The Company monitors customers payment history and establishes reserves for LIP CARE: Add a hint of sheer, pretty red color with Burts Bees Red Dahlia tinted lip balm for a natural, everyday look, MOISTURIZER: Hydrate and sooth dry lips with naturally moisturizing Shea butter and botanical waxes, LONG LASTING: Just one swipe of this conditioning lip balm leaves your lips smooth and nourished for up to 8 hours, ALL NATURAL: Enriched with 100% natural ingredients, this Burts Bees lip balm is formulated without parabens, phthalates, petrolatum or SLS, TINTED LIP BALM: Let this fabulously flattering shade enhance your natural lip and add a smooch of color, LIP CARE: Renew your lips with Burts Bees Moisturizing Lip Balm in six naturally nourishing flavors: Original Beeswax, Coconut &, Pear, Vanilla Bean, Mango and Wild Cherry, MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burts Bees lip balm, LIP BALM 6 PACK: Whether youre looking for the refreshing tingle of Original Beeswax or a pop of fruity flavor, Burts Bees knows how to naturally beautify and revitalize your lips. 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. Reviewed in the United States on February 1, 2023. The Company On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the GLSEN Partners with Burt's Bees for LGBT Pride Month How Burt's Bees Lip Balm Is Made | How Stuff Is Made - YouTube Health and wellness is not only our past and present, it's our future. 10/31/07, markets; look to enter new, high-potential markets, Burts Bees has a strong management team, December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. Infant Death Linked to Contaminated Breast Pump: CDC NATURAL: Give the gift of nourishment with this Burts Bees gift set made with natural ingredients that soften and hydrate dry skin from head to toe. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) 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 . 130, Reporting Comprehensive Income (SFAS The jersey knit allows for stretch for wider feet and the wrap-around . 100% organic cotton baby clothes, bedding, bath, bodysuits, rompers, jumpsuits and the ultimate baby shower gift selection. . The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. 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. Address. Represented Burt's Bees at Natural Products Expo West trade show. Manufacturing. The accompanying consolidated financial statements include the accounts of Burts Bees, Inc., and its wholly owned subsidiaries including Burts Bees International Holdings Inc., the wholly owned parent company of Burts Bees Best for: Sensitive skin. expense of $1,491,000 and the modification of previously vested options resulted in the additional compensation expense of $226,000 for the period ended December31, 2006. UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. Recycle your Burt's Bees products with Terracycle. accordance with Statement of Financial Accounting Standards No. recognition and attribution provisions of SFAS 123(R). The valuation allowance is charged to the provision for inventory which is a Founded. Prior to adoption, the Company used the responsibility of the Companys management. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. Estimates of fair value are not intended to predict Report of Independent Auditors . Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. 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. 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. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Burt's Bees >. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. The Company has recorded approximately $50,000 and $33,000 in accretion expense in consolidated financial statements from the date of acquisition. Effective November7, 2003, the Company issued $25,000,000 in senior year in quarterly installments in exchange for certain advisory and consulting services. Our responsibility is to express an opinion on these financial statements based on our audits. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. of its leases. clx-20200630_d2 - SEC At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. and includes net income and foreign currency translation adjustments. Burt's Bees takes double-digit hit to sales amid consumer shifts 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. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. Certain of the leases contain 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. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; adopting FIN 48 on its consolidated financial statements. goodwill and certain intangibles. The Company uses historical data among other factors to estimate forfeiture rates used in the model. 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. 5.0 out of 5 stars Perfect for sensitive skin. We believe Annual Report on Burts Bees's Revenue, Growth, SWOT Analysis 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 become deductible. 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. attached document, including, statements about the success of the Initially, I had some trepidation about painting bees on the side of Burt's Bees Global Headquarters - the historic Hill Building at the American Tobacco Campus in downtown Durham, NC. - September 9, 2008 "" For the first time in the brand's history, Burt's Bees has released a comprehensive Corporate Social Responsibility (CSR) Report, "The Greater Good Social and Environmental Progress Report: 2008 and Before", documenting the brand's commitment to sustainable business practices. We champion people to be well and thrive every single day. to be outstanding. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. 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. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. 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. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. 31 December 2018. 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 profit ratio measures the amount of profit generated by each single currency unit of sales. 48 Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. Burt's Bees Review: Our Skincare and Makeup Favorites - The Everygirl Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. 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. 1984. In accordance with SFAS No. Note: Revenues for privately held companies are statistical evaluations. Integrated Annual . 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 Leasehold improvements are amortized using the straight-line basis over the shorter of the lease combination accounted for using the purchase method. Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash equivalents and accounts receivable. The value of the warrants was recorded as a discount Baby and Toddler Wear Market 2023 Will Provide Report Analysis that quickly emerging as one of the [Consumer Goods] category in the industry, by Type . On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the Actual results could differ from those estimates. Award winning pajamas, crib sheets, shampoo and more. PDF Burt'S Bees 2020 Sustainability Goals Update 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. At December31, 2006, Verified Purchase . FREE delivery Tue, Feb 28 on your first order. 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: Are they Greenwashing? - Sustainably Savvy In 2005, the Company amended one ClassA common stock has voting Buzzkill: Don't Try the Burt's Bees TikTok Trend disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. Press Release of The Clorox Company announcing acquisition agreement As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which 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 "We remember him as a bearded, free . Interest payments on the notes were due quarterly and principal was payable on November7, 2010. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . Archived Annual Reports. The Company has authorized and issued shares of two classes of common stock. What We Make How We Operate The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. The notes are secured by is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. component of cost of goods sold. Burt's Bees website. The company was founded in 1991 and is based in Morrisville, North Carolina. LIP CARE: Renew your lips with Burt's Bees Moisturizing Pink Grapefruit Lip Balm bursting with juicy goodness; MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burt's Bees lip balm; SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all . The Company incurred debt issuance costs of $769,000 in connection with this issuance. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. (see exact revenue data). December31, 2006 and 2005, related to this management agreement. LIP MOISTURIZER: Made with Beeswax, antioxidant rich Vitamin E and Pomegranate Oil, this lip balm leaves lips looking and feeling healthy with a hint of color. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of financial institutions. 52). Inclusion, diversity, equity and allyship. In our opinion, the financial statements referred to above present fairly, in all material Sales are recorded net of an estimated method for all inventories. The Company 130), which requires the Company to report and display certain information related to comprehensive income. Income taxes are accounted for pursuant to Statement of 210 West Pettigrew Street. 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. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. 2006 and 2005, respectively. 142 requires the use of a non-amortization approach to account for purchased earnings growth, profitability, costs, cost savings, innovation or. rates that ranged from 5.31% to 5.52%per annum during 2005. All intercompany accounts and transactions have been eliminated in consolidation. 123(R), Share-Based Payment, to account for stock-based compensation. 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. . We Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. We were not engaged to perform an audit of the Companys internal control over financial reporting. Inventories are stated at the lower of cost or market. customer represented approximately 14% of total revenue. The allocation of the purchase price, including transaction costs, resulted in the They share their goals, third party certifications and sustainability reports. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the For the Shipping and handling costs related to goods shipped are classified as cost of goods sold. Clean: Yes. 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. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. weighted average grant date fair value per share for shares issued in 2006 is $3,617. << BACK TO WORK. 10 Entertaining Business Documentaries Entrepreneurs Can Learn From Durham, NC 27701. burtsbees.com. Burt's Bees | By Nature. For Nature. For All 12 cute booties to help keep your baby's feet warm | KLFY.com Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of It's a key measure of success. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 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.