Steinway Musical Instruments' sales for the second quarter of this year totaled $85.7 million, down $3.2 million from this time last year. Despite the decline, Steinway's gross profit reached $27.4 million, up 3.4 percent from last year.
"We saw substantial improvements in our manufacturing operations worldwide, leading to increased gross margins," said Steinway CEO Michael Sweeney. "Higher gross profit, along with tight control over operating expenses and lower interest expense, resulted in a substantial increase in net income for the quarter."
Piano sales in the Americas decreased $0.5 million from the previous year period, as unit shipments of Steinway grand pianos declined 3 percent.
Band revenues for the second quarter improved $0.6 million, led by a $1.2 million increase in sales in the Asia-Pacific region.