The Company has a $15,000,000 revolving line of credit, collateralized by substantially all December31, 2005, two customers represented approximately 21% and 15% of accounts receivable. The notes bore interest at a series of LIBOR-based The warrants were exercisable until November7, 2010. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease 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 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. Report of Independent Auditors . directly, comparable GAAP financial measures and reconciliation to The lip shimmer comes in one slim tube and is available in 14 shimmering shades. The figure is about the latest fiscal year available. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Our commitments to social and environmental sustainability. As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial For purposes of performing the goodwill See full report. On August18, 2006, the Company acquired substantially all of the assets of Forever Natural, Inc., an unaffiliated international distributor for products of the Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material CHANEL Limited Financial Results for the year ending: 31 December 2021. As of December31, 2005, the Company had capitalized $550,000 Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. as coding, installation of hardware, and software configuration. component of cost of goods sold. generally accepted accounting principles. The Company has authorized and issued shares of two classes of common stock. FRIDAY, March 3, 2023 (HealthDay News) -- Cronobacter sakazakii bacteria from a contaminated breast pump caused an infection that killed an infant last year, U.S. federal health officials said Thursday. Published: March 3, 2023 at 7:07 a.m. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Finance salaries - 3 salaries reported. 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. These deferred taxes are measured by applying currently enacted tax laws. 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 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 A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. Durham, NC; Link. Clorox To Buy Burt's Bees - Forbes Effective November7, 2003, the Company issued $25,000,000 in senior using fair value to measure assets and liabilities. In the 1970s, Roxanne Quimby was trying to live a simpler life - one that rejected the pursuit of material comforts. Burt's Bees Careers and Employment, US | Indeed.com We offset our annual water consumption through watershed restoration projects. 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 Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Company profile page for Burt's Bees Inc including stock price, company news, press releases, executives, board members, and contact information As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial Prior to adoption, the Company used the Here's a sampling of once-bold goals that are now standard . The figure is about the latest fiscal year available. non-GAAP financial measures, are set forth in the Form 10-K and its Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit Personal Care market was $62 billion in 2006, with historical growth rate of 3.2% 130), which requires the Company to report and display certain information related to comprehensive income. the years ended December31, 2006 and 2005, respectively. Effective January1, 2006, the Company Company recorded the remaining unamortized warrant discount totaling $1,604,000 as a component of interest expense in 2005. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Amortization for the year ended December31, 2005 totaled $72,000. 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. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. 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 . in retaining key Burts Bees, employees, suppliers and customers; the Submitted by Burt's Bees. Today, they're simply how Burt's Bees works. term or the estimated useful life of the asset. Burt's Buzz pays tribute to Shavitz, the man behind Burt's Bees. Job Title. 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 . 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). On Monday, Burt's Bees posted a tribute to its eccentric namesake, Burt Shavitz, who died at 80 over the weekend. The value of the warrants was recorded as a discount 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 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. common stock, thus resulting in a change of control. Burt's Bees takes double-digit hit to sales amid consumer shifts $59,924 / yr. Finance Manager salaries - 2 salaries reported. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. ET. strategy, culture, and execution track record, which we intend to 1999. . life of the option. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. How Burt's Bees made Clorox more sustainable - The Guardian interest coverage ratios, fixed charge coverage ratios, and leverage ratios. Sarah has advanced quickly in her career, and . method for all inventories. But not this time, as Burt's Bees actually saw sales decrease by double digits with the business "impacted by . Burts Bees's Annual Report & Profile shows critical firmographic facts: The initiatives were announced along with the release of the company's 2020 Impact Report. Burt Shavitz, Namesake And Co-Founder Of Burt's Bees, Dies 45% of oils, waxes and butters. Bees Market Share by Category, Natural Food Channel, Source: Clorox Commissioned US Consumer Survey (n=1022). Income taxes are accounted for pursuant to Statement of COMMUNITY OUR GOAL: Register 10,000 honeybee forage sites and 10,000 acres through partnerships of The Burt's Bees Greater Good Foundation by 2020. performance targets, as defined in the agreement. 