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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported):March 31, 2003
STEINWAY MUSICAL INSTRUMENTS, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other Jurisdiction of Incorporation) | | 001-11911 (Commission File Number) | | 35-1910745 (IRS Employer Identification No.) |
800 South Street, Suite 305, Waltham, Massachusetts 02453
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(781) 894-9770
ITEM 5. OTHER EVENTS
- 5.1
- On March 31, 2003, Conn-Selmer, Inc., a division of Steinway Musical Instruments, Inc., issued a press release, attached hereto as Exhibit 99.1, which announced that approximately 500 employees of its Elkhart, Indiana plants approved new three-year union contracts. The release also discussed the continuing strikes at the Eastlake, Ohio and LaGrange, Illinois plants, and the war in Iraq and their anticipated impact on first quarter earnings results.
- 5.2
- On April 1, 2003, Steinway Musical Instruments, Inc. 'BB' corporate credit and 'BB-' senior unsecured ratings were placed on CreditWatch with negative implications by Standard and Poor's Rating Services. The rating reflects Standard & Poor's concerns due to heightened competition in the band instrument business, ongoing strikes, and the softening retail environment for piano sales. Standard & Poor's will continue to monitor developments and will meet with management to assess its business and financial strategies.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No.
| | Description
|
---|
99.1 | | Press release dated March 31, 2003 regarding Conn-Selmer Elkhart unions' approval of three-year contracts and anticipated first quarter results |
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 2, 2003 | | STEINWAY MUSICAL INSTRUMENTS, INC. |
| | By: | | /s/ DANA D. MESSINA
|
| | | | Name: | | Dana D. Messina |
| | | | Title: | | President and Chief Executive Officer |
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EXHIBIT INDEX
Exhibit No.
| | Description
|
---|
99.1 | | Press release dated March 31, 2003 regarding Conn-Selmer Elkhart unions' approval of three-year contracts and anticipated first quarter results |
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SIGNATURESEXHIBIT INDEX