Steinway Q2 Revenue Up 7%
Revenues for the second quarter rose 7% over the prior year period on the strength of sales in both the band and piano segments as well as $0.9 million in sales from a new online music business. As anticipated, overall gross margins decreased, from 31.0% to 29.5%, due to $0.6 million of severance costs for band plant closures and $0.4 million of costs associated with a shutdown at the domestic piano plant taken to control inventory levels.