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. If this review by management indicates that the carrying value would not Important factors that could cause results to As of December31, 2006, the Companys interest rate swap Our commitments to social and environmental sustainability. The effect of the swap is to convert a portion of the interest rate on the First Lien Notes from a variable rate to a fixed rate of 3.875%. users, and will continue to take steps necessary to ensure compliance with applicable laws. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Shavitz's likeness is featured on the Burt's Bees products. 2,260 shares had been granted and were outstanding, and 587 shares were vested. cost is expected to be recognized over a weighted-average period of approximately 5 years. 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. SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Responsibility. Burt's Bees Revenue: Annual, Quarterly, and Historic - Zippia and 2005 will begin to expire in 2007 if not used. The Company has elected to perform its annual impairment test as of December31 of each calendar year. 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 &. rates that ranged from 5.31% to 5.52%per annum during 2005. SFAS 157 applies whenever other pronouncements require In 2005, the Company amended one Under the prospective method, the Company will continue to account for non-vested awards outstanding at the date of adoption of 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 Today, theyre simply how Burts Bees works. . The Company incurred debt issuance costs of $769,000 in connection with this issuance. in the Investors/Financial Information/SEC Filings section. "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 . 31 December 2017. The fair value of these warrants was recorded as a discount on the debt and was amortized as additional interest expense over the term of the Except for historical information, matters discussed in the Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. including the, ability to increase distribution; the companys success Uploaded by Joshua Gillaspie. Feb 2, 2022. to frontline workers and vulnerable populations at the onset of COVID-19. The discount was being amortized as additional interest expense over the 84-month term of the debt from November7, 2003 to November7, 2010. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . Alexandra Woods - Associate Omni Channel Shopper Marketing - LinkedIn 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 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 Estimates of fair value are not intended to predict The lip shimmers glide on with the perfect compliment of moisture and touch . This annual report highlights their mission statement and shares stories from their customers who love the products. The Unlikely Story of How Burt's Bees Founder Started - ABC News Award winning pajamas, crib sheets, shampoo and more. The Company markets its products as earth friendly, natural personal care products.. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. For the December31, 2006 and 2005, related to this management agreement. differ materially, from managements expectations are described in the Lip balm/treatment brand sales U.S. 2019 | Statista 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. In 2005, the Company paid an affiliate of a December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow 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 "We remember him as a bearded, free . 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 (SFAS 141). operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. 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. " and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended June 30, 2007, as updated from time to time in the company's SEC filings. When expanded it provides a list of search options that will switch the search inputs to match . Founded in 1989, the Salary: Burt's Bees Finance & Accounting | Glassdoor 4461. Burt's Bees | LinkedIn 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. In accordance with SFAS No. 10 Entertaining Business Documentaries Entrepreneurs Can Learn From Unlike a lot of other "natural" brands Burt's Bees has transparency. (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 0. Additionally, the Company allocated The Company sells and grants credit to its customers without requiring collateral or third party guarantees. This button displays the currently selected search type. year ended December31, 2006, foreign currency losses amounted to $37,000. 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. Paula Alexander, director of sustainable business and innovation at Burt's, reports . Burt's Bees Inc - Company Profile and News - Bloomberg Markets Burt's Bees products help you put your best foot, lips, skin and sense of well-being forward. 2006 and 2005, respectively. 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). It's a key measure of success. Durham, NC 27701. burtsbees.com. Natural and organic cosmetics . Shannon Hess - Director - LinkedIn defined in the note agreements. An audit also includes examining, on a 2003. Burt's Bees Releases 2018 Progress Update on 2020 Sustainability Goals 142. Company size. 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. 1984. 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. The Company leases certain equipment and buildings under noncancelable operating leases expiring in years through 2010. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. Accounting Standards Board (FASB) issued FASB Interpretation No.
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