Steinway Musical Instruments trades in the stock market as ticker LVB. Business Summary & Profile For Steinway Musical Instruments.

Steinway Musical Instruments

Steinway Musical Instruments, Inc., through its subsidiaries, designs, manufactures, markets, and distributes musical instruments in the United States and internationally. The company operates in two segments, Pianos and Band & Orchestral Instruments. The Pianos segment offers pianos under Steinway & Sons, Boston, and Essex brands; and engages in online music retailing business. This segment sells its products to professional artists and amateur pianists, and institutions through independent dealers primarily in the United States, Germany, Austria, Switzerland, the United Kingdom, France, and Italy. It operates six retail showrooms in the United States and five retail showrooms in Europe. The Band & Orchestral Instruments segment manufactures and sells piccolos, flutes, clarinets, oboes, bassoons, trumpets, French horns, tubas, and trombones, as well as intermediate and professional level woodwind and brass instruments under Bach, Selmer, Selmer Paris, C.G. Conn, Leblanc, King, Armstrong, Holton, Yanagisawa, Vito, Emerson, Avanti, Noblet, Artley, and Benge brands; distributes saxophones and clarinets; manufactures and distributes acoustical and tuned percussion instruments, including outfit drums, marching drums, concert drums, marimbas, xylophones, vibraphones, orchestra bells, and chimes; distributes violins, violas, cellos, and basses under Glaesel, Scherl & Roth, and William Lewis & Son brands; and manufactures mouthpieces and distributes accessories, such as music stands, batons, mallets, straps, mutes, reeds, pads, chin rests, strings, bows, cases, and instrument care products. This segment sells its products to students, amateur and professional musicians, and institutions through independent musical instrument dealers and distributors primarily in the United States, Europe, Latin America, and Asia. The company, formerly known as Selmer Industries, Inc., was founded in 1993 and is based in Waltham, Massachusetts.
www.steinwaymusical.com
1,680 Employees
Last Reported Date: 03/15/11
Founded in 1993
LAST $25.25 USD
CHANGE TODAY +0.21 0.84%
VOLUME 600.0
As of 12:28 PM 02/23/12 All times are local (Market data is delayed by at least 15 minutes).

Snapshot of STEINWAY MUSICAL INSTRUMENTS (LVB)

OPEN
$25.13
PREVIOUS CLOSE
$25.04
DAY HIGH
$25.39
DAY LOW
$25.13
52 WEEK HIGH
07/25/11 - $29.30
52 WEEK LOW
03/18/11 - $18.84
MARKET CAP
324.1M
AVERAGE VOLUME 10 D
19.0K
EPS TTM
$0.80
SHARES OUTSTANDING
12.4M
EX-DATE
02/21/07
P/E TTM
31.6x
DIVIDEND
--
DIVIDEND YIELD
--
K = Thousands  M = Millions  B = Billions

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Key developments for STEINWAY MUSICAL INSTRUMENTS (LVB)

Steinway Musical Instruments Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2011; Announces Impairment Charges ; Provides Earnings Guidance for the Fourth Quarter of 2011

Steinway Musical Instruments Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2011. For the quarter, the company reported net sales of $89,755,000 against $83,261,000 for the same period a year ago. Income from operations was $1,102,000 against $5,794,000 for the same period a year ago. Loss before income taxes was $1,795,000 against income before income taxes of $3,220,000 for the same period a year ago. Net loss was $1,078,000 or $0.09 per basic and diluted share against net income of $1,565,000 or 0.13 per basic and diluted share for the same period a year ago. Cash flows from operating activities was $8,875,000 against $3,003,000 a year ago. Adjusted income from operations was $20,105,000 against $5,794,000 for the same period a year ago. Adjusted income before income taxes was $2,930,000 against $3,220,000 for the same period a year ago. Adjusted EBITDA was $6,115,000 against $7,936,000 a year ago. Adjusted net income was $1,809,000 or $0.14 per diluted share against $1,565,000 or $0.13 per basic and diluted share for the same period a year ago. Capital expenditures were $1.5 million for the quarter. For the nine months, the company reported net sales of $251,627,000 against $230,052,000 for the same period a year ago. Income from operations was $7,689,000 against $14,658,000 for the same period a year ago. Loss before income taxes was $2,716,000 against income before income taxes of $8,143,000 for the same period a year ago. Net loss was $1,620,000 or $0.13 per basic and diluted share against net income of $4,545,000 or 0.39 per diluted share for the same period a year ago. Cash flows from operating activities was $858,000 against $11,114,000 a year ago. Adjusted income from operations was $15,761,000 against $14,658,000 for the same period a year ago. Adjusted income before income taxes was $7,778,000 against $8,039,000 for the same period a year ago. Adjusted net income was $4,482,000 or $0.39 per basic and diluted share against $2,917,000 or $0.26 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $19,173,000 against $22,659,000 for the same period a year ago. For the quarter, the company reported impairment charges of $5,142,000. The company said that it is cautiously optimistic that positive sales trends will continue in the fourth quarter of 2011. Gross margins should remain at current levels as piano factories continue to operate at consistent production rates.

Steinway Musical Instruments Inc., Q3 2011 Earnings Call, Nov 08, 2011

Steinway Musical Instruments Inc., Q3 2011 Earnings Call, Nov 08, 2011

Steinway Musical Instruments Inc. Announces Executive Changes

Steinway Musical Instruments Inc. announced the resignation of CEO Dana Messina. Mr. Messina has agreed to step down as the company's CEO, a position he has held since 1996, due to his involvement in developing several of the strategic alternatives which the company is considering. He will remain on Steinway's Board of Directors. Chairman Michael Sweeney will serve as Steinway's CEO for an interim period. He became a director of the company in April 2011 and was appointed Chairman in July. Mr. Sweeney is Chairman of the Board of Star Tribune Media Holdings. He previously served as the president of Starbucks Coffee Company (UK) Ltd.

LVB Competitors

Company Last Change
C Bechstein Pianofortefabrik AG €5.41 EUR -0.001
Kawai Musical Instruments Manufacturing Co Ltd ¥172.00 JPY +3.00
Yamaha Corp ¥767.00 JPY +7.00
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Industry Analysis

Valuation LVB Industry Range
Price/Earnings 100.0x
Price/Sales 0.9x
Price/Book 1.3x
Price/Cash Flow 104.5x
TEV/Sales 0.6x

LVB

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LVB transactions

Type
Date
Target
No transactions in the last 6 months.
STEINWAY MUSICAL INSTRUMENTS INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Termination of a Mat
  Read More...
Paulson & Co. Announces Completion of Acquisition of Steinway Musical Instruments
[PR Newswire] - NEW YORK and WALTHAM, Mass., Sept. 19, 2013 /PRNewswire/ -- An affiliate of investment firm Paulson & Co. Inc. ("Paulson") and Steinway Musical Instruments, Inc. ("Steinway" or the ...
  Read More...
Kohlberg exits Steinway acquisition hunt
  Read More...
US stocks close mixed ahead of US data
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Steinway shares jump on expected bidding war
  Read More...
Steinway, piano-maker for the stars, going private
  Read More...

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