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On Thursday, Steinway Musical Instruments, Inc. reported its financial results for the quarter and year ended December 31, 2009. A complete financial results earnings release has been posted to the Company's Web site at www.steinwaymusical.com.
In conjunction with this release, Company management hosted a conference call on Thursday evening to discuss operating performance, general business trends, and the Company's outlook for 2010. A live audio webcast of the conference call will be accessible through the Investor Relations section of the Company's website. A webcast replay of the conference call is available through the Investor Relations section of the Company's Web site under Audio Archive.
Dana Messina, Chief Executive Officer, said, "The year ended much better than it began. Our fourth quarter performance was satisfactory and, most importantly, proved that we had positioned ourselves for strong future performance. Revenues for the year came in higher than we had forecasted as a result of better than expected fourth quarter piano sales. EBITDA was also ahead of our expectations as gross margins at our band division improved over 300 basis points compared to the fourth quarter of last year."
"Our overall financial results for the year were a reflection of the difficult global economy," said
Messina. "We kept our focus on areas we could impact such as reducing our cost structure, managing our working capital and minimizing risk across our business units."
Fourth Quarter Results
• Sales of $82 million, down 13%
• Gross margin decreased to 29.4% from 30.7%
• SG&A expenses reduced by 11%
• Net income of $4 million, up 26%
• Diluted earnings per share of $0.44
Full Year Results
• Sales of $306 million, down 21%
• Gross margin decreased to 27.7% from 29.8%
• SG&A expenses reduced by 16%
• Net income of $5 million, down 35%
• Adjusted earnings per share of $0.42
• Diluted earnings per share of $0.60 | 
