The Report of Independent Auditors . recognition and attribution provisions of SFAS 123(R). (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 Essay on Burt's Bees annual report. NPR's Elizabeth Blair reports that Shavitz's death resulted from . as coding, installation of hardware, and software configuration. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make 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. Headquarters. 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. 2023 The Clorox Company. 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 FIN 48 prescribes a comprehensive model for how a company July 6, 2015. These financial statements are the Income taxes are accounted for pursuant to Statement of 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 Every day. 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. 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. 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. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. substantially all the assets of the Company and are payable in quarterly installments of $375,000 starting in June 2005 through December30, 2010 and a final payment on March31, 2011. had not been placed into service as of year end. 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. Homepage global.header.aria.smallmenu 0. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. 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 . Effective March29, 2005, the Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. FIN 48 revises users, and will continue to take steps necessary to ensure compliance with applicable laws. Burt's Bees >. About the company. The Company uses historical data among other factors to estimate forfeiture rates used in the model. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the 1984. 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. allowance for sales returns and customer discounts. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. 9. 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 . Description of Business and Summary of Significant Accounting Best for: Sensitive skin. ClassA common stock has voting Formulated without parabens, phthalates . Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. Our commitments to social and environmental sustainability. The trend first began back in the 2010s, but has seen a resurgence in 2023. 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. $94,279,000. We were not engaged to perform an audit of the Companys internal control over financial reporting. You are what you measure. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all how much of its sales are converting to profit. respectively. FREE delivery Tue, Feb 28 on your first order. responsibility of the Companys management. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. It's bad for your eyes, according to a Michigan Medicine expert. 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 . In 2006, the Board of Directors We offset our annual water consumption through watershed restoration projects. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. From a beekeeper's backyard in Maine to the leading edge of natural, Burt's Bees knows natural body care solutions from head-to-toe and operates with The Greater Good top of mind. Burt's Bees revenue is $270.0M annually. The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. Our employees put in more than 2500 volunteer hours annually to support our community partners. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Burt's Bees peak revenue was $270.0M in 2021. The Company incurred debt issuance costs of $769,000 in connection with this issuance. differ materially, from managements expectations are described in the 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). Uses: Moisturizing and soothing. Amortization for the year ended December31, 2005 totaled $72,000. 31 December 2018. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. combination accounted for using the purchase method. 20,000+ livelihoods impacted contributions to the plan up to 4% of the employees annual base salary, commission and bonus. 2003. Revenue and expense accounts are Any additional future cash consideration represents additional purchase 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 . 5.0 out of 5 stars Perfect for sensitive skin. $713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. 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 (See footnote 5). Today, theyre simply how Burts Bees works. She moved to Maine, built a cabin in the woods . The fair value of the interest rate swap was estimated by obtaining a quote from the broker and The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. 2005. increased the amount of authorized ClassA shares reserved to 2,681. -- Burt's Bees began when co-founder Burt Shavitz picked up a . 142, Goodwill and Other Intangible Assets (SFAS No. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. 52, Foreign Currency Translation (SFAS No. non-GAAP financial measures, are set forth in the Form 10-K and its Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the These identifiable intangibles are amortized on a straight-line basis over their estimated Pursuant to the terms of the customer represented approximately 14% of total revenue. 100% (1) 100% found this document useful (1 vote) 357 views. SFAS 157 is effective for the Company beginning on January1, 2008. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. Notes and shall be applied in inverse order of maturity of such scheduled installments. Burt's Bees in Moses Lake, WA Expand search. The Company 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. FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. become deductible. The adoption of SFAS 123(R) resulted in additional compensation Pursuant to the terms of the notes, the Company is 4 Count. adopting FIN 48 on its consolidated financial statements. An . 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 . sheets of Burts Bees, Inc. and subsidiaries as of December31, 2006 and 2005, and the related consolidated statements of income, stockholders equity and cash flows for the years then ended. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. 109 (FIN 48). Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). Report abuse. 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 In 2005, the Company amended one reclassifications did not result in any changes to net income or stockholders equity as previously reported. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Sarah has advanced quickly in her career, and . year ended December31, 2006, foreign currency losses amounted to $37,000. to the Senior Subordinated Notes Payable. He is a quiet curmudgeon who dislikes middle-class comforts, enjoys solitude and forgoes nearly all technology. income for that period. In a single month, Burt's Bees normally makes close to $22.5M in revenue. 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 considers many factors Represented Burt's Bees at Natural Products Expo West trade show. 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. 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 . Show more Show less 2003, the Company issued warrants to purchase 308 shares of ClassA common stock at an exercise price of $.001 per share in connection with the issuance of the Senior Subordinated Notes Payable (Note 5). Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow 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 to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. All Rights Reserved. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. It is effective for daily use and has been Awarded National Eczema Association Seal of Acceptance, BURTS BEES FACE CARE: Use this moisturizer daily as part of Burts Bees Sensitive Face Care 5 product regimen for a healthier looking complexion, naturally, 2 PACK LIP CARE: Apply Burts Bees Moisturizing Beeswax Lip Balm to nourish and hydrate your lips with a dash of peppermint, WITH PEPPERMINT OIL: Hydrate and sooth dry lips with beeswax and a dash of peppermint extract packed into every tube of Burts Bees Beeswax Lip Balm, SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long, ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM: Treat your lips to a spa retreat with this refreshing lip balm that naturally beautifies and revitalizes your lips, NIGHT CREAM: Help restore the delicate skin on your face with this nourishing Burts Bees night cream enriched with natural, anti-aging ingredients, NATURAL SKIN TREATMENT: This 98.9% natural formula is perfect for all skin types, dermatologist tested and formulated without parabens, phthalates or petrolatum, ANTI-AGING NIGHT CREAM: This anti-aging face lotion absorbs quickly and contains Clary Sage which helps increase the skins ability to retain moisture, ANTI-WRINKLE CREAM: Clinically shown to reduce the appearance of fine lines and wrinkles, this non-greasy moisturizer gives skin the nutrients it needs, FACE MOISTURIZER: This ultra-hydrating night cream offers a natural solution for dry skin leaving skin feeling instantly fresh, soft and renewed, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 6 travel size products: Honey &, Grapeseed Oil Hand Cream, Coconut Foot Cream, Lemon Butter Cuticle Cream, Almond &. The effect of the swap is to convert a portion of the interest rate on the First Lien Notes from a variable rate to a fixed rate of 3.875%. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. Get Discount Code LASTCHANCE20. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of Inclusion, diversity, equity and allyship. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. Today, they're simply how Burt's Bees works. 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 The Company has recorded approximately $50,000 and $33,000 in accretion expense in The Company amortizes the 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. 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. attached document, including, statements about the success of the Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . 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. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . 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. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. 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 calculations, as defined in the agreement. 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. 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. term or the estimated useful life of the asset. 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. Common Stock and Common Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
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