Exhibit 99.1

Steinway Q2 Revenue Up 14%

WALTHAM, MA — August 4, 2011— Steinway Musical Instruments, Inc. (NYSE: LVB) today reported earnings for the quarter and six months ended June 30, 2011.

Second Quarter Results

·                  Sales of $89 million, up 14%

·                  Gross margin increased to 29.8% from 28.3%

·                  Income from operations of $3 million

·                  Adjusted EBITDA of $7 million

·                  Adjusted earnings per share increased to $0.17 from $0.09

YTD Results

·                  Sales of $162 million, up 10%

·                  Gross margin increased to 30.2% from 29.6%

·                  Income from operations of $7 million

·                  Adjusted EBITDA of $13 million

·                  Adjusted earnings per share decreased to $0.23 from $0.26

Adjustments are detailed in the attached financial tables.

The Company incurred a $2.4 million loss on extinguishment of debt when it redeemed $85 million of its bonds in May. Also, as a result of the transition to full public ownership, the Company incurred $2.7 million in non-cash charges for additional stock-based compensation. The bond redemption, Class A stock transaction and impairment charges associated with a closed plant impacted earnings for the quarter by $0.26 per share. Legal and consulting fees associated with these transactions further reduced earnings by $0.03 per share. In addition, operating expenses increased due to the reinstatement of salaries and benefits which were reduced during the economic downturn.

CEO Dana Messina commented, “For the quarter, sales improved, margins improved and Adjusted EBITDA improved. We were pleased to see demand increase in both the piano and band businesses. Our piano business was very strong in the United States and Europe. We saw improvements in our manufacturing operations and were able to offset raw material cost increases with higher plant efficiencies. Overall, we had a solid quarter in our core operations.”

Messina continued, “During the quarter, we also completed several important transactions including repayment of a majority of our outstanding debt and the transition to full public ownership. While these transactions increased our costs in the current quarter, we believe they will provide a meaningful increase in shareholder value going forward.”

“Last month, our Board of Directors formed a Special Committee to review a number of potential strategic alternatives for the Company,” said Messina. “That process is ongoing and we will comment on its progress when appropriate.”

Piano Operations

Second quarter results showed a continued rebound in the Company’s piano business. Over the prior year period, unit shipments of Steinway grand pianos rose 25% in the U.S. and 14% in overseas markets. Shipments of mid-priced pianos were at prior year levels. The shift in mix towards higher margin Steinway grand pianos in the U.S. and improved manufacturing efficiencies led to improved gross margins in the piano segment. The Steinway Hall building in New York City continued to adversely impact earnings, generating a loss of $0.05 per share for the quarter.

Band Operations

Second quarter revenue improved over the prior year period as a result of a 15% increase in unit shipments of brass and woodwind instruments. Gross margins improved as better manufacturing performance offset substantial increases in raw material costs.

Labor Negotiations

Commenting on the work stoppage at one of the Company’s band manufacturing facilities, Messina said, “We currently employ over 800 people in our band division, with nearly 600 working in production roles in the U.S. The plant on strike accounts for approximately 23% of our band division revenue. The primary objective in these current negotiations is to keep our costs competitive and these jobs in America. Management continues to work with the union representatives to resolve outstanding issues and we remain hopeful that we will be able to negotiate a reasonable and fair agreement.”

Outlook

Discussing the remainder of 2011, Messina said, “We expect to see continued increases in the demand for pianos and band instruments for the remainder of the year. We’ve seen a fairly steady improvement in the U.S. and, despite the financial upheaval in Europe, we’ve seen good results there as well. Given our current operating leverage, we should see gross margin improvement and better profitability as we progress through the year. We do have some short-term operational challenges at a striking band plant, but expect to see better results at all of our other manufacturing facilities.”

Segment Information

Piano Segment

Second Quarter Results

·                  Sales of $54 million, up 20%

·                  Steinway grand piano unit increase of 20%

·                  Mid-priced piano units consistent with prior year

·                  Gross margin increased to 34.2% from 32.9%

YTD Results

·                  Sales of $98 million, up 16%

·                  Steinway grand piano unit increase of 19%

·                  Mid-priced piano unit increase of 5%

·                  Gross margin increased to 34.5% from 32.9%

Band Segment

Second Quarter Results

·                  Sales of $35 million, up 5%

·                  Gross margin increased to 22.8% from 22.0%

YTD Results

·                  Sales of $64 million, up 3%

·                  Gross margin decreased to 23.5% from 25.2%

Conference Call

Management will be discussing the Company’s second 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 and amortization.

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.

“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; work stoppages and slowdowns; ability to successfully consolidate band manufacturing; impact of dealer consolidations on orders; 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 lease office space; 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 accelerated stock-based compensation costs associated with the Class A common stock sale.

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

(3) Reflects $219 of asset impairment charges related to a closed plant and $2,474 accelerated stock-based compensation costs associated with the Class A common stock sale.

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

(5) 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 $73 accelerated stock-based compensation costs associated with the Class A common stock sale and $417 employee severance costs associated with a plant closure.

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

(3) Reflects $219 of asset impairment charges related to a closed plant and $2,474 associated with accelerated stock-based compensation costs associated with the Class A common stock sale.

(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