Steinway reports sales increase - Items of Interest - Brief Article

American Music Teacher, Feb-March, 2004

Steinway Musical Instruments, Inc. reported a 10 percent increase in sales for the quarter ending September 27, 2003, amounting to $83 million. In addition, its EBITDA increased 23 percent, amounting to $11 million.

Piano sales for the quarter increased 19 percent to $42 million from $36 million in the year ago quarter. In addition, unit shipments of Steinway & Sons grand pianos jumped 15 percent, while shipments of Boston and Essex pianos increased 8 percent.

Steinway's sales of band and orchestral instruments were $40 million for the third quarter, even with the prior year, but year-to-date sales were down 6 percent from the prior period.