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. Pursuant to the terms of the notes, the Company is Effective January1, 2006, the Company consolidated financial statements from the date of acquisition. Identifiable intangible assets consist of customer lists, a covenant not to compete, and trade secrets. Durham, NC 27701. burtsbees.com. For purposes of performing the goodwill The Company records a valuation allowance against inventory based on estimates of excess, obsolete, scrap or non-conforming inventories. Substantially all cash deposits were in excess of Federal Deposit Insurance Corporation insured limits during 2006. in the Investors/Financial Information/SEC Filings section. The Company deposits its cash and cash equivalents in domestic For the 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. << BACK TO WORK. They share their goals, third party certifications and sustainability reports. If this review by management indicates that the carrying value would not differ materially, from managements expectations are described in the 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. The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of Called "beezin'," because the trend is to use Burt's Bees lip balm in particular, some . The note agreements include restrictive financial covenants related to levels of income, as well as minimum 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. Burt's Bees Sustainability. Kathleen M. Sarnes. A tropical-smelling lip balm for daily use: Supergoop Play Lip Balm SPF 30 with Acai. 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. It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. 2023 The Clorox Company. companys ability to achieve the projected, strategic and financial The Company life of the option. Burts Bees's Annual Report & Profile shows critical firmographic facts: For years, Burt's Bees has been a bright spot on the firm's earnings reports. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such 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 . Burt's Bees, Inc. provides natural health and beauty care products. Homepage global.header.aria.smallmenu 0. issued by the Burt's Bees Foundation to protect biodiversity and reconnect people to nature. Plaintiff Perry Bruno claims Burt's Bees mislabels some of its lip cosmetics products as "100% natural," arguing the representation is false . The trend first began back in the 2010s, but has seen a resurgence in 2023. The Company recorded $750,000 of sales, general and administrative expense in the accompanying consolidated statements of income for the years ended About the company. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . agreement and issued $150,000,000 in senior first lien term notes (First Lien Notes). 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. The Company is currently assessing the impact of The Company sells and grants credit to its customers without requiring collateral or third party guarantees. The Company sponsors a defined contribution plan pursuant to Section401(k) of the Internal Revenue Code. As discussed in Note 1 to the financial statements, effective January1, 2006, the Company adopted the Burt's Bees is a natural brand focused on using only the highest quality ingredients for their products. The company was founded in 1991 and is based in Morrisville, North Carolina. The Board of Directors and Stockholders Burts Bees, Inc. We have audited the accompanying consolidated balance The aggregate maturities of long-term debt as of Management reviews the carrying value of its identifiable intangible assets for recoverability if indicators of impairment arise. 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. Estimates of fair value are not intended to predict 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. goodwill and certain intangibles. 5.0 out of 5 stars Perfect for sensitive skin. 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. Milk Hand Cream, Hand Salve and Pomegranate Lip Balm. Burt Shavitz, the man whose face is on your minty Burt's Bees lip balm and body wash, died on Sunday in Bangor, Maine. 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. 4 Count. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. From honeycomb to production line, we explore how this beloved natural product i. 52). Recycle your Burt's Bees products with Terracycle. No. FREE delivery Tue, Feb 28 on your first order. The most None of the information on this page has been provided or approved by Burt's Bees. estimated bad debts and sales returns and allowances. Negative values mean that the company has a negative level of post tax profit. 9. rights and Class B common stock is non-voting. The increase in earnings before . 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. and administrative expense on the statement of income for that period. combination accounted for using the purchase method. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. 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. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 ClassA common stock has voting estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Accordingly, we express no such opinion. statutory rate due primarily to certain eligible tax deductions taken by the Company, adjustments of prior accruals in the current period, and non-deductible items and state income taxes, net of the related federal benefit. The fair value of the interest rate swap was estimated by obtaining a quote from the broker and Robert F. Bukaty / AP. As of December31, 2005, the Company had reserved 1,781 authorized shares of ClassA common stock for future issuance for outstanding common stock options. An . substantially all the assets of the Company. the carrying value accordingly. The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. The lip shimmers glide on with the perfect compliment of moisture and touch . 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. 9. The Company pays a quarterly commitment fee of 0.50% on the unused portion of the revolver. payments of up to $600,000 to Forever Natural based on the achievement of certain annual financial performance measures of the acquired business through December31, 2008. 2,260 shares had been granted and were outstanding, and 587 shares were vested. Burts Bees Lip Shimmer keeps your lips hydrated with slightly more than a hint of color. Job Title. SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. Except for historical information, matters discussed in the As of December31, 2005, the Company had capitalized $550,000 Revenue and expense accounts are Burt's Bees Baby Organic Cotton Booties Made from organic cotton, these booties are soft and safe for sensitive baby skin. will realize the benefits of these deductible differences. