Wednesday, May 06, 2009

Steinway Releases Q1 2009 Results

Steinway (NYSE:LVB) just released its first quarter 2009 fiscal results, with net earnings of 0.12 per share:

First Quarter Results

  • Sales of $70 million, down 26%
  • Gross margin decreased to 26.6% from 29.1%
  • Operating expenses reduced $4 million, or 17%
  • Net income of $1 million, down 49%, which includes a gain on debt extinguishment
  • Diluted earnings per share of $0.12, down 48%

Balance Sheet Highlights

  • Cash of $27 million
  • Revolver availability of over $86 million
  • Working capital of $223 million
For more financial numbers and outlook, take a look at the full Steinway press release.

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