Position 98-1, Accounting for Costs of Computer Software Developed or Obtained for Internal Use. The Company has recorded a long term liability of approximately 8 pages. Represented Burt's Bees at Natural Products Expo West trade show. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Burt's Bees | 27,963 followers on LinkedIn. Those, factors include, but Durham, NC. Uses: Moisturizing and soothing. of its leases. earnings growth, profitability, costs, cost savings, innovation or. (see exact revenue data). provisions of Statement of Financial Accounting Standards No. The Company has identified the functional currency of its subsidiaries FIN 48 prescribes a comprehensive model for how a company Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. NPR's Elizabeth Blair reports that Shavitz's death resulted from . A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. become deductible. Note: Revenues for privately held companies are statistical evaluations. The Clorox Company is committed to making its website accessible for all will realize the benefits of these deductible differences. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). 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). should recognize, measure, present and disclose in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return (including a decision whether or not to file a return in a particular jurisdiction). Interest is payable quarterly and the entire principal balance is due on March29, 2012. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. Weve been earning peoples trust since 1913. 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. We are CarbonNeutral certified. 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 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. Inventories are stated at the lower of cost or market. Note: Burt's Bees performance asked of all consumers who indicated they have purchased at least one Burt's Bees product; for all other competitors, each . the swap matures on March31, 2008. December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. 20,000+ livelihoods impacted The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and - 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. 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. Accounts receivable are derived from revenue Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. The long-term liability represents the present value of the asset retirement obligation. It was interesting to notice how Roxanne . Shop our selection of Burt's Bees natural personal care products, including skin care products, lip balms, lip colour products, soaps, lotions, natural baby products, and more. 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 notes were repaid on March29, 2005. The aggregate maturities of long-term debt as of translated using the average exchange rate experienced during the period. Company size. Headquarters. "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 . 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. 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 Revenue. Submitted by Burt's Bees. common stock, thus resulting in a change of control. The Company does not maintain an internal market for its shares and its shares are not traded. debt. Burt's Bees >. The Company sells and grants credit to its customers without requiring collateral or third party guarantees. increased the amount of authorized ClassA shares reserved to 2,681. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. $100M to $500M (USD) Industry. Nov 2012 - Jan 20163 years 3 months. Policies (continued). 501 to 1,000. Feb 2, 2022. Homepage global.header.aria.smallmenu 0. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The allocation of the purchase price, including transaction costs, resulted in the 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. than not that some portion or all of the deferred tax assets will not be realized. Proceeds from the issuance of the notes 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. 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 was founded in 1991 and is based in Morrisville, North Carolina. 142, Goodwill and Other Intangible Assets (SFAS No. Certain amounts in the 2005 financial statements have been reclassified to conform to the 2006 presentation. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences 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. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. An . 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. The Company incurred debt issuance costs of $769,000 in connection with this issuance. that our audits provide a reasonable basis for our opinion. Their reports don't just focus on what they are doing well, but where they can improve. escalation clauses and renewal options as outlined in the agreements. ClassA common stock has voting 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 But our team has been vetting one affordable makeup and skincare brand lately, and y'all, I don't . 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 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. This prepayment permanently reduces the First Lien on the First Lien Notes. These 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. life of the option. At Revenue and expense accounts are In Shop the best for newborns, babies and toddlers. Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. The increase in earnings before . The Company has presented the tax benefit for deductions relating The Company has recorded approximately $50,000 and $33,000 in accretion expense in Founded in 1989, the using fair value to measure assets and liabilities. Cost is determined using the first-in, first-out The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). 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. Clean: Yes. Negative values mean that the company has a negative level of post tax profit. cost is expected to be recognized over a weighted-average period of approximately 5 years. Award winning pajamas, crib sheets, shampoo and more. Select Year. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . The cost of the transaction attributable to the new ownership has been pushed down to the financial statements of the Company and allocated to the fair substantially all the assets of the Company. adopting FIN 48 on its consolidated financial statements. Adjustments resulting from the translation of the Companys subsidiaries financial statements from its functional currency to the United States dollar are not included in RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) Amortization recorded during the year ended Actual results could differ from those estimates. value of the assets acquired and liabilities assumed with the excess recorded as goodwill, in accordance with the purchase accounting methodology set forth in Statement of Financial Accounting Standards No. Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. Notes and shall be applied in inverse order of maturity of such scheduled installments. exhibits furnished to the SEC, which is posted at. 142). Focused on delivering long-term investor returns through a committment to ESG. Sarah has advanced quickly in her career, and . 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. Our responsibility is to express an opinion on these financial statements based on our audits. 109, Accounting for Income Taxes (SFAS 109). 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. directly, comparable GAAP financial measures and reconciliation to 1. The figure is about the latest fiscal year available. Reviewed in the United States on February 1, 2023. For the The 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. SFAS 157 applies whenever other pronouncements require currency translation adjustments. recognition and attribution provisions of SFAS 123(R). She moved to Maine, built a cabin in the woods . Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. FIN 48 revises (See footnote 5). In September 2006, the FASB issued Statement of Financial Accounting Standards No. 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), when estimating expected forfeitures, including the employee class and historical experience. Investor Contact (510) 271-7767. investorrelations@clorox.com. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make The Companys operations are subject to and affected by federal, state and local laws and regulations relating to the environment, health and safety and other 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. performance targets, as defined in the agreement. He was 80. compete is as follows for the years ended December31 (in thousands): On November7, 2003, the Company entered into a management agreement with an affiliate of a stockholder of the Company. The Company The Company monitors customers payment history and establishes reserves for The Company markets its products as earth friendly, natural personal care products.. 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 is an unusual concept but the founder Roxanne Quimby saw the market for such a product and immediately started acting upon this opportunity to create the best skin care company in the world.