EXHIBIT 99.1

Steinway Reports Q3 Results - Gross Profit Up 13%

WALTHAM, MA – November 9, 2012 – Steinway Musical Instruments, Inc. (NYSE: LVB) today reported earnings for the quarter and nine months ended September 30, 2012.

Third Quarter Results Compared to Prior Year Period

·                  Sales of $89.3 million, down $0.4 million

·                  Gross profit of $29.4 million, up 13.1%

·                  Gross margin increased to 32.9% from 28.9%

·                  Income from operations of $8.5 million, up $7.4 million

·                  Adjusted EBITDA of $9.9 million, up 62.2%

·                  Diluted earnings of $0.33 per share, up from a loss of $0.09 per share

·                  Adjusted diluted earnings of $0.35 per share, up from $0.14 per share

YTD Results

·                  Sales of $253.0 million, up $1.4 million

·                  Gross profit of $79.9 million, up 6.7%

·                  Gross margin increased to 31.6% from 29.7%

·                  Income from operations of $16.6 million, up $8.9 million

·                  Adjusted EBITDA of $21.1 million, up 9.8%

·                  Diluted earnings of $0.57 per share, up from a loss of $0.13 per share

·                  Adjusted diluted earnings of $0.60 per share, up from $0.39 per share

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

Balance Sheet Highlights

·                  Cash of $46.7 million

·                  Borrowing availability of $115 million

·                  Inventory reduced $6.7 million, or 4.8%, from September 30, 2011

Total debt net of cash at the end of the quarter declined $15.4 million, or 41.8%, from September 30, 2011.

Commenting on the third quarter, CEO Michael Sweeney said, “We are pleased with the improvement we made in the third quarter as compared to last quarter as well as Q3 of 2011. The Company continues to make significant progress operationally. Gross margins increased in both our band instrument and piano businesses and we kept controllable operating expenses at appropriate levels. As a result, Adjusted EBITDA and net income are significantly higher this quarter.”

Piano Operations

Sales in Europe decreased $1.0 million from the third quarter of 2011 due to a $1.2 million negative impact of currency translation. European shipments of Steinway grand pianos decreased 1.9%. This

decline was caused by a shift in quarterly order patterns compared to the prior year. On a year-to-date basis, shipments of Steinway grand pianos in Europe increased 1.8%.

A 30.9% increase in sales in China led to a $1.6 million increase in revenue in the Asia-Pacific region, a 14.2% improvement over the prior year quarter. Unit shipments of Steinway grand pianos in these markets increased 11.7%.

In the Americas, unit shipments of Steinway grand pianos decreased 13.8% from the prior year quarter. Improved retail sales mitigated a decline in wholesale sales, resulting in a net revenue decline of $0.8 million.

For the third quarter, worldwide piano gross margins increased 90 basis points over the prior year period. Higher training costs incurred due to the ramp up in production in Hamburg were offset by additional higher margin retail sales in the Americas.

Band Operations

Revenues for the third quarter declined $0.3 million. Dealers continued to tightly manage their inventory levels, resulting in lower orders as compared to the prior year period. Price increases and higher shipments of certain brass instruments mitigated lower unit shipments of woodwind and percussion instruments.

Gross margins for the quarter improved significantly, increasing 800 basis points over the prior year period. The Company has recovered from the strike at its Eastlake brass facility in 2011 which resulted in $0.8 million in production variances in the prior year period. In the third quarter of 2012, production at the Eastlake plant more than tripled as compared to the prior year period, resulting in improved overhead absorption.

Operating Expenses

Operating expenses for the third quarter decreased $4.0 million from the prior year period. In the third quarter of 2011, the Company recorded non-cash charges of $5.1 million associated with the impairment of goodwill, trademarks and band property, plant & equipment, and $1.1 million in severance charges incurred in connection with the resignation of the Company’s chairman.

In the third quarter of 2012, the Company recorded non-cash charges of $0.4 million associated with the impairment of band trademarks. In addition, operating expenses included $1.2 million in legal and consulting fees associated with the Company’s ongoing evaluation of strategic alternatives. These charges impacted third quarter after-tax earnings by $0.09 per share.

Outlook

Discussing the remainder of 2012, Mr. Sweeney said, “Year-to-date, we have experienced some softness in our piano business in the Americas. With two significant institutional shipments expected in November and a full quarter of sales from our new Pasadena retail store, we are cautiously optimistic that our results in the Americas will improve. In Hamburg, our promise dates on Steinway grand pianos are now into the first quarter of 2013 and beyond for certain models. Consequently, fourth quarter Steinway grand sales outside the Americas will be dependent upon the correlation of orders and available inventory. On a consolidated basis, we continue to expect piano segment revenues and gross margins for 2012 to exceed the prior year.”

Looking at the band business, Mr. Sweeney said, “October was another good month for our band segment, with sales and orders up from the prior year period. With production at our Eastlake plant back

on track, our overall gross margins continue to outpace the prior year period. We expect a strong finish to 2012.”

Segment Information

Piano Segment

Third Quarter Results Compared to Prior Year Period

·                  Sales of $50.9 million, down $0.2 million

·                  Steinway grand piano units down 7.0%

·                  Boston and Essex piano unit decrease of 1.9%

·                  Gross margin increased to 36.3% from 35.4%

YTD Results

·                  Sales of $145.5 million, down 2.3%

·                  Steinway grand piano units down 4.2%

·                  Boston and Essex piano unit decrease of 6.7%

·                  Gross margin increased to 35.7% from 34.9%

Band Segment

Third Quarter Results Compared to Prior Year Period

·                  Sales of $38.4 million, down $0.3 million

·                  Brass and woodwind units down 8.4%

·                  Gross margin increased to 28.3% from 20.3%

YTD Results

·                  Sales of $107.5 million, up 4.6%

·                  Brass and woodwind units down 2.2%

·                  Gross margin increased to 26.0% from 22.3%

Conference Call

Management will be discussing the Company’s third quarter results as well as its outlook for the remainder of 2012 on a conference call on Monday, November 12 beginning at 4:00 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; fluctuations in effective tax rates resulting from shifts in sources of income; and distractions and uncertainties associated with the pursuit of strategic alternatives for the Company. 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 impairment on band intangible assets.

(2) Reflects the tax effect of Adjustments.

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

(4) 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.

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 $166 asset impairment charges related to a closed plant and $400 impairment of band intangible assets.

(2) Reflects the tax effect of adjustments.

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

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

(5) 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.

(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 (Loss) to Adjusted EBITDA