Friday, October 31, 2014

Elkhart Steinway reports Q3 results

Posted on Nov. 15, 2012 at 12:00 a.m.

ELKHART — Steinway Musical Instruments, Inc., reported a rise in gross profits for the third quarter despite a drop in sales.

That same trend held true for the Elkhart-based Conn-Selmer unit, which saw a drop in third-quarter sales but a rise in gross margin.

Overall, Steinway reported sales of $89.3 million for the quarter, down $0.4 million from that quarter last year. Gross profit for the quarter was $29.4 million, up 13.1 percent over last year’s third quarter. Sales for the year reached $253 million, up $1.4 million over the same period last year. The company has $46.7 million in cash.

In band instruments, woodwind and percussion instruments were down while some brass instruments were up, even with price increases.

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