STEINWAY I FINANCIAL
Steinway Acquisition, Q1 Report

Steinway has announced that its revenue and gross profit for the first quarter have remained in line with the first quarter of 2007.

Band sales decreased 3 percent, but an increase in professional instruments sales offset lower shipments of student instruments.

Worldwide piano sales for the first quarter increased 3 percent over the prior year period. Overseas markets remained strong, but economic conditions have negatively impacted domestic Steinway grand piano shipments. However, worldwide shipments of mid-priced pianos have increased 18 percent.

Steinway also recently acquired ArkivMusic, an online classical music recordings retailer. ArkivMusic will continue to operate independently as a wholly owned subsidiary of Steinway.

“This acquisition will help Steinway promote thousands of musicians that use our instruments around the globe,” said Steinway CEO Dana Messina.

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