MARCH 15 I STEINWAY MUSICAL INSTRUMENTS I FINANCE
Steinway Reports Sales Boost in Q4
Steinway Musical Instruments has reported its earnings for the fourth quarter of 2011 and the 2011 fiscal year. Fourth quarter sales totaled $94.6 million, up $6.6 million, a 7-percent rise over the same period in the previous year. The company's gross margin decreased to 32 percent from 33.2 percent in 2010.
Sales for the 2011 fiscal year totaled $346.3 million, up $28.1 million from 2010. The gross margin also increased to 30.4 percent from 30.2 percent in 2010.
"We had a great deal of atypical activity at the company in 2011," said Steinway CEO Michael Sweeney. "Despite the potential for distraction, operating managers remained focused on their businesses and delivered strong results for the year."