STEINWAY FIRST QUARTER RESULTS; EPS

$0.36 vs. $0.27 
Business Editors 
WALTHAM, Mass.--(BUSINESS WIRE)--April 29, 1997--Steinway
Musical Instruments Inc. (NYSE:LVB) today announced results for the
first quarter of 1997. 
Net income more than doubled to $3.4 million or $0.36 per share
versus $1.6 million or $0.27 per share in the first quarter of 1996.
Net sales for the quarter increased 7 percent, operating profit
increased 16 percent and pre-tax income climbed 85 percent over the
prior year. 
Commenting on the results, Dana D. Messina, chief executive
officer stated, "Having achieved record results in 1996 we are
obviously quite pleased to be starting 1997 in such a positive
fashion.  The first quarter was not only a financially successful
one, but one in which Steinway achieved several major milestones.
First, in January we acquired Emerson Musical Instruments to further
expand our position in the flute and piccolo market.  Second, in
March, Steinway & Sons established a new subsidiary in Japan headed
up by the former President of Yamaha Corp. of America to further
expand our penetration of the Japanese consumer market.  Finally,
earlier this month we were the recipient of The Music Trades
"Company of the Year" award.  We take great pride in these
accomplishments and remain optimistic about the remainder of 1997." 
Selmer Instruments 
Net sales for Selmer Instruments jumped nearly 12 percent.  This
exceptional performance was fueled by a 5 percent increase in unit
shipments and price increases of approximately 4 percent.  Sales
from the company's most recent acquisition, Emerson Musical
Instruments, contributed approximately $0.7 million to the first
quarter's growth. 
Steinway Pianos 
Net sales for Steinway Pianos for the quarter increased slightly
from the previous year.  This improvement was achieved despite a
$1.4 million decrease relating to the translation of foreign sales
into U.S dollars.  Unit volume in the U.S. was up in all major
product lines resulting in an overall increase of more than 20
percent in the quarter.  Foreign shipments were essentially
unchanged from the first quarter of 1996.  The Boston line was once
again the key contributor to Steinway's overall volume growth with
world-wide shipments up over 30 percent. 
Company of the Year 
In its April edition, The Music Trades - the music industry's
leading publication - honored Steinway Musical Instruments with its
first ever "Company of the Year" award.  The magazine noted that
against the backdrop of a lackluster year for the U.S piano market
"Steinway's performance was...astounding."  Strong brand name
recognition, high quality products and a "straight forward and well
executed marketing approach" were cited as the key factors in the 
company's success. 



                  STEINWAY MUSICAL INSTRUMENTS INC.
                     Statement of Operations

                                         Three Months Ended
                                     March 29           March 30
                                       1997               1996

Net sales                            $73,726             $69,049

Cost of sales                         50,105              47,329

  Gross profit                        23,621              21,720

Operating expenses                    14,212              13,613

  Earnings from operations             9,409               8,107

Other expense, net                     3,039               4,660

  Income before taxes                  6,370               3,447

Provision for income taxes             2,932               1,866

  Net income                         $ 3,438             $ 1,581

 

PER SHARE DATA

Net income                             $0.36               $0.27

Weighted average common and
  common equivalent shares
     outstanding                   9,422,937           5,957,127

Steinway Musical Instruments Inc. through its Steinway and Selmer
subsidiaries is one of the world's leading manufacturers of musical
instruments.  Its notable products include Steinway & Sons pianos,
Selmer saxophones, Bach trumpets and Ludwig snare drums.  For more
details on Steinway Musical Instruments Inc. contact Dennis M.
Hanson at 617-894-9770. 
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995: 
This release contains forward looking statements that are
subject to risks and uncertainties, including, but not limited to,
changes in general economic conditions, exchange rate fluctuations,
availability of production capacity and other risks detailed from
time to time in the company's filings with the Securities and
Exchange Commission.
 
 
Press spacebar to pause and continue. Press esc to stop.