Exhibit 99.1

Steinway Q3 Revenue Up 8%

WALTHAM, MA — November 8, 2011— Steinway Musical Instruments, Inc. (NYSE: LVB) today reported earnings for the quarter and nine months ended September 30, 2011.

Third Quarter Results Compared to Prior Year Period

·                  Sales of $89.8 million, up 8%

·                  Gross margin increased to 28.9% from 27.9%

·                  Non-cash impairment charges of $5.1 million

·                  Income from operations of $1.1 million

·                  Adjusted EBITDA of $6.1 million

·                  Loss per share of $0.09

·                  Adjusted diluted earnings per share increased to $0.14 from $0.13

YTD Results Compared to Prior Year Period

·                  Sales of $251.6 million, up 9%

·                  Gross margin increased to 29.7% from 29.0%

·                  Income from operations of $7.7 million

·                  Adjusted EBITDA of $19.2 million

·                  Loss per share of $0.13

·                  Adjusted earnings per share of $0.39, consistent with prior year

Non-GAAP Adjustments are detailed in the attached financial tables.

Balance Sheet Highlights

·                  Cash of $41.2 million

·                  Borrowing availability of over $100 million

·                  Inventory reduced $9.0 million, or 6%, from September 2010

CEO Michael Sweeney commented on the third quarter, “We are pleased that, despite a strike at one of our band facilities, we were able to post healthy core operating results. Demand for our pianos remained solid in the United States and Europe and our manufacturing operations were more efficient. The improvements in sales and gross margins in our piano business more than offset the impact that the work stoppage had on our band division.”

Total debt net of cash at the end of the quarter declined $20.2 million, or 35%, from September 2010 as a result of the Company’s bond redemption in the second quarter of 2011. Net interest expense for the third quarter decreased $1.5 million, or 59%, compared to the prior year period.

In the third quarter, the band segment recorded a non-cash charge of $2.2 million associated with the impairment of goodwill, trademarks and property, plant & equipment. The Company’s online music business recorded a non-cash charge of $3.0 million associated with the impairment of goodwill and trademarks. These charges, which resulted from adjusting assets to estimated fair value, impacted third quarter after-tax earnings by $0.25 per diluted share.

Excluding impairment charges, operating expenses for the quarter increased $2.3 million over the prior year period. The increase was largely due to $1.1 million in severance charges incurred in connection with the resignation of the Company’s chairman in July and $0.4 million from currency translation. The reinstatement of salaries and benefits, increased promotional expenses, and higher sales and marketing costs associated with two additional company-operated piano retail stores also contributed to the increase.

The Steinway Hall building in New York City continued to adversely impact earnings, generating a loss of $0.06 per share for the quarter. The Company is in the process of evaluating alternatives for the property.

Piano Operations

Domestic revenues for the third quarter increased $3.8 million, or 17%, over the prior year period as unit shipments of Steinway grand pianos rose 6% and shipments of Boston and Essex pianos increased 16%. Overseas revenues increased $2.3 million, or 10%, as a result of a 5% increase in unit shipments of Steinway grand pianos and a $1.8 million positive impact of currency translation. Overseas shipments of Boston and Essex pianos increased 2%. Despite an exchange driven cost increase in the Boston line, gross margins in the piano segment improved significantly as a result of higher production levels at both piano factories.

Year-to-date, sales increased in the United States as well as Europe and Asia. Revenues were up $19.6 million, which included a $5.4 million benefit from foreign currency translation. Domestically, unit shipments of Steinway grand pianos rose 15% and shipments of Boston and Essex pianos increased 5%. Overseas, unit shipments of Steinway grand pianos rose 12% and shipments of Boston and Essex pianos increased 8%.

Band Operations

In October, the UAW ended the strike at the Company’s brass instrument manufacturing facility in Eastlake, Ohio and employees approved a new five-year contract. Mr. Sweeney explained, “We are pleased that labor negotiations have been completed and that the plant is fully staffed. Under the new contract, we will be able to keep our costs competitive while keeping jobs in the United States. We can now be confident of a stable labor environment as we head towards the next fiscal year and focus on producing and delivering the finest musical instruments.”

During the work stoppage, the unavailability of certain brass instruments resulted in approximately $2.3 million in missed sales opportunities. Given the seasonality of the school year ordering cycle combined with the current competitive band instrument market, the Company does not anticipate recapturing this volume by year end.

Third quarter band segment revenue improved slightly over the prior year period as an increase in woodwind shipments mitigated a decline in shipments of brass instruments. Gross margins declined from the prior year period as a result of manufacturing inefficiencies associated with the strike and increases in raw material costs.

Year-to-date, band segment revenues increased $2.0 million, or 2%. Increased shipments of brass and woodwind instruments at both the student and professional level more than offset a decrease in percussion instruments.

Outlook

Discussing the remainder of 2011, Mr. Sweeney said, “Third quarter results showed continued year-over-year improvement in the Company’s piano business. With so much uncertainty in Europe, we are cautiously optimistic that our positive sales trends will continue in the fourth quarter. Gross margins should remain at current levels as our piano factories continue to operate at consistent production rates.”

Looking at the band business, Mr. Sweeney said, “October orders came in strong, up 13% over last year. While production at our Eastlake plant is expected to be below normal for several months as we continue training new employees, we have sufficient inventory levels of most products. Our customers can feel confident that the majority of our standard instruments will be available in the fourth quarter and beyond. We expect to see improving manufacturing efficiencies at all of our other band manufacturing facilities.”

