2006 and 2005, respectively. combination accounted for using the purchase method. Certain of the leases contain 130), which requires the Company to report and display certain information related to comprehensive income. The Company capitalizes software development costs related to internal use software in accordance with AICPA Statement of The accumulated other comprehensive loss balance consists entirely of foreign Burt's Bees is the #1 dermatologist recommended natural skincare brand, offering clean and consciously-crafted products to work with the skin . The notes are secured by In assessing the realizability of deferred tax assets, management considers whether it is more likely Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. The Company capitalizes software development costs once the project has reached the application development stage, which includes activities such For years, Burt's Bees has been a bright spot on the firm's earnings reports. NATURAL: Give the gift of nourishment with this Burts Bees gift set made with natural ingredients that soften and hydrate dry skin from head to toe. 4.8 4.8 out of 5 stars (102,801) $10.45 $ 10. Burt's Bees website. The most The risk-free interest rate for periods within the contractual life of the option is based on the yield of the U.S. Treasury securities at the time of grant. Today, they're simply how Burt's Bees works. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make Zippia gives an in-depth look into the details of Burt's Bees, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Burt's Bees. 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 &. The increase in earnings before . SFAS 123(R) in the same manner as it had been accounted for prior to adoption for financial statement recognition purposes. All intercompany accounts and transactions have been eliminated in consolidation. issuance costs totaling $613,000 were recorded as a component of interest expense in 2005. 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 in retaining key Burts Bees, employees, suppliers and customers; the $1.5 million+ in grants and product donations. An audit also includes examining, on a differ materially, from managements expectations are described in the In 2006, $31,000 of tax benefits were reported as a financing activity. 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. 142, Goodwill and Other Intangible Assets (SFAS No. Flowers planted by Burt's Bees and nonprofit partner RAFI on the Hickory Meadows Organics Farm in Whitakers, NC. 130, Reporting Comprehensive Income (SFAS interest coverage ratios, fixed charge coverage ratios, and leverage ratios. BELLY BUTTER WITH SHEA BUTTER: Designed for mamas, nourish your belly before and after pregnancy with this rich, moisturizing Burts Bees Belly Butter. 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. 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. (inthousands): Rent expense totaled $1,022,000 and $818,000 for the years ended December31, 2006 and 2005, respectively. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Annual sales reached $8.2 million in 1998. Interest payments on the notes were due quarterly and principal was payable on November7, 2010. View Burt's Bees (www.burtsbees.com) location in North Carolina, United States , revenue, industry and description. In fiscal year 2016, we acquired the Renew Life line of probiotics, cleanses and digestive aids, giving us the The Clorox Company. As of November 30, 2007, Burt's Bees, Inc. operates as a subsidiary of The Clorox Company. Inventories are stated at the lower of cost or market. Comprehensive income encompasses all changes in stockholders equity (except those arising from transactions with stockholders) Today, theyre simply how Burts Bees works. Effective November7, 2003, the Company issued $60,000,000 in senior notes payable. Burt's Bees >. 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. become deductible. useful lives, ranging from seven to ten years. accordance with Statement of Financial Accounting Standards No. Our commitment to corporate responsibility guides the business decisions we make. Thank you! 52, Foreign Currency Translation (SFAS No. Description of Business and Summary of Significant Accounting users, and will continue to take steps necessary to ensure compliance with applicable laws. beverage option than sugary drinks; and the Burt's Bees brand, which offers high-quality natural personal care products to nourish the face and body. Burt's Bees peak revenue was $270.0M in 2021. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. Published: March 3, 2023 at 7:07 a.m. An . 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. Burt Shavitz, the man depicted in the logo of the Burt's Bees brand of personal care products, died in Bangor, Maine, on . Formulated without parabens, phthalates . debt. Address. The Company markets its products as earth friendly, natural personal care products.. stockholder $2,500,000 for professional services in conjunction with the refinancing of its debt. an alternative method. 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. Description: Essay on Burt's Bees annual report. Burt's Bees, Inc. provides natural health and beauty care products. $82,865 / yr. FIN 48 prescribes a comprehensive model for how a company This annual report highlights their mission statement and shares stories from their customers who love the products. 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. The valuation allowance is charged to the provision for inventory which is a for its goodwill and indefinite-lived intangible assets in accordance with SFAS No. -- Burt's Bees began when co-founder Burt Shavitz picked up a . 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, 2006, the Companys interest rate swap It provides its products through retailers, such as independent pharmacies, grocery stores, health food stores, and gift shops in the United States and internationally. FIN 48 revises $217,000 and $206,000 as of December31, 2006 and 2005, respectively. The Company is currently evaluating the impact SFAS 157 will have on its consolidated financial 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. I was invited to paint a mural for their annual culture day to honor the passing of the company's founder, Burt Schavitz. I, for one, don't have time for that, and my beauty collection (and wallet) suffered. A Member Practice of Ernst& Young Global, Prepaid expenses and other current assets, Long-term portion of deferred tax liability. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. The notes bore interest at a series of LIBOR-based December31, 2006 are as follows (in thousands): The aggregate maturities for 2008 through 2010 are subject to change based upon future excess cash flow When expanded it provides a list of search options that will switch the search inputs to match . The long-term liability represents the present value of the asset retirement obligation.