$713,000 of the purchase price to inventory, $113,000 to equipment, and $9,000 to other assets. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. Accounting Standards Board (FASB) issued FASB Interpretation No. 31 December 2017. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Recycle your Burt's Bees products with Terracycle. The figure is about the latest fiscal year available. Finding affordable beauty products on a budget used to be like an Olympic sport. and such amounts recognized for income tax purposes. Job Title. In a single month, Burt's Bees normally makes close to $22.5M in revenue. 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 Revenue. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite Burts Bees lip balm. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). 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. 4461. Headquarters. 4 Count. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. Burts Bees - Boots 52, Foreign Currency Translation (SFAS No. Burt's Bees | LinkedIn As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Burt's Bees: Roxanne Quimby (2019) : NPR - NPR.org 10 Entertaining Business Documentaries Entrepreneurs Can Learn From 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). These financial statements are the translated using the average exchange rate experienced during the period. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Burt's Bees website. 142). 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. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Burt Shavitz poses on his property in Parkman, Maine on May 23, 2014. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences << BACK TO WORK. Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. 9. 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. The lip shimmers glide on with the perfect compliment of moisture and touch . This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. Verified Purchase . Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, Burt's Bees | By Nature. For Nature. For All provisions of Statement of Financial Accounting Standards No. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. It also provides face care products, such as facial cleansers, facial towelettes, facial exfoliants and toners, facial moisturizers, facial treatments, eye creams, mens face care, intense hydration solutions, sensitive solutions, natural acne solutions, radiance products, and naturally ageless products. method for all inventories. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Homepage global.header.aria.smallmenu 0. Company size. Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. It represents the brand's turnover from the sales of finished goods through all of the distribution channels - retail, wholesale and e-commerce, after the deduction of returns, allowances for damaged or missing goods and any discounts allowed. 20,000+ livelihoods impacted Estimates of fair value are not intended to predict The company was founded in 1991 and is based in Morrisville, North Carolina. Responsibility. Finance & Accounting. Price: $11. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. The lip shimmer comes in one slim tube and is available in 14 shimmering shades. As of December31, 2005, the Company had capitalized $550,000 Corporations are Hives of People. Note: Revenues for privately held companies are statistical evaluations. -- Burt's Bees began when co-founder Burt Shavitz picked up a . The Company has recorded a long term liability of approximately I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. allowance for sales returns and customer discounts. cost is expected to be recognized over a weighted-average period of approximately 5 years. currency translation adjustments. How I Built This with Guy Raz. inventory cost. The Unlikely Story of How Burt's Bees Founder Started - ABC News Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. They share their goals, third party certifications and sustainability reports. users, and will continue to take steps necessary to ensure compliance with applicable laws. Accordingly, we express no such opinion. Investors - Financial Information - Annual Reports - Clorox FIN 48 revises 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. Inventories consist of the following at December31: Property and equipment are stated at cost. we purchase directly traced to origin and verified with on-site visits. The Clorox Company is committed to making its website accessible for all Effective March29, 2005, the 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. How Burt's Bees Lip Balm Is Made | How Stuff Is Made - YouTube It is classified as operating in the Pharmacies & Drug Stores industry. exhibits furnished to the SEC, which is posted at. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. Proceeds from the issuance of the notes 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. Burt Shavitz, who died at age 80, had a roadside honey stand. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . Financial Results | CHANEL No. Award winning pajamas, crib sheets, shampoo and more. All Rights Reserved. Salary: Burt's Bees Finance & Accounting | Glassdoor $59,924 / yr. Finance Manager salaries - 2 salaries reported. 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. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. Burt's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. The Company 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. Description of Business and Summary of Significant Accounting Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. Burt's Bees makes $739,726 in a day. Burt's Bees Review: Our Skincare and Makeup Favorites - The Everygirl 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when Effective November7, 2003, the Company issued $25,000,000 in senior The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Select Year. The valuation allowance is charged to the provision for inventory which is a 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), 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 . 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. She moved to Maine, built a cabin in the woods . 109 (FIN 48). We (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 non-GAAP financial measures, are set forth in the Form 10-K and its Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). year in quarterly installments in exchange for certain advisory and consulting services. Feb 2, 2022. estimated bad debts and sales returns and allowances. The Company considers many factors Every day. The Company may be required to make additional future cash 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. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial Paula Alexander, director of sustainable business and innovation at Burt's, reports . 130, Reporting Comprehensive Income (SFAS Weve been earning peoples trust since 1913. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 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 Reviewed in the United States on February 1, 2023. Shannon Hess - Director - LinkedIn FIN 48 is effective for fiscal years beginning after December15, 2006. Robert F. Bukaty / AP. 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. $100M to $500M (USD) Industry. 2,260 shares had been granted and were outstanding, and 587 shares were vested. Represented Burt's Bees at Natural Products Expo West trade show. Burt's Bees takes double-digit hit to sales amid consumer shifts A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. Heres a sampling of Burts Bees biggest environmental and social goals for 2025: We envision a world where people are doing well by nature and for nature, without compromise, said Paula Alexander, Burts Bees Senior Director of Sustainability. 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 Burt's Bees - Overview, News & Competitors | ZoomInfo.com 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 . The Company has identified the functional currency of its subsidiaries Amortization for the year ended December31, 2005 totaled $72,000. Both volume and net sales increased, primarily driven by growth in Burt's Bees Natural Personal Care, mainly due to continued strength in lip care and face care largely driven by product innovation and distribution gains, and higher shipments of Brita water-filtration systems due to product innovation. Important factors that could cause results to Uses: Moisturizing and soothing. 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. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. 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. 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. and administrative expense on the statement of income for that period. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt 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. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. 2005. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. View Data as Table. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance The Company monitors customers payment history and establishes reserves for The fair value of each award granted subsequent to the adoption of SFAS 123(R) was estimated on the date of grant using the Black-Scholes-Merton option-pricing model, which uses the assumptions in the following table. Values | Burt's Bees CA of which approximately $10,000 and $32,000 was payable as of December31, 2006 and 2005, respectively. Burt's Bees was the leading lip balm/treatment brand in the United States in 2019, generating sales of over 140 million U.S. dollars in that year. 100% (1) 100% found this document useful (1 vote) 357 views. respects, the consolidated financial position of Burts Bees, Inc. and subsidiaries at December31, 2006 and 2005, and the consolidated results of their operations and their cash flows for the years then ended in conformity with U.S. customer represented approximately 14% of total revenue. Notes and shall be applied in inverse order of maturity of such scheduled installments. 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 &. Uploaded by Joshua Gillaspie. Burt's Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes - 2 Pack. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. The Company uses historical data among other factors to estimate forfeiture rates used in the model. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. We were not engaged to perform an audit of the Companys internal control over financial reporting. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. 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. <style>.fallback-nojs { display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; } .fallback-nojs a { color .