Steinway Q2 2007 5% increase in Piano Sales

Steinway piano sales increases. This is due to the currency translation, oversea shipments of Steinway grand pianos were up 23%. To my knowledge, when we talk about grand piano, Steinway is the leading brand. I won’t get one for myself until the day I own a bigger house. The excerpt from report:

WALTHAM, Mass., Aug. 2 /PRNewswire-FirstCall/ — Steinway Musical Instruments, Inc. , one of the world’s leading manufacturers of musical instruments, today announced results for the quarter and six months ended June 30, 2007.

Revenues for the second quarter remained level with the second quarter of 2006 as a 5% increase in piano sales offset a 7% decline in band sales. Increased production of professional level brass instruments and an increase in higher margin piano sales overseas contributed to an improvement in gross margin of 600 basis points. Operating expenses decreased 13% and net interest expense decreased 20%. The operating expense improvement reflects a $3.9 million reduction in bad debt expense versus the prior year period.

For the quarter, EPS improved by $0.47 as the Company generated earnings of $0.37 per share compared to a loss of $0.10 per share (Adjusted loss of $0.03 per share) in the prior year period. The 2006 Adjustments, primarily costs associated with a labor strike and a loss on the early extinguishment of debt, are detailed in the attached financial tables.


Sources and full reports at CNNMoney.com

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KCLau

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