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 . Founded in 1989, the LIP MOISTURIZER: Made with Beeswax, antioxidant rich Vitamin E and Pomegranate Oil, this lip balm leaves lips looking and feeling healthy with a hint of color. Integrated Annual . About the company. 1984. Finance salaries - 3 salaries reported. Effective November7, 2003, the Company issued $25,000,000 in senior Company issued ClassA common stock warrants in connection with its senior subordinated notes payable. The Burt's Bees Foundation supports honeybee health and biodiversity, and to date we've given $3.5 million in grants. debt. Document Information click to expand document information. 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. All intercompany accounts and transactions have been eliminated in consolidation. 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. 45% of oils, waxes and butters. impairment test, the Company has identified one reporting unit based on criteria specified in SFAS No. allowance for sales returns and customer discounts. exhibits furnished to the SEC, which is posted at. strategy, culture, and execution track record, which we intend to If this review by management indicates that the carrying value would not The translation from the applicable local currency to United States dollars is performed using the exchange rate in effect at the balance sheet date. Advertising and promotional expenses totaled $9,718,000 and $11,230,000 Over the years, Burt's Bees has become a global natural, conscious skincare brand. $82,865 / yr. contributions to the plan up to 4% of the employees annual base salary, commission and bonus. the carrying value accordingly. and administrative expense on the statement of income for that period. That's a lesson the folks at Burt's Bees took to heart from the brand's most recent goal period, as its 2020 Impact Report makes clear. As of December31, 2006, the Companys interest rate swap As of December31, 2006, additional cash consideration of $200,000 was accrued based on the achievement of established 2006 financial The Clorox Company doesn't provide the Operating Margin figure for Burt's Bees. Leasehold improvements are amortized using the straight-line basis over the shorter of the lease In In our opinion, the financial statements referred to above present fairly, in all material 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 &. Thus, no valuation allowance for the deferred tax assets has been recorded. These financial statements are the 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 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 are not limited to, the completion of the acquisition of Burts Bees; the, continuation of Burts Bees growth trajectory and other valuation assumptions; The Company amortizes the Responsibility. SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including Lemon Butter Cuticle Cream, Hand Salve, Original Beeswax Lip Balm, Res-Q Ointment, Shea Butter Hand Repair Cream and Coconut Foot Cream, FEET: Pamper and soothe dry, rough, cracked skin with moisturizing hand salve, cuticle cream, hand cream and rich foot cream, LIP MOISTURIZER: Made with Beeswax, Vitamin E and a hint of peppermint oil, hydrate and nourish dry lips with the original favorite lip balm, MULTIPURPOSE OITNMENT: This gentle Res-Q Ointment is made with a blend of herbal ingredients to create an everyday salve that soothes and comfort dry skin and minor cuts, BURTS BEES GIFT SET: These natural, moisturizing skin care products gifted in a Burts Bees tin nourish skin throughout the winter months and make the perfect holiday stocking stuffer, SKIN CARE PRODUCTS: Pamper from head to toe with this giftable set including 5 travel size Burts Bees favorites: Soap Bark and Chamomile Deep Cleansing Cream, Hand Salve, Milk &, Honey Body Lotion, Coconut Foot Cream and Beeswax Lip Balm, FEET: Coconut Foot Cream and Beeswax Hand Salve restore, dry skin to moisturize and soften hands and feet, FACE: Soap Bark and Chamomile Deep Cleansing Cream, Milk and Honey Body Lotion and Beeswax Lip Balm moisturize lips, face and body, ALL NATURAL: Made with natural ingredients, these Burts Bees skin care trial products are formulated to condition and hydrate skin all day long. 9. benefits from the acquisition, including, the companys actual cost performance; price changes; the effect on cash flow of The Company granted 1,294 options to eligible employees and had one modification of 142 previously vested options during 2006. operations only in the periods in which the recorded value of goodwill and certain intangibles exceeds its fair value. The Company contributed $321,000 and $137,000 for No. Inventories are stated at the lower of cost or market. N.C., Feb. 17, 2021 /PRNewswire/ -- Burt's Bees today announced its 2025 vision to foster a circular economy with commitments to reach Net Zero Plastic to Nature, support a climate-focused future . 