The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Note: Revenues for privately held companies are statistical evaluations. As discussed in Note 8, the performance targets, as defined in the agreement. as coding, installation of hardware, and software configuration. Archived Annual Reports. 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. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of The Company accounts (SFAS 141). The Company has identified the functional currency of its subsidiaries 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. 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. The Company incurred debt issuance costs of $769,000 in connection with this issuance. including the, ability to increase distribution; the companys success The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). generally accepted accounting principles. method for all inventories. After extensive research and analysis, Zippia's data science team found the following key financial metrics. As the 2006 amount is expected to be paid by The figure is about the latest fiscal year available. Clean: Yes. 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. " 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. Manufacturing. Natural and organic cosmetics . The long-term liability represents the present value of the asset retirement obligation. 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 . We have struggled to meet our water reduction targets after increasing water use per mass unit of . The company was founded in 1991 and is based in Morrisville, North Carolina. 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. Get Discount Code LASTCHANCE20. Thank you! At 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. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the 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. Here's a sampling of once-bold goals that are now standard . benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. Headquarters. Our People; 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. It was interesting to notice how Roxanne . 45% of oils, waxes and butters. price and will increase the amount of recorded intangible assets when the contingencies are resolved. Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% of its leases. Today, theyre simply how Burts Bees works. Our commitments to social and environmental sustainability. 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. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. As of December31, 2006, the Companys interest rate swap FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream. During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. 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). 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. accordance with Statement of Financial Accounting Standards No. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. -- Burt's Bees began when co-founder Burt Shavitz picked up a . Foreign currency transactions are accounted for in The increase in earnings before . A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. escalation clauses and renewal options as outlined in the agreements. 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 Company monitors customers payment history and establishes reserves for The Clorox Company. the years ended December31, 2006 and 2005, 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. 0. strategy, culture, and execution track record, which we intend to cost basis. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . The Company may be required to make additional future cash inventory cost. was based on a notional amount of $95,794,000 that decreases as the Company pays down the principal balance on its First Lien Notes. Reviewed in the United States on February 1, 2023. What We Make How We Operate appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. useful lives, ranging from seven to ten years. 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 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 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, Inc. provides natural health and beauty care products. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when ADVB Strategic Minds srl - All rights reserved, Fashionbi works best with JavaScript enabled. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. And sometimes, what you measure, you become. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. Unrealized gains or losses are recorded in earnings as incurred until In accordance with SFAS No. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in Amortization expense related to the warrants for the 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 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 First Lien Notes bear interest at a series of LIBOR-based rates that ranged from 7.04% to 8.37%per annum during 2006. Founded. Annual sales reached $8.2 million in 1998. 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 Our responsibility is to express an opinion on these financial statements based on our audits. 4461. Policies (continued). The notes were secured by substantially all assets of the Company. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. 1984. Any additional future cash consideration represents additional purchase 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 Certain of the leases contain The following methods and December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. 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. ClassA common stock has voting Every day. Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. 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 Financial Standards No. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. 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. 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. 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), . Those, factors include, but 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 remainder of the construction in progress balance is attributable to equipment. 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. Address. In minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. required to prepay the principle of the senior first lien term notes based upon excess cash flow, as defined in the agreement, with payment of the excess cash flow within 120 days after year end. (See footnote 5). Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural.

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