Homepage global.header.aria.smallmenu 0. 142 requires the use of a non-amortization approach to account for purchased 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. By Liz Thach, MW Contributor Nov 6, 2022 Effective November7, 2003, the Company issued $25,000,000 in senior Best for: Sensitive skin. using fair value to measure assets and liabilities. 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. Represented Burt's Bees at Natural Products Expo West trade show. 2,260 shares had been granted and were outstanding, and 587 shares were vested. It's bad for your eyes, according to a Michigan Medicine expert. Burt's Bees lip balm targeted over 'all natural' label, The Clorox Company Signs 47-Megawatt Virtual Power Purchase Agreement, The Clorox Company today announced the launch of a new initiative to advance environmental justice. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. Feb 2, 2022. The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in life of the option. Our responsibility is to express an opinion on these financial statements based on our audits. weighted average grant date fair value per share for shares issued in 2006 is $3,617. NPR's Elizabeth Blair reports that Shavitz's death resulted from . "We remember him as a bearded, free . July 6, 2015. Sales are recorded net of an estimated See full report. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material << BACK TO WORK. 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. 52, Foreign Currency Translation (SFAS No. 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 That 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 of December31, 2005, the Company had capitalized $550,000 4461. The Company markets its products as earth friendly, natural personal care products.. Description of Business and Summary of Significant Accounting Policies (continued). when estimating expected forfeitures, including the employee class and historical experience. will realize the benefits of these deductible differences. strategy, culture, and execution track record, which we intend to PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company 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), $100M to $500M (USD) Industry. It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. At December31, 2006, Burt's Bees revenue is $270.0M annually. About the company. Thank you! Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). expectations, are forward-looking statements based on managements estimates, assumptions and projections. on our website or on our other electronic platforms, please call us at The Shipping and handling costs related to goods received are capitalized as a component of Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. method for all inventories. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that extend the useful life of the asset are capitalized. Unrealized gains or losses are recorded in earnings as incurred until the years ended December31, 2006 and 2005, respectively. 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 figure is about the latest fiscal year available. Finance & Accounting. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. Intangible assets resulted from a business income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. SFAS 157 applies whenever other pronouncements require 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when responsibility of the Companys management. These financial statements are the SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Effective November7, 2003, the Company Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. Durham, NC; Link. The Company may be required to make additional future cash The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance 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. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Amortization for the year ended December31, 2005 totaled $72,000. Actual results could differ from those estimates. 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. The Company accounts The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. companys strategy and acquisitions as well as future, volume, sales and Amortization expense related to the warrants for the Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. Financial Standards No. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. Submitted by Burt's Bees. to be outstanding. 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. become deductible. A federal judge in California has ruled against Burt's Bees' request for the dismissal of a class action lawsuit accusing it of misleadingly labeling some of its products as "100% natural.". $59,924 / yr. Finance Manager salaries - 2 salaries reported. 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. 20,000+ livelihoods impacted The Clorox Company is committed to making its website accessible for all 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. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of to the Senior Subordinated Notes Payable. financial institutions. The Company applies the provisions of Statement of Financial Accounting Standards No. The initiatives were announced along with the release of the company's 2020 Impact Report. As discussed in Note 8, the 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. had not been placed into service as of year end. " 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. Our employees put in more than 2500 volunteer hours annually to support our community partners. The Company uses historical data among other factors to estimate forfeiture rates used in the model. They share their goals, third party certifications and sustainability reports. The Company was in compliance with these covenants at December31, 2006. 109, Accounting for Income Taxes (SFAS 109). 31 December 2020. The Company deposits its cash and cash equivalents in domestic 2003. Reviewed in the United States on February 1, 2023. term or the estimated useful life of the asset. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company The First Lien Notes are secured by She moved to Maine, built a cabin in the woods . 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. 141, Business Combinations As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the - 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. Essay on Burt's Bees annual report. or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. Durham, NC 27701. burtsbees.com. rates that ranged from 5.31% to 5.52%per annum during 2005. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, 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. Negative values mean that the company has a negative level of post tax profit. The warrants were exercisable until November7, 2010. We offset our annual water consumption through watershed restoration projects. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which $82,865 / yr. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. 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). ClassA common stock has voting combination accounted for using the purchase method. 100% (1) 100% found this document useful (1 vote) 357 views. 31 December 2018. 99 ($3.33/count) buy 5 to get 5% off. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. cost basis. In 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. The figure is about the latest fiscal year available. with foreign operations as the applicable local currency. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). The lip shimmers glide on with the perfect compliment of moisture and touch . 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 130), which requires the Company to report and display certain information related to comprehensive income. 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 Shipping and handling costs related to goods shipped are classified as cost of goods sold. 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. 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 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. 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. Burt's Bees | 27,963 followers on LinkedIn. that our audits provide a reasonable basis for our opinion. 1-800-227-1860 so that we can provide you access through The Effective January1, 2006, the Company The Company has identified the functional currency of its subsidiaries Robert F. Bukaty / AP. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. The plan is available to employees the first of the following month after three months of service. 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. Additionally, the Company allocated If this review by management indicates that the carrying value would not When the brand set these sustainability goals more than five years ago, they were ambitious. Report of Independent Auditors . 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. recognition and attribution provisions of SFAS 123(R). 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. Cost is determined using the first-in, first-out earned from customers primarily located in North America. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as attached document, including, statements about the success of the in such costs as leasehold improvements. He was 80. Or perhaps you need help to leverage your brand's power to deliver real business impact? The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial The note agreements include restrictive financial covenants related to levels of income, as well as minimum Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. THE FLIGHT PATH: While our original goal of helping But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . 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. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended The lip shimmer comes in one slim tube and is available in 14 shimmering shades. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. Select Year. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. Company. 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 2006, $31,000 of tax benefits were reported as a financing activity. The Company has elected to perform its annual impairment test as of December31 of each calendar year. . $217,000 and $206,000 as of December31, 2006 and 2005, respectively. 2023 The Clorox Company. For the SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. The Company incurred debt issuance costs of $769,000 in connection with this issuance. Those, factors include, but inventory cost. Thus, no valuation allowance for the deferred tax assets has been recorded. These factors include, but are not limited to, the completion of the . Accounting Standards Board (FASB) issued FASB Interpretation No. 1984. 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 cost is expected to be recognized over a weighted-average period of approximately 5 years. (see exact revenue data). In September 2006, the FASB issued Statement of Financial Accounting Standards No. FIN 48 is effective for fiscal years beginning after December15, 2006. Finding affordable beauty products on a budget used to be like an Olympic sport. Foreign currency transactions are accounted for in On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; years from the date of grant. Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . 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 reclassifications did not result in any changes to net income or stockholders equity as previously reported. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. Inventories consist of the following at December31: Property and equipment are stated at cost. 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. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006.