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.