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Steinway net sales declined in third quarter. (Items of Interest).(Steinway Musical Instruments Inc.)(Brief Article)
Steinway Musical Instruments, Inc., one of the world's leading manufacturers of musical instruments, experienced a 9 percent decrease in net sales for the quarter ended September 28, 2002, amounting to $75 million. Earnings per share were $0.25 for the third quarter compared to $0.28 in the prior year period.
"We anticipated that the difficult economic environment would negatively affect our sales and profitability for the quarter," said CEO Dana Messina. "While any drop in performance is painful, we are pleased that we have been able to defend the company's market leading positions in the face of aggressive levels of competitive activity. Overall, we have managed our business well despite the revenue decline."
As of September 28, 2002, total debt, net of cash, was $210 million, down from $240 million in the prior year period. This decrease in debt is especially notable given that the company brought its notes receivable financing program in house during the third quarter of 2002. This change in strategy resulted in the addition to ...
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