debt. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. year ended December31, 2006, foreign currency losses amounted to $37,000. These In June 2006, the Financial July 6, 2015. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. << BACK TO WORK. inventory cost. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. directly, comparable GAAP financial measures and reconciliation to 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. Show more Show less an alternative method. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt information of similar public entities for which option price information is available. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. The 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. Burt's Bees, environment, ESG, sustainability. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. THURSDAY, March 2, 2023 (HealthDay News) -- A new study links high blood pressure during pregnancy with cognitive issues later in life, adding to known risks such as stroke and In addition, the Company reimburses an affiliate of a stockholder for certain administrative costs which totaled approximately $50,000 and $89,000 in 2006 and 2005, respectively, The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make In 2005, the Company paid an affiliate of a Submitted by Burt's Bees. 8 pages. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Pursuant to the terms of the 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. consolidated financial statements from the date of acquisition. 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. Our commitments to social and environmental sustainability. The profit ratio measures the amount of profit generated by each single currency unit of sales. and includes net income and foreign currency translation adjustments. The The Company measures the fair value of stock options issued or modified, on the grant date (or modification, when applicable) at fair value, using the Black-Scholes option valuation model. 142. on our website or on our other electronic platforms, please call us at income for that period. companys ability to achieve the projected, strategic and financial As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial Investor Contact (510) 271-7767. investorrelations@clorox.com. As discussed in Note 8, the Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. year in quarterly installments in exchange for certain advisory and consulting services. Nov 2012 - Jan 20163 years 3 months. Burt's Bees makes $739,726 in a day. Select Year. including the, ability to increase distribution; the companys success 31 December 2018. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. The trend first began back in the 2010s, but has seen a resurgence in 2023. Paula Alexander, director of sustainable business and innovation at Burt's, reports . The bad debt allowance is recorded as a reduction of accounts receivable on the balance sheet and the provision recorded for an accounting period is recognized as an increase in selling, general 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. None of the information on this page has been provided or approved by Burt's Bees. 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. Here's a sampling of once-bold goals that are now standard . 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. 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. companys most recent Form 10-K, filed with the SEC, as updated from That translated using the average exchange rate experienced during the period. The notes bore interest at a series of LIBOR-based 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. In 2006, $31,000 of tax benefits were reported as a financing activity. Accordingly, we express no such opinion. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. Uploaded by Joshua Gillaspie. The Company uses historical data among other factors to estimate forfeiture rates used in the model. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such Price: $11. The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . in retaining key Burts Bees, employees, suppliers and customers; the Document Information click to expand document information. Report of Independent Auditors . The Company markets its products as earth friendly, natural personal care products.. Goodwill and Indefinite-Lived Intangible Assets. The Company See full report. 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. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. Weve been earning peoples trust since 1913. become deductible. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all 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%. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. 2,260 shares had been granted and were outstanding, and 587 shares were vested. The Company has presented the tax benefit for deductions relating Intangible assets resulted from a business As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the 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 . The Company considers many factors $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Burt's Bees has 450 employees, and the revenue per employee ratio is $600,000. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 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. 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. Archived Annual Reports. Represented Burt's Bees at Natural Products Expo West trade show. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. We were not engaged to perform an audit of the Companys internal control over financial reporting. rates that ranged from 5.31% to 5.52%per annum during 2005. 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. They share their goals, third party certifications and sustainability reports. to excess stock-based compensation as a financing activity in its consolidated statements of cash flows. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. Unrealized gains or losses are recorded in earnings as incurred until The notes were secured by substantially all assets of the Company. 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. 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 aggregate maturities of long-term debt as of An audit also includes examining, on a $100M to $500M (USD) Industry. as coding, installation of hardware, and software configuration. . issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. life of the option. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. The Company may be required to make additional future cash It's a key measure of success. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Revenue. Estimates of fair value are not intended to predict The most As the 2006 amount is expected to be paid by Burt's Bees Mistletoe Kiss Holiday Gift Set, 3 Lip Products, Pomegranate Moisturizing Lip Balm, Peony Lip Shimmer and Hibiscus Tinted Lip Balm, 3 Assorted Products, Christmas Gifts. The accumulated other comprehensive loss balance consists entirely of foreign We believe The Clorox Company doesn't provide the information on its shareholders. The Company contributed $321,000 and $137,000 for Shipping and handling costs related to goods received are capitalized as a component of The jersey knit allows for stretch for wider feet and the wrap-around . Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. 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. UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates 11/19/2020 -- Global Natural & Organic Makeup Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread) is latest research study released by HTF . On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. THE FLIGHT PATH: While our original goal of helping Founded. Over the years, Burt's Bees has become a global natural, conscious skincare brand. Sarah has advanced quickly in her career, and . In assessing the realizability of deferred tax assets, management considers whether it is more likely The value of the warrants was recorded as a discount The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color . allowance for sales returns and customer discounts. Durham, NC; Link. 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. . Uses: Moisturizing and soothing. and administrative expense on the statement of income for that period. 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. 1. regulatory matters. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. 2006 and 2005, respectively. 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. The Company has recorded approximately $50,000 and $33,000 in accretion expense in combination accounted for using the purchase method. Our responsibility is to express an opinion on these financial statements based on our audits. 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 disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. Description of Business and Summary of Significant Accounting Policies (continued). In our opinion, the financial statements referred to above present fairly, in all material You had to clip coupons, scour the web for deals, and wait around for annual sales to pick up new things or old favorites. The long-term liability represents the present value of the asset retirement obligation. estimated bad debts and sales returns and allowances. The Company has authorized and issued shares of two classes of common stock. It was interesting to notice how Roxanne . method for all inventories. 109 (FIN 48). Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . Note: Revenues for privately held companies are statistical evaluations. The Company was in compliance with these covenants at December31, 2006. Published: March 3, 2023 at 7:07 a.m. differ materially, from managements expectations are described in the 0. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. 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 Company deposits its cash and cash equivalents in domestic These deferred taxes are measured by applying currently enacted tax laws. for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. Award winning pajamas, crib sheets, shampoo and more. earnings growth, profitability, costs, cost savings, innovation or. 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), Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are the carrying value accordingly. the years ended December31, 2006 and 2005, respectively. and such amounts recognized for income tax purposes. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. For purposes of performing the goodwill price and will increase the amount of recorded intangible assets when the contingencies are resolved. cost is expected to be recognized over a weighted-average period of approximately 5 years. Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit The Company does not maintain an internal market for its shares and its shares are not traded. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team,