May 08--FutureFuel Corp, a manufacturer of specialty chemicals and biofuels headquartered in Clayton, announced first quarter profit fell to $6.3 million, or 14 cents per diluted share, from $14.1 million, or 33 cents per share last year.
Revenue fell 11 percent, to $82.2 million.
"The first quarter was characterized by flat revenue and much lower profitability in biodiesel due to the expiration of the $1 blender's tax credit on (Dec. 31) and somewhat lower volume of our chemical division," Lee Mikles, FutureFuel president, said in a statement.
FutureFuel employs about 400 people in a manufacturing facility near Batesville, Ark. A special investment company based in the St. Louis region acquired the facility in 2006.
"We continue to explore acquisition opportunities in both biofuel and chemicals to further our presence in both industries," Mikles said. "Our strong balance sheet gives us tremendous flexibility in driving our business."
Jacob Barker is a business reporter at the Post-Dispatch. Follow him on Twitter @jacobbarker and the Business section @postdispatchbiz.
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