Athletic Footwear

Fila Holding S.p.A.

Italy-based basketball, cross training, and running shoe company Fila Holdings <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FLH)") else Response.Write("(NYSE: FLH)") end if %> has experienced a hard fall from its multi-year high of $106 and is now priced at about one-third that number. Trading at less than eight times trailing earnings, it might look cheap, but not on forward numbers, as analysts have been slashing estimates in the face of an 11% increase in second half backlog. Coming off a year of strong growth in 1996, investors are still trying to assess 1998's outlook. Should the company achieve better cost control under slow revenue growth conditions in the U.S., as well as keep up its momentum internationally and in apparel revenue growth, there might be upside to 1998 estimates and the stock price.

Latest Financials

In U.S. dollars, the company's most recent 2Q net income reached $15 million, or $0.56 per ADS, compared to $25.9 million or $0.98 per ADS in the second quarter of 1996. The Italian lira depreciated 8.7% against the U.S. dollar on a quarterly average basis.

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