EXHIBIT 99.1

Steinway Reports Q4 Results — EPS Up $0.25

WALTHAM, MA — March 6, 2013 — Steinway Musical Instruments, Inc. (NYSE: LVB) today reported earnings for the quarter and year ended December 31, 2012.

Fourth Quarter Results Compared to Prior Year Period

·                  Sales of $100.7 million, up 6.5%

·                  Gross profit of $34.7 million, up 14.6%

·                  Gross margin increased to 34.5% from 32.0%

·                  Income from operations of $12.0 million, up 45.3%

·                  Adjusted EBITDA of $14.2 million, up 61.2%

·                  Diluted earnings of $0.51 per share, up from $0.26 per share

·                  Adjusted diluted earnings of $0.53 per share, up from $0.24 per share

2012 Results

·                  Sales of $353.7 million, up 2.2%

·                  Gross profit of $114.6 million, up 9.0%

·                  Gross margin increased to 32.4% from 30.4%

·                  Income from operations of $28.6 million, up 79.5%

·                  Adjusted EBITDA of $35.2 million, up 26.0%

·                  Diluted earnings of $1.08 per share, up from $0.13 per share

·                  Adjusted diluted earnings of $1.13 per share, up from $0.48 per share

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

Balance Sheet Highlights

·                  Cash of $73.4 million; net cash of $5.4 million

·                  Borrowing availability of over $100 million

·                  Inventory reduced $7.3 million, or 5.5%, from December 31, 2011

CEO Michael Sweeney said, “We finished the year with very positive results in the fourth quarter. Revenue and gross margins increased in both our band instrument and piano businesses. While we incurred some unusual operating expenses in the fourth quarter of both 2011 and 2012, our normal SG&A expenses were in line with sales. All in, our operating income rose a very strong 45%. We are quite pleased with our overall performance.”

Piano Operations

In the Americas, revenue increased $3.2 million over the prior year quarter. Led by strong wholesale institutional sales, unit shipments of Steinway grand pianos increased 19.5%. The opening of a new company-owned retail location in Pasadena in 2012 also contributed to higher sales.

A 31.0% increase in sales in China led to a $2.7 million increase in revenue in the Asia-Pacific region, a 15.2% improvement over the prior year quarter. Unit shipments of Steinway grand pianos in this region increased 9.2%.

Sales in Europe decreased $1.6 million from the fourth quarter of 2011 due to a $0.6 million negative impact of currency translation and a decrease in shipments of Steinway grand pianos of 13.4%.

The addition of new company-owned retail stores in 2012 and improved overall retail performance led to a higher proportion of retail sales than in the prior year period. Combined with a shift in sales mix toward higher margin Steinway units, this resulted in an increase in worldwide piano gross margins of 220 basis points over the fourth quarter of 2011.

Band Operations

Revenues for the fourth quarter increased $1.4 million, or 5.1%. Unit shipments of professional band instruments increased 13.2% over the prior year period primarily as a result of better availability of brass instruments from the Company’s Eastlake plant. Price increases on student band instruments offset a 4.1% decrease in unit shipments as compared to the prior year period and higher revenue from stringed instruments offset lower sales of percussion instruments.

Gross margins for the quarter improved 290 basis points over the prior year period primarily as a result of lower production variances. This was particularly evident at the Company’s Eastlake plant where production more than doubled as compared to the prior year period, significantly improving overhead absorption.

Operating Expenses

Operating expenses for the fourth quarter increased $0.7 million, or 3.2%, over the prior year period. In the fourth quarter of 2011, operating expenses included $2.7 million in severance charges incurred in connection with the resignation of the Company’s CEO. In the fourth quarter of 2012, operating expenses included $1.7 million in legal and consulting fees associated with the Company’s evaluation of strategic alternatives as well as an additional $0.3 million in SG&A for two retail locations opened during 2012.

Outlook

Discussing management’s outlook for its band segment, Mr. Sweeney said, “For 2013, we expect revenue to improve as a result of increases in price and volume. By midyear, we expect to complete the relocation of production of our tuned percussion instruments from LaGrange, Illinois to one of our facilities in Elkhart. Despite some short-term costs due to training of new employees, we expect overall gross margin improvement compared to 2012.”

Looking at the piano business, Mr. Sweeney said, “Our results in the Americas have begun to improve and our business in the Asia-Pacific region continues to grow. In order to meet expected demand for 2013, we have taken steps to increase Steinway production. The additional throughput should have a meaningful positive impact on gross margins. On a consolidated basis, we expect piano segment revenues and gross margins to exceed the prior year.”

Capitalization

Addressing the Company’s capital structure, Mr. Sweeney said, “We ended the year with over $73 million in cash and are currently in discussions with our existing bank syndicate members to extend our domestic credit facility on more favorable terms than currently in place. We expect to complete these negotiations within the next few months so that we can more easily address our $67 million in long-term debt as well as the strategic use of our share repurchase program, which has approximately $22.5 million available for future purchases of the Company’s common stock. We are fortunate that the Company’s

assets and earnings allow us significant flexibility as we work through our options to enhance long-term shareholder value.”

Segment Information

Piano Segment

Fourth Quarter Results Compared to Prior Year Period

·                  Sales of $71.4 million, up 7.0%

·                  Steinway grand piano units up 7.0%

·                  Boston and Essex piano unit decrease of 2.4%

·                  Gross margin increased to 39.4% from 37.2%

2012 Results

·                  Sales of $216.8 million, up $1.3 million

·                  Steinway grand piano units down 0.6%

·                  Boston and Essex piano unit decrease of 5.4%

·                  Gross margin increased to 36.9% from 35.6%

Band Segment

Fourth Quarter Results Compared to Prior Year Period

·                  Sales of $29.4 million, up 5.1%

·                  Brass and woodwind units up 2.0%

·                  Gross margin increased to 22.6% from 19.7%

2012 Results

·                  Sales of $136.9 million, up 4.7%

·                  Brass and woodwind units down 1.5%

·                  Gross margin increased to 25.3% from 21.8%

Conference Call

Management will be discussing the Company’s fourth quarter results as well as its outlook for 2013 on a conference call on Wednesday, March 6th 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 measurements “total debt net of cash” and “net cash” which it calculates by comparing short-term debt and long-term debt to cash. The Company believes these non-GAAP measures are useful as measures of the Company’s ability to repay all debt. Many investors use these measures in making investment decisions as they give 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; 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 employee severance costs associated with a band plant closure.

(2) Reflects the tax effect of Adjustments.

(3) Reflects the following: reversal of $417 employee severance costs resulting from a decision to continue to operate a plant which had been slated for closure; and $8 for Q4 stock-based compensation costs which were accelerated into Q2 due to Class A common stock sale.

(4) Reflects Q4 stock-based compensation costs which were accelerated into Q2 due to the Class A common stock sale.

(5) Reflects impairment charges related to a closed band plant.

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 employee severance costs associated with a plant closure.

(2) Reflects $166 asset impairment charges related to a closed plant and $400 impairment of band intangible assets.
(3) Reflects the tax effect of Adjustments.

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

(5) Reflects impairment charges as follows: $348 related to closed band plants; $2,982 on online music business intangible assets; $1,050 on band intangible assets; and $1,110 on band property, plant & equipment.
(6) Reflects a net loss on early extinguishment of debt.

STEINWAY MUSICAL INSTRUMENTS, INC.

(In Thousands)

(Unaudited)

Reconciliation from Cash Flows from Operating Activities to Adjusted EBITDA

Reconciliation from Net Income to Adjusted EBITDA