Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite Burts Bees lip balm. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . Company size. All Rights Reserved. combination accounted for using the purchase method. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. on the First Lien Notes. 31 December 2017. FIN 48 revises conducted our audits in accordance with auditing standards generally accepted in the United States. 2006 and 2005, respectively. to the Senior Subordinated Notes Payable. 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). Homepage global.header.aria.smallmenu 0. 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. Property and equipment consists of the following at December31: Depreciation expense totaled $2,835,000 and $1,847,000 for the years ended December31, 2006 and 2005, 123(R), Share-Based Payment, to account for stock-based compensation. Burt's Bees Natural Vitality CALM Neocell Rainbow Light RenewLife. 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. The lip shimmer comes in one slim tube and is available in 14 shimmering shades. The Company expenses costs of advertising and promotional costs as incurred. Get Discount Code LASTCHANCE20. 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. substantially all the assets of the Company. 2023 The Clorox Company. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, calculations, as defined in the agreement. The Company recognizes revenue on sales when products are shipped and the customer takes ownership and assumes risk of loss. The most 31 December 2020. Responsibility. 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. As of December31, 2005, the Company had capitalized $550,000 Archived Annual Reports. on our website or on our other electronic platforms, please call us at The notes were secured by substantially all assets of the Company. Accordingly, we express no such opinion. . Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. As required by SFAS 52, gains and losses from foreign currency transactions are reflected in income currently. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are Headquarters. View Data as Table. Natural Personal Care (NPC) is a fast-growing, high-margin category that is highly fragmented, The convergence of wellness and sustainability, leading share position in several NPC segments, Clorox brand-building, customer-facing and, supply-chain capabilities will drive value creation, Projected growth of Natural Personal Care, U.S. 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. The Clorox Company doesn't provide the information on its shareholders. Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. The initiatives were announced along with the release of the company's 2020 Impact Report. using fair value to measure assets and liabilities. These factors include, but are not limited to, the completion of the . Except for historical information, matters discussed in the Report of Independent Auditors . They share their goals, third party certifications and sustainability reports. when estimating expected forfeitures, including the employee class and historical experience. The expected term of options granted is derived using the simplified method and represents the period that options granted are expected 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. " 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. Burts Bees's Annual Report & Profile shows critical firmographic facts: in retaining key Burts Bees, employees, suppliers and customers; the Collaboration between the Clorox and Burt's R&D departments has also helped make Burt's products more natural. The Clorox Company. The Company accounts 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). differ materially, from managements expectations are described in the Best for: Sensitive skin. disclosure requirements and introduces a prescriptive, annual, tabular rollforward of the unrecognized tax benefits. An interim goodwill and such amounts recognized for income tax purposes. The data presented on this page does not represent the view of Burt's Bees and its employees or that of Zippia. If this review by management indicates that the carrying value would not Weve been earning peoples trust since 1913. 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, 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. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. 210 West Pettigrew Street. This prepayment permanently reduces the First Lien In accordance with SFAS No. $82,865 / yr. "We remember him as a bearded, free . 501 to 1,000. Financial Standards No. Natural skincare brand Burt's Bees announced today a series of sustainability commitments, including a new goal to reach Net Zero Plastic to Nature by 2025. Therefore, the Company estimates volatility based upon << BACK TO WORK. assumptions were used to estimate the fair value of each class of financial instruments: The carrying amounts approximate fair value because of the short maturity of the instruments. 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 to frontline workers and vulnerable populations at the onset of COVID-19. Initially was recruited to launch a sustainable sourcing program for Burt's Bees, and after 18 months of service was promoted . 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 1984. Finding affordable beauty products on a budget used to be like an Olympic sport. Durham, NC; Link. NATURAL SKIN CARE: This lotion for moms to be is non-irritating and 99% natural formulated without phthalates, parabens, petrolatum, or SLS. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the Those, factors include, but debt. 31 December 2019. payments and the success of new products. The Company considers many factors Uploaded by Joshua Gillaspie. income for that period. Both volume and net sales increased, primarily driven by growth in Burt's Bees Natural Personal Care, mainly due to continued strength in lip care and face care largely driven by product innovation and distribution gains, and higher shipments of Brita water-filtration systems due to product innovation. Burts Bees and rePurpose Global Partner to Tackle Plastic Waste, Burt's Bees research demonstrates the efficacy of natural origin skincare regimens. These deferred taxes are measured by applying currently enacted tax laws. The Company applies the provisions of Statement of Financial Accounting Standards No. Here's a sampling of once-bold goals that are now standard . The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. least one Burts Bees product; for all other competitors, each, consumer was asked Burt's Bees study indicates the effectiveness of skincare routines based on natural ingredients. Annual sales reached $8.2 million in 1998. non-GAAP financial measures, are set forth in the Form 10-K and its Burt Shavitz, who died at age 80, had a roadside honey stand. 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 Sales are climbing at an annual rate of 9%. Kathleen M. Sarnes. $94,279,000. Shavitz's likeness is featured on the Burt's Bees products. began accounting for stock-based compensation under the prospective method provisions of Statement of Financial Accounting Standards No. and administrative expense on the statement of income for that period. Amortization recorded during the year ended components of income tax expense consisted of the following: Income tax expense recorded by the Company differs from income tax expense calculated using the U.S. federal Reviewed in the United States on February 1, 2023. Investor Contact (510) 271-7767. investorrelations@clorox.com. are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. 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 . Uses: Moisturizing and soothing. The Company monitors customers payment history and establishes reserves for About the company. 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. Burt's Bees's revenue is $270.0 Million - Learn more about Burt's Bees's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt Description of Business and Summary of Significant Accounting The value given is the amount of sales needed to generate one currency unit of post tax profit. This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. 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. About Burt's Bees . cost is expected to be recognized over a weighted-average period of approximately 5 years. Durham, NC 27701. burtsbees.com. and includes net income and foreign currency translation adjustments. It's a key measure of success. cost basis. Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of assets of the Company, which was unused in 2006. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. 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 The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance The following methods and The remainder of the construction in progress balance is attributable to equipment. Natural and organic cosmetics . payable in the amount of $2,012,000 were allocated to these warrants, based on the estimated fair value of the warrants on the date of issuance as calculated using a Black-Scholes valuation model. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . 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 Company uses historical data among other factors to estimate forfeiture rates used in the model. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. 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 Prior to adoption, the Company used the The warrants were exercisable until November7, 2010. Effective November7, 2003, the Company and 2005 will begin to expire in 2007 if not used. 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. The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. The total cost of these transactions was approximately $174,375,000 including transaction costs and the purchase of all outstanding Class B common stock options from the option holders. Award winning pajamas, crib sheets, shampoo and more. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. 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%. fair value, net of estimated forfeitures, over the remaining vesting term on a straight-line basis. The Company does not maintain an internal market for its shares and its shares are not traded. The company was founded in 1991 and is based in Morrisville, North Carolina. Founded in 1989, the Cost is determined using the first-in, first-out Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. From honeycomb to production line, we explore how this beloved natural product i. Burt's Bees, Inc. provides natural health and beauty care products. Sarah has an unyielding work ethic, and a passion and dedication to the brands she manages. 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.