FutureFuel To Get Listing on NYSE
FutureFuel says it is going to start trading on the New York Stock Exchange on or about March 23 under the ticker symbol "FF". The company had been trading over the counter.
Who is FutureFuel?
Glad you asked. It is the former Batesville, Ark., complex of Eastman Chemical. Originally, it was a photographic chemical facility for Eastman Kodak. Then it evolved into a custom chemical and performance chemical plant. Its most notable contract was making the bleach activator nonanoyloxybenzenesulfonate (NOBS) for P&G.
Eastman started to convert the facility into making biofuels such as biodiesel, ethanol, and solid lignin biomass.
Private investors under the name Viceroy Acquisition bought the plant from Eastman for more than $75 million. Viceroy had raised about $160 million on the London Stock Exchange’s AIM market to break into the U.S. biofuels sector. (Back in those days, people would throw money at you at the mere mention of biofuels.)
But FutureFuels, despite its name, is still very much a chemical company. During the first nine months of 2010 (Q4’s aren’t out yet) it generated $165.6 million in revenues. Some $131.1 million came from chemicals; $34.5 million were in biofuels. Its gross were $31.2 million from chemicals and a loss of $5.1 million in biofuels. (I’m guessing it will remain a chemical company.)
By the way, that contract with P&G is alive and well. In fact, FutureFuel revenues from this contract alone in 2009 were $73.5 million. That represented about 37% of ALL of its revenues that year. Another $31.6 million in sales came from making a proprietary herbicide for Arysta LifeScience.