Segment Information

Piano Segment

Third Quarter Results Compared to Prior Year Period

·                  Sales of $51.1 million, up 14%

·                  Steinway grand piano unit increase of 5%

·                  Boston and Essex piano unit increase of 9%

·                  Gross margin increased to 35.4% from 31.5%

YTD Results Compared to Prior Year Period

·                  Sales of $148.9 million, up 15%

·                  Steinway grand piano unit increase of 14%

·                 Boston and Essex piano unit increase of 6%

·                  Gross margin increased to 34.9% from 32.4%

Band Segment

Third Quarter Results Compared to Prior Year Period

·                  Sales of $38.7 million, up 1%

·                  Brass and woodwind units down 4%

·                  Gross margin decreased to 20.3% from 23.5%

YTD Results Compared to Prior Year Period

·                  Sales of $102.8 million, up 2%

·                  Brass and woodwind units up 3%

·                  Gross margin decreased to 22.3% from 24.6%

Conference Call

Management will be discussing the Company’s third quarter results as well as its outlook for the remainder of 2011 on a conference call today beginning at 5:00 p.m. ET. A live webcast and an archive of the call will be available to all interested parties on the Company’s website, www.steinwaymusical.com.

About Steinway Musical Instruments

Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer divisions, is a global leader in the design, manufacture, marketing and distribution of high quality musical instruments. These products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Steinway & Sons pianos. Through its online music retailer, ArkivMusic, the Company also produces and distributes classical music recordings. For more information about Steinway Musical Instruments, Inc. please visit the Company’s website at www.steinwaymusical.com.

Non-GAAP Financial Measures Used by Steinway Musical Instruments

The Company uses the non-GAAP measurement Adjusted EBITDA, which it defines as earnings before net interest expense, income taxes, depreciation and amortization, adjusted to exclude non-recurring, infrequent, or unusual items. Adjustments are detailed in the attached financial tables. The Company uses Adjusted EBITDA because it is useful to management and investors as a measure of the Company’s core operating performance in that it eliminates the impact of items that are unrelated to how well the Company is completing its manufacturing and operating responsibilities. In addition, the Company uses Adjusted EBITDA as the basis for determining bonuses for its managers. The Company also believes Adjusted EBITDA is helpful in determining the Company’s ability to meet future debt service, capital expenditures and working capital requirements as it factors out non-cash expenses such as depreciation, amortization, and impairment charges.

There are limitations in the use of Adjusted EBITDA because the Company’s actual results do include the impact of the noted Adjustments. Accordingly, Adjusted EBITDA should be used as a supplement to the comparable GAAP measures and should not be construed as a substitute for income from operations or net income, or a better indicator of liquidity than cash flows from operating activities, which are determined in accordance with GAAP.

The Company also uses the non-GAAP measurement “total debt net of cash,” which it defines as short-term debt plus long-term debt less cash. The Company believes this non-GAAP measure is useful as a measure of the Company’s ability to repay all debt. Many investors use this measure in making investment decisions as it gives them an idea of a company’s financial health and its level of leverage compared to liquid assets.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This release contains “forward-looking statements” which represent the Company’s present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated in this release. These risk factors include the following: changes in general economic conditions; reductions in school budgets; increased competition; ability of dealers to obtain financing; exchange rate fluctuations; variations in the mix of products sold; market acceptance of new products; ability of suppliers to meet demand; concentration of credit risk; ability to maximize return on NY real estate; and fluctuations in effective tax rates resulting from shifts in sources of income. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission.

STEINWAY MUSICAL INSTRUMENTS, INC.

Condensed Consolidated Statements of Operations

(In Thousands, Except Per Share Data)

(Unaudited)

Condensed Consolidated Balance Sheets

(In Thousands)

(Unaudited)

STEINWAY MUSICAL INSTRUMENTS, INC.

Reconciliation of GAAP Earnings to Adjusted Earnings

(In Thousands, Except Per Share Data)

(Unaudited)

Notes to Reconciliation of GAAP Earnings to Adjusted Earnings

(1)  Reflects Q3 stock-based compensation costs which were accelerated into Q2 due to Class A common stock sale.

(2)  Reflects impairment charges as follows: $2,982 on online music business intangible assets; $1,050 on band intangible assets; and $1,110 on band property, plant & equipment.

(3)  Reflects the tax effect of Adjustments.

STEINWAY MUSICAL INSTRUMENTS, INC.

Reconciliation of GAAP Earnings to Adjusted Earnings

(In Thousands, Except Per Share Data)

(Unaudited)

Notes to Reconciliation of GAAP Earnings to Adjusted Earnings

(1)  Reflects $55 accelerated stock-based compensation costs associated with Class A common stock sale and $417 employee severance costs associated with a plant closure.

(2)  Reflects accelerated stock-based compensation costs associated with Class A common stock sale.

(3)  Reflects impairment charges as follows: $219 related to a closed band plant; $2,982 on online music business intangible assets; $1,050 on band intangible assets; and $1,110 on band property, plant & equipment.

(4)  Reflects a net gain (loss) on early extinguishment of debt.

(5)  Reflects the tax effect of Adjustments.

STEINWAY MUSICAL INSTRUMENTS, INC.

(In Thousands)

(Unaudited)

Reconciliation from Cash Flows from Operating Activities to Adjusted EBITDA

Reconciliation from Net (Loss) Income to Adjusted EBITDA