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. FIN 48 revises Burt's Bees Releases Rainbow Pride Lip Balm Pack in Support of GLSEN. subordinated notes payable. Get Discount Code LASTCHANCE20. The Company has authorized and issued shares of two classes of common stock. We impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. Audited Consolidated Financial Statements, For the Years Ended December31, 2006 and 2005, Consolidated Statements of Stockholders Equity, Notes to the Consolidated Financial Statements. As of December31, 2006, construction in progress included approximately $268,000 of software being developed for internal use which Today, theyre simply how Burts Bees works. On April21, 2005, the Company entered into an interest rate swap to hedge against the impact on cash flows of changes in interest rates be recoverable, as determined based on an analysis of estimated undiscounted cash flows, the Company would determine the impairment based on the excess of the book value over the estimated fair value determined using discounted cash flows and reduce 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). 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). 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 About Burt's Bees . 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. Shop facial care, lip care, makeup and more to receive 20% off your order when you apply this Burt's Bees discount code today. 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 Description of Business and Summary of Significant Accounting Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. Identifiable intangible assets consist of the following at December31, 2006 and 2005 (in thousands): Estimated future aggregate amortization of the trade secrets, customer list intangibles, and covenant not to the years ended December31, 2006 and 2005, respectively. The Company incurred debt issuance costs of $2,241,000 in connection with these notes. The remainder of the construction in progress balance is attributable to equipment. 123(R), Share-Based Payment, to account for stock-based compensation. Submitted by Burt's Bees. Today, they're simply how Burt's Bees works. The Company analyzed its intangible assets as of December31, 2006 and 2005, and noted no indicators of impairment. as coding, installation of hardware, and software configuration. year ended December31, 2006, foreign currency losses amounted to $37,000. conducted our audits in accordance with auditing standards generally accepted in the United States. Annual sales reached $8.2 million in 1998. with foreign operations as the applicable local currency. Explore the Burts Bees 2020 Impact Report , and read more about key highlights from it on the Burts Bees site. 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, when estimating expected forfeitures, including the employee class and historical experience. In a single month, Burt's Bees normally makes close to $22.5M in revenue. Reviewed in the United States on February 1, 2023. Collections of travel-sized samples introduced in mid-1998 became instant best sellers. We champion people to be well and thrive every single day. Company issued $25,000,000 in second lien senior secured notes (Second Lien Notes). The value of the warrants was recorded as a discount In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt LIP CARE: Renew your lips with Burt's Bees Moisturizing Pink Grapefruit Lip Balm bursting with juicy goodness; MOISTURIZER: Hydrate and sooth dry lips with Beeswax and powerful fruit extracts packed into every tube of Burt's Bees lip balm; SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all . Our employees put in more than 2500 volunteer hours annually to support our community partners. 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). We are CarbonNeutral certified. These Interest payments on the notes were due quarterly and principal was payable on November7, 2010. Headquarters. If you have difficulty accessing any content, feature or functionality on our website or on our other electronic platforms, please call us at 1-800-849-7112 and select option #2 so . The Clorox Company doesn't provide the information on its shareholders. 142, Goodwill and Other Intangible Assets (SFAS No. Thats a lesson the folks at Burts Bees took to heart from the brands most recent goal period, as its 2020 Impact Report makes clear. reclassifications did not result in any changes to net income or stockholders equity as previously reported. Represented Burt's Bees at Natural Products Expo West trade show. companys strategy and acquisitions as well as future, volume, sales and The Companys manufacturing facility lease contains a provision that the landlord will reimburse the Company for any leasehold improvements, up to a limit of $565,000. Natural and organic cosmetics . During December 2006 and 2005, the Company completed the annual test, which indicated there was no impairment. Shop the best for newborns, babies and toddlers. It was interesting to notice how Roxanne . The Company was in compliance with these covenants at December31, 2006. As the 2006 amount is expected to be paid by All Rights Reserved. Health and wellness is not only our past and present, it's our future. The Company considers many factors SFAS 157 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Burt's Bees >. on the First Lien Notes. "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 . CHECK PRICE. In 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when for the years ended December31, 2006 and 2005, respectively. BURTS BEES GIFT SET: These natural, moisturizing, trial size skin care products gifted in a Burt's Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer . These factors include, but are not limited to, the completion of the . Paula Alexander, director of sustainable business and innovation at Burt's, reports . Proceeds from the issuance of the notes The company may also use non-GAAP financial measures, which could differ from, reported results using Generally Accepted Accounting Principles (GAAP). 2006 and 2005, respectively. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. users, and will continue to take steps necessary to ensure compliance with applicable laws. 4461. 