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Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. The Company has elected to perform its annual impairment test as of December31 of each calendar year. than not that some portion or all of the deferred tax assets will not be realized. The carrying amounts approximate fair value because the variable interest rates are based on LIBOR, as 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. He was 80. It is classified as operating in the Pharmacies & Drug Stores industry. Published: March 3, 2023 at 7:07 a.m. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. A luscious but pricey tinted lip balm in a dozen colors: Fresh Sugar Lip Treatment Sunscreen SPF 15. Pursuant to the terms of the After extensive research and analysis, Zippia's data science team found the following key financial metrics. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such minimum-value method to measure compensation cost for employee stock options under SFAS 123 for pro forma disclosure. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt method for all inventories. As the 2006 amount is expected to be paid by Sarah has advanced quickly in her career, and . 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. Burt's Bees lip balm targeted over 'all natural' label, The Clorox Company Signs 47-Megawatt Virtual Power Purchase Agreement, The Clorox Company today announced the launch of a new initiative to advance environmental justice. It's bad for your eyes, according to a Michigan Medicine expert. 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. $170 million (est.) It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. These options have an exercise price of $8,360 per share, generally a graded vesting period of five years or 20% vested per year, and generally an expiration date ten allowance for sales returns and customer discounts. statements. began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. Formulated without parabens, phthalates . With the net proceeds of the First Lien Notes on March29, 2005, the Board of Directors approved a cash dividend of $5,842 per ClassA common share totaling Weve been earning peoples trust since 1913. The trend first began back in the 2010s, but has seen a resurgence in 2023. 109 (FIN 48). The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. The value of the warrants was recorded as a discount earnings growth, profitability, costs, cost savings, innovation or. as coding, installation of hardware, and software configuration. The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of $217,000 and $206,000 as of December31, 2006 and 2005, respectively. Essay on Burt's Bees annual report. component of cost of goods sold. year ended December31, 2006, foreign currency losses amounted to $37,000. When expanded it provides a list of search options that will switch the search inputs to match . The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys Our employees put in more than 2500 volunteer hours annually to support our community partners. Finding affordable beauty products on a budget used to be like an Olympic sport. become deductible. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. Burt's Bees >. Description of Business and Summary of Significant Accounting Policies (continued). 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. 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. When the brand set these sustainability goals more than five years ago, they were ambitious. 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. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. 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 swap matures on March31, 2008. Submitted by Burt's Bees. 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 . Kathleen M. Sarnes. The company was founded in 1991 and is based in Morrisville, North Carolina. consumer was asked about one other random company from which they had purchased personal care items; Core is a weighted average of Tom's (n=81), Kiss My . NPR's Elizabeth Blair reports that Shavitz's death resulted from . These notes were repaid on March29, CHECK PRICE. Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of 2,260 shares had been granted and were outstanding, and 587 shares were vested. By Liz Thach, MW Contributor Nov 6, 2022 users, and will continue to take steps necessary to ensure compliance with applicable laws. appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Effective January1, 2006, the Company 210 West Pettigrew Street. in the Investors/Financial Information/SEC Filings section. See full report. 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 Goodwill and Indefinite-Lived Intangible Assets. Burt's Bees is an interesting case, which discusses the success story of an all natural skin care company. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. we purchase directly traced to origin and verified with on-site visits. Clean: Yes. Report of Independent Auditors . 2006 and 2005, respectively. 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). Effective November7, 2003, the Company customer represented approximately 14% of total revenue. The Company amortizes the 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. 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. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. FRIDAY, March 3, 2023 (HealthDay News) -- Don't put lip balm on your eyelid, even if you saw it on TikTok. 9. Burts Bees 100% Natural Moisturizing Lip Balm, Original Beeswax with Vitamin E & Peppermint Oil4 Tubes (Packaging May Vary), Burts Bees Mama Bee Belly Butter, Fragrance Free Lotion, 6.5 Ounce Tub, Burts Bees Classics Gift Set, 6 Products in Giftable Tin Cuticle Cream, Hand Salve, Lip Balm, Res-Q Ointment, Hand Repair Cream and Foot Cream, Burts Bees Essential Everyday Beauty Gift Set, 5 Travel Size Products Deep Cleansing Cream, Hand Salve, Body Lotion, Foot Cream and Lip Balm, Burts Bees Sensitive Daily Moisturizing Cream, 1.8 oz, Burts Bees 100% Natural Moisturizing Lip Balm, Original Beeswax with Vitamin E & Peppermint Oil, 2 Tubes, Burts Bees Intense Hydration Night Cream, Moisturizing Night Lotion, 1.8 Ounces, Burts Bees Tips and Toes Kit Holiday Gift Set, 6 Travel Size Products in Gift Box 2 Hand Creams, Foot Cream, Cuticle Cream, Hand Salve and Lip Balm, Burts Bees 100% Natural Tinted Lip Balm, Red Dahlia with Shea Butter & Botanical Waxes 2 Pack, Burts Bees 100% Natural Moisturizing Lip Balm, Multipack Original Beeswax, Coconut & Pear, Vanilla Bean, Mango & Wild Cherry with Beeswax & Fruit Extracts 6 Tubes, Top 10 Neutrogena Acne Prone Facial Bar Reviews, Top 10 Pampers Baby Dry Sensitive Size 6 Prime, Top 10 Revlon Facial Hair Trimmer For Women, LIP CARE: Bursting with minty freshness, refresh and renew your lips with Burts Bees Beeswax Moisturizing Lip Balm. 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. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. Accounting Standards Board (FASB) issued FASB Interpretation No. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. Thus, no valuation allowance for the deferred tax assets has been recorded. 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. "The Burt's Bees brand is well-anchored in sustainability and health and wellness, and we believe it will benefit from natural and "green" tailwinds . the carrying value accordingly. Revenue. The valuation allowance is charged to the provision for inventory which is a Amortization recorded during the year ended In accordance with SFAS No. Additionally, the Company allocated 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. adopting FIN 48 on its consolidated financial statements. Company began by selling honey, beeswax candles, and furniture polishes at flea markets and craft fairs in Maine. $94,279,000. 109, Accounting for Income Taxes (SFAS 109). We believe Therefore, the Company estimates volatility based upon interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Foreign currency transactions are accounted for in The company was founded in 1991 and is based in Morrisville, North Carolina. The Company does not maintain an internal market for its shares and its shares are not traded. Accordingly, we express no such opinion. The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. In UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. responsibility of the Companys management. . In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. Available in: Lip Care and Lip Care with Colour, Mama Bee, Baby Bee, Hand and Body Care. The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. 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 . The Company with foreign operations as the applicable local currency. The profit ratio measures the amount of profit generated by each single currency unit of sales. In our opinion, the financial statements referred to above present fairly, in all material to be outstanding. The value given is the amount of sales needed to generate one currency unit of post tax profit. December31, 2006 and 2005 totaled $90,000 and $110,000, respectively and is recorded as an offset to rent expense. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, 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. 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. recognition and attribution provisions of SFAS 123(R). Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. 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. It includes the overall revenue of the company, considering not only the sales of finished goods, but all of the sources of the company income. On March23, 2005, the warrants were exercised into 308 shares of ClassA common stock and the Interest is payable quarterly and the entire principal balance is due on March29, 2012. FREE delivery Tue, Feb 28 on your first order. At December31, 2006, two customers represented approximately 27% and 14% of accounts receivable. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 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 $1.5 million+ in grants and product donations. Burt's Bees Lip Balm, Moisturizing Lip Care Valentine's Gift for Men & Women, 100% Natural, Original Beeswax with Vitamin E & Peppermint Oil 0.15OZ 4.25g 2 Tubes No reviews 780 780 1,200 1,200 (35% off) 45% of oils, waxes and butters. The Company has recorded approximately $50,000 and $33,000 in accretion expense in Stock Reserved for Future Issuance. Burt Shavitz, who died at age 80, had a roadside honey stand. The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). 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 or permit assets or liabilities to be measured at fair value and, while not requiring new fair value measurements, may change current practices. $100M to $500M (USD) Industry. non-GAAP financial measures, are set forth in the Form 10-K and its generally accepted accounting principles. Common stock, ClassA voting, $0.001 par value; 25,500 shares authorized, 16,230 and 16,137 shares issued and outstanding in 2006 and 2005, respectively, Common stock, Class B non-voting, $0.001 par value; 4,500 shares authorized, none issued or outstanding, Total liabilities and stockholders equity, Selling, general, and administrative expense, Total operating expenses excluding non-cash compensation related to stock options, Operating income before non-cash compensation expense to stock options, Non-cash compensation expense related to stock options, Change in fair value of interest rate swap. The Company uses historical data among other factors to estimate forfeiture rates used in the model. As of December31, 2006, the Companys interest rate swap The lip shimmers glide on with the perfect compliment of moisture and touch . Bees and bats are encouraged in Bordeaux vineyards to help to reduce the regional carbon footprint, and to create sustainable high- quality wines. A federal judge in California has ruled against Burt's Bees' request for the dismissal of a class action lawsuit accusing it of misleadingly labeling some of its products as "100% natural.". In Common Stock and Common 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. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. (SFAS 141). Address. This annual report highlights their mission statement and shares stories from their customers who love the products. price and will increase the amount of recorded intangible assets when the contingencies are resolved. 45 ($17.42/Ounce) $9.93 with Subscribe & Save discount. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which Reviewed in the United States on February 1, 2023. The following methods and 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 Companys existing recorded assets and liabilities were deemed to approximate at fair value at the date of investment, and the balance sheet did not change significantly between the transaction date and December31, 2023 The Clorox Company. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today.