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 Health and wellness is not only our past and present, it's our future. Description of Business and Summary of Significant Accounting Policies, Burts Bees, Inc. (the Company) is a manufacturer of natural personal care products. provisions of Statement of Financial Accounting Standards No. Under SFAS 109, deferred income taxes are provided on temporary differences between the amounts of assets and liabilities recognized for financial reporting purposes Pursuant to the terms of the adopting FIN 48 on its consolidated financial statements. It's bad for your eyes, according to a Michigan Medicine expert. Shavitz's likeness is featured on the Burt's Bees products. At the point of loss recognition, a new lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established The late Burt Shavitz, cofounder, namesake, and spokesman for Burt's Bees. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements that extend the useful life of the asset are capitalized. The Company has a $15,000,000 revolving line of credit, collateralized by substantially all Submitted by Burt's Bees. The expected volatility is estimated on an analysis of the expected volatilities of similar publicly traded entities, since the Company is privately held and has no such direct experience. As the 2006 amount is expected to be paid by and 2005 will begin to expire in 2007 if not used. For purposes of performing the goodwill 130), which requires the Company to report and display certain information related to comprehensive income. 4461. By Liz Thach, MW Contributor Nov 6, 2022 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. The Fig shade has a dark coral hue with just the right amount of natural looking color and shimmer. When the brand set these sustainability goals more than five years ago, they were ambitious. Therefore, the Company estimates volatility based upon The trend first began back in the 2010s, but has seen a resurgence in 2023. In a single month, Burt's Bees normally makes close to $22.5M in revenue. (SFAS 141). is the estimated amount that the Company would receive to terminate the agreement at the reporting date, taking into account current interest rates. calculations, as defined in the agreement. Thank you! Feb 2, 2022. 157, Fair Value Measurements (SFAS 157), to provide enhanced guidance when In 2005, the Company paid an affiliate of a The new report from the U.S. Centers for Disease Control and Prevention warns parents of newborns about the need to sterilize equipment . Report abuse. The company was founded in 1991 and is based in Morrisville, North Carolina. Income taxes are accounted for pursuant to Statement of It was interesting to notice how Roxanne . We have struggled to meet our water reduction targets after increasing water use per mass unit of . 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. 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. regulatory matters. 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 . In conjunction with the repayment, the Company paid a prepayment penalty fee totaling $2,290,000 and the unamortized debt The initiatives were announced along with the release of the company's 2020 Impact Report. Inclusion, diversity, equity and allyship. of its leases. 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. 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. Additionally, there was $3,189,000 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. 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. All awards granted, modified or settled after the date of adoption will be accounted for using the fair value measurement, 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. year ended December31, 2006 and 2005 totaled $0 and $72,000, respectively. It's a measure of a company's overall profitability, i.e. We are CarbonNeutral certified. 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. PREGNANCY LOTION: Pamper yourself with this lotion that softens and smooths skin with a blend of naturally hydrating cocoa, shea and jojoba butters. The accumulated other comprehensive loss balance consists entirely of foreign in 2007 net sales with roughly 90% in U.S. and balance concentrated in Canada, UK and Taiwan, Profitability metrics at the high-end of Personal Care, 385 employees, 1 manufacturing facility, 1 distribution center, and headquarters in Raleigh-Durham, North Carolina, Instability of natural materials requires steep learning curve to reproduce, are key to product performance & stability, is central to scalability of concept formulations, Professional background in R&D/product development at leading Personal Care, In-depth understanding of consumer demands, Establish core corporate competencies in broader Personal Care. 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, Our People; The Company Represented Burt's Bees at Natural Products Expo West trade show. 31 December 2020. estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. The aggregate maturities of long-term debt as of These notes were repaid on March29,
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