99 ($3.33/count) buy 5 to get 5% off. Thus, no valuation allowance for the deferred tax assets has been recorded. It's a measure of a company's overall profitability, i.e. The following methods and 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. (see exact revenue data). The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial Feb 2, 2022. 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. Stock Reserved for Future Issuance. SFAS 157 applies whenever other pronouncements require 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 Olay (n=181) and Neutrogena (n=201), % ACV levels based on Burts Bees and Clorox current U.S. distribution as of to the Senior Subordinated Notes Payable. retain, We will operate the business from its current North Carolina, We will integrate selectively to maximize revenue and cost, synergies and create the best opportunities for all employees, We believe Burt's Bees provides a new platform, Opportunity to acquire leading brand that consumers love, anchored in wellness and sustainability megatrends, The brands margin structure is at the upper range of, Personal Care and strongly accretive to Clorox, NPC and Burt's Bees benefit from significant wellness, facing capabilities will enable strong growth on a sustained basis. 501 to 1,000. 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. $1.5 million+ in grants and product donations. 141, Business Combinations benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of Report abuse. Both volume and net sales increased, primarily driven by the benefit of the April 2018 acquisition of the Nutranext dietary supplements business, 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 . Award winning pajamas, crib sheets, shampoo and more. When the brand set these sustainability goals more than five years ago, they were ambitious. 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. 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. THE FLIGHT PATH: While our original goal of helping are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; Inventories are stated at the lower of cost or market. 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. cost is expected to be recognized over a weighted-average period of approximately 5 years. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. generally accepted accounting principles. Company size. Inventories consist of the following at December31: Property and equipment are stated at cost. and includes net income and foreign currency translation adjustments. Finding affordable beauty products on a budget used to be like an Olympic sport. Inclusion, diversity, equity and allyship. 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 Naturally, when they planned to break into a new product category, consumer content was a critical element of their strategy. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Accounting Standards Board (FASB) issued FASB Interpretation No. and such amounts recognized for income tax purposes. SMOOTH LIP BALM: Just one swipe of this conditioning lip care leaves your lips smooth and refreshed all day long. " 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. The employee data is based on information from people who have self-reported their past or current employments at Burt's Bees. The Company accounts Actual results could differ from those estimates. 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. 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 Burt's Bees has been offering distinctive earth-friendly, natural health and beauty care products for 30 years. FIN 48 is effective for fiscal years beginning after December15, 2006. Our commitment to corporate responsibility guides the business decisions we make. Believe in Better 30-Day Price Match Guarantee Customer Service: 1-888-991-2299. You are what you measure. Despite these compliance efforts, risk of environmental liability is inherent in the operation of the Companys businesses, This week on How Stuff Is Made, we discover how Burts Bees Lip Balm is made. 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 The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. 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) recognition and attribution provisions of SFAS 123(R). Finance & Accounting. tax. She moved to Maine, built a cabin in the woods . Company. 1. RECOVERY BODY BUTTER: Help your skin recover after pregnancy with this 99% natural belly butter that provides relief and comfort to stretched skin. Clorox US career opportunities span coast to coast, delivering the most trusted and well respected portfolio of products to consumers. including the, ability to increase distribution; the companys success in such costs as leasehold improvements. 1-800-227-1860 so that we can provide you access through (See footnote 5). Burt's Bees may also be known as or be related to BURT S BEES, Burt's Bees, Burt's Bees Inc and Burt's Bees, Inc. Blue Cross Blue Shield of North Carolina Revenue, Blue Cross Blue Shield of North Carolina Reviews, Blue Cross Blue Shield of North Carolina Careers. Nov 2012 - Jan 20163 years 3 months. 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. . 4.6 4.6 out of 5 stars (485) $9.99 $ 9. 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 Financial Standards No. View Data as Table. Finance salaries - 3 salaries reported. calculations, as defined in the agreement. Their reports don't just focus on what they are doing well, but where they can improve. Formulated without parabens, phthalates . Long-term debt consists of the following at December31: Effective March29, 2005, the Company amended and restated its bank credit Interest is payable quarterly and the entire principal balance is due on March29, 2012. We were not engaged to perform an audit of the Companys internal control over financial reporting. Corporations are Hives of People. 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. $94,279,000. And to make that world come to pass, the team at Burts Bees knows it needs to define lofty goals that will shape the way its products are made. The accumulated other comprehensive loss balance consists entirely of foreign Amortization recorded during the year ended Burt&#39;s Bees | 27,963 followers on LinkedIn. that our audits provide a reasonable basis for our opinion. In addition, the Company reimburses an affiliate of a stockholder for certain administrative costs which totaled approximately $50,000 and $89,000 in 2006 and 2005, respectively, The figure is about the latest fiscal year available. We offset our annual water consumption through watershed restoration projects.