MAY 17 I STEINWAY I FINANCE
Steinway Reports Revenue Boost in Q1
Steinway Musical Instruments' sales for the first quarter of this year totaled $78 million, up $5 million or 7 percent from the first quarter of 2011.
"We are pleased with our overall results for the first quarter," said Steinway CEO Michael Sweeney. "Our top line increased 7 percent and net income rose 17 percent. Our piano division results were satisfactory, with total revenues on par with last year."
Piano sales totaled $44.1 million, up 1 percent from last year at this time. Steinway grand piano units were on par with 2011, while Boston and Essex piano units decreased 5 percent. Gross margin decreased to 34.4 percent from 34.9 percent.
Band sales are up 15 percent over the first quarter of 2011 to $33.8 million. Brass and woodwind units are up 2 percent.
"Our band division exceeded our expectations for the first quarter, delivering significant revenue growth and gross margin improvement on a sequential basis," Sweeney said.