burt's bees annual report burt's bees annual report

123(R), Share-Based Payment, to account for stock-based compensation. inventory cost. Sales are climbing at an annual rate of 9%. generally accepted accounting principles. As of December31, 2006, the Companys interest rate swap How I Built This with Guy Raz. including the, ability to increase distribution; the companys success 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 NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. 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 Accounts receivable are derived from revenue ClassA common stock has voting how much of its sales are converting to profit. The aggregate maturities of long-term debt as of 31 December 2019. cost basis. Effective March29, 2005, the 142). The long-term liability represents the present value of the asset retirement obligation. In a single month, Burt's Bees normally makes close to $22.5M in revenue. The warrants were exercisable until November7, 2010. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. None of the information on this page has been provided or approved by Burt's Bees. Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the 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. An audit also includes examining, on a 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. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 0. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of All Rights Reserved. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. Shavitz's likeness is featured on the Burt's Bees products. Our People; year in quarterly installments in exchange for certain advisory and consulting services. This annual report highlights their mission statement and shares stories from their customers who love the products. July 6, 2015. 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. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. 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 . In ET. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 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. useful lives, ranging from seven to ten years. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all payable in the amount of $2,012,000 were allocated to these warrants, based on the estimated fair value of the warrants on the date of issuance as calculated using a Black-Scholes valuation model. 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 notes bore interest at a series of LIBOR-based Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys 1999. . In our opinion, the financial statements referred to above present fairly, in all material 20,000+ livelihoods impacted The Company has authorized and issued shares of two classes of common stock. and such amounts recognized for income tax purposes. Published: March 3, 2023 at 7:07 a.m. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . . $217,000 and $206,000 as of December31, 2006 and 2005, respectively. 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 The Company has recorded a long term liability of approximately The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. Durham, NC; Link. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Over the years, Burt's Bees has become a global natural, conscious skincare brand. 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, In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt Job Title. Burt's Bees makes $739,726 in a day. The fair value of these warrants was recorded as a discount on the debt and was amortized as additional interest expense over the term of the Responsibility. The Company has identified the functional currency of its subsidiaries From honeycomb to production line, we explore how this beloved natural product i. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the 4461. 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 This prepayment permanently reduces the First Lien Certain of the leases contain Shop the best for newborns, babies and toddlers. Burt's Bees's revenue is $270.0 Million - Learn more about Burt's Bees's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. 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. increased the amount of authorized ClassA shares reserved to 2,681. Natural and organic cosmetics . Verified Purchase . 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. defined in the note agreements. Or perhaps you need help to leverage your brand's power to deliver real business impact? Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. -- Burt's Bees began when co-founder Burt Shavitz picked up a . Corporations are Hives of People. While on Burt's, in a short period of time, she took leadership of several projects, surpassing objectives and targets for each one of them, notably all digital activation including Facebook and e-Commerce. Burt's Bees website. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the 8 pages. Burt's Bees revenue is $270.0M annually. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. Revenue and expense accounts are The Company accounts In 2006, the Board of Directors and administrative expense on the statement of income for that period. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. . Feb 2, 2022. $82,865 / yr. exhibits furnished to the SEC, which is posted at. 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) The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). 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. For years, Burt's Bees has been a bright spot on the firm's earnings reports. 141, Business Combinations 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. 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 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. Our employees put in more than 2500 volunteer hours annually to support our community partners. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. The value given is the amount of sales needed to generate one currency unit of post tax profit. 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. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. 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. " 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. agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). About the company. 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 is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. Company size. "The Burt's Bees brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds . Finance salaries - 3 salaries reported. 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. That The Company is currently assessing the impact of Thats a lesson the folks at Burts Bees took to heart from the brands most recent goal period, as its 2020 Impact Report makes clear. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. Here's a sampling of once-bold goals that are now standard . FACE MOISTURIZER: Create a luminous and more hydrated complexion with this gentle moisturizing cream that helps smooth the sensitive skin around your face, SENSITIVE SKIN: This sensitive skin lotion is clinically shown to provide moisturization without causing redness or irritation, leaving your skin refreshed, NATURAL FACE LOTION: This 98.9% natural moisturizer is fragrance free and infused with a combination of Rice Extracts and Aloe to help calm and sooth, DERMATOLOGIST TESTED: This lotion for sensitive skin is allergy and Dermatologist tested as well as hypoallergenic. 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. 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 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. FIN 48 revises Intangible assets resulted from a business 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. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Effective November7, 2003, the Company issued $25,000,000 in senior Pursuant to the terms of the The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Those, factors include, but Burt's Bees peak revenue was $270.0M in 2021. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. of its leases. will realize the benefits of these deductible differences. 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. 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. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. As the 2006 amount is expected to be paid by FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. Uploaded by Joshua Gillaspie. Additionally, the Company allocated Under FIN 48, the financial statements will reflect expected future tax consequences of such positions presuming the taxing authorities full knowledge of the position and all relevant facts, but without considering time values. 130), which requires the Company to report and display certain information related to comprehensive income. All intercompany accounts and transactions have been eliminated in consolidation. Effective January1, 2006, the Company Clean: Yes. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as Since then, the Company has grown rapidly and built a valuable, distinctive brand image among a large loyal customer base. These options have an exercise price of $8,360 per share, generally a graded vesting period of five years or 20% vested per year, and generally an expiration date ten 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. 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. Reviewed in the United States on February 1, 2023. 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. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the (SFAS 141). 210 West Pettigrew Street. The allocation of the purchase price, including transaction costs, resulted in the Sarah has advanced quickly in her career, and . 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 Burt's Bees is an American personal care products subsidiary of Clorox that describes itself as an "Earth friendly, Natural Personal Care Company"making . Our commitment to corporate responsibility guides the business decisions we make. Note: Revenues for privately held companies are statistical evaluations. Burt's Bees Sustainability. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% 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 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. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. SFAS No. $170 million (est.) These deferred taxes are measured by applying currently enacted tax laws. The jersey knit allows for stretch for wider feet and the wrap-around . Homepage global.header.aria.smallmenu 0. allowance for sales returns and customer discounts. ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. rights and Class B common stock is non-voting. Under the terms of this management agreement, the Company will pay this entity $750,000 per Investor Contact (510) 271-7767. investorrelations@clorox.com. Shipping and handling costs related to goods received are capitalized as a component of CHECK PRICE. Focused on delivering long-term investor returns through a committment to ESG. 1984. You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. substantially all the assets of the Company. 99 ($3.33/count) buy 5 to get 5% off. Important factors that could cause results to to the Senior Subordinated Notes Payable. We offset our annual water consumption through watershed restoration projects. Manufacturing. In June 2006, the Financial Finding affordable beauty products on a budget used to be like an Olympic sport. 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. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. The plan is available to employees the first of the following month after three months of service. 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. 1-800-227-1860 so that we can provide you access through 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. for the years ended December31, 2006 and 2005, respectively. Weve been earning peoples trust since 1913. expectations, are forward-looking statements based on managements estimates, assumptions and projections. Foreign currency transactions are accounted for in 9. The Company deposits its cash and cash equivalents in domestic Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. earnings growth, profitability, costs, cost savings, innovation or. 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. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Uses: Moisturizing and soothing. component of cost of goods sold. Price: $11. The accumulated other comprehensive loss balance consists entirely of foreign At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. 31 December 2018. And sometimes, what you measure, you become. FIN 48 is effective for fiscal years beginning after December15, 2006. As of December31, 2005, the Company had capitalized $550,000 Essay on Burt's Bees annual report. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and At 501 to 1,000. Actual results could differ from those estimates. The First Lien Notes are secured by compete is as follows for the years ended December31 (in thousands): On November7, 2003, the Company entered into a management agreement with an affiliate of a stockholder of the Company. companys ability to achieve the projected, strategic and financial than not that some portion or all of the deferred tax assets will not be realized. We are CarbonNeutral certified. Effective November7, 2003, the Company These financial statements are the In addition, the company offers body care products, including body washes and soaps, body moisturizers, and bath oils and bath crystals, as well as hand, foot, sun, and mens body care products; baby care products, including baby washes and soaps, baby moisturizers, diaper ointment and care products, and baby sun care products; and gift sets. When expanded it provides a list of search options that will switch the search inputs to match . By Liz Thach, MW Contributor Nov 6, 2022 Whether you pursue a role in California or Georgia or a production role in our plants around the United States, our mission and focus is the same: we are exceptional innovators who earn people's enduring loyalty. 45% of oils, waxes and butters. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. we purchase directly traced to origin and verified with on-site visits. The adoption of SFAS 123(R) resulted in additional compensation View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. 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. Every day. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. 4.6 4.6 out of 5 stars (485) $9.99 $ 9. Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. 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. cost is expected to be recognized over a weighted-average period of approximately 5 years. Nov 2012 - Jan 20163 years 3 months. SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements.