10 Year Financial Data of Steinway Musical Instruments, Inc. (LVB)

27.57 (1y: +23%)

Market Cap	343.7 M	P/E(ttm)	22.20
Enterprise Value	349.99 M	P/B	1.40

LVB- NYSE (USA)
Steinway Musical Instruments, Inc.

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$27.57

2 Severe Warning Signs 2 Medium Warning Signs 1 Good Sign

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	-5.7	-10.8	-0.1
EBITDA Growth (%)	-8	-7	77.3
Free Cash Flow Growth (%)	-7.8	47.2	19.1
Book Value Growth (%)	1.5	1.5	3

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	37.78	45.16	46.84	46.32	46.99	44.89	34.59	27.20	27.98	28.23	28.12	6.23	6.85	7.12	8.03	6.12
EBITDA per Share	3.78	5.44	5.55	3.51	5.30	3.74	2.67	2.77	2.00	3.01	3.28	0.35	0.65	0.86	1.14	0.63
Free Cashflow per Share	2.96	2.25	3.20	2.85	3.37	0.19	2.19	2.73	1.26	1.73	1.62	-0.77	-0.28	0.63	2.14	-0.87
Earnings per Share ($)	1.09	1.91	1.67	-0.08	1.78	0.95	0.60	0.68	0.13	1.08	1.24	0.05	0.19	0.33	0.51	0.21
Book Value per Share	17.10	17.53	18.01	19.03	18.94	18.20	22.18	19.55	18.80	19.30	19.30	18.74	18.79	19.29	19.27	19.30
Month End Stock Price	24.70	28.94	25.51	31.05	27.57	17.51	15.91	19.85	25.04	21.15	24.02	25.00	24.50	24.36	21.15	24.02
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	6.40	10.90	9.30	-0.40	9.40	5.20	2.70	3.50	0.70	5.60	4.40	1.20	4.00	6.80	10.40	4.40
Return on Assets %	2.20	3.30	3.00	-0.10	3.40	1.80	1.20	1.60	0.40	3.20	2.40	0.40	2.40	4.00	6.00	2.40
Return on Capital - Joel Greenblatt %	7.80	10.50	11.70	6.40	12.70	7.50	4.90	9.40	6.70	12.90	9.60	3.60	9.60	13.60	21.60	9.60
Debt to Equity	1.29	1.53	1.38	1.13	1.08	1.19	0.81	0.68	0.29	0.28	0.28	0.30	0.30	0.28	0.28	0.28

Gross Margin %	27.40	29.10	28.80	27.90	30.40	29.80	27.70	30.20	30.40	32.40	33.00	29.70	31.90	32.90	34.50	33.00
Operating Margin %	6.80	9.10	9.00	4.80	8.70	5.50	4.30	7.20	4.60	8.10	7.30	2.80	7.00	9.50	11.90	7.30
Net Margin %	2.90	4.20	3.60	-0.20	3.80	2.10	1.70	2.50	0.50	3.80	3.50	0.80	2.80	4.70	6.30	3.50

Days Sales Outstanding	82.70	85.70	77.20	71.30	65.70	57.10	53.70	48.60	44.60	44.90	47.70	49.60	50.30	50.30	39.30	47.70
Days Inventory	227	237	211	204	197	223	260	237	200	191	231	229	214	203	173	231
Inventory Turnover	1.60	1.50	1.70	1.80	1.90	1.60	1.40	1.50	1.80	1.90	0.40	0.40	0.40	0.40	0.50	0.40

Debt to Revenue	0.58	0.59	0.53	0.46	0.43	0.48	0.52	0.49	0.20	0.19	0.89	0.91	0.84	0.76	0.68	0.89
COGS to Revenue	0.73	0.71	0.71	0.72	0.70	0.70	0.72	0.70	0.70	0.68	0.67	0.70	0.68	0.67	0.66	0.67
Inventory to Revenue	0.45	0.46	0.41	0.40	0.38	0.43	0.52	0.45	0.38	0.35	1.70	1.77	1.60	1.50	1.24	1.70
Interest Exp. to Revenue %	-3.54	-3.58	-3.53	-2.93	-2.41	-2.38	-3.28	-3.01	-1.65	-1.03	-1.19	-1.09	-1.10	-1.11	-0.86	-1.19

Asset Turnover	0.76	0.79	0.85	0.86	0.89	0.86	0.68	0.66	0.85	0.83	0.18	0.19	0.21	0.22	0.24	0.18
Buyback Ratio	-15.00	-36.20	-12.80	761	-26.90	-10.00	-521	-357	-283	-11.90	--	-17.30	-8.20	-31.40	--	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	337	375	387	385	406	387	306	318	346	354	353	77.95	85.70	89.32	101	76.80
Cost of Goods Sold	245	266	276	277	283	272	222	222	241	239	236	54.81	58.34	59.94	66.00	51.45
Gross Profit	92.55	109	112	107	123	115	84.91	95.95	105	115	117	23.15	27.37	29.38	34.74	25.35

Selling, General, &Admin. Expense	64.85	74.16	76.70	88.22	87.37	83.09	67.83	71.32	82.50	84.39	83.19	20.95	21.22	20.54	21.68	19.75
Earnings Before DDA	33.78	45.19	45.85	29.14	45.84	32.28	23.64	32.36	24.71	37.69	41.18	4.43	8.17	10.79	14.30	7.92

Depreciation, Depletion and Amortization	10.96	10.95	11.02	10.76	10.64	11.09	10.37	9.55	8.78	9.09	9.16	2.26	2.20	2.30	2.32	2.34

Operating Income	22.82	34.24	34.84	18.38	35.20	21.19	13.27	22.81	15.93	28.60	32.02	2.16	5.97	8.49	11.98	5.58
Interest Income/Expense	-11.95	-13.44	-13.65	-11.26	-9.77	-9.22	-10.05	-9.59	-5.70	-3.65	-3.72	-0.85	-0.94	-0.99	-0.87	-0.92
Net Income	9.70	15.87	13.79	-0.67	15.41	8.19	5.34	7.90	1.63	13.51	15.61	0.59	2.40	4.17	6.35	2.69

Earnings per Share ($)	1.09	1.91	1.67	-0.08	1.78	0.95	0.60	0.68	0.13	1.08	1.24	0.05	0.19	0.33	0.51	0.21
Total Shares Outstanding	8.93	8.30	8.27	8.30	8.65	8.63	8.86	11.70	12.38	12.53	12.54	12.51	12.51	12.55	12.55	12.54
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	42.28	27.37	34.95	30.41	37.30	44.38	65.87	120	49.89	73.41	61.72	43.67	40.46	46.65	73.41	61.72
Accounts Receivable	76.40	88.06	81.88	75.16	73.13	60.58	45.07	42.39	42.32	43.54	40.28	42.49	47.39	49.38	43.54	40.28
Inventory	152	172	159	155	152	167	158	145	132	125	130	138	137	134	125	130
Other Current Assets	17.56	20.98	19.59	22.49	22.84	25.80	24.93	21.93	24.01	14.31	40.68	26.08	24.90	23.70	14.31	40.68
Total Current Assets	288	309	296	283	286	297	294	329	249	256	273	250	250	253	256	273

Property, Plant and Equipment	98.94	103	96.66	95.60	94.15	88.71	89.54	86.40	87.00	91.49	67.23	88.46	88.74	89.61	91.49	67.23
Intangible Assets	47.77	49.47	47.45	49.88	54.66	45.42	43.53	45.03	38.71	37.66	36.91	38.99	37.82	37.46	37.66	36.91
Other Long Term Assets	10.69	16.37	15.81	19.02	23.14	21.92	22.82	25.03	35.04	40.19	39.61	34.16	34.03	34.01	40.19	39.61
Total Assets	446	478	456	447	458	453	450	485	409	426	417	412	411	414	426	417

Accounts Payable	11.55	51.40	13.81	47.40	44.25	45.21	9.76	12.14	39.06	42.21	35.20	39.11	37.90	38.07	42.21	35.20
Current Portion of Long-Term Debt	10.64	14.21	12.98	4.60	2.29	3.33	0.54	2.46	0.65	0.58	67.98	0.60	0.63	0.64	0.58	67.98
Other Current Liabilities	39.11	7.28	45.10	14.05	20.45	14.02	36.40	39.18	10.27	10.83	12.26	8.58	9.26	10.51	10.83	12.26
Total Current Liabilities	61.30	72.89	71.88	66.05	66.99	62.55	46.70	53.78	49.98	53.62	115	48.30	47.79	49.21	53.62	115

Long-Term Debt	186	209	192	174	174	183	158	152	67.37	67.43	--	70.38	70.90	67.42	67.43	--
Other Long-Term Liabilities	45.76	50.52	43.23	49.31	52.93	50.26	48.90	50.64	59.44	62.77	59.35	58.99	56.82	55.75	62.77	59.35
Total Liabilities	293	332	307	289	294	296	253	256	177	184	175	178	176	172	184	175

Common Stock	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Retained Earnings	96.72	113	126	126	113	121	126	134	136	149	152	136	138	143	149	152
Additional Paid-In Capital	74.63	81.13	83.06	90.27	94.37	96.18	125	154	161	163	163	161	161	163	163	163
Treasury Stock	-15.85	-47.44	-47.44	-47.44	-45.29	-47.27	-47.27	-47.07	-44.66	-44.07	-44.07	-44.60	-44.60	-44.07	-44.07	-44.07
Total Equity	153	146	149	158	164	157	196	229	233	242	242	234	235	242	242	242
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	9.70	15.87	13.79	-0.67	15.41	8.19	5.34	7.90	1.63	13.51	15.61	0.59	2.40	4.17	6.35	2.69
Depreciation, Depletion and Amortization	10.96	10.95	11.02	10.76	10.64	11.09	10.37	9.55	8.78	9.09	9.16	2.26	2.20	2.30	2.32	2.34
Cash Flow from Others	11.22	-2.95	6.62	19.13	8.01	-12.31	8.21	18.22	12.17	6.12	1.79	-10.57	-6.53	3.32	19.90	-14.90
Cash Flow from Operations	31.88	23.87	31.43	29.22	34.07	6.97	23.92	35.67	22.58	28.71	26.56	-7.72	-1.93	9.79	28.57	-9.87

Investment for Property, Plant & Equipement	-5.46	-5.19	-5.00	-5.55	-4.97	-5.34	-4.55	-3.73	-6.94	-7.03	-6.11	-1.91	-1.53	-1.89	-1.71	-0.99
Cash Flow from Acquisitions	--	-36.77	-2.17	--	--	-3.18	-0.82	-0.35	-3.29	--	--	--	--	--	--	--
Cash Flow from Investing	-6.44	-40.72	-5.76	-3.80	-4.76	-7.67	-5.35	-3.96	-10.20	-6.82	-5.92	-1.86	-1.49	-1.83	-1.64	-0.96

Net Issuance of Stock	1.46	5.74	1.76	5.09	4.15	-1.31	27.81	27.86	4.61	1.61	1.51	0.10	0.20	1.31	--	--
Net Issuance of Debt	-4.22	-4.62	-17.22	-25.12	-2.59	9.63	-24.95	-3.90	-88.35	--	-3.00	3.00	0.50	-3.50	--	--
Cash Flow for Dividends	--	--	--	--	-25.19	--	--	--	--	--	--	--	--	--	--	--
Other Financing	0.00	-0.11	-0.41	-11.95	0.41	0.77	--	-0.06	0.30	0.01	-0.00	0.02	-0.00	0.07	-0.07	--
Cash Flow from Financing	-2.77	1.02	-15.86	-31.98	-23.22	9.08	2.86	23.90	-83.44	1.62	-1.50	3.12	0.70	-2.12	-0.07	--

Net Change in Cash	23.18	-14.91	7.58	-4.54	6.90	7.08	21.49	53.94	-69.92	23.52	18.06	-6.22	-3.21	6.19	26.75	-11.68

Free Cash Flow	26.41	18.69	26.43	23.67	29.10	1.63	19.36	31.94	15.64	21.68	20.45	-9.63	-3.46	7.90	26.86	-10.86
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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LVB Quarterly/Annuals Reports

LVB: 10-Q - STEINWAY MUSICAL INSTRUMENTS INC (0000911583) (Filer): (10-Q) - 2012-11-09
LVB: 10-Q - STEINWAY MUSICAL INSTRUMENTS INC (0000911583) (Filer): (10-Q) - 2012-08-07
LVB: 10-Q - STEINWAY MUSICAL INSTRUMENTS INC (0000911583) (Filer): (10-Q) - 2012-05-08
LVB: 10-K - STEINWAY MUSICAL INSTRUMENTS INC (0000911583) (Filer): (10-K) - 2012-03-14
LVB: 10-Q - STEINWAY MUSICAL INSTRUMENTS INC (0000911583) (Filer): (10-Q) - 2011-11-09

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