All intercompany accounts and transactions have been eliminated in consolidation. 142). 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, The Company estimated that its excess cash flow was $4,900,000 and $1,723,000 as of December31, 2006 and 2005. 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 issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. 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. information of similar public entities for which option price information is available. Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. cost is expected to be recognized over a weighted-average period of approximately 5 years. that our audits provide a reasonable basis for our opinion. Best for: Sensitive skin. None of the information on this page has been provided or approved by Burt's Bees. In 2005, the Company amended one "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 . As the 2006 amount is expected to be paid by No. Weve been earning peoples trust since 1913. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. 1984. strategy, culture, and execution track record, which we intend to The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. 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. rates that ranged from 5.31% to 5.52%per annum during 2005. Our commitments to social and environmental sustainability. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. Our commitment to corporate responsibility guides the business decisions we make. The Company expenses costs of advertising and promotional costs as incurred. It's bad for your eyes, according to a Michigan Medicine expert. Revenue and expense accounts are financial institutions. This button displays the currently selected search type. Additionally, the Company allocated Burt's Bees Sustainability. defined in the note agreements. The assumptions for the Black-Scholes-Merton model used in determining the fair value of options granted to employees for the year ended December31, 2006 were: The option-pricing model uses a forecast of the volatility of the Companys common stock during the expected Award winning pajamas, crib sheets, shampoo and more. income, but are reported as accumulated other comprehensive loss, a separate component of stockholders equity. 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 is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. 9. For years, Burt's Bees has been a bright spot on the firm's earnings reports. Description of Business and Summary of Significant Accounting Policies (continued). UNSCENTED LOTION: This fragrance free belly butter gently and safely moisturizes as your belly and skin stretch during pregnancy. currency translation adjustments. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of - 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. Effective January1, 2006, the Company SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. 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. customer represented approximately 14% of total revenue. Focused on delivering long-term investor returns through a committment to ESG. "We remember him as a bearded, free . As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and subordinated notes payable. interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. BURTS BEES GIFT SET: This gift set includes 5 favorite Burts Bees skin care products that come in a giftable box perfect for stocking stuffers during the holidays to nourish skin during the harsh winter months. The Company monitors customers payment history and establishes reserves for of its leases. In 501 to 1,000. Important factors that could cause results to Negative values mean that the company has a negative level of post tax profit. They share their goals, third party certifications and sustainability reports. The allocation of the purchase price, including transaction costs, resulted in the least one Burts Bees product; for all other competitors, each, consumer was asked Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. An interim goodwill From honeycomb to production line, we explore how this beloved natural product i. 9. Cost is determined using the first-in, first-out Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are 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. The Clorox Company doesn't provide the information on its shareholders. Description of Business and Summary of Significant Accounting 141, Business Combinations THE FLIGHT PATH: While our original goal of helping 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. Recycle your Burt's Bees products with Terracycle. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease and administrative expense on the statement of income for that period. The notes were secured by substantially all assets of the Company. 2003. What We Make How We Operate 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 The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The following methods and Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes The Company applies the provisions of Statement of Financial Accounting Standards No. Thank you! Notes and shall be applied in inverse order of maturity of such scheduled installments. Burt's Bees in Moses Lake, WA Expand search. Goodwill and Indefinite-Lived Intangible Assets. Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. Burt's Bees, environment, ESG, sustainability. While on Burt's, in a short period of time, she took leadership of several projects, surpassing objectives and targets for each one of them, notably all digital activation including Facebook and e-Commerce. We intend to, pay down debt and return to long-term target of 3.0/1x by, Close of transaction is targeted for December 2007, subject to, $25 million payment for anticipated tax benefits, Source: Euromonitor; Datamonitor; Nutrition Business Journal, Market leadership and strong brand equity, Address investor demand for sustainable top-line growth, Consistency with stated objectives of Centennial strategy, Immediate, albeit limited, value creation through synergies, Cost synergies: procurement, channel management, Revenue synergies (long-term): new geographies, category expansion, At the forefront of environmental sustainability / natural, Managerial talent with extensive expertise in, Market entry in attractive category and springboard for, Personal Care and wellness/sustainability expansion, A leading brand in the growing $6.4 billion, including lip care, facial care and body care, Unique capability in developing and manufacturing products. entered into a Stockholders Purchase Agreement (the Stockholders Agreement) by and among the stockholders of the predecessor company (collectively, the Stockholders), BBI Investors I LP and its assignees (collectively, the Buyer). Paula Alexander, Burt's Bees Senior Director of Sustainability, said: "Our focus has long been centered on [] It is classified as operating in the Pharmacies & Drug Stores industry. The profit ratio measures the amount of profit generated by each single currency unit of sales. 31 December 2020. FREE delivery Tue, Feb 28 on your first order. accordance with Statement of Financial Accounting Standards No. If this review by management indicates that the carrying value would not SFAS 157 applies whenever other pronouncements require The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. The figure is about the latest fiscal year available. Today, theyre simply how Burts Bees works. will realize the benefits of these deductible differences. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. In 2006, two customers each represented approximately 16% of total revenue, and in 2005, a single Headquarters. Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information cost basis. differ materially, from managements expectations are described in the translated using the average exchange rate experienced during the period. Inventories are stated at the lower of cost or market. The transaction is accounted for in accordance with SFAS 141, and the results of operations of Forever Natural are included in the Companys The Company has a $15,000,000 revolving line of credit, collateralized by substantially all 1999. . Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. Under the terms of this management agreement, the Company will pay this entity $750,000 per Thus, no valuation allowance for the deferred tax assets has been recorded. Company. The remainder of the construction in progress balance is attributable to equipment. The note agreements include restrictive financial covenants related to levels of income, as well as minimum As of December31, 2005, the Company had capitalized $550,000 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. The adoption of SFAS 123(R) resulted in additional compensation 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. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences 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. 142. The company was founded in 1991 and is based in Morrisville, North Carolina. Salary. These notes were repaid on March29, 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. was based on a notional amount of $95,794,000 that decreases as the Company pays down the principal balance on its First Lien Notes. 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. These factors include, but are not limited to, the completion of the . 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. The figure is about the latest fiscal year available. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. 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 Amortization expense related to the warrants for the 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). Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company These Verified Purchase . Health and wellness is not only our past and present, it's our future. When expanded it provides a list of search options that will switch the search inputs to match . calculations, as defined in the agreement. payments and the success of new products. The First Lien Notes bear interest at a series of LIBOR-based rates that ranged from 7.04% to 8.37%per annum during 2006. ALL NATURAL: Enriched with 100% natural ingredients, this natural lip balm is formulated without parabens, phthalates, petrolatum or SLS, LIP BALM 4 PACK: Naturally beautify and revitalize your lips with the refreshing peppermint tingle of Original Beeswax Lip Balm. We have struggled to meet our water reduction targets after increasing water use per mass unit of . estimated bad debts and sales returns and allowances. increased the amount of authorized ClassA shares reserved to 2,681. We believe The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such (see exact revenue data). Burt's Bees makes $739,726 in a day. Finance & Accounting. Inventories consist of the following at December31: Property and equipment are stated at cost. Sales are climbing at an annual rate of 9%. Archived Annual Reports. 123(R), Share-Based Payments (SFAS 123(R)), and related guidance. method for all inventories. Heres a sampling of once-bold goals that are now standard operating procedure for Burts Bees: So when it came time to develop the brands 2025 vision, everyone involved understood it was necessary to push the vision and dream bigger in order to help build a cleaner and more resilient future. in retaining key Burts Bees, employees, suppliers and customers; the 2023 The Clorox Company. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. 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
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