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Article: STEINWAY NET UP BEFORE UMI CHARGES.
- Article from:
- Music Trades
- Article date:
- December 1, 2000
CopyrightCOPYRIGHT 2000 Music Trades Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Steinway Musical Instruments, Inc. announced on November 8 the results for the period ending September 30, 2000. Net sales for the quarter and for the first nine months of 2000 increased 4%, totaling $75.7 million and $241.3 million, respectively.
The third-quarter results include $1.3 million of non-recurring operating expenses directly related to the acquisition of United Musical Instruments (UMI) as well as $0.2 million in expenses associated with the consolidation of the company's Emerson flute production into UMI's facilities. Excluding these one-time charges, operating profit for the quarter would have increased 7% to $9.0 million.
Third quarter ...