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. If you have difficulty accessing any content, feature or functionality The profit ratio measures the amount of profit generated by each single currency unit of sales. Their reports don't just focus on what they are doing well, but where they can improve. In 2005, the Company paid an affiliate of a term or the estimated useful life of the asset. about one other random company from which they had purchased personal care items; Core is a weighted average of Toms (n=81), Kiss My, Face (n=28), Dr. Bronners (n=13) and Jason (n=31); Mass is a weighted average of Aveeno (15), But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . About the company. Clorox entered into a merger agreement on Oct. 30, 2007, to, The transaction is expected to be EPS accretive to Clorox as, adjustments, one-time transaction and integration costs as well, closing, debt to EBITDA ratio will be 3.5/1x. Burt's Bees in Moses Lake, WA Expand search. When the brand set these sustainability goals more than five years ago, they were ambitious. increased the amount of authorized ClassA shares reserved to 2,681. Intangible assets resulted from a business SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Amortization recorded during the year ended 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). We offset our annual water consumption through watershed restoration projects. Our commitments to social and environmental sustainability. This prepayment permanently reduces the First Lien The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. Amortization for the year ended December31, 2005 totaled $72,000. 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. Unlike a lot of other "natural" brands Burt's Bees has transparency. Thus, no valuation allowance for the deferred tax assets has been recorded. 8 pages. 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 . Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . 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 Robert F. Bukaty / AP. to frontline workers and vulnerable populations at the onset of COVID-19. December31, 2006 and 2005, related to this management agreement. 501 to 1,000. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. Headquarters. Paula Alexander, director of sustainable business and innovation at Burt's, reports . Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. 4461. 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 . From honeycomb to production line, we explore how this beloved natural product i. 2023 The Clorox Company. At December31, 2006, defined in the note agreements. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. In 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. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. FIN 48 revises 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 . 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. 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 For purposes of performing the goodwill 0. The The increase in earnings before . The adoption of SFAS 123(R) resulted in additional compensation of its leases. The First Lien Notes are secured by 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) conducted our audits in accordance with auditing standards generally accepted in the United States. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. In June 2006, the Financial 31 December 2018. Notes to Consolidated Financial Statements (continued), 1. 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. escalation clauses and renewal options as outlined in the agreements. 1984. 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. Accounting Standards Board (FASB) issued FASB Interpretation No. Nov 2012 - Jan 20163 years 3 months. The valuation allowance is charged to the provision for inventory which is a Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. "We remember him as a bearded, free . Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. Over the years, Burt's Bees has become a global natural, conscious skincare brand. 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 The notes were secured by substantially all assets of the Company. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance Notes and shall be applied in inverse order of maturity of such scheduled installments. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. 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. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; Goodwill and Indefinite-Lived Intangible Assets. the swap matures on March31, 2008. in retaining key Burts Bees, employees, suppliers and customers; the retain, We will operate the business from its current North Carolina, We will integrate selectively to maximize revenue and cost, synergies and create the best opportunities for all employees, We believe Burt's Bees provides a new platform, Opportunity to acquire leading brand that consumers love, anchored in wellness and sustainability megatrends, The brands margin structure is at the upper range of, Personal Care and strongly accretive to Clorox, NPC and Burt's Bees benefit from significant wellness, facing capabilities will enable strong growth on a sustained basis. 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The remainder of the construction in progress balance is attributable to equipment. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. respects, the consolidated financial position of Burts Bees, Inc. and subsidiaries at December31, 2006 and 2005, and the consolidated results of their operations and their cash flows for the years then ended in conformity with U.S. 142, goodwill and certain intangibles are not amortized into results of operations, but instead are reviewed for impairment at least annually and written down and charged to strategy, culture, and execution track record, which we intend to 1999. . The Board of Directors and Stockholders Burt's Bees, Inc. We have audited the accompanying consolidated balance sheets of Burt's Bees, Inc. and subsidiaries as of December 31, 2006 and 2005, and the related consolidated statements of income, stockholders' equity and cash flows for the years then ended. All Rights Reserved. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. than not that some portion or all of the deferred tax assets will not be realized. He was 80. UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. customer represented approximately 14% of total revenue. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. 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. Or perhaps you need help to leverage your brand's power to deliver real business impact? Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. 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 The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended 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. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Description of Business and Summary of Significant Accounting Policies (continued). Homepage global.header.aria.smallmenu 0. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. 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. In a single month, Burt's Bees normally makes close to $22.5M in revenue. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. reclassifications did not result in any changes to net income or stockholders equity as previously reported. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% The accumulated other comprehensive loss balance consists entirely of foreign The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December31, 2006 and 2005 are presented below: The Companys charitable contribution carryover totaling $958,000 and $2,547,000 as of December31, 2006 exhibits furnished to the SEC, which is posted at. 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. assumptions were used to estimate the fair value of each class of financial instruments: The carrying amounts approximate fair value because of the short maturity of the instruments. Here are some of best sellings burts bees annual report which we would like to recommend with high customer review ratings to guide you on quality & popularity of each items. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . We impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. Corporations are Hives of People. This annual report highlights their mission statement and shares stories from their customers who love the products. 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. 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. The Company has recorded a long term liability of approximately income for that period. The risk-free interest rate for periods within the contractual life of the option is based on the yield of the U.S. Treasury securities at the time of grant. Every day. 100% (1) 100% found this document useful (1 vote) 357 views. 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. 31 December 2020. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. 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. Burt's Bees >. Shavitz's likeness is featured on the Burt's Bees products. As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of 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. The Company incurred debt issuance costs of $769,000 in connection with this issuance. least one Burts Bees product; for all other competitors, each, consumer was asked regularly monitors and reviews its operations, procedures and policies for compliance with these laws and regulations. in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan, Profitability metrics at the high-end of Personal Care, 385 employees, 1 manufacturing facility, 1 distribution center, and headquarters in Raleigh-Durham, North Carolina, Instability of natural materials requires steep learning curve to reproduce, are key to product performance & stability, is central to scalability of concept formulations, Professional background in R&D/product development at leading Personal Care, In-depth understanding of consumer demands, Establish core corporate competencies in broader Personal Care. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). Company. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. . $59,924 / yr. Finance Manager salaries - 2 salaries reported. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. FIN 48 prescribes a comprehensive model for how a company Natural and organic cosmetics . December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. 130), which requires the Company to report and display certain information related to comprehensive income.