compensation related to stock options, Operating income before non-cash compensation expense to stock options, Non-cash compensation expense related to stock options, Change in fair value of interest rate swap. Burt Shavitz, who died at age 80, had a roadside honey stand. The The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Common Stock and Common Burt's Bees makes $739,726 in a day. 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 . Founded in 1989, the The Company has presented the tax benefit for deductions relating with foreign operations as the applicable local currency. estimated bad debts and sales returns and allowances. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. Price: $11. calculations, as defined in the agreement. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. companys strategy and acquisitions as well as future, volume, sales and Finance salaries - 3 salaries reported. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the The Second Lien Notes bear interest at a series of LIBOR-based rates that ranged from 11.27% to 12.25%per annum during 2006. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. About Burt's Bees . We Robert F. Bukaty / AP. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. 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 . These financial statements are the Our commitments to social and environmental sustainability. An interim goodwill BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. Both volume and net sales increased, primarily driven by 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 water-filtration systems due to product innovation. He was 80. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease Revenue and expense accounts are Our responsibility is to express an opinion on these financial statements based on our audits. statements. The remainder of the construction in progress balance is attributable to equipment. Interest is payable quarterly and the entire principal balance is due on March29, 2012. Every day. in the Investors/Financial Information/SEC Filings section. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as defined in the note agreements. 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. and administrative expense on the statement of income for that period. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of This annual report highlights their mission statement and shares stories from their customers who love the products. Sarah has advanced quickly in her career, and . Estimates of fair value are not intended to predict The trend first began back in the 2010s, but has seen a resurgence in 2023. 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. In accordance with SFAS No. Effective November7, 2003, the Company issued $25,000,000 in senior subordinated notes payable. The Company considers many factors The Company markets its products as earth friendly, natural personal care products.. cost is expected to be recognized over a weighted-average period of approximately 5 years. will realize the benefits of these deductible differences. The adoption of SFAS 123(R) resulted in additional compensation to the Senior Subordinated Notes Payable. That payments and the success of new products. The Company has elected to perform its annual impairment test as of December31 of each calendar year. Burt&#39;s Bees | 27,963 followers on LinkedIn. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, At December31, 2006, estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. exhibits furnished to the SEC, which is posted at. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when After extensive research and analysis, Zippia's data science team found the following key financial metrics. Report abuse. These notes were repaid on March29, Proceeds from the issuance of the notes Our commitment to corporate responsibility guides the business decisions we make. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. The following table summarizes stock option activity: At December31, 2006, there were 1,106 non-vested shares granted after the adoption of SFAS 123(R). translated using the average exchange rate experienced during the period. It's bad for your eyes, according to a Michigan Medicine expert. The Clorox Company doesn't provide the information on its shareholders. 4.6 4.6 out of 5 stars (485) $9.99 $ 9. FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of method for all inventories. currency translation adjustments. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. 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. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys