diff --git a/handlebars/src/main/java/com/github/jknack/handlebars/internal/FormatterChain.java b/handlebars/src/main/java/com/github/jknack/handlebars/internal/FormatterChain.java
index 8a009e268..add1aa306 100644
--- a/handlebars/src/main/java/com/github/jknack/handlebars/internal/FormatterChain.java
+++ b/handlebars/src/main/java/com/github/jknack/handlebars/internal/FormatterChain.java
@@ -1,14 +1,14 @@
 /**
  * Copyright (c) 2012-2015 Edgar Espina
- *
+ * <p>
  * This file is part of Handlebars.java.
- *
+ * <p>
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
  * You may obtain a copy of the License at
- *
- *     http://www.apache.org/licenses/LICENSE-2.0
- *
+ * <p>
+ * http://www.apache.org/licenses/LICENSE-2.0
+ * <p>
  * Unless required by applicable law or agreed to in writing, software
  * distributed under the License is distributed on an "AS IS" BASIS,
  * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
@@ -17,12 +17,13 @@
  */
 package com.github.jknack.handlebars.internal;
 
-import static org.apache.commons.lang3.Validate.notNull;
+import com.github.jknack.handlebars.Formatter;
 
+import java.util.ArrayList;
 import java.util.Iterator;
 import java.util.List;
 
-import com.github.jknack.handlebars.Formatter;
+import static org.apache.commons.lang3.Validate.notNull;
 
 /**
  * Default implementation for formatter chain.
@@ -32,29 +33,41 @@
  */
 public class FormatterChain implements Formatter.Chain {
 
-  /** Pointer to next formatter. */
-  private Iterator<Formatter> chain;
-
-  /**
-   * Creates a new {@link FormatterChain}.
-   *
-   * @param formatter List of available formatters.
-   */
-  public FormatterChain(final List<Formatter> formatter) {
-    this.chain = formatter.iterator();
-  }
-
-  @Override
-  public Object format(final Object value) {
-    Object output;
-    if (chain.hasNext()) {
-      Formatter formatter = chain.next();
-      output = formatter.format(value, this);
-      notNull(output, "Formatter " + formatter.getClass() + " returned a null result for " + value);
-    } else {
-      output = value.toString();
+    /** Pointer to next formatter Chain. */
+    private Formatter.Chain nextFormatterChain;
+    /** Pointer to formatter. */
+    private Formatter formatter;
+
+    /**
+     * Creates a new {@link FormatterChain}.
+     *
+     * @param formatters List of available formatters.
+     */
+    public FormatterChain(final List<Formatter> formatters) {
+        List<Formatter> formattersToAdd = new ArrayList<Formatter>(formatters);
+        Iterator<Formatter> formatIter = formattersToAdd.iterator();
+        if (formatIter.hasNext()) {
+            this.formatter = formatIter.next();
+            formatIter.remove();
+            if (formatIter.hasNext()) {
+                nextFormatterChain = new FormatterChain(formattersToAdd);
+            } else {
+                nextFormatterChain = Formatter.NOOP;
+            }
+        }
+    }
+
+    @Override
+    public Object format(final Object value) {
+        Object output;
+        if (formatter != null) {
+            output = formatter.format(value, this.nextFormatterChain);
+            notNull(output, "Formatter " + formatter.getClass() + " returned a null result for "
+                    + value);
+        } else {
+            output = value.toString();
+        }
+        return output;
     }
-    return output;
-  }
